Mount TAM Biotechnologies, Inc. (Form: 10-Q, Received: 11/23/2015 06:05:54)

0001445866-18-000548.txt : 20180514 0001445866-18-000548.hdr.sgml : 20180514 20180514171537 ACCESSION NUMBER: 0001445866-18-000548 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 51 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180514 DATE AS OF CHANGE: 20180514 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Mount TAM Biotechnologies, Inc. CENTRAL INDEX KEY: 0001589361 STANDARD INDUSTRIAL CLASSIFICATION: TOBACCO PRODUCTS [2100] IRS NUMBER: 453797537 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-192060 FILM NUMBER: 18831857 BUSINESS ADDRESS: STREET 1: 7250 REDWOOD BLVD, SUITE 300 CITY: NOVATO STATE: CA ZIP: 94945 BUSINESS PHONE: (425) 214-4079 MAIL ADDRESS: STREET 1: 7250 REDWOOD BLVD, SUITE 300 CITY: NOVATO STATE: CA ZIP: 94945 FORMER COMPANY: FORMER CONFORMED NAME: TabacaleraYsidron, Inc. DATE OF NAME CHANGE: 20140206 FORMER COMPANY: FORMER CONFORMED NAME: TABACALERAYSIDRON INC DATE OF NAME CHANGE: 20140206 FORMER COMPANY: FORMER CONFORMED NAME: TABACALERA YSIDRON INC DATE OF NAME CHANGE: 20131016 10-Q 1 mntm_10q.htm 10-Q Mount TAM Biotechnologies, Inc. (Form: 10-Q, Received: 11/23/2015 06:05:54)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2018

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

For the transition period from:

Commission file number 333-192060

Mount Tam Biotechnologies, Inc.

(Exact name of registrant as specified in its charter)

Nevada		45-3797537
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7250 Redwood Boulevard, Suite 300Novato, California		949245
(Address of principal executive offices)		(Zip Code)

Issuer’s telephone number: (425) 214-4079

(Former name, former address and former fiscal year, if changed since last report)

Indicate by checkmark whether the registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, 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). Yes x No ¨

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

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period

for complying with any new or revised financial accounting standard provided pursuant to Section 13(a) of the Exchange Act. ¨

As of May 11, 2018, the issuer had 54,320,702 shares of its common stock, $0.0001 par value per share, outstanding.

TABLE OF CONTENTS

		Page
	PART I - Financial Information

Item 1	Condensed Consolidated Financial Statements (Unaudited)	F-1
	Condensed Consolidated Balance Sheets as of March 31, 2018 (unaudited) and December 31, 2017.	F-1
	Condensed Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017.	F-2
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2018 and 2017.	F-3
	Notes to Condensed Consolidated Financial Statements (unaudited)	F-4
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3
Item 3	Quantitative and Qualitative Disclosures About Market Risk	6
Item 4	Controls and Procedures	6

	Part II - Other Information

Item 1a	Legal Proceedings	7
Item 5	Other Information	7
Item 6	Exhibits	8

	Signatures	9

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Mount TAM Biotechnologies, Inc.
Condensed Consolidated Balance Sheets

	March 31,	December 31,
	2018	2017
Assets	Unaudited
Assets
Cash and cash equivalents	`$70,811`	`$46,082`
Prepaid expense	`19,396`	`3,529`
Total Current Assets	`90,207`	`49,611`
Other Assets
Deposit	`7,046`	`7,046`

Total Assets	`$97,253`	`$56,657`

Liabilities and Stockholders’ Deficit
Current Liabilities:
Accounts payable and accrued liabilities	`$1,009,119`	`$909,050`
Accounts payable and accrued liabilities- related parties	`2,941`	`18,235`
Notes payable	`33,304`	`17,500`
Convertible debenture, net of unamortized debt discount	`921,543`	`676,410`
Total Current Liabilities	`1,966,907`	`1,621,195`

Total Liabilities	`1,966,907`	`1,621,195`

Stockholders’ Deficit
Common stock, $0.0001 par value; 100,000,000 shares authorized; 53,320,702 and 53,320,702 shares issued and outstanding	`5,332`	`5,332`
Stock subscription payable	`(45)`	`(45)`
Additional paid in capital	`5,893,335`	`5,579,978`
Accumulated deficit	`(7,768,276)`	`(7,149,803)`
Total Stockholders’ Deficit	`(1,869,654)`	`(1,564,538)`
Total Liabilities and Stockholders’ Deficit	`$97,253`	`$56,657`

See accompanying notes to these unaudited condensed consolidated financial statements

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Mount TAM Biotechnologies, Inc.
Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended	Three Months Ended
	March 31,	March 31,
	2018	2017
Revenue	`$-`	`$-`

Cost of Goods Sold	`-`	`-`

Gross Profit	`-`	`-`

Operating Expenses
Research and development	`162,008`	`167,500`
General and administrative	`418,617`	`484,231`
Total operating expenses	`580,625`	`651,732`

Operating loss	`(580,625)`	`(651,732)`

Other Income/Expenses
Other Income	`-`	`534`
Interest expense	`(6,464)`	`(4,652)`
Amortization of debt discount	`(31,383)`	`(19,648)`
Total other expenses	`(37,847)`	`(23,766)`

Net Loss	`$(618,472)`	`$(675,498)`

Net loss per share – basic and diluted	`$(0.01)`	`$(0.01)`

Weighted average common shares – basic and diluted	`53,320,702`	`48,197,910`

See accompanying notes to these unaudited condensed consolidated financial statements

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Mount TAM Biotechnologies, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)
	Three Months Ended	Three Months Ended
	March 31,	March 31,
	2018	2017
Cash Flows from Operating Activities
Net loss	`$(618,472)`	`$(675,498)`
Adjustment to reconcile net loss to net cash used in operating activities:
Fair value of options	`242,107`	`242,106`
Stock based compensation	`-`	`15,790`
Amortization of debt discount	`31,383`	`19,648`
Amortization of prepaid expenses	`5,293`	`4,171`
Changes in operating assets and liabilities:
Prepaid expense	`(3,600)`	`(8,486)`
Deposits	`-`	`(1,637)`
Accounts payable and accrued liabilities	`84,774`	`132,751`
Net cash used in operating activities	`(258,515)`	`(271,155)`

Cash Flows from Financing Activities
Proceed from loans	`285,000`	`-`
Payment of loans	`(1,756)`	`(1,758)`
Proceeds from issuance of common stock		`292,500`
Net cash provided by financing activities	`283,244`	`290,742`

Net increase in cash	`24,729`	`19,587`

Cash, beginning of period	`46,082`	`375,498`

Cash, end of period	`$70,811`	`$395,085`

Non-cash investing and financing activities:
Debt discount due to beneficial conversion feature on note	`$71,250`	`$-`
Loan received shown as prepaid expenses	`$17,561`	`$17,575`

See accompanying notes to these unaudited condensed consolidated financial statements

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Mount TAM Biotechnologies, Inc.

Unaudited Condensed Consolidated Financial Statements

For the three months ended March 31, 2018

Note 1 – Nature of the Business

The terms "we," "us," "our," "registrant," and the "Company" refer to Mount Tam Biotechnologies, Inc., a Nevada corporation, and, where applicable, Mount Tam Biotechnologies, Inc., a Delaware corporation and our wholly-owned subsidiary ("Mount Tam"). The Company is an early-stage life sciences and technology company pursuing the development of bio-pharmaceuticals to treat serious diseases, including autoimmune diseases. The Company intends to optimize and bring to market a portfolio of products focused on improving the health and wellbeing of individuals afflicted with serious diseases, with a lead product targeting systemic lupus erythematosus (SLE) and a strategy to bring to market novel therapeutics across a range of serious disease areas. The Company is headquartered in the San Francisco Bay Area.

On August 13, 2015, Mount Tam entered into a Share Exchange and Conversion Agreement (the "Exchange Agreement") with the Company and certain other persons party thereto. Immediately following the effective time of the Exchange Agreement, Mount Tam's stockholders (as of immediately prior to the transactions contemplated by the Exchange Agreement (such transactions, the "Share Exchange")) owned approximately 57.14% of the Company's outstanding common stock and the Company's stockholders (as of immediately prior to the Share Exchange) owned approximately 42.86% of the Company's outstanding common stock. Additionally, following the Share Exchange, the business conducted by Mount Tam became the primary the business conducted by the Company.

As a result of the Share Exchange, Mount Tam became a wholly-owned subsidiary of the Company. However, the former stockholders of Mount Tam acquired a majority of the outstanding shares of the Company's common stock. In connection with the Share Exchange, a former shareholder of the Company agreed to surrender all of his shares of the Company's common stock in exchange for $30,000, and all of the issued and outstanding shares of Epicurean Cigars, Inc., which at the time was a wholly-owned subsidiary of the Company which had a nominal remaining net liability. The shares were returned to the Company, and the $30,000 due to the shareholder has been accrued as of March 31, 2016.

Effective on August 31, 2015, the Company changed its name from TabacaleraYsidron, Inc. to Mount TAM Biotechnologies, Inc. The name change was effected through a parent/subsidiary short-form merger of Mount TAM Biotechnologies, Inc., our wholly-owned Nevada subsidiary which we formed solely for the purpose of the name change, with and into the Company, with the Company as the surviving corporation. With the exception of the name change, there were no changes to the Company's Articles of Incorporation or Bylaws. There will be no mandatory exchange of stock certificates. The Company's trading symbol on the OTC Markets (OTC Pink) marketplace was changed to "MNTM" from "TQBY".

Mount Tam Biotechnologies, Inc., the Company's wholly-owned legal subsidiary, was the "accounting acquirer," and for accounting purposes, the TYI was deemed as having been "acquired" in the Merger. The board of directors and officers that managed and operated Mount Tam immediately prior to the effective time of the Merger became the Company's board of directors and officers.

We are an emerging biopharmaceutical company established to optimize, develop and bring to market a portfolio of products focused on improving the health and wellbeing of individuals afflicted with serious diseases, with a lead product targeting systemic lupus erythematosus ("SLE") and a strategy to bring to market novel therapeutics across a range of serious disease areas.

To meet its business objectives, the Company formed a strategic partnership with the Buck Institute for Research on Aging ("Buck Institute"), an independent research facility focused on understanding the connection between aging and chronic disease. On August 17, 2014, Mount Tam entered into a Research Collaboration and License Agreement (the "Buck Institute License Agreement") with Buck Institute pursuant to which Mount Tam secured a worldwide exclusive license to certain compounds and technology to develop, manufacture and commercialize these compounds in the field of autoimmune diseases. Our most advanced product candidate is TAM-01, a preclinical stage compound, which represents what we believe to be a promising therapeutic candidate for the treatment of SLE. In July 2016 an amendment was signed which broadened the license to include any and all conditions, human and veterinary. In February 2017 we announced that we were advancing into Discovery TAM-03, a novel rapamycin analog ("rapalog") which we consider to be a potential candidate for addressing an unmet need in several important cancer types. In July 2017 we announced that we had entered into a collaboration with a prominent academic laboratory in the field of neurodegeneration to explore the potential of our compounds in Parkinson’s disease.

All company operations are based in the United States. As of the date of this report, we had no products that have obtained marketing approval in any jurisdiction. Additionally, we have not generated revenues since inception and do not expect to do so in the foreseeable future due to the early stage nature of our current product candidate.

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In addition, the Company's success will depend in part on its ability to obtain and maintain patents, exploit its product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries.

The following reflects the Company's current, post-merger corporate structure (State of Incorporation):

Mount Tam Biotechnologies, Inc., formerly TabacaleraYsidron, Inc. (Nevada)

Mount Tam Biotechnologies, Inc. (Delaware)

The Company is a publicly-traded biotechnology company dedicated to speeding the delivery of new treatment options to patients affected by serious diseases through the development and application of highly specialized drug discovery and development platforms and formulation expertise. The Company focuses on areas of serious medical need where it can have the greatest potential impact.

The Company is subject to a number of risks, including: the need to raise capital through equity and/or debt financings; the uncertainty whether the Company’s research and development efforts will result in successful commercial products; competition from larger organizations; reliance on licensing proprietary technology of others; dependence on key personnel; uncertain patent protection; and dependence on corporate partners and collaborators. See the section titled “Risk Factors” included in the 2017 Annual Report filed on Form 10-K with Securities and Exchange Commission (SEC).

History

The Company was established in November 2011 under the name TabacaleraYsidron. Mount Tam was incorporated on August 13, 2014 (date of inception). On August 13, 2014, Mount Tam issued 9,000,000 shares of common stock, $0.0001 par value, for $900.

On August 13, 2015, Mount Tam and the Company entered into the Exchange Agreement as described above.

The Share Exchange was treated as a reverse acquisition of the Company, a public shell company at the time, by Mount Tam for financial accounting and reporting purposes. As such, Mount Tam was treated as the acquirer for accounting and financial reporting purposes while the Company is treated as the acquired entity for accounting and financial reporting purposes. As a result of the Share Exchange, $50,048 account payable and $17,500 note payable of the Company was brought forward at their book values and no goodwill has been recognized. Prior to the Share Exchange, the Company was a non-operating public shell company with nominal operations and nominal assets.

Note 2 – Summary of Significant Accounting Policies

The significant accounting policies applied in the annual consolidated financial statements of the Company as of March 31, 2018 are applied consistently in these interim consolidated condensed financial statements.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements as of March 31, 2018 have been prepared in accordance with the U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position as of March 31, 2018, the Company’s results of operation and the cash flows for the three months ended March 31, 2018. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Form 10-K filed on April 16, 2018. The December 31, 2017 condensed consolidated balance sheet data was derived from the audited financial statements included in the Form 10-K filed on April 16, 2018. The financial statements and notes are representations of the Company's management ("Management") and its board of directors (the "Board of Directors"), who are responsible for their integrity and objectivity.

Results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 or any other future period.

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Use of Estimates

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

Management makes estimates that affect certain accounts including deferred income tax assets, accrued expenses, fair value of equity instruments and reserves for any other commitments or contingencies. Any adjustments applied to estimates are recognized in the period in which such adjustments are determined.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The carrying value of those investments approximates their fair market value due to their short maturity and liquidity. Cash and cash equivalents include cash on hand and amount on deposit with financial institutions, which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and it does not believe it is exposed to any significant credit risk. As of March 31, 2018 and December 31, 2017 the Company had cash and cash equivalents of $70,811 and $46,082, respectively.

Fair Value of Financial Instruments

The carrying amounts of certain of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable, accrued liabilities and note payable approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Research and Development costs

The Company follows Accounting Standards Codification Subtopic (“ASC”) 730-10, “Research and Development,” in which research and development costs are charged to the statement of operations as incurred. During the three months ended March 31, 2018 and 2017 the Company incurred $162,008 and $167,500, respectively of expenses related to research and development costs.

