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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_________________
FORM 10-K
_________________
(Mark
One)
☒ ANNUAL
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ending: June 30,
2023.
☐ TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission
File Number: 333-248059
_____________________
SYBLEU INC.
(Exact
name of registrant as specified in its charter)
_____________________
Wyoming |
|
85-1412307 |
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
1034
Throggs Neck Expressway Bronx,
NY |
|
10465 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(800) 807-4631
(Issuers’s
telephone number)
N/A
(Former
name or former address and former fiscal year, if changed since last report)
_________________
Securities
registered pursuant to Section 12(b) of the “Exchange Act”: None
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company ☒ |
Emerging growth company ☐ |
|
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 standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes ☐ No ☒
APPLICABLE
ONLY TO CORPORATE ISSUERS
State the aggregate market value of the voting
and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the
average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second
fiscal quarter: N/A0
As of
July 30, 2023 SYBLEU INC. had 10,613,492 common
shares outstanding.
In
this annual report, the terms “Sybleu Inc... ”, “Sybleu”, “Company”, “we”, or “our”,
unless the context otherwise requires, mean Sybleu Inc.., a Wyoming corporation.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
annual report on Form 10-K and other reports that we file with the SEC contain statements that are considered forward-looking statements. Forward-looking
statements give the Company’s current expectations, plans, objectives, assumptions or forecasts of future events. All statements
other than statements of current or historical fact contained in this annual report, including statements regarding the Company’s
future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations,
are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,”
“estimate,” “plans,” “potential,” “projects,” “ongoing,” “expects,”
“management believes,” “we believe,” “we intend,” and similar expressions. These statements are based
on the Company’s current plans and are subject to risks and uncertainties, and as such the Company’s actual future activities
and results of operations may be materially different from those set forth in the forward looking statements. Any or all of the forward-looking
statements in this annual report may turn out to be inaccurate and as such, you should not place undue reliance on these forward-looking
statements. The Company has based these forward-looking statements largely on its current expectations and projections about
future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and
financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties
and assumptions due to a number of factors, including:
• | | dependence
on key personnel; |
• | | degree
of success of research and development programs |
• | | the
operation of our business; and |
• | | general
economic conditions |
These
forward-looking statements speak only as of the date on which they are made, and except to the extent required by federal securities
laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on
our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained
in any forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this annual report.
PART
I
Item
1. Business
We
were incorporated June 12, 2020 under the laws of the State of Wyoming. We intend to develop therapies for human and animal health, medical
devices, and clinical diagnostics. The Company intends to engage in the acquisition, licensing and development of medical and veterinary
applications up to the point of successful completion of Phase I and or Phase II clinical trials after which the Company would either
attempt to sell or license those developed applications or, alternatively, advance the application further to Phase III clinical trials.
The primary factor to be considered by us in arriving at a decision to advance an application further to Phase III clinical trials would
be a greater than anticipated indication of efficacy seen in Phase I trials.
We
are currently focused on acquiring intellectual property and forging strategic partnerships to advance technologies to market.
Acquired
Intellectual Property
On
July 14, 2020 we were assigned all right, title, and interest to intellectual property related to methods, devices, and techniques useful
for enhancing function of a cellular graft through photoceutical ( the use of low level light therapeutics) manipulation ( “Cell
Transplant IP”).
On
December 2, 2020 Sybleu Inc.. (the “Company”) was assigned all right, title, and interest to intellectual property related
to intratumoral administration of a combination of a chemotherapeutic agent and an immunomodulatory agent for cancer therapy ( “Cancer
Therapy IP”).
On
June 30, 2023 Sybleu Inc. (the “Company”) entered into an agreement (“Agreement”) whereby the Company purchased
from Zander Biologics, Inc. (“Zander”) a 50% interest in
(a)the
invention disclosed in US Patent US11377442B2 (Small molecule agonists and antagonists of NR2F6 activity), all patent rights to the invention
described in US Patent US11377442B2 as well as all trade secrets, trademarks and associated good will to the invention described in US
Patent US11377442B2 and
(b)
the invention disclosed in US Patent US US10472351B2 (Small molecule agonists and antagonists of NR2F6 activity in animals), all patent
rights to the invention described in US Patent US10472351B2 as well as all trade secrets, trademarks and associated good will to the
invention described in US Patent US10472351B2.
(“IP
Rights”).
The
IP rights are to patent protected small molecule compounds which compounds have been found to modulate the immune system.
Pursuant
to the Agreement the Company issued to Zander a promissory note in the principal amount of $300,000 bearing simple interest at 10% per
annum as consideration for 50% interest in the IP rights. The promissory note and all accrued interest are due and payable June 30, 2025.
In
the event that on or prior to July 31, 2023 Zander causes to be filed with the United States Patent and Trademark Office any and all
documentation which may be required in order to record the transfer of the 50% Interest to the Company Zander shall receive additional
consideration consisting of 1,000,000 common shares of the Company.
The
Company and Zander (The “Parties”) agree to jointly develop and commercialize the IP Rights for veterinary use upon mutually
acceptable terms and conditions. Each Party shall be entitled to 50% of any and all revenues derived from development and commercialization
..Each Party shall be responsible for 50% of all any and all expenses incurred in connection with development and commercialization.
Neither
Party shall transfer right, title and interest in and to including, but not limited to, the copyrights, trade secrets, trademarks and
associated good will and patent rights to the IP Rights in whole or in part without the written consent of the other Party. Neither Party
shall grant any rights or license to the IP Rights to any entity without the written consent of the other Party.
Licenses
Granted by the Company
On
February 24, 2021 Sybleu Inc. ( the “Company”) and Oncology Pharma, Inc. ( “Licensee”) entered into an agreement
whereby the Company granted the Licensee an exclusive worldwide right and license for the development and commercialization of certain
intellectual property controlled by the Company (“Agreement”).
This
intellectual property relates to intratumoral administration of a combination of a chemotherapeutic agent and an immunomodulatory agent
for cancer therapy ( “Cancer Therapy IP”). The concept of the Cancer Therapy IP is the simultaneous intratumoral injection
of a chemotherapeutic agents in combination with immunomodulatory agents in sustained release formulations. The chemotherapeutic agent
is for the purpose of directly killing the tumor cells for the release of antigens while the immunomodulatory protein or factor is to
stimulate the antigenic response of the host to the antigens.
The
term of the Agreement is fifteen years from the Effective Date.
Pursuant
to the Agreement:
(a) | | Licensee
shall pay to the Company a non-refundable, upfront payment of six thousand five hundred shares
of Oncology Pharma, Inc. common stock as a license initiation fee which must be paid within
10 days of the Effective Date of the Agreement |
(b) | | royalties
equal to five percent (5%) of the Net Sales of any Licensed Products in a quarter. |
Net
Sales are defined in the Agreement as the gross invoiced amount, and/or the monetary equivalent of any other consideration actually received
by Licensee and/or its sublicensees, for the transfer of a Licensed Product, less any of the following items that are itemized on the
relevant invoice or which Licensee can demonstrate have been actually paid or credited with respect to such transfer.
Licensed
Product is defined in the Agreement as (a) any method, procedure, service or process that incorporates, uses, used, is covered by, infringes
or would infringe any of the licensed intellectual property in the U.S. or foreign jurisdictions; and (b) any apparatus, material, equipment,
machine or other product that incorporates, uses, used, is covered by, infringes or would infringe any of the licensed intellectual property
in the U.S. or foreign jurisdictions but for the rights granted pursuant to this Agreement.
Oncology
Pharma Inc. is a publicly traded company whose common shares trade on the OTC Pink market under the symbol ONPH.
Licenses
Granted to the Company
On
June 26, 2023 Sybleu Inc. ( the “Company”) was granted an exclusive worldwide license by DYO Biotechnologies, Pty, Ltd (“DYO”)
to (a) to make, have made, use, offer for sale, sell, perform, have performed export and import Licensed Products and Licensed Services;
(b) to practice Licensed Methods; and (c) to use Technology, all in the Field, within the Territory and during the Term (the “License”).
“Technology”
is defined in the License as” Artificial intelligence/machine learning engine designed to utilize existing chemical library structures
in an integrated model to predict highly specific and sensitive novel chemical structures for molecular targets.”
“Licensed
Products” are defined in the License as “any product, kit, composition, or part thereof: (a) that incorporates, uses, or
is enabled or derived from the use of the Technology; or (b) that is produced or enabled by a Licensed Method.”
“Licensed
Services” are defined in the License as “any service performed by Company or Sublicensee for the benefit of a third party
that, in whole or in part, (a) uses Technology; (b) uses Licensed Product(s); or (c) that practices or is enabled by a Licensed Method.”
“Licensed
Method” is defined in the License as “any method or process that uses Technology”
“Field”
is defined in the License as small molecule drug development and commercialization for human and/or animal health.
“Territory”
is defined in the License as “worldwide”.
The
Term of the License is the period of time beginning on the effective date of this Agreement which shall be June 26, 2023 and terminating
on the last to expire Royalty Term .