Net Earnings (Loss) Per Common Share

The Company computes earnings per share under ASC 260-10, “Earnings Per Share”. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted loss per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock (using the “treasury stock” method), unless their effect on net loss per share is anti-dilutive. There were no potentially dilutive shares for the three months ended March 31, 2018.

Accounts Payable

Accounts payable and accrued expenses include the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018		December 31, 2017
Accounts payable	$	489,403	$	457,434
Accounts payable to related parties		2,941		18,234
Accrued legal fees		185,513		210,865
Accrued interest		45,061		38,658
Accrued salary		191,939		129,740
Other current liabilities		97,203		72,354
Total accounts payable and accrued expenses	$	1,012,060	$	927,285

Fair Value Measurements

The Company measures and discloses the fair value of assets and liabilities required to be carried at fair value in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, and enhances fair value measurement disclosure.

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ASC 825 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes three levels of inputs that may be used to measure fair value:

Level 1 - Quoted prices for identical assets or liabilities in active markets to which we have access at the measurement date.

Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the asset or liability.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

For the three months ended March 31, 2018 the Company has determined that there we no assets or liabilities measured at fair value on a recurring basis.

The Company believes the carrying amounts of cash and cash equivalents, other current assets, accounts payable, accrued expenses salaries, wages and payroll taxes, and other accrued expenses are a reasonable approximation of the fair value of those financial instruments because of the nature of the underlying transactions and the short-term maturities involved.

Going Concern

The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has no significant operating history and had a cumulative net loss from inception (August 13, 2014) to March 31, 2018 of $7,768,276. The Company has a working capital deficit of $1,876,700 as of March 31, 2018. Since inception, the Company has been funded through debt and equity financings. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern. The accompanying financial statements for the period ended March 31, 2018, have been prepared assuming the Company will continue as a going concern. The Company believes its cash resources are insufficient to meet its anticipated needs during the next twelve months. The Company will require additional financing to fund its future planned operations, including research and development and clinical trials and commercialization of its product candidates. In addition, the Company will require additional financing in order to seek to license or acquire new assets, research and develop any potential patents and the related compounds, and obtain any further intellectual property that the Company may seek to acquire.

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 establishes a revenue stream and becomes profitable. Management’s plans to continue as a going concern include raising additional capital through borrowing and sales of common stock. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be forced to delay or scale down some or all of its development activities or perhaps even cease the operation of its business. Since its inception, the Company has funded its operations primarily through debt financings and equity financings, and it expects that it will continue to fund its operations through a mix of equity and debt financings. If the Company secures additional financing by issuing equity securities, its existing stockholders’ ownership will be diluted. The Company also expects to pursue non-dilutive financing sources. However, obtaining such financing would require significant efforts by the Company’s management team, and such financing may not be available, and if available, could take a long period of time to obtain. 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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Comprehensive Loss

Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investment owners and distributions to owners. For the periods presented, comprehensive loss did not differ from net loss.

Collaborative Arrangements

The Company and its collaborative partners are active participants in the collaborative arrangements and both parties are exposed to significant risks and rewards depending on the commercial success of the activity. The Company records all expenses related to collaborative arrangements as research and development expense in the consolidated statements of operations as incurred.

Recent Accounting Pronouncements

In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Going Concern ("ASU 2014-15"). ASU 2014-15 provides GAAP guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. The standard will be effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. The adoption of this standard did not have a material impact on the Company's financial statements.

Recent Accounting Pronouncements Issued But Not Adopted as of March 31, 2018

In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs”. The Board is issuing this update to amend the amortization period for certain purchased callable debt securities held at a premium, the Board is shortening the amortization period for the premium to the earliest call date. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of adopting this guidance.

In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.

In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). The standard clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Under ASU 2017-01, to be considered a business, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. Prior to the adoption of the new guidance, an acquisition or disposition would be considered a business if there were inputs, as well as processes that when applied to those inputs had the ability to create outputs. Early adoption is permitted for certain transactions. Adoption of ASU 2017-01 may have a material impact on the Company's consolidated financial statements if it enters into future business combinations.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) ("ASU 2016-18"). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within the year of adoption, with early adoption permitted. Adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements

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In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) ("ASU 2016-15"). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. . Adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements.

In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas of simplification apply only to nonpublic entities. For public business entities, the amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. . Adoption of ASU 2016-09 won’t have a material impact on the Company's consolidated financial statements.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 addresses the financial reporting of leasing transactions. Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the agreement as a capital lease, are met. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of operations and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company has not yet completed the analysis of how adopting this guidance will affect its consolidated financial statements.

In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. . Adoption of ASU 2016-01 may have a material impact on the Company's consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," on revenue recognition. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The original effective date of this guidance was for interim and annual reporting periods beginning after December 15, 2016, early adoption is not permitted, and the guidance must be applied retrospectively or modified retrospectively. In July 2015, the FASB approved an optional one-year deferral of the effective date. As a result, we expect to adopt this guidance on January 1, 2018. The Company currently is pre revenue as such the Company will adopt the guidance of ASC Topic 606 once it starts to generate revenue.

The Company expects to generate revenues in the future primarily from license and collaboration agreements. The consideration the Company is eligible to receive under these agreements includes upfront payments, research and development funding, milestone payments, and royalties. Each collaboration agreement is unique and will need to be assessed separately under the five-step process under the new standard.

There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

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Note 3 – Loans

In 2014, the Company executed an agreement with a third-party investor whereby the Company issued $53,209 in a convertible promissory note. This convertible note bears an interest rate of 8% per year and was set to mature on November 26, 2015. The Company subsequently received an advance of $50,000 from the same party. The proceeds from these loans were used for working capital purposes. During the year ended December 31, 2015, both of these loans were consolidated into a new convertible note (see Note 5).

As a result of the Share Exchange, the Company assumed an obligation to a former note holder in the amount of $17,500. The unsecured promissory note in the amount of $15,000 is to an unrelated party. Pursuant to the terms of the note, the note is interest bearing at 3.5% and is due on demand. As of March 31, 2018, the Company has accrued interest of $2,383. Another unsecured promissory note is of $2,500 to an unrelated party. Pursuant to the terms of the note, the note is non-interest bearing and is due on demand. The Company is currently assessing how to revise the terms of this note.

Note 4 – Convertible Notes

During the three months ended March 31, 2018, the Company borrowed $35,000 from 0851229 BC Ltd. (the "Lender") through a convertible note bearing 3% interest with a maturity date of March 18, 2017. The Lender is deemed a related party as a result of owning more than 10% of the Company's common stock.

On March 23, 2016, all of the previous loans provided by the Lender were consolidated into the Secured Note (defined below) which amends, restates and modifies the terms of the previous loans to the terms set forth in the Secured Note and contains other terms and conditions as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 31, 2016.

On June 13, 2016, the Company and the Lender entered into an amended agreement regarding the aggregate principal amount of indebtedness and maturity date, which may be outstanding pursuant to that certain Secured Convertible Promissory Note issued by the Lender to the Company effective as of November 9, 2015 (the "Secured Note"). On June 13, 2016 the Secured Note was amended, as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 15, 2016.

The Lender is deemed a related party as a result of owning more than 10% of the Company's common stock. The Lender and the Company agreed that the aggregate principal amount of all outstanding loans made under the Secured Note shall not exceed $5,000,000 at any time, and the maturity was extended to March 18, 2018. See Note 9 - Subsequent event, where the maturity was extended to September 30, 2018. Terms of the Secured Note include the obligation to convert the loan at a financing with gross proceeds to the Company (if such financing is led by an institutional investor or contains commercially reasonable terms and conditions for an early stage biopharmaceutical company) of at least $2,000,000 at a conversion price equal to 80% of the price per share in the financing.

The initial fair value of the beneficial conversion feature of the note on the date of issuance was determined to be $8,750. The value of beneficial conversion feature is being amortized over the life of the loan. For the three months ended March 31, 2018 and 2017, the Company amortized debt discount of $25,345 and $19,648, respectively. The unamortized debt discount as of March 31, 2018, and December 31, 2017, is $0 and $16,595, respectively.

As of December 31, 2017, the Company had principal outstanding on this Secured Note of $693,004 and accrued interest of $36,402.

As of March 31, 2018, the Company had principal outstanding on this Secured Note of $728,004 and accrued interest of $41,598. Total interest expenses for the three months ended March 31, 2018 and 2017 was $5,197 and $4,597, respectively.

On April 6, 2018, the Company, and Fromar Investments, LP (the “Lender”) entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a promissory note (the “Note”). The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2108. By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto. Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a “Financing”), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the “Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. During the three month period ended March 31, 2018, the Company received $250,000 from Fromar pursuant to the Note. Please see Note 9 – Subsequent Events for details of this Note.

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The initial fair value of the beneficial conversion feature of the note on the date of issuance was determined to be $62,500. The value of beneficial conversion feature is being amortized over the life of the loan. For the three months ended March 31, 2018 and 2017, the Company amortized debt discount of $6,038 and $0, respectively. The unamortized debt discount as of March 31, 2018, and December 31, 2017, is $56,462 and $0, respectively.

As of December 31, 2017, the Company had principal outstanding on this Secured Note of $0 and accrued interest of $0.

As of March 31, 2018, the Company had principal outstanding on this Secured Note of $250,000 and accrued interest of $1,079. Total interest expenses for the three months ended March 31, 2018 and 2017 was $1,079 and $0, respectively.

Note 5 – Capital Stock

Common Stock

The Company has authority to issue up to 100,000,000 shares, par value $0.0001 per share. As of March 31, 2018, there were 53,320,702 shares of the Company’s common stock issued and outstanding.

Mount Tam has an agreement with The Buck Institute as further detailed in Note 7 to maintain a certain common stock equity interest in the Company. As of March 31, 2018 and December 31, 2017 the Company owed to the Buck Institute 0 and 0 shares respectively, as a result of the Share Exchange and subsequent issuances of common stock. For the three months ended March 31, 2018 the Company needs to issue 0 shares which were treated as issuable for services and valued at $0.

During the year ended December 31, 2017, the Company issued 1,444,272 shares of common stock to The Buck Institute for stock to be issued which were accounted for in prior period(s).

Private Placement

On February 27, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 833,334 shares of the Company's common stock for an aggregate purchase price of $250,000. On February 28, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 83,333 shares of the Company's common stock for an aggregate purchase price of $25,000. On March 3, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 83,333 shares of the Company's common stock for an aggregate purchase price of $25,000.

Pursuant to an agreement with the placement agent (see Note 7), in connection with the above sales of shares the Company paid a cash fees of 2.5% i.e. $7,500 since it was not directly introduced by the placement agent. Also the offering of $5,000,000 was not completed hence the Company is not liable to issue any warrants to the placement agent.

On August 10, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 3,846,154 shares of the Company's common stock for an aggregate purchase price of $500,000, of which $200,000 has been received, and a promissory note for $300,000 was received from the investor, requiring three $100,000 payments to the Company during a 90 day period which ends on November 12, 2017. The Company incurred $14,451 as cash fee expenses towards the placement agent. The Company intends to use the proceeds from this investment for general corporate and working capital purposes. The investor received a warrant to purchase an additional 480,769 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 480,769 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022. As of December 31, 2017, the Company had received the $300,000 from the investor as payment on the promissory note. The balance remaining is $0.

On August 10, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 192,308 shares of the Company's common stock for an aggregate purchase price of $25,000, which was received on August 11, 2017. The Company incurred $625 as cash fee expenses towards the placement agent. The Company intends to use the proceeds from this investment for general corporate and working capital purposes. The investor received a warrant to purchase an additional 24,038 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 24,038 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

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Note 6 – Stock Options

Stock Options

The Company's Board of Directors approved the adoption of the Mount Tam 2016 Stock-Based Compensation Plan (the "2016 Plan") on May 12, 2016. A majority of the stockholders approved the 2016 Plan by written consent on June 27, 2016. A copy of the 2016 Plan is included as Exhibit A to the Company's Information Statement filed with the SEC on July 11, 2016.

As summary of option activity under the 2016 Plan as of March 31, 2018, and changes during the period then ended is presented below:

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		6,465,000	$	0.59		8.10	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2018		6,465,000	$	0.59		8.10	$	-
Exercisable at March 31, 2018		1,709,583	$	0.59		8.10	$	-

As of March 31, 2018, there was $1,841,547 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of 2.3 years. Stock-based compensation expense related to vested options was $242,106 and $242,106 for the three months ended March 31, 2018 and 2017, respectively. The Company did not issue any stock option during the three months ended March 31, 2018

Warrants

On August 10, 2017, the Company entered into a Securities Purchase Agreement with two investors to purchase from the Company 4,038,462 shares of the Company's common stock for an aggregate purchase price of $525,000. (See Note 6 Capital Stock – Private Placement.) The investors received a warrant to purchase an additional 504,808 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 504,808 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

Warrants	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2017	1,009,616	$ 0.175	4.9	$ 176,683
Granted	-	-	-	-
Exercised	-	-	-	-
Forfeited or expired	-	-	-	-
Outstanding at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683
Exercisable at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683

Note 7 – Commitments & Contingencies

From time to time Mount Tam may become a party to litigation in the normal course of business. Management believes that there are no current legal matters that would have a material effect on the Company's financial position or results of operations.

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Buck Institute

On August 17, 2014, the Company entered into an agreement with Buck Institute for licenses of certain patents held by Buck Institute (the "License Agreement"). In connection with this agreement, Mount Tam agreed to pay Buck Institute for research and development activities. Mount Tam will pay Buck Institute in eight equal installments of $75,000 each for conducting research and development. In March 2015, the payment terms were revised so that Mount Tam still pays the Research Funding amount in eight (8) equal installments of seventy-five thousand dollars ($75,000) each and the installments shall be payable as follows: the first, second and third installments (together $225,000) shall all be payable by April 1, 2015, and each subsequent installment shall be payable three (3) months after the date on which the prior installments was payable, with the fourth installment payable July 1, 2015, three (3) months after the first three payments were made, and the final installments payable fifteen (15) months after the first through third installments were made.

In addition, the Company issued to Buck Institute that number of shares equal to 5% of the Company's total outstanding shares. Buck Institute's equity interest in the Company will not be reduced below 5% of the total aggregate shares of Common Stock until such time that the Company has raised and received a total of $5,000,000 of investment in equity, debt, grants, contributions, or donations. As of March 31, 2018, the Company has issued 2,644,272 shares of the Company's Common Stock to Buck Institute and committed to issue 0 shares of the Company Common stock as additional shares.

Additionally, the Company agreed to pay one-time milestone payments upon the first occurrence of the corresponding milestone events as set forth in the table below.

Milestone Event	Milestone Payment
Filing of an IND	$	50,000
Completion of the first Phase I Clinical Trial of a Licensed Product	$	250,000
Completion of the first Phase II Clinical Trial of a Licensed Product	$	500,000
Completion of the first Phase III Clinical Trial of a Licensed Product	$	1,000,000

As of March 31, 2018 none of the milestone events had yet been achieved.

Mount Tam also agreed to pay Buck Institute non-refundable and non-creditable royalties in the amount of 2% of the annual aggregate net sales. For each licensed product for which Mount Tam grants worldwide sublicense rights to a third party, Mount Tam agreed to pay Buck Institute 20% of all sub-license revenues. Please see discussion in Item 1, Business, Intellectual Property and Licenses, for further discussion of recent communication with the Buck Institute regarding our agreement with them.

Within 30 days after the date on which the Company raises and receives a total of $1,000,000 of investment in equity, debt, grants, contributions, or donations, the Company shall reimburse Buck Institute for 100% of the patent expenses for the Product Patents and 50% of the patent expenses for the Program Patents, incurred by Buck Institute as defined in the Licensing Agreement. Per amended agreement dated March 2015, the Company shall reimburse Buck Institute for 100% of the patent expenses for the Product Patents and 50% of the Patent Expenses for the Program Patents, incurred by Buck Institute incurred on or before April 1, 2015.

During the second quarter of 2016 the Company entered into negotiations with the Buck Institute to resolve certain outstanding financial concerns, and to broaden the Research Collaboration and License Agreement beyond the area of autoimmune disease. On July 18, 2016, the Company entered into an amendment (the "Amendment") to the Research Collaboration and License Agreement (the "License Agreement") between the Company and The Buck Institute.

By way of background, and as previously disclosed in the Company's public filings, the Company previously entered into a Research Collaboration and License Agreement (the "Buck Institute License Agreement") with the Buck Institute, which establishes a joint research effort with the Buck Institute to identify and develop compounds from two specific chemical chemotypes identified therein. The Company agreed to provide certain funding for Buck Institute's research efforts performed under the Buck Institute License Agreement. Under the terms of the Buck Institute License Agreement, Buck Institute assigned exclusive, worldwide rights to develop, manufacture and commercialize pharmaceutical products that incorporate a compound from one of two chemical compounds, identified therein, and exclusive rights to practice the drug discovery platform technology as necessary to research, develop and commercialize such pharmaceutical products. (Additional information about the Buck Institute License Agreement, together with prior amendments thereto, may be found in the Company's public filings, including the Company's Annual Report on Form 10-K for the year ended December 31, 2016.)

Pursuant to this Amendment, the Research Collaboration Term of the License Agreement is tolled until the Company can achieve a Qualified Financing (defined as any financing occurring after the date of the Amendment which results in gross proceeds to the Company of at least $2,000,000). Once a Qualified Financing has been achieved, the research collaboration efforts will resume, and will continue for a period of twenty-one months (the "Extended Research Collaboration Term"). The Company and the Buck Institute agreed to work together to determine a new research plan, specifying the research and development activities of both parties during the Extended Research Collaboration Term.

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Moreover, the parties agreed that the field of use covered by the License Agreement would be expanded, with the new definition being "the treatment, diagnosis or prevention of any and all conditions or diseases including, without limitation, systemic lupus erythematous and multiple sclerosis for human and/or veterinary use." (Under the original License Agreement, the Company's field of use had been restricted to autoimmune disorders.)

Employment Agreements

On January 2, 2015, the Company entered into an employment agreement with its former Vice President, Research and Development. The employment agreement requires annual base salary payments of $150,000 per year. In addition, the Company has agreed to grant these executive stock options to purchase up to 360,000 shares of common stock. On August 10, 2015, this employee's employment agreement was amended as a result of his appointment to become the Company's Chief Executive Officer, and to change the number of expected to be granted options to 1,160,000 shares of the Company's Common Stock. As of December 31, 2016 these options were issued.

On January 2, 2015, the Company entered into a license and service agreement with Buck Institute. In connection with the agreement, the Company agreed to pay Buck Institute an annual fee of $24,500 to procure access to certain office space in the facility in order to conduct research and facilitate its research and development program. The agreement was amended in September 2015 to reduce an annual fee to $9,500. This agreement was terminated in February 2017. In 2016 The Buck billed the Company $9,875 for office space fees plus a $2,000 administration fee, for a total of $11,875 for office space and administration services. For the fiscal year ended December 31, 2016, the Company paid $13,199 to the Buck for office space, which includes $2,125 of expense from 2015. For the first three months of 2017, The Buck Institute billed the Company $423 for intellectual property work reimbursement. For the three months ended March 31, 2017 the Company paid $0 to the Buck for office space, however the Company did accrue $1,650 and $1,600 for January and February 2017 rent and costs associated with the Japanese patent issuance, respectively. The office space lease with the Buck Institute expired on February 28, 2017 and was not renewed.

On August 13, 2015, the Company has assumed the employment agreement that Dr. Powers, the previous CEO, had with Mount Tam. Effective February 8, 2016 Dr. Timothy Powers resigned as Chief Executive Officer of Mount Tam Biotechnologies, Inc. (the "Company"). There were no disagreements between Dr. Powers and the Company on any matter relating to the Company's operations, policies or practices that resulted in his resignation. Dr. Powers will remain a member of the Company's Board of Directors.

In May 2016 Mr. Powers became the Company's Chief Scientific Officer.

On March 29, 2016, the Company and Dr. Richard Marshak entered into an Amended and Restated Employment Agreement (the "Marshak Employment Agreement"), which amends and restates the terms of the Employment Agreement dated as of March 22, 2016 by and between the Company and Dr. Marshak, and pursuant to which Dr. Marshak (i) continued his position as the Chief Executive Officer of the Company and (ii) is entitled to be appointed to the Company's Board of Directors promptly thereafter. The initial term of Dr. Marshak's employment expires on March 22, 2019 and thereafter, the Marshak Employment Agreement may be renewed for additional one year terms upon the mutual agreement of the parties, subject in each case to the termination provisions described therein.

The Company will pay Dr. Marshak an aggregate base annual salary of $300,000, payable on a bi-weekly or semi-monthly basis. In addition, Dr. Marshak shall (i) be entitled to three (3) weeks of paid time off, (ii) have the right to participate in the Company's general employee benefit plan(s), (iii) have the right to participate in an executive bonus plan and receive other bonus payments as determined by the Company's Board of Directors and (iv) be entitled to be reimbursed for reasonable business expenses. Subject to the approval of the Board of Directors and the approval of certain other actions, Dr. Marshak received an option to purchase 4,200,000 shares of Common Stock which shall vest and be governed by the terms of the Plan and an award agreement to be entered into by and between the Company and Dr. Marshak. Upon the occurrence of a change of control transaction or the termination of Dr. Marshak's employment by the Company without cause or by Dr. Marshak for good reason, all unvested options or shares of restricted Common Stock shall immediately vest and either be exercisable or no longer subject to any restrictions, as applicable. In addition to other standard and customary payments receivable in connection with the termination of Dr. Marshak's employment, he shall be entitled to receive a severance payment equal to his base salary per month for the lesser of the number of months remaining in the current term of his employment or 18 months.

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The Marshak Employment Agreement also prohibits Dr. Marshak from competing with the Company during the term of the Marshak Employment Agreement (with certain limited exceptions) and from soliciting or making known employees of the Company for a period of two (2) years following termination of the Marshak Employment Agreement. The foregoing is qualified in its entirety by reference to the terms of the Marshak Employment Agreement, which is filed as Exhibit 10.4 to our Form 8-K filed with the SEC on March 31, 2016.

On May 2, 2016, the Company entered into an employment agreement with its current Chief Financial Officer, James Stapleton (the "Stapleton Employment Agreement"). The Stapleton Employment Agreement requires annual base salary payments of $175,000 per year. Further, Mr. Stapleton is entitled to a one-time bonus of $40,000 payable upon the Company's achievement of certain financial targets. In addition, the Company granted Mr. Stapleton an option to purchase up to 750,000 shares of Common Stock. The foregoing is qualified in its entirety by reference to the terms of the Stapleton Employment Agreement, which is filed as Exhibit 10.1 to our Form 8-K filed with the SEC on April 26, 2016.

Placement agreement

On August 3, 2016 the Company entered into a Placement Agent Agreement with Colorado Financial Services Corporation ("CFSC") for a best efforts private placement of its common stock to investors. The term of the engagement is 12 months. Either party may terminate the engagement earlier upon 10 days prior written notice. In connection with this engagement, the Company shall pay CFSC a cash fee of ten percent (7.5%) of gross proceeds from sales of Securities placed by CFSC in the Offering and two and half percent (2.5%) of gross proceeds of investors introduced by Company. As additional compensation for services, the Company will, upon consummation of the Offering (i.e. $5,000,000), issue to CFSC warrants to purchase a number of shares of common stock of the Company equal to 500,000 shares at an exercise price of $0.50 per share. The warrants will have a term of three years from the date of issuance and have such other terms and conditions as shall be mutually agreed upon, including a cashless exercise feature.

Lease agreement

Effective March 1, 2018 (and since March 1, 2017) Mount Tam rents office space at 7250 Redwood Blvd, Suite 300, Novato, CA 94945. The rental agreement expires August 31, 2018. The Company believes that its facilities are sufficient to meet its current needs and the Company will look for suitable additional space as and when needed.

Note 8 – Related Party Transactions

Pursuant to our agreements with the Buck Institute and with our Chairman of the Board Brian Kennedy (Professor and Principal Investigator at the Buck Institute), the Buck Institute is deemed a related party. Please see Note 7, Commitments and Contingencies, for discussion of our liabilities and obligations with the Buck Institute. During the three months ended March 31, 2018 and 2017, the Company expensed $1,341 and $3,673, respectively, for the services provided by Buck Institute, respectively. As of March 31, 2017 the Company owed to the Buck Institute 245,615 shares, as a result of the Share Exchange transaction and subsequent issuances of common stock. As of March 31, 2018 the Company owed to the Buck Institute 0 shares, as a result of no Share Exchange transaction and no subsequent issuances of common stock. For the three months ended March 31, 2017, the Company committed to issue 52,632 shares, which were treated as issued for service and valued at $15,790. For the three months ended March 31, 2018, the Company committed to issue 0 shares, which were treated as issued for service and valued at $0. As of March 31, 2018 and December 31, 2017, our accounts payable balance to Buck Institute was $2,941 and $18,235 respectively.

See Note 4 for a description of the loans the Company received from 0851229 BC Ltd deemed a related party as a result of owning more than 10% of the Company's common stock.

Note 9 – Subsequent Events

On April 6, 2018, the Company, and Fromar Investments, LP (the “Lender”) entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a convertible promissory note (the “Note”). The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2108. By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto. As of March 31, 2018, the Company had principal outstanding on this Note of $250,000 and accrued interest of $1,079. As of May 9, 2018, the Company had received the additional $250,000, and had Company had principal outstanding on this Note of $500,000. Pursuant to the terms and conditions of this note, specifically upon receipt of $500,000, the Company is required to issue the Lender 1,000,000 shares of its common stock. On April 27, 2018 the Company issued the Lender 1,000,000 shares of its common stock.

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The Company and Lender also entered into a Security Agreement (the “Security Agreement”) pursuant to which the Company and the Lender agreed that all amounts, liabilities and obligations owed by the Company to the Lender (including, but not limited to, all amounts owed under the Note) are secured by a second priority security interest in all assets of the Company on the terms and conditions set forth in the Security Agreement. The security interest granted to the Lender is subordinate to the interest granted to 0851229 BC, Ltd. pursuant to an amended and restated security agreement dated as of June 14, 2016 (included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on June 15, 2016).

Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a “Financing”), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the “Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. If the Company consummates a Qualified Financing (as hereinafter defined) then the outstanding principal amount and all accrued and unpaid interest shall automatically convert into the same securities issued to investors in the Qualified Financing (the “Qualified Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Qualified Financing Securities paid by the other investors in the Qualified Financing. A “Qualified Financing” means a Financing which results in gross proceeds to the Company, in one or a series of related transactions, of at least $2,000,000 (including the aggregate amount of indebtedness converted into equity securities in such Financing), in which either (i) the investor leading negotiations with the Company is a bona fide institutional investor or (ii) the investor leading negotiations with the Company is not a bona fide institutional investor but the Financing includes commercially reasonable customary terms and conditions for an equity financing of an early-stage biopharmaceutical company.

Effective upon a complete funding of the entire principal amount of $500,000, the Company agreed to issue to the Lender 1,000,000 shares of its common stock. The Company agreed to issue to the Lender an additional 1,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before July 1, 2018, or (ii) received a binding term sheet or other similar binding agreement pertaining to a licensing transaction with a company that operates in the pharmaceutical and/or biotech industries that will provide for at least $500,000 in upfront payments to the Company on or before July 1, 2018, as well as milestones and royalties for TAM-01, TAM-03, or for any follow-on compounds of the Company (a “Licensing Transaction”) on or before July 1, 2018. The Company agreed to issue to the Lender an additional 3,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before September 30, 2018, or (ii) received a binding term sheet or other similar binding agreement for a Licensing Transaction on or before September 30, 2018.

In addition to the foregoing, the Company entered into amendment (the “Amendment”) to that certain Amended and Restated Promissory Note with 0851229 BC, Ltd. dated June 13, 2016 (the “June 2016 Note”) whereby the maturity date of the June 2016 Note was extended to September 30, 2018.

The foregoing descriptions of the Note, the Security Agreement, and the Amendment do not purport to be complete and are qualified in their entirety by the terms and conditions of the agreements themselves. Copies of the Note, the Security Agreement, and the Amendment are attached as Exhibits 10.12, 10.13, and 10.14, respectively, to a Current Report on Form 8-K, filed with the Commission on April 12, 2018.

The Note and the securities of the Company into which the Note is convertible were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and in reliance on similar exemptions under applicable state laws. The Lender has represented to the Company that it is an accredited investor. No person received any underwriting discount or commission in connection with the issuance of the securities described herein.

F-16

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

The following discussion and analysis of the results of operations and financial condition of Mount Tam Biotechnologies, Inc. for the three months ended March 31, 2018, should be read in conjunction with the financial statements of Mount Tam Biotechnologies, Inc., and the notes to those financial statements that are included elsewhere in this Form 10-Q. This discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as Mount Tam Biotechnologies plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors and Business sections in the form 10-K filed on April 16, 2018. Words such as “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “could,” and similar expressions are used to identify forward-looking statements.