“Royalty
Term” is defined in the License as that period of time beginning on the first commercial sale of a Licensed Product in a given
country and, expires on a country-by-country basis with respect to each Licensed Product, upon the later of: (a) the expiration, abandonment,
or invalidation of the last to expire, abandoned or invalidated Valid Claim of the Patent Rights in such country; (b) the expiration
of any granted statutory period of marketing exclusivity within a country; and (c) 12 years from of the date of the first commercial
sale of such Licensed Product in such country.
Pursuant
to the terms and conditions of the License the Company shall raise $2,000,000 US through either debt or equity financing within 2 years
of execution of this Agreement (“Funding”). The Company shall enter into a research collaboration agreement with DYO upon
mutually acceptable terms and conditions within 30 days of Funding (“Research Agreement).
Substantially
all of the Funding shall be utilized to enable the Technology for the benefit of developing Company’s existing and future small
molecule drug intellectual property. It is anticipated that this research agreement will utilize substantially all of these funds over
two years. It is agreed that the Company shall exclusively possess all right, title and interest in and to including, but not limited
to, the copyrights, trade secrets, trademarks and associated good will and patent rights to any and all inventions, discoveries, intellectual
property and chemical structures resulting from this Research Agreement.
Pursuant
to the terms and conditions of the License the Company shall pay to DYO a Royalty equal to five percent (5%) of the Net Sales ( as such
term is defined in the License) of any Licensed Method, Service or Product per annum. The License also imposes an obligation upon the
Company to make minimum royalty payments to DYO over the course of the Term.
Pursuant
to the terms and conditions of the License the the Company paid to DYO 309,000 common shares of the Company (“Stock Payment”)
and a $25,000 License Issuance Fee.
DYO
shall not, directly or indirectly, offer, issue, sell, contract to sell (including without limitation short sale), grant any option for
the sale of, pledge or otherwise dispose of or transfer any or all of the Stock Payment for a period of two years from the date of issuance.
Pursuant
to the terms and conditions of the License Upon the occurrence of each of the following events (each a “Milestone”)), the
Company shall make a cash payment (“Milestone Payment”) in the amount corresponding to such Milestone within thirty days
after achievement of each Milestone:
Milestone |
AMOUNT | |
1.
Dosing of a first human patient in a Phase I or Phase I/II Clinical Trial for Licensed Product |
$150,000
US | |
2.
Dosing of a first patient in a Phase III Clinical Trial for Licensed Product |
$500,000
US | |
3.
FDA (US) Approval of a Licensed Product |
$3,000,000
US | |
4.
EMA (EU) Approval of a Licensed Product |
$1,500,000
US | |
5.
PMDA (JPN) Approval of a Licensed Product |
$1,000,000
US | |
6.
Cumulative Net Sales of Licensed Products reach $100 Million |
$2,000,000
US | |
This
License may be terminated by DYO in the event:
No
licensed Method, Service or Product has been granted Patent Protection in at least one jurisdiction after the expiration of four years
from execution
The
sum of $2,000,000 shall not have been raised within 2 years of execution of the license
The
Research Agreement shall not have been entered into as of thirty days subsequent to the Funding.
The
Company shall not have achieved cumulative Net Sales of Licensed Product, Service and Methods of at least $10,000,000 as of a date that
is ten years from the execution of the license
The
Company shall fail to pay any consideration required under the license and such failure remains uncured for thirty days.
This
License may be terminated by the Company in the event:
DYO
shall be determined to not have exclusive unencumbered Patent Rights to the Technology in whole or in part.
Any
other entity shall be determined to have the right- exercised or not- to utilize the Technology ( in whole or in part) to develop make,
use, offer for sale, sell, perform, have performed export and import and sell products, methods and services which can reasonably be
expected to be similar to or competitive with products, methods and services to be developed by the Company utilizing the rights granted
by the License. .
DYO
shall have failed to demonstrate during the course of due diligence to the satisfaction of the Company that the Technology can be effectively
utilized for the purposes intended by this License
In
the event that the Agreement is terminated pursuant to the any of the abovementioned the Stock Payment shall be promptly returned by
DYO to the Company for cancellation.
Dr.
Harry Lander serves as Chief Scientific Officer of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing
Director of DYO and is a controlling shareholder of DYO.
Distribution
methods of the products or services:
If
circumstances allow and subject to then current market conditions and available capital, we intend to enter into licensing and/or sublicensing
agreements with outside entities in order that the Company may, if the Company is successful in securing its intellectual property claims