We believe that our assumptions are based upon reasonable data derived from and known about our business and operations and the business and operations of the Company. No assurances are made that actual results of operations or the results of our future activities will not differ materially from its assumptions. Factors that could cause differences include, but are not limited to, expected market demand for the Company's products and services and competition.

The Share Exchange was treated as a reverse acquisition for financial accounting and reporting purposes. As such, Mount Tam is treated as the acquirer for accounting and financial reporting purposes while the Company was treated as the acquired entity for accounting and financial reporting purposes. Further, as a result, the historical financial statements that will be reflected in the Company’s future financial statements filed with the SEC will be those of Mount Tam, and the Company’s assets, liabilities and results of operations will be consolidated with the assets, liabilities and results of operations of Mount. Tam. Accordingly, for clarity and continuity, we are presenting the historical financial statements for Mount Tam for the periods presented.

Overview

We are an early stage company primarily engaged in the development of bio-pharmaceuticals to treat a range of disease areas with high unmet need. Our lead program is focused on SLE, and we intend to optimize and bring to market a portfolio of leading products focused on improving the health and well-being of millions of people who have been affected by a range of serious disease conditions. To that end, we have formed a strategic partnership with the Buck Institute, an independent research facility focused on understanding the connection between aging and chronic disease. As part of the partnership, we have signed the License Agreement that includes many of the Buck Institute's intangible research and development assets. The initial focus of our research and development efforts will be a preclinical stage compound for the treatment of SLE, a serious form of lupus.

Plan of Operations

As shown in the accompanying consolidated financial statements, the Company incurred net losses of $618,472 for the three months ended March 31, 2018 and has an accumulated deficit of $7,768,276 as of March 31, 2018.

Liquidity and Capital Resources

Our principal sources of cash have been proceeds from private placements of common stock and incurrence of debt. As of March 31, 2018, the Company had working capital deficit of $1,876,700 with cash balance of $70,811. Our cash increased by $24,729 during the three months ended March 31, 2018.

During the second quarter of 2016 the Company entered into negotiations with the Buck Institute to resolve certain outstanding financial concerns, and to broaden the Research Collaboration and License Agreement beyond the area of autoimmune disease. On July 18, 2016, Mount Tam Biotechnologies, Inc. (the "Company"), entered into an amendment (the "Amendment") to the Research Collaboration and License Agreement (the "License Agreement") between the Company and The Buck Institute for Research on Aging ("The Buck Institute").

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Additionally, pursuant to the Amendment, the parties agreed to settle past research funding amounts owed by the Company to The Buck Institute. The Company agreed to pay $40,000 within ten days of the execution of the Amendment, and The Buck Institute agreed that once this amount is paid, the Company will be deemed to be in full compliance with the terms of the License Agreement, including its payment obligations. On July 19, 2016, the Company made the $40,000 payment to The Buck Institute. In addition to the $40,000 payment, on June 13, 2016, the Company paid to The Buck Institute $11,706 in connection with costs incurred to further the Company's intellectual property position under the License Agreement. Pursuant to the above amendment The Buck Institute waived $274,247 of payable by the Company. In addition, the Company issued to Buck Institute 1,009,016 shares of common stock, which was the number of shares required to equal to 5% of the Company's total outstanding shares. Pursuant to the original License Agreement, and the Amendment, The Buck Institute's equity interest in the Company will not be reduced below 5% of the total aggregate shares of common stock until such time that the Company has raised and received a total of $5,000,000 of investment in equity, debt, grants, contributions, or donations. As of March 31, 2018, the Company has issued 2,644,272 shares of the Company's common stock to The Buck Institute and committed to issue 0 shares of the Company's common stock as additional shares.

Negative Operating Cash Flow

We reported negative cash flow from operations for the three months ended March 31, 2018 and 2017. It is anticipated that we will continue to report negative operating cash flow in future periods, likely until one or more of our products are placed into production and released to our customers.

Our cash balance of $70,811 may not be sufficient to fund our operations for at least the next 12 months. Additionally, if we are unable to generate sufficient revenues to pay our expenses, we will need to raise additional funds to continue our operations. We have historically financed our operations through private equity and debt financings. Recent economic turmoil and lack of liquidity in the debt capital markets together with high volatility in prices in the equity capital markets have severely and adversely affected capital raising opportunities. We do not have any commitments for financing at this time, and financing may not be available to us on favorable terms, if at all. If we are unable to obtain debt or equity financing in amounts sufficient to fund our operations, if necessary, we will be forced to suspend or curtail our operations. In that event, current stockholders would likely experience a loss of most or all of their investment. Additional funding that we do obtain may be dilutive to the interests of existing stockholders.

Results of Operations

For the three months ended March 31, 2018 compared with the three months ended March 31, 2017

Revenue

We had no revenues for the three months ended March 31, 2018 and 2017. We are in the research and development stage.

Operating Expenses

We incurred operating expenses of $580,625 and $651,732 during the three months ended March 31, 2018 and 2017, respectively. Our operating expenses included research and development expenses in the amount of $162,008 and $167,500, and general and administrative expenses in the amount of $418,617 and $484,231 for three months ended March 31, 2018 and 2017, respectively.

Other Expense

Other expense totaled $37,847 and $23,766 during the three months ended March 31, 2018, and 2017, respectively. The increase is due to interest owed on notes used to finance our operations. Other expenses included interest expense in the amount of $6,464 and $4,652, and amortization of debt discount in the amount of $31,383 and $19,648 for three months ended March 31, 2018 and 2017, respectively.

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Net Loss

As a result of the foregoing, during the three months ended March 31, 2018 and 2017, we recorded a net loss of $618,472 and $675,498, respectively.

Liquidity and Capital Resources

We had cash and equivalents of $70,811 at March 31, 2018.

Operating Activities

During the three months ended March 31, 2018, we used $258,515 of cash in operating activities, compared to $271,155 for the three months ended March 31, 2017. Non-cash adjustments included $242,106 and $242,106 related to options, $5,293 and $4,171 in amortization of prepaid expenses and net change in accounts payable and accrued liabilities of $84,774 and $132,751 during the three months ended March 31, 2018 and 2017, respectively.

For the three months ended March 31, 2018 and 2017, the Company amortized debt discount of $31,383 and $19,648, respectively. Stock-based compensation expense for the three months ended March 31, 2018 was $0, as no shares were required to be issued. Stock-based compensation expense are for shares to be issued to Buck valued at $15,790 for the three months ended March 31, 2017. No Stock-based compensation expense were required to be issued to Buck for the three months ended March 31, 2018.

Financing Activities

Financing activities provided $283,244 to us during the three months ended March 31, 2018 compared to $290,742 for the three months ended March 31, 2017. We received $283,244 in net proceeds from loans for the three months ended March 31, 2018 compared to $1,758 paid during the three months ended March 31, 2017. In addition, we received $0 in net proceeds from issuance of common stock for the three months ended March 31, 2018, compared to $292,500 during the three months ended March 31, 2017.

Sources of Liquidity and Capital

During the three months ended March 31, 2018, we received net proceeds from issuance of common stock in the amount of $0. During the three months ended March 31, 2017, we received net proceeds from issuance of common stock in the amount of $292,500.

During the three months ended March 31, 2018, we received net proceeds from loans in the amount of $285,000. During the three months ended March 31, 2017, we received net proceeds loans in the amount of $0

Financing activities provided $283,244 to us during the three months ended March 31, 2018 compared to $290,742 for the three months ended March 31, 2017. The capital raised has been used primarily to support our operations. As of March 31, 2018, the Company had remaining cash of $70,811 with net working capital deficit of $1,876,700. As a result of the Company’s significant operating expenditures and the lack of any significant product sales revenue, we expect to incur losses from operations for the near future.

We reported negative cash flow from operations for the period ended March 31, 2018 and 2017. It is anticipated that we will continue to report negative operating cash flow in future periods, likely until one or more of our products are placed into production and released to our customers.

Our cash balance of $70,811 may not be sufficient to fund our operations for at least the next 12 months. Additionally, if we are unable to generate sufficient revenues to pay our expenses, we will need to raise additional funds to continue our operations. We have historically financed our operations through private equity and debt financings. Recent economic turmoil and lack of liquidity in the debt capital markets together with volatility in the equity capital markets have severely and adversely affected capital raising opportunities. We do not have any commitments for financing at this time, and financing may not be available to us on favorable terms, if at all. If we are unable to obtain debt or equity financing in amounts sufficient to fund our operations, if necessary, we will be forced to suspend or curtail our operations. In that event, current stockholders would likely experience a loss of most or all of their investment. Additional funding that we do obtain may be dilutive to the interests of existing stockholders.

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To the extent we raise additional capital by issuing equity securities or obtaining borrowings convertible into equity, ownership dilution to existing stockholders will result and future investors may be granted rights superior to those of existing stockholders. The incurrence of indebtedness or debt financing would result in increased fixed obligations and could also result in covenants that would restrict our operations. Our ability to obtain additional capital may depend on prevailing economic conditions and financial, business and other factors beyond our control. Economic crisis and disruptions in the U.S. and global financial markets may adversely impact the availability and cost of credit, as well as our ability to raise money in the capital markets. Instability in these market conditions may limit our ability to access the capital necessary to fund and grow our business. The Company cannot provide any assurances that it will be able to raise the additional capital needed to fund its operations, or if the Company is able to raise such additional capital, that any such financing will be on terms which are beneficial to the existing shareholders.

Critical Accounting Policies and Estimates

The discussion and analysis of our financial condition and results of operations is based upon the Company’s financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires it to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses. On an on-going basis, the Company evaluates its critical accounting policies and estimates. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The Company’s critical accounting policies and estimates are discussed on the footnote Note 2.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, the Company is not required to provide this disclosure.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures.

We are required to maintain “disclosure controls and procedures” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based on their evaluation as of the end of the period covered by this Quarterly Report on Form 10-Q, our Chief Executive Officer and our Chief Financial Officer, have concluded that our disclosure controls and procedures were not effective to ensure that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer, to allow timely decisions regarding required disclosure as a result of material weaknesses in our internal control over financial reporting.

Management’s Report on Internal Control over Financial Reporting.

Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies and procedures that:

●

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;

●

provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and

●

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

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Because of the inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 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.

Our management assessed the effectiveness of our internal control over financial reporting as of March 31, 2018. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of these controls. Based on this assessment, our management has concluded that as of March 31, 2018, our internal control over financial reporting was not effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles as a result of material weaknesses.

We have identified the following factors that have led management to determine that material weaknesses exist in our internal control over financial reporting as of March 31, 2018:

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. 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.

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.

These factors represent material weaknesses in our internal controls over financial reporting. Although we believe the possibility of errors in our financial statements is remote, until such time as we expand our staff with additional qualified personnel, we expect to continue to report material weaknesses in our internal control over financial reporting.

Changes in Internal Control over Financial Reporting.

There have been no changes in our internal control over financial reporting during our last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

ITEM 1 - LEGAL PROCEEDINGS

As of the date of this filing, there have been no material changes to the Risk Factors included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the SEC on April 16, 2018 (the “2016 Form 10-K”). The Risk Factors set forth in the 2017 Form 10-K should be read carefully in connection with evaluating our business and in connection with the forward-looking statements contained in this Quarterly Report on Form 10-Q. Any of the risks described in the 2017 Form 10-K could materially adversely affect our business, financial condition or future results and the actual outcome of matters as to which forward-looking statements are made. These are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 5 - OTHER INFORMATION

None.

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ITEM 6 - EXHIBITS

No.		Description

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002†

31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002†

32.1		Certification of Chief Executive Officer pursuant to Section 906 Certifications under Sarbanes-Oxley Act of 2002+

32.2		Certification of Chief Financial Officer pursuant to Section 906 Certifications under Sarbanes-Oxley Act of 2002+

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

†Filed herewith.

+Furnished herewith. In accordance with Item 601(b)(32)(ii) of Regulation S-K, this exhibit shall not be deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934 or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

* Pursuant to Rule 406T of Regulation S-T, this XBRL information will not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, nor will it be deemed filed or made a part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those sections.

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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.

		MOUNT TAM BIOTECHNOLOGIES, INC.

Dated: May 14, 2018	By:		/s/ Richard Marshak
	Name:		Richard Marshak
	Title:		Chief Executive Officer (Principal Executive Officer)

Dated: May 14, 2018	By:		/s/ James P. Stapleton
	Name:		James P. Stapleton
	Title:		Chief Financial Officer (Principal Financial and Accounting Officer)

EX-31.1 2 mntm_ex31z1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE 13A-14(a) OR 15D-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Richard Marshak, certify that:

1. I have reviewed this report on Form 10-Q of Mount Tam Biotechnologies, Inc. for the period ending March 31, 2018;

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

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

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

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

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

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

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

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

May 14, 2018

/s/ Richard Marshak
Richard Marshak
Chief Executive Officer

EX-31.2 3 mntm_ex31z2.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE 13A-14(a) OR 15D-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, James P. Stapleton, certify that:

1. I have reviewed this report on Form 10-Q of Mount Tam Biotechnologies, Inc. for the period ending March 31, 2018;

(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.

May 14, 2018

/s/ James P. Stapleton
James P. Stapleton
Chief Financial Officer

EX-32.1 4 mntm_ex32z1.htm EXHIBIT 32.1

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

In connection with the Quarterly Report on Form 10-Q of Mount Tam Biotechnologies, Inc. (the "Company") for the period ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard Marshak, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 14, 2018	By:	Richard Marshak
	Name:	Richard Marshak
	Title:	Chief Executive Officer

EX-32.2 5 mntm_ex32z2.htm EXHIBIT 32.2

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

In connection with the Quarterly Report on Form 10-Q of Mount Tam Biotechnologies, Inc. (the "Company") for the period ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James Stapleton, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: May 14, 2018	By:	/s/ James P. Stapleton
	Name:	James P. Stapleton
	Title:	Chief Financial Officer

Note 1 – Nature of the Business   The terms "we," "us," "our," "registrant," and the "Company" refer to Mount Tam Biotechnologies, Inc., a Nevada corporation, and, where applicable, Mount Tam Biotechnologies, Inc., a Delaware corporation and our wholly-owned subsidiary ("Mount Tam"). The Company is an early-stage life sciences and technology company pursuing the development of bio-pharmaceuticals to treat serious diseases, including autoimmune diseases. The Company intends to optimize and bring to market a portfolio of products focused on improving the health and wellbeing of individuals afflicted with serious diseases, with a lead product targeting systemic lupus erythematosus (SLE) and a strategy to bring to market novel therapeutics across a range of serious disease areas. The Company is headquartered in the San Francisco Bay Area.   On August 13, 2015, Mount Tam entered into a Share Exchange and Conversion Agreement (the "Exchange Agreement") with the Company and certain other persons party thereto. Immediately following the effective time of the Exchange Agreement, Mount Tam's stockholders (as of immediately prior to the transactions contemplated by the Exchange Agreement (such transactions, the "Share Exchange")) owned approximately 57.14% of the Company's outstanding common stock and the Company's stockholders (as of immediately prior to the Share Exchange) owned approximately 42.86% of the Company's outstanding common stock. Additionally, following the Share Exchange, the business conducted by Mount Tam became the primary the business conducted by the Company.   As a result of the Share Exchange, Mount Tam became a wholly-owned subsidiary of the Company. However, the former stockholders of Mount Tam acquired a majority of the outstanding shares of the Company's common stock.  In connection with the Share Exchange, a former shareholder of the Company agreed to surrender all of his shares of the Company's common stock in exchange for $30,000, and all of the issued and outstanding shares of Epicurean Cigars, Inc., which at the time was a wholly-owned subsidiary of the Company which had a nominal remaining net liability. The shares were returned to the Company, and the $30,000 due to the shareholder has been accrued as of March 31, 2016.   Effective on August 31, 2015, the Company changed its name from TabacaleraYsidron, Inc. to Mount TAM Biotechnologies, Inc.  The name change was effected through a parent/subsidiary short-form merger of Mount TAM Biotechnologies, Inc., our wholly-owned Nevada subsidiary which we formed solely for the purpose of the name change, with and into the Company, with the Company as the surviving corporation.  With the exception of the name change, there were no changes to the Company's Articles of Incorporation or Bylaws. There will be no mandatory exchange of stock certificates. The Company's trading symbol on the OTC Markets (OTC Pink) marketplace was changed to "MNTM" from "TQBY".   Mount Tam Biotechnologies, Inc., the Company's wholly-owned legal subsidiary, was the "accounting acquirer," and for accounting purposes, the TYI was deemed as having been "acquired" in the Merger.  The board of directors and officers that managed and operated Mount Tam immediately prior to the effective time of the Merger became the Company's board of directors and officers.   We are an emerging biopharmaceutical company established to optimize, develop and bring to market a portfolio of products focused on improving the health and wellbeing of individuals afflicted with serious diseases, with a lead product targeting systemic lupus erythematosus ("SLE") and a strategy to bring to market novel therapeutics across a range of serious disease areas.   To meet its business objectives, the Company formed a strategic partnership with the Buck Institute for Research on Aging ("Buck Institute"), an independent research facility focused on understanding the connection between aging and chronic disease. On August 17, 2014, Mount Tam entered into a Research Collaboration and License Agreement (the "Buck Institute License Agreement") with Buck Institute pursuant to which Mount Tam secured a worldwide exclusive license to certain compounds and technology to develop, manufacture and commercialize these compounds in the field of autoimmune diseases.  Our most advanced product candidate is TAM-01, a preclinical stage compound, which represents what we believe to be a promising therapeutic candidate for the treatment of SLE.  In July 2016 an amendment was signed which broadened the license to include any and all conditions, human and veterinary.  In February 2017 we announced that we were advancing into Discovery TAM-03, a novel rapamycin analog ("rapalog") which we consider to be a potential candidate for addressing an unmet need in several important cancer types.  In July 2017 we announced that we had entered into a collaboration with a prominent academic laboratory in the field of neurodegeneration to explore the potential of our compounds in Parkinson’s disease.   All company operations are based in the United States. As of the date of this report, we had no products that have obtained marketing approval in any jurisdiction. Additionally, we have not generated revenues since inception and do not expect to do so in the foreseeable future due to the early stage nature of our current product candidate.   The production and marketing of the Company's products and its ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo additional rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the Food and Drug Administration under the Food, Drug and Cosmetic Act. In addition, the Company's success will depend in part on its ability to obtain and maintain patents, exploit its product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries.   The following reflects the Company's current, post-merger corporate structure (State of Incorporation):   Mount Tam Biotechnologies, Inc., formerly TabacaleraYsidron, Inc. (Nevada)    Mount Tam Biotechnologies, Inc. (Delaware)    The Company is a publicly-traded biotechnology company dedicated to speeding the delivery of new treatment options to patients affected by serious diseases through the development and application of highly specialized drug discovery and development platforms and formulation expertise. The Company focuses on areas of serious medical need where it can have the greatest potential impact.   The Company is subject to a number of risks, including: the need to raise capital through equity and/or debt financings; the uncertainty whether the Company’s research and development efforts will result in successful commercial products; competition from larger organizations; reliance on licensing proprietary technology of others; dependence on key personnel; uncertain patent protection; and dependence on corporate partners and collaborators. See the section titled “Risk Factors” included in the 2017 Annual Report filed on Form 10-K with Securities and Exchange Commission (SEC).   History   The Company was established in November 2011 under the name TabacaleraYsidron. Mount Tam was incorporated on August 13, 2014 (date of inception). On August 13, 2014, Mount Tam issued 9,000,000 shares of common stock, $0.0001 par value, for $900.   On August 13, 2015, Mount Tam and the Company entered into the Exchange Agreement as described above.   The Share Exchange was treated as a reverse acquisition of the Company, a public shell company at the time, by Mount Tam for financial accounting and reporting purposes. As such, Mount Tam was treated as the acquirer for accounting and financial reporting purposes while the Company is treated as the acquired entity for accounting and financial reporting purposes. As a result of the Share Exchange, $50,048 account payable and $17,500 note payable of the Company was brought forward at their book values and no goodwill has been recognized. Prior to the Share Exchange, the Company was a non-operating public shell company with nominal operations and nominal assets.

Note 3 – Loans   In 2014, the Company executed an agreement with a third-party investor whereby the Company issued $53,209 in a convertible promissory note. This convertible note bears an interest rate of 8% per year and was set to mature on November 26, 2015. The Company subsequently received an advance of $50,000 from the same party. The proceeds from these loans were used for working capital purposes. During the year ended December 31, 2015, both of these loans were consolidated into a new convertible note (see Note 5).   As a result of the Share Exchange, the Company assumed an obligation to a former note holder in the amount of $17,500. The unsecured promissory note in the amount of $15,000 is to an unrelated party. Pursuant to the terms of the note, the note is interest bearing at 3.5% and is due on demand. As of March 31, 2018, the Company has accrued interest of $2,383. Another unsecured promissory note is of $2,500 to an unrelated party. Pursuant to the terms of the note, the note is non-interest bearing and is due on demand. The Company is currently assessing how to revise the terms of this note.

Note 4 – Convertible Notes    During the three months ended March 31, 2018, the Company borrowed $35,000 from 0851229 BC Ltd. (the "Lender") through a convertible note bearing 3% interest with a maturity date of March 18, 2017. The Lender is deemed a related party as a result of owning more than 10% of the Company's common stock.    On March 23, 2016, all of the previous loans provided by the Lender were consolidated into the Secured Note (defined below) which amends, restates and modifies the terms of the previous loans to the terms set forth in the Secured Note and contains other terms and conditions as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 31, 2016.   On June 13, 2016, the Company and the Lender entered into an amended agreement regarding the aggregate principal amount of indebtedness and maturity date, which may be outstanding pursuant to that certain Secured Convertible Promissory Note issued by the Lender to the Company effective as of November 9, 2015 (the "Secured Note").   On June 13, 2016 the Secured Note was amended, as described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on June 15, 2016.   The Lender is deemed a related party as a result of owning more than 10% of the Company's common stock. The Lender and the Company agreed that the aggregate principal amount of all outstanding loans made under the Secured Note shall not exceed $5,000,000 at any time, and the maturity was extended to March 18, 2018.  See Note 9 - Subsequent event, where the maturity was extended to September 30, 2018. Terms of the Secured Note include the obligation to convert the loan at a financing with gross proceeds to the Company (if such financing is led by an institutional investor or contains commercially reasonable terms and conditions for an early stage biopharmaceutical company) of at least $2,000,000 at a conversion price equal to 80% of the price per share in the financing.   The initial fair value of the beneficial conversion feature of the note on the date of issuance was determined to be $8,750. The value of beneficial conversion feature is being amortized over the life of the loan. For the three months ended March 31, 2018 and 2017, the Company amortized debt discount of $25,345 and $19,648, respectively. The unamortized debt discount as of March 31, 2018, and December 31, 2017, is $0 and $16,595, respectively.   As of December 31, 2017, the Company had principal outstanding on this Secured Note of $693,004 and accrued interest of $36,402.   As of March 31, 2018, the Company had principal outstanding on this Secured Note of $728,004 and accrued interest of $41,598. Total interest expenses for the three months ended March 31, 2018 and 2017 was $5,197 and $4,597, respectively.   On April 6, 2018, the Company, and Fromar Investments, LP (the “Lender”) entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a promissory note (the “Note”).  The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2108.  By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto.  Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a “Financing”), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the “Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. During the three month period ended March 31, 2018, the Company received $250,000 from Fromar pursuant to the Note.  Please see Note 9 – Subsequent Events for details of this Note.     The initial fair value of the beneficial conversion feature of the note on the date of issuance was determined to be $62,500. The value of beneficial conversion feature is being amortized over the life of the loan. For the three months ended March 31, 2018 and 2017, the Company amortized debt discount of $6,038 and $0, respectively. The unamortized debt discount as of March 31, 2018, and December 31, 2017, is $56,462 and $0, respectively.   As of December 31, 2017, the Company had principal outstanding on this Secured Note of $0 and accrued interest of $0.   As of March 31, 2018, the Company had principal outstanding on this Secured Note of $250,000 and accrued interest of $1,079. Total interest expenses for the three months ended March 31, 2018 and 2017 was $1,079 and $0, respectively.

Note 5 – Capital Stock   Common Stock   The Company has authority to issue up to 100,000,000 shares, par value $0.0001 per share. As of March 31, 2018, there were 53,320,702 shares of the Company’s common stock issued and outstanding.   Mount Tam has an agreement with The Buck Institute as further detailed in Note 7 to maintain a certain common stock equity interest in the Company. As of March 31, 2018 and December 31, 2017 the Company owed to the Buck Institute 0 and 0 shares respectively, as a result of the Share Exchange and subsequent issuances of common stock. For the three months ended March 31, 2018 the Company needs to issue 0 shares which were treated as issuable for services and valued at $0.   During the year ended December 31, 2017, the Company issued 1,444,272 shares of common stock to The Buck Institute for stock to be issued which were accounted for in prior period(s).   Private Placement   On February 27, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 833,334 shares of the Company's common stock for an aggregate purchase price of $250,000.  On February 28, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 83,333 shares of the Company's common stock for an aggregate purchase price of $25,000.  On March 3, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 83,333 shares of the Company's common stock for an aggregate purchase price of $25,000.    Pursuant to an agreement with the placement agent (see Note 7), in connection with the above sales of shares the Company paid a cash fees of 2.5% i.e. $7,500 since it was not directly introduced by the placement agent. Also the offering of $5,000,000 was not completed hence the Company is not liable to issue any warrants to the placement agent.   On August 10, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 3,846,154 shares of the Company's common stock for an aggregate purchase price of $500,000, of which $200,000 has been received, and a promissory note for $300,000 was received from the investor, requiring three $100,000 payments to the Company during a 90 day period which ends on November 12, 2017.  The Company incurred $14,451 as cash fee expenses towards the placement agent. The Company intends to use the proceeds from this investment for general corporate and working capital purposes.  The investor received a warrant to purchase an additional 480,769 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 480,769 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.  As of December 31, 2017, the Company had received the $300,000 from the investor as payment on the promissory note. The balance remaining is $0.   On August 10, 2017, the Company entered into a Securities Purchase Agreement with an investor for such investor to purchase from the Company 192,308 shares of the Company's common stock for an aggregate purchase price of $25,000, which was received on August 11, 2017. The Company incurred $625 as cash fee expenses towards the placement agent. The Company intends to use the proceeds from this investment for general corporate and working capital purposes.  The investor received a warrant to purchase an additional 24,038 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 24,038 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

Note 8 – Related Party Transactions   Pursuant to our agreements with the Buck Institute and with our Chairman of the Board Brian Kennedy (Professor and Principal Investigator at the Buck Institute), the Buck Institute is deemed a related party. Please see Note 7, Commitments and Contingencies, for discussion of our liabilities and obligations with the Buck Institute. During the three months ended March 31, 2018 and 2017, the Company expensed $1,341 and $3,673, respectively, for the services provided by Buck Institute, respectively. As of March 31, 2017 the Company owed to the Buck Institute 245,615 shares, as a result of the Share Exchange transaction and subsequent issuances of common stock. As of March 31, 2018 the Company owed to the Buck Institute 0 shares, as a result of no Share Exchange transaction and no subsequent issuances of common stock.  For the three months ended March 31, 2017, the Company committed to issue 52,632 shares, which were treated as issued for service and valued at $15,790. For the three months ended March 31, 2018, the Company committed to issue 0 shares, which were treated as issued for service and valued at $0.   As of March 31, 2018 and December 31, 2017, our accounts payable balance to Buck Institute was $2,941 and $18,235 respectively.   See Note 4 for a description of the loans the Company received from 0851229 BC Ltd deemed a related party as a result of owning more than 10% of the Company's common stock.

Note 9 – Subsequent Events    On April 6, 2018, the Company, and Fromar Investments, LP (the “Lender”) entered into an arrangement whereby Lender would lend the Company $500,000 pursuant to the terms of a convertible promissory note (the “Note”).  The Note bears interest at a rate of 8.0% per annum and has a maturity date of September 30, 2108.  By agreement of the parties, the effective date of the Note is March 5, 2018, and funds are disbursed under the Note pursuant to a schedule thereto.  As of March 31, 2018, the Company had principal outstanding on this Note of $250,000 and accrued interest of $1,079.  As of May 9, 2018, the Company had received the additional $250,000, and had Company had principal outstanding on this Note of $500,000.  Pursuant to the terms and conditions of this note, specifically upon receipt of $500,000, the Company is required to issue the Lender 1,000,000 shares of its common stock. On April 27, 2018 the Company issued the Lender 1,000,000 shares of its common stock.   The Company and Lender also entered into a Security Agreement (the “Security Agreement”) pursuant to which the Company and the Lender agreed that all amounts, liabilities and obligations owed by the Company to the Lender (including, but not limited to, all amounts owed under the Note) are secured by a second priority security interest in all assets of the Company on the terms and conditions set forth in the Security Agreement.   The security interest granted to the Lender is subordinate to the interest granted to 0851229 BC, Ltd. pursuant to an amended and restated security agreement dated as of June 14, 2016 (included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed on June 15, 2016).   Pursuant to the terms of the Note, if the Company issues capital stock or any security convertible into or exercisable for its capital stock in a transaction, the primary purpose of which is to raise capital (a “Financing”), the Lender may convert all or any portion of the outstanding principal amount and accrued and unpaid interest into the same securities issued by the Company in the Financing (the “Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Financing Securities paid by the other investors in the Financing. If the Company consummates a Qualified Financing (as hereinafter defined) then the outstanding principal amount and all accrued and unpaid interest shall automatically convert into the same securities issued to investors in the Qualified Financing (the “Qualified Financing Securities”) at a conversion price equal to eighty percent (80%) of the price per Qualified Financing Securities paid by the other investors in the Qualified Financing. A “Qualified Financing” means a Financing which results in gross proceeds to the Company, in one or a series of related transactions, of at least $2,000,000 (including the aggregate amount of indebtedness converted into equity securities in such Financing), in which either (i) the investor leading negotiations with the Company is a bona fide institutional investor or (ii) the investor leading negotiations with the Company is not a bona fide institutional investor but the Financing includes commercially reasonable customary terms and conditions for an equity financing of an early-stage biopharmaceutical company.   Effective upon a complete funding of the entire principal amount of $500,000, the Company agreed to issue to the Lender 1,000,000 shares of its common stock.  The Company agreed to issue to the Lender an additional 1,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before July 1, 2018, or (ii) received a binding term sheet or other similar binding agreement pertaining to a licensing transaction with a company that operates in the pharmaceutical and/or biotech industries that will provide for at least $500,000 in upfront payments to the Company on or before July 1, 2018, as well as milestones and royalties for TAM-01, TAM-03, or for any follow-on compounds of the Company (a “Licensing Transaction”) on or before July 1, 2018.  The Company agreed to issue to the Lender an additional 3,000,000 shares of its common stock in the event that the Company has not either (i) closed a Financing resulting in funding of at least $1,000,000 to the Company after the date of the Note, but on or before September 30, 2018, or (ii) received a binding term sheet or other similar binding agreement for a Licensing Transaction on or before September 30, 2018.   In addition to the foregoing, the Company entered into amendment (the “Amendment”) to that certain Amended and Restated Promissory Note with 0851229 BC, Ltd. dated June 13, 2016 (the “June 2016 Note”) whereby the maturity date of the June 2016 Note was extended to September 30, 2018.     The foregoing descriptions of the Note, the Security Agreement, and the Amendment do not purport to be complete and are qualified in their entirety by the terms and conditions of the agreements themselves. Copies of the Note, the Security Agreement, and the Amendment are attached as Exhibits 10.12, 10.13, and 10.14, respectively, to a Current Report on Form 8-K, filed with the Commission on April 12, 2018.   The Note and the securities of the Company into which the Note is convertible were offered and sold without registration under the Securities Act of 1933, as amended (the “Securities Act”), in reliance on the exemptions provided by Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and in reliance on similar exemptions under applicable state laws. The Lender has represented to the Company that it is an accredited investor. No person received any underwriting discount or commission in connection with the issuance of the securities described herein.

Basis of Presentation   The accompanying unaudited condensed consolidated financial statements as of March 31, 2018 have been prepared in accordance with the U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the unaudited interim financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s financial position as of March 31, 2018, the Company’s results of operation and the cash flows for the three months ended March 31, 2018. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company's Form 10-K filed on April 16, 2018. The December 31, 2017 condensed consolidated balance sheet data was derived from the audited financial statements included in the Form 10-K filed on April 16, 2018. The financial statements and notes are representations of the Company's management ("Management") and its board of directors (the "Board of Directors"), who are responsible for their integrity and objectivity.   Results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 or any other future period.

Use of Estimates   The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.   Management makes estimates that affect certain accounts including deferred income tax assets, accrued expenses, fair value of equity instruments and reserves for any other commitments or contingencies. Any adjustments applied to estimates are recognized in the period in which such adjustments are determined.

Cash and Cash Equivalents   The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The carrying value of those investments approximates their fair market value due to their short maturity and liquidity. Cash and cash equivalents include cash on hand and amount on deposit with financial institutions, which amounts may at times exceed federally insured limits. The Company has not experienced any losses on such accounts and it does not believe it is exposed to any significant credit risk. As of March 31, 2018 and December 31, 2017 the Company had cash and cash equivalents of $70,811 and $46,082, respectively.

Fair Value of Financial Instruments   The carrying amounts of certain of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable, accrued liabilities and note payable approximate fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Research and Development costs   The Company follows Accounting Standards Codification Subtopic (“ASC”) 730-10, “Research and Development,” in which research and development costs are charged to the statement of operations as incurred. During the three months ended March 31, 2018 and 2017 the Company incurred $162,008 and $167,500, respectively of expenses related to research and development costs.

Net Earnings (Loss) Per Common Share   The Company computes earnings per share under ASC 260-10, “Earnings Per Share”. Basic earnings (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders (the numerator) by the weighted average number of shares of common stock outstanding (the denominator) during the reporting periods. Diluted loss per share is computed by increasing the denominator by the weighted average number of additional shares that could have been outstanding from securities convertible into common stock (using the “treasury stock” method), unless their effect on net loss per share is anti-dilutive. There were no potentially dilutive shares for the three months ended March 31, 2018.

Fair Value Measurements   The Company measures and discloses the fair value of assets and liabilities required to be carried at fair value in accordance with ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, and enhances fair value measurement disclosure.   ASC 825 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes three levels of inputs that may be used to measure fair value:   Level 1 - Quoted prices for identical assets or liabilities in active markets to which we have access at the measurement date.   Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.   Level 3 - Unobservable inputs for the asset or liability.   The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.   For the three months ended March 31, 2018 the Company has determined that there we no assets or liabilities measured at fair value on a recurring basis.   The Company believes the carrying amounts of cash and cash equivalents, other current assets, accounts payable, accrued expenses salaries, wages and payroll taxes, and other accrued expenses are a reasonable approximation of the fair value of those financial instruments because of the nature of the underlying transactions and the short-term maturities involved.

Going Concern   The Company’s financial statements are prepared using U.S. GAAP applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has no significant operating history and had a cumulative net loss from inception (August 13, 2014) to March 31, 2018 of $7,768,276. The Company has a working capital deficit of $1,876,700 as of March 31, 2018. Since inception, the Company has been funded through debt and equity financings. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and to allow it to continue as a going concern. The accompanying financial statements for the period ended March 31, 2018, have been prepared assuming the Company will continue as a going concern. The Company believes its cash resources are insufficient to meet its anticipated needs during the next twelve months. The Company will require additional financing to fund its future planned operations, including research and development and clinical trials and commercialization of its product candidates. In addition, the Company will require additional financing in order to seek to license or acquire new assets, research and develop any potential patents and the related compounds, and obtain any further intellectual property that the Company may seek to acquire.   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 establishes a revenue stream and becomes profitable. Management’s plans to continue as a going concern include raising additional capital through borrowing and sales of common stock. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. If the Company is not able to obtain the necessary additional financing on a timely basis, the Company will be forced to delay or scale down some or all of its development activities or perhaps even cease the operation of its business.  Since its inception, the Company has funded its operations primarily through debt financings and equity financings, and it expects that it will continue to fund its operations through a mix of equity and debt financings.  If the Company secures additional financing by issuing equity securities, its existing stockholders’ ownership will be diluted.  The Company also expects to pursue non-dilutive financing sources. However, obtaining such financing would require significant efforts by the Company’s management team, and such financing may not be available, and if available, could take a long period of time to obtain. 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.

Comprehensive Loss   Comprehensive loss is defined as the change in equity of a company during a period from transactions and other events and circumstances excluding transactions resulting from investment owners and distributions to owners. For the periods presented, comprehensive loss did not differ from net loss.

Collaborative Arrangements   The Company and its collaborative partners are active participants in the collaborative arrangements and both parties are exposed to significant risks and rewards depending on the commercial success of the activity. The Company records all expenses related to collaborative arrangements as research and development expense in the consolidated statements of operations as incurred.

Additionally, the Company agreed to pay one-time milestone payments upon the first occurrence of the corresponding milestone events as set forth in the table below.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td>Milestone Event</td> <td> </td> <td colspan="2" style="border-bottom: black 1pt solid; text-align: center">Milestone Payment</td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Filing of an IND</td> <td> </td> <td>$</td> <td style="text-align: right">50,000   </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Completion of the first Phase I Clinical Trial of a Licensed Product</td> <td> </td> <td>$</td> <td style="text-align: right">250,000   </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Completion of the first Phase II Clinical Trial of a Licensed Product</td> <td> </td> <td>$</td> <td style="text-align: right">500,000   </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Completion of the first Phase III Clinical Trial of a Licensed Product</td> <td> </td> <td style="border-bottom: black 1pt solid">$</td> <td style="border-bottom: black 1pt solid; text-align: right">1,000,000   </td> <td style="white-space: nowrap"> </td></tr> </table>

The investor received a warrant to purchase an additional 480,769 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 480,769 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

The investor received a warrant to purchase an additional 24,038 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 24,038 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

The investors received a warrant to purchase an additional 504,808 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 504,808 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

Terms of the Secured Note include the obligation to convert the loan at a financing with gross proceeds to the Company (if such financing is led by an institutional investor or contains commercially reasonable terms and conditions for an early stage biopharmaceutical company) of at least $2,000,000 at a conversion price equal to 80% of the price per share in the financing

Mount Tam will pay Buck Institute in eight equal installments of $75,000 each for conducting research and development. In March 2015, the payment terms were revised so that Mount Tam still pays the Research Funding amount in eight (8) equal installments of seventy-five thousand dollars ($75,000) each and the installments shall be payable as follows: the first, second and third installments (together $225,000) shall all be payable by April 1, 2015, and each subsequent installment shall be payable three (3) months after the date on which the prior installments was payable, with the fourth installment payable July 1, 2015, three (3) months after the first three payments were made, and the final installments payable fifteen (15) months after the first through third installments were made.

5000000 1000000

2644272

0.0200 0.2000 0.5000 1.0000

40000

11706

274247

The Stapleton Employment Agreement requires annual base salary payments of $175,000 per year. Further, Mr. Stapleton is entitled to a one-time bonus of $40,000 payable upon the Company's achievement of certain financial targets. In addition, the Company granted Mr. Stapleton an option to purchase up to 750,000 shares of Common Stock. The employment agreement requires annual base salary payments of $150,000 per year. In addition, the Company has agreed to grant these executive stock options to purchase up to 360,000 shares of common stock. On August 10, 2015, this employee's employment agreement was amended as a result of his appointment to become the Company's Chief Executive Officer, and to change the number of expected to be granted options to 1,160,000 The Company will pay Dr. Marshak an aggregate base annual salary of $300,000, payable on a bi-weekly or semi-monthly basis. In addition, Dr. Marshak shall (i) be entitled to three (3) weeks of paid time off, (ii) have the right to participate in the Company's general employee benefit plan(s), (iii) have the right to participate in an executive bonus plan and receive other bonus payments as determined by the Company's Board of Directors and (iv) be entitled to be reimbursed for reasonable business expenses. Subject to the approval of the Board of Directors and the approval of certain other actions, Dr. Marshak received an option to purchase 4,200,000 shares of Common Stock which shall vest and be governed by the terms of the Plan and an award agreement to be entered into by and between the Company and Dr. Marshak.

Recent Accounting Pronouncements Issued But Not Adopted as of March 31, 2018   In March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, “Receivables—Nonrefundable Fees and Other Costs”. The Board is issuing this update to amend the amortization period for certain purchased callable debt securities held at a premium, the Board is shortening the amortization period for the premium to the earliest call date. For public business entities, the amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of adopting this guidance.   In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 simplifies the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. ASU 2017-04 is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company does not anticipate the adoption of ASU 2017-04 will have a material impact on its consolidated financial statements.   In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Clarifying the Definition of a Business ("ASU 2017-01"). The standard clarifies the definition of a business by adding guidance to assist entities in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Under ASU 2017-01, to be considered a business, the assets in the transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. Prior to the adoption of the new guidance, an acquisition or disposition would be considered a business if there were inputs, as well as processes that when applied to those inputs had the ability to create outputs. Early adoption is permitted for certain transactions. Adoption of ASU 2017-01 may have a material impact on the Company's consolidated financial statements if it enters into future business combinations.   In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Restricted Cash (a consensus of the FASB Emerging Issue Task Force) ("ASU 2016-18"). This new standard addresses the diversity that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in ASU 2016-18 require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. This guidance is effective for fiscal years beginning after December 15, 2017, including interim periods within the year of adoption, with early adoption permitted. Adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements   In August, 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force) ("ASU 2016-15"). The amendments in ASU 2016-15 address eight specific cash flow issues and apply to all entities that are required to present a statement of cash flows under ASC Topic 230, Statement of Cash Flows. The amendments in ASU 2016-15 are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption during an interim period. . Adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements.   In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Some of the areas of simplification apply only to nonpublic entities. For public business entities, the amendments in ASU 2016-09 are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. . Adoption of ASU 2016-09 won’t have a material impact on the Company's consolidated financial statements.   In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) ("ASU 2016-02"). ASU 2016-02 addresses the financial reporting of leasing transactions. Under current guidance for lessees, leases are only included on the balance sheet if certain criteria, classifying the agreement as a capital lease, are met. This update will require the recognition of a right-of-use asset and a corresponding lease liability, discounted to the present value, for all leases that extend beyond 12 months. For operating leases, the asset and liability will be expensed over the lease term on a straight-line basis, with all cash flows included in the operating section of the statement of cash flows. For finance leases, interest on the lease liability will be recognized separately from the amortization of the right-of-use asset in the statement of operations and the repayment of the principal portion of the lease liability will be classified as a financing activity while the interest component will be included in the operating section of the statement of cash flows. This guidance is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company has not yet completed the analysis of how adopting this guidance will affect its consolidated financial statements.   In January 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (ASU) 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. . Adoption of ASU 2016-01 may have a material impact on the Company's consolidated financial statements.   In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers (Topic 606)," on revenue recognition. This guidance provides that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires more detailed disclosures to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The original effective date of this guidance was for interim and annual reporting periods beginning after December 15, 2016, early adoption is not permitted, and the guidance must be applied retrospectively or modified retrospectively. In July 2015, the FASB approved an optional one-year deferral of the effective date. As a result, we expect to adopt this guidance on January 1, 2018. The Company currently is pre revenue as such the Company will adopt the guidance of ASC Topic 606 once it starts to generate revenue.   The Company expects to generate revenues in the future primarily from license and collaboration agreements. The consideration the Company is eligible to receive under these agreements includes upfront payments, research and development funding, milestone payments, and royalties. Each collaboration agreement is unique and will need to be assessed separately under the five-step process under the new standard.    There were various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 11, 2018
Text Block [Abstract]
Registrant Name	Mount Tam Biotechnologies, Inc.
Registrant CIK	0001589361
SEC Form	10-Q
Period End date	Mar. 31, 2018
Fiscal Year End	--12-31
Trading Symbol	mntm
Tax Identification Number (TIN)	453797537
Number of common stock shares outstanding		54,320,702
Filer Category	Smaller Reporting Company
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Amendment Flag	false
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Contained File Information, File Number	333-192060
Entity Incorporation, State Country Name	Nevada
Entity Address, Address Line One	7250 Redwood Boulevard, Suite 300
Entity Address, City or Town	Novato
Entity Address, State or Province	California
Entity Address, Postal Zip Code	949245
City Area Code	425
Local Phone Number	214-4079

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 70,811	$ 46,082
Prepaid expense	19,396	3,529
Total Current Assets	90,207	49,611
Other Assets
Deposit	7,046	7,046
Total Assets	97,253	56,657
Current Liabilities:
Accounts payable and accrued liabilities	1,009,119	909,050
Accounts payable and accrued liabilities- related parties	2,941	18,235
Notes payable	33,304	17,500
Convertible debenture, net of unamortized debt discount	921,543	676,410
Total Current Liabilities	1,966,907	1,621,195
Total Liabilities	1,966,907	1,621,195
Stockholders' Deficit
Common stock, $0.0001 par value; 100,000,000 shares authorized; 53,320,702 and 53,320,702 shares issued and outstanding	5,332	5,332
Stock subscription payable	(45)	(45)
Additional paid in capital	5,893,335	5,579,978
Accumulated deficit	(7,768,276)	(7,149,803)
Total Stockholders' Deficit	(1,869,654)	(1,564,538)
Total Liabilities and Stockholders' Deficit	$ 97,253	$ 56,657

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017	Aug. 13, 2014
Text Block [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	53,320,702	53,320,702
Common Stock, Shares, Outstanding	53,320,702	53,320,702

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Text Block [Abstract]
Revenue	$ 0	$ 0
Cost of Goods Sold	0	0
Gross Profit	0	0
Operating Expenses
Research and development	162,008	167,500
General and administrative	418,617	484,231
Total operating expenses	580,625	651,732
Operating loss	(580,625)	(651,732)
Other Income/Expenses
Other Income	0	534
Interest expense	(6,464)	(4,652)
Amortization of debt discount	(31,383)	(19,648)
Total other expenses	(37,847)	(23,766)
Net Loss	$ (618,472)	$ (675,498)
Net loss per share - basic and diluted	$ (0.01)	$ (0.01)
Weighted average common shares - basic and diluted	53,320,702	48,197,910

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows from Operating Activities
Net loss	$ (618,472)	$ (675,498)
Adjustment to reconcile net loss to net cash used in operating activities:
Fair value of options	242,107	242,106
Stock based compensation	0	15,790
Amortization of debt discount	31,383	19,648
Amortization of prepaid expenses	5,293	4,171
Changes in operating assets and liabilities:
Prepaid expense	(3,600)	(8,486)
Deposits	0	(1,637)
Accounts payable and accrued liabilities	84,774	132,751
Net cash used in operating activities	(258,515)	(271,155)
Cash Flows from Financing Activities
Proceed from loans	285,000	0
Payment of loans	(1,756)	(1,758)
Proceeds from issuance of common stock		292,500
Net Cash Provided by (Used in) Financing Activities	283,244	290,742
Net increase in cash	24,729	19,587
Cash, beginning of period	46,082	375,498
Cash, end of period	70,811	395,085
Non-cash investing and financing activities:
Debt discount due to beneficial conversion featute on note	71,250
Loan received shown as prepaid expenses	$ 17,561	$ 17,575

XML 17 R6.htm IDEA: XBRL DOCUMENT

Note 1 - Nature of The Business

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 1 - Nature of The Business

Note 1 – Nature of the Business

The production and marketing of the Company's products and its ongoing research and development activities will be subject to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any drug developed by the Company must undergo additional rigorous preclinical (animal) and clinical (human) testing and an extensive regulatory approval process implemented by the Food and Drug Administration under the Food, Drug and Cosmetic Act. In addition, the Company's success will depend in part on its ability to obtain and maintain patents, exploit its product license rights, maintain trade secrets, and operate without infringing on the proprietary rights of others, both in the United States and other countries.

The following reflects the Company's current, post-merger corporate structure (State of Incorporation):

Mount Tam Biotechnologies, Inc., formerly TabacaleraYsidron, Inc. (Nevada)

Mount Tam Biotechnologies, Inc. (Delaware)

History

On August 13, 2015, Mount Tam and the Company entered into the Exchange Agreement as described above.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 2 - Summary of Significant Accounting Policies

Note 2 – Summary of Significant Accounting Policies

Basis of Presentation

Results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 or any other future period.

Use of Estimates

Cash and Cash Equivalents

Fair Value of Financial Instruments

Research and Development costs

Net Earnings (Loss) Per Common Share

Accounts Payable

Accounts payable and accrued expenses include the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018		December 31, 2017
Accounts payable	$	489,403	$	457,434
Accounts payable to related parties		2,941		18,234
Accrued legal fees		185,513		210,865
Accrued interest		45,061		38,658
Accrued salary		191,939		129,740
Other current liabilities		97,203		72,354
Total accounts payable and accrued expenses	$	1,012,060	$	927,285

Fair Value Measurements

Level 1 - Quoted prices for identical assets or liabilities in active markets to which we have access at the measurement date.

Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the asset or liability.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

For the three months ended March 31, 2018 the Company has determined that there we no assets or liabilities measured at fair value on a recurring basis.

Going Concern

Comprehensive Loss

Collaborative Arrangements

Recent Accounting Pronouncements Issued But Not Adopted as of March 31, 2018

XML 19 R8.htm IDEA: XBRL DOCUMENT

Note 3 - Loans

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 3 - Loans

Note 3 – Loans

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Note 4 - Convertible Notes

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 4 - Convertible Notes

Note 4 – Convertible Notes

As of December 31, 2017, the Company had principal outstanding on this Secured Note of $693,004 and accrued interest of $36,402.

As of December 31, 2017, the Company had principal outstanding on this Secured Note of $0 and accrued interest of $0.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Note 5 - Capital Stock

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 5 - Capital Stock

Note 5 – Capital Stock

Common Stock

The Company has authority to issue up to 100,000,000 shares, par value $0.0001 per share. As of March 31, 2018, there were 53,320,702 shares of the Company’s common stock issued and outstanding.

During the year ended December 31, 2017, the Company issued 1,444,272 shares of common stock to The Buck Institute for stock to be issued which were accounted for in prior period(s).

Private Placement

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Note 6 - Stock Options

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 6 - Stock Options

Note 6 – Stock Options

Stock Options

As summary of option activity under the 2016 Plan as of March 31, 2018, and changes during the period then ended is presented below:

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		6,465,000	$	0.59		8.10	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2018		6,465,000	$	0.59		8.10	$	-
Exercisable at March 31, 2018		1,709,583	$	0.59		8.10	$	-

Warrants

Warrants	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2017	1,009,616	$ 0.175	4.9	$ 176,683
Granted	-	-	-	-
Exercised	-	-	-	-
Forfeited or expired	-	-	-	-
Outstanding at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683
Exercisable at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683

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Note 7 - Commitments & Contingencies

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 7 - Commitments & Contingencies

Note 7 – Commitments & Contingencies

Buck Institute

Additionally, the Company agreed to pay one-time milestone payments upon the first occurrence of the corresponding milestone events as set forth in the table below.

Milestone Event	Milestone Payment
Filing of an IND	$	50,000
Completion of the first Phase I Clinical Trial of a Licensed Product	$	250,000
Completion of the first Phase II Clinical Trial of a Licensed Product	$	500,000
Completion of the first Phase III Clinical Trial of a Licensed Product	$	1,000,000

As of March 31, 2018 none of the milestone events had yet been achieved.

Employment Agreements

In May 2016 Mr. Powers became the Company's Chief Scientific Officer.

Placement agreement

Lease agreement

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Note 8 - Related Party Transactions

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 8 - Related Party Transactions

Note 8 – Related Party Transactions

See Note 4 for a description of the loans the Company received from 0851229 BC Ltd deemed a related party as a result of owning more than 10% of the Company's common stock.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 9 - Subsequent Events

3 Months Ended

Mar. 31, 2018

Disclosure Text Block [Abstract]

Note 9 - Subsequent Events

Note 9 – Subsequent Events

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Note 2 - Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2018

Policy Text Block [Abstract]

Basis of Presentation

Results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ended December 31, 2018 or any other future period.

Use of Estimates

Cash and Cash Equivalents

Fair Value of Financial Instruments

Research and Development Costs

Research and Development costs

Net Earnings (Loss) Per Common Share

Accounts Payable

Accounts payable and accrued expenses include the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018		December 31, 2017
Accounts payable	$	489,403	$	457,434
Accounts payable to related parties		2,941		18,234
Accrued legal fees		185,513		210,865
Accrued interest		45,061		38,658
Accrued salary		191,939		129,740
Other current liabilities		97,203		72,354
Total accounts payable and accrued expenses	$	1,012,060	$	927,285

Fair Value Measurements

Level 1 - Quoted prices for identical assets or liabilities in active markets to which we have access at the measurement date.

Level 2 - Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3 - Unobservable inputs for the asset or liability.

The determination of where assets and liabilities fall within this hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

For the three months ended March 31, 2018 the Company has determined that there we no assets or liabilities measured at fair value on a recurring basis.

Going Concern

Comprehensive Loss

Collaborative Arrangements

Recent Accounting Pronouncements

Recent Accounting Pronouncements Issued But Not Adopted as of March 31, 2018

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies: Accounts Payable: Schedule of Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2018

Table Text Block Supplement [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued expenses include the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018		December 31, 2017
Accounts payable	$	489,403	$	457,434
Accounts payable to related parties		2,941		18,234
Accrued legal fees		185,513		210,865
Accrued interest		45,061		38,658
Accrued salary		191,939		129,740
Other current liabilities		97,203		72,354
Total accounts payable and accrued expenses	$	1,012,060	$	927,285

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 6 - Stock Options: Schedule of Stock Options, Activity (Tables)

3 Months Ended

Mar. 31, 2018

Table Text Block Supplement [Abstract]

Schedule of Stock Options, Activity

As summary of option activity under the 2016 Plan as of March 31, 2018, and changes during the period then ended is presented below:

Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
Outstanding at December 31, 2017		6,465,000	$	0.59		8.10	$	-
Granted		-		-		-		-
Exercised		-		-		-		-
Forfeited or expired		-		-		-		-
Outstanding at March 31, 2018		6,465,000	$	0.59		8.10	$	-
Exercisable at March 31, 2018		1,709,583	$	0.59		8.10	$	-

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 6 - Stock Options: Schedule of Warrants (Tables)

3 Months Ended

Mar. 31, 2018

Table Text Block Supplement [Abstract]

Schedule of Warrants

Warrants	Shares	Weighted Average Exercise Price	Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2017	1,009,616	$ 0.175	4.9	$ 176,683
Granted	-	-	-	-
Exercised	-	-	-	-
Forfeited or expired	-	-	-	-
Outstanding at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683
Exercisable at March 31, 2018	1,009,616	$ 0.175	4.6	$ 176,683

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 7 - Commitments & Contingencies: Schedule of Milestone Payments Due to the Buck Institute (Tables)

3 Months Ended

Mar. 31, 2018

Buck Institute

Schedule of Milestone Payments Due to the Buck Institute

Additionally, the Company agreed to pay one-time milestone payments upon the first occurrence of the corresponding milestone events as set forth in the table below.

Milestone Event	Milestone Payment
Filing of an IND	$	50,000
Completion of the first Phase I Clinical Trial of a Licensed Product	$	250,000
Completion of the first Phase II Clinical Trial of a Licensed Product	$	500,000
Completion of the first Phase III Clinical Trial of a Licensed Product	$	1,000,000

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 1 - Nature of The Business (Details) - USD ($)				1 Months Ended			3 Months Ended
Note 1 - Nature of The Business (Details) - USD ($)	Aug. 10, 2017	Mar. 03, 2017	Aug. 13, 2014	Aug. 31, 2017	Feb. 28, 2017	Feb. 27, 2017	Mar. 31, 2016	Mar. 31, 2018	Dec. 31, 2017	Aug. 13, 2015
Stock Issued During Period, Shares, New Issues	3,846,154	83,333	9,000,000	192,308	83,333	833,334
Common Stock, Par or Stated Value Per Share			$ 0.0001					$ 0.0001	$ 0.0001
Stock Issued During Period, Value, New Issues	$ 500,000	$ 25,000	$ 900	$ 25,000	$ 25,000	$ 250,000
Shares surrendered							$ 30,000
Mount Tam
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage								57.14%
Tabacalera Ysidron Inc
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage								42.86%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable										$ 50,048
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Note Payable										$ 17,500
Former Shareholder
Due from Related Parties, Current								$ 30,000

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Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Text Block [Abstract]
Cash and cash equivalents	$ 70,811	$ 46,082	$ 395,085	$ 375,498

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Note 2 - Summary of Significant Accounting Policies: Research and Development Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Text Block [Abstract]
Research and development	$ 162,008	$ 167,500

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies: Net Earnings (Loss) Per Common Share (Details)	3 Months Ended
	Mar. 31, 2018 shares
Text Block [Abstract]
Potentially dilutive shares	0

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Note 2 - Summary of Significant Accounting Policies: Schedule of Accounts Payable and Accrued Expenses (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Text Block [Abstract]
Accounts payable	$ 489,403	$ 457,434
Accounts payable to related parties	2,941	18,235
Accrued legal fees	185,513	210,865
Accrued interest	45,061	38,658
Accrued salary	191,939	129,740
Other current liabilities	97,203	72,354
Total accounts payable and accrued expenses	$ 1,012,060	$ 927,285

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 2 - Summary of Significant Accounting Policies: Going Concern (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Text Block [Abstract]
Accumulated deficit	$ (7,768,276)	$ (7,149,803)
Working Capital (Deficit)	$ (1,876,700)

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 3 - Loans (Details) - USD ($)	12 Months Ended
Note 3 - Loans (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2018	Dec. 31, 2017	Aug. 13, 2015
Accrued interest			$ 45,061	$ 38,658
Convertible Notes Payable
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Note Payable					$ 17,500
Third Party Investor
Proceeds from Convertible Debt	$ 50,000	$ 53,209
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Maturity Date		Nov. 26, 2015
Unrelated Party 1
Debt Instrument, Interest Rate, Stated Percentage			3.50%
Debt Instrument, Face Amount			$ 15,000
Accrued interest			2,383
Unrelated Party 2
Debt Instrument, Face Amount			$ 2,500

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 4 - Convertible Notes (Details) - USD ($)		3 Months Ended
Note 4 - Convertible Notes (Details) - USD ($)	Apr. 06, 2018	Mar. 31, 2018	Mar. 31, 2017	May 09, 2018	Dec. 31, 2017
Amortization of Debt Discount (Premium)		$ 31,383	$ 19,648
Accrued interest		45,061			$ 38,658
Interest Expense		6,464	4,652
Fromar Investments, LP \| Convertible promissory note
Fund received from related party		250,000
Subsequent Event
Convertible Notes Payable, Current				$ 500,000
Subsequent Event \| Fromar Investments, LP \| Convertible promissory note
Debt Instrument, Maturity Date	Sep. 30, 2108
Due to related party	$ 500,000
Interest rate	8.00%
Convertible Note 4 \| 0851229 BC Ltd
Proceeds from Convertible Debt		$ 35,000
Debt Instrument, Interest Rate, Stated Percentage		3.00%
Debt Instrument, Maturity Date		Mar. 18, 2017
Secured Note
Debt Instrument, Maturity Date		Sep. 30, 2018
Debt Instrument, Convertible, Beneficial Conversion Feature		$ 8,750
Amortization of Debt Discount (Premium)		25,345	19,648
Debt Instrument, Unamortized Discount		0			16,595
Maximum borrowing capacity		$ 5,000,000
Debt Instrument, Convertible, Terms of Conversion Feature		Terms of the Secured Note include the obligation to convert the loan at a financing with gross proceeds to the Company (if such financing is led by an institutional investor or contains commercially reasonable terms and conditions for an early stage biopharmaceutical company) of at least $2,000,000 at a conversion price equal to 80% of the price per share in the financing
Convertible Notes Payable, Current		$ 728,004			693,004
Accrued interest		41,598			36,402
Interest Expense		5,197	4,597
Secured Note One
Debt Instrument, Convertible, Beneficial Conversion Feature		62,500
Amortization of Debt Discount (Premium)		6,038	0
Debt Instrument, Unamortized Discount		56,462			0
Convertible Notes Payable, Current		250,000			0
Accrued interest		1,079			$ 0
Interest Expense		$ 1,079	$ 0

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 5 - Capital Stock (Details) - USD ($)					1 Months Ended			3 Months Ended		12 Months Ended
Note 5 - Capital Stock (Details) - USD ($)	Aug. 31, 2017	Aug. 10, 2017	Mar. 03, 2017	Aug. 13, 2014	Aug. 31, 2017	Feb. 28, 2017	Feb. 27, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Common Stock, Shares Authorized								100,000,000		100,000,000
Common Stock, Par or Stated Value Per Share				$ 0.0001				$ 0.0001		$ 0.0001
Common Stock, Shares, Issued								53,320,702		53,320,702
Common Stock, Shares, Outstanding								53,320,702		53,320,702
Stock Issued During Period, Shares, New Issues		3,846,154	83,333	9,000,000	192,308	83,333	833,334
Stock Issued During Period, Value, New Issues		$ 500,000	$ 25,000	$ 900	$ 25,000	$ 25,000	$ 250,000
Sales Commission								2.50%
Payments for Commissions								$ 7,500
Value of offering not completed								5,000,000
Proceeds from issuance of common stock		200,000							$ 292,500
Proceeds from Collection of Notes Receivable								300,000
Short-term note receivable								$ 150,000		$ 0
Common Stock
Shares issued to Buck, Shares										1,444,272
Notes, Loans and Financing Receivable, Net, Current		300,000
Investment Advisory Fees		$ 14,451			$ 625
Warrant
Stock Issued During Period, Shares, New Issues					4,038,462
Stock Issued During Period, Value, New Issues					$ 525,000
Warrant terms	The investor received a warrant to purchase an additional 24,038 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 24,038 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.	The investor received a warrant to purchase an additional 480,769 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 480,769 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.			The investors received a warrant to purchase an additional 504,808 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 504,808 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.
Buck Institute
Shares committed to issue								0	52,632	0
Shares issuable								0
Shares issuable, value								$ 0

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 6 - Stock Options (Details) - USD ($)					1 Months Ended			3 Months Ended
Note 6 - Stock Options (Details) - USD ($)	Aug. 31, 2017	Aug. 10, 2017	Mar. 03, 2017	Aug. 13, 2014	Aug. 31, 2017	Feb. 28, 2017	Feb. 27, 2017	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Expense								$ 242,106	$ 242,106
Total unrecognized compensation cost								$ 1,841,547
Total unrecognized compensation cost, expected period for recognition								2 years 3 months 18 days
Stock Issued During Period, Shares, New Issues		3,846,154	83,333	9,000,000	192,308	83,333	833,334
Stock Issued During Period, Value, New Issues		$ 500,000	$ 25,000	$ 900	$ 25,000	$ 25,000	$ 250,000
Warrant
Stock Issued During Period, Shares, New Issues					4,038,462
Stock Issued During Period, Value, New Issues					$ 525,000
Warrant terms	The investor received a warrant to purchase an additional 24,038 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 24,038 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.	The investor received a warrant to purchase an additional 480,769 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 480,769 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.			The investors received a warrant to purchase an additional 504,808 shares at an exercise price of $0.15 per share, and a warrant to purchase an additional 504,808 shares at an exercise price of $0.20 per share. Both warrants have a call provision when the Company's common stock trades for five consecutive days at a price equal or greater than 500% of the exercise price of each warrant agreement. Both warrant agreements expire August 10, 2022.

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 6 - Stock Options: Schedule of Stock Options, Activity (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Text Block [Abstract]
Outstanding, Beginning Balance	6,465,000
Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 0.59
Outstanding, Weighted Average Remaining Term in Years	8 years 1 month 6 days	8 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value, Beginning Balance	$ 0
Granted	0
Granted, Weighted Average Exercise Price	$ 0.00
Options Granted Weighted Average Remaining Term	$ 0
Exercised	0
Exercised, Weighted Average Exercise Price	$ 0.00
Forfeited or expired	0
Forfeited or expired, Weighted Average Exercise Price	$ 0.00
Outstanding, Ending Balance	6,465,000	6,465,000
Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0.59	$ 0.59
Outstanding, Aggregate Intrinsic Value, Ending Balance	$ 0	$ 0
Exercisable	1,709,583
Exercisable, Weighted Average Exercise Price	$ 0.59
Exercisable, Weighted Average Remaining Term in Years	8 years 1 month 6 days
Exercisable, Aggregate Intrinsic Value	$ 0

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 6 - Stock Options: Schedule of Warrants (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Outstanding, Beginning Balance	6,465,000
Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 0.59
Outstanding, Weighted Average Remaining Term in Years	8 years 1 month 6 days	8 years 1 month 6 days
Outstanding, Aggregate Intrinsic Value, Beginning Balance	$ 0
Granted	0
Granted, Weighted Average Exercise Price	$ 0.00
Exercised	0
Exercised, Weighted Average Exercise Price	$ 0.00
Forfeited or expired	0
Forfeited or expired, Weighted Average Exercise Price	$ 0.00
Outstanding, Ending Balance	6,465,000	6,465,000
Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0.59	$ 0.59
Outstanding, Aggregate Intrinsic Value, Ending Balance	$ 0	$ 0
Exercisable	1,709,583
Exercisable, Weighted Average Exercise Price	$ 0.59
Exercisable, Weighted Average Remaining Term in Years	8 years 1 month 6 days
Exercisable, Aggregate Intrinsic Value	$ 0
Warrant
Outstanding, Beginning Balance	1,009,616
Outstanding, Weighted Average Exercise Price, Beginning Balance	$ 0.175
Outstanding, Weighted Average Remaining Term in Years	4 years 7 months 6 days	4 years 10 months 25 days
Granted	0
Granted, Weighted Average Exercise Price	$ 0.00
Exercised	0
Exercised, Weighted Average Exercise Price	$ 0.00
Forfeited or expired	0
Forfeited or expired, Weighted Average Exercise Price	$ 0.00
Outstanding, Ending Balance	1,009,616	1,009,616
Outstanding, Weighted Average Exercise Price, Ending Balance	$ 0.175	$ 0.175
Outstanding, Aggregate Intrinsic Value, Ending Balance	$ 176,683
Exercisable	1,009,616
Exercisable, Weighted Average Exercise Price	$ 0.175
Exercisable, Weighted Average Remaining Term in Years	4 years 7 months 6 days
Exercisable, Aggregate Intrinsic Value	$ 176,683

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 7 - Commitments & Contingencies (Details) - USD ($)		1 Months Ended				3 Months Ended	8 Months Ended	12 Months Ended
	Sep. 01, 2015	Feb. 28, 2017	Jan. 31, 2017	Jul. 19, 2016	Aug. 31, 2015	Mar. 31, 2018	Aug. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017	Mar. 31, 2017
Sales Commission						2.50%
Buck Institute
Benchmark amount of investments						$ 5,000,000
Stock Issued During Period, Shares, Issued for Services						2,644,272
Shares committed to issue						0				0	52,632
Percentage of royalty payment of the annual aggregate net sales						2.00%
Percentage of sublicense revenue						20.00%
Payments for Legal Settlements				$ 40,000
Costs incurred to further the company's intellectual property position under the license agreement								$ 11,706
Wave of payable								274,247
Chief Financial Officer
Employment agreement, terms						The Stapleton Employment Agreement requires annual base salary payments of $175,000 per year. Further, Mr. Stapleton is entitled to a one-time bonus of $40,000 payable upon the Company's achievement of certain financial targets. In addition, the Company granted Mr. Stapleton an option to purchase up to 750,000 shares of Common Stock.
Employee Bonus Amount						$ 40,000
Vice President
Employment agreement, terms						The employment agreement requires annual base salary payments of $150,000 per year. In addition, the Company has agreed to grant these executive stock options to purchase up to 360,000 shares of common stock. On August 10, 2015, this employee's employment agreement was amended as a result of his appointment to become the Company's Chief Executive Officer, and to change the number of expected to be granted options to 1,160,000
Chief Executive Officer
Employment agreement, terms						The Company will pay Dr. Marshak an aggregate base annual salary of $300,000, payable on a bi-weekly or semi-monthly basis. In addition, Dr. Marshak shall (i) be entitled to three (3) weeks of paid time off, (ii) have the right to participate in the Company's general employee benefit plan(s), (iii) have the right to participate in an executive bonus plan and receive other bonus payments as determined by the Company's Board of Directors and (iv) be entitled to be reimbursed for reasonable business expenses. Subject to the approval of the Board of Directors and the approval of certain other actions, Dr. Marshak received an option to purchase 4,200,000 shares of Common Stock which shall vest and be governed by the terms of the Plan and an award agreement to be entered into by and between the Company and Dr. Marshak.
Placement Agent Agreement
Number of shares warrantes are granted						500,000
Warrant exercise price						$ 0.50
Placement Agent Agreement \| Gross Proceeds Of Investors
Sales Commission						2.50%
Placement Agent Agreement \| Gross Proceeds From Sales
Sales Commission						7.50%
Phase III Completion
Description of the Agreement Entered into with the Buck Institute						Mount Tam will pay Buck Institute in eight equal installments of $75,000 each for conducting research and development. In March 2015, the payment terms were revised so that Mount Tam still pays the Research Funding amount in eight (8) equal installments of seventy-five thousand dollars ($75,000) each and the installments shall be payable as follows: the first, second and third installments (together $225,000) shall all be payable by April 1, 2015, and each subsequent installment shall be payable three (3) months after the date on which the prior installments was payable, with the fourth installment payable July 1, 2015, three (3) months after the first three payments were made, and the final installments payable fifteen (15) months after the first through third installments were made.
Office Space Lease \| Buck Institute
Annual lease payment amount	$ 9,500						$ 24,500
Operating Leases, Rent Expense		$ 1,600	$ 1,650					9,875	$ 2,125
Other Expenses						$ 423		2,000
Payments for Rent								$ 13,199
Patents
Benchmark amount of investments						$ 1,000,000
Program Patents
Percentage of patent expenses to be refunded as mentioned in the agreement						50.00%
Product Patents
Percentage of patent expenses to be refunded as mentioned in the agreement						100.00%
Employee Stock Option \| Chief Executive Officer
Number of Stock Options					1,160,000
Employee Stock Option \| Board of Directors Chairman
Number of Stock Options						250,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 7 - Commitments & Contingencies: Schedule of Milestone Payments Due to the Buck Institute (Details)	3 Months Ended
	Mar. 31, 2018 USD ($)
Ind Filing
Long-term Purchase Commitment, Amount	$ 50,000
Phase I Completion
Long-term Purchase Commitment, Amount	250,000
Phase II Completion
Long-term Purchase Commitment, Amount	500,000
Phase III Completion
Long-term Purchase Commitment, Amount	$ 1,000,000

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 8 - Related Party Transactions (Details) - USD ($)	3 Months Ended
Note 8 - Related Party Transactions (Details) - USD ($)	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounts payable and accrued liabilities- related parties	$ 2,941		$ 18,235
Buck Institute
Related Party Transaction, Expenses from Transactions with Related Party	$ 1,341	$ 3,673
Stock owed to holder	0	245,615
Shares committed to issue	0	52,632	0
Shares committed to issue, value	$ 0	$ 15,790

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 9 - Subsequent Events (Details) - USD ($)		1 Months Ended
Note 9 - Subsequent Events (Details) - USD ($)	Apr. 06, 2018	Apr. 27, 2018	May 09, 2018	Mar. 31, 2018	Dec. 31, 2017
Accrued interest				$ 45,061	$ 38,658
Secured Note One
Convertible Notes Payable, Current				250,000	0
Accrued interest				$ 1,079	$ 0
Subsequent Event
Convertible Notes Payable, Current			$ 500,000
Additional fund received			$ 250,000
Subsequent Event \| Fromar Investments, LP \| Convertible promissory note
Due to related party	$ 500,000
Interest rate	8.00%
Maturity date	Sep. 30, 2108
Debt Conversion, Converted Instrument, Shares Issued	1,000,000	1,000,000
Debt Conversion, Original Debt, Amount	$ 500,000
Conversion of Stock, Shares Converted	1,000,000
Conversion of Stock, Amount Converted	$ 1,000,000
Payment date	Jul. 01, 2018
Subsequent Event \| Fromar Investments, LP \| Convertible Promissory Note Two
Conversion of Stock, Shares Converted	3,000,000

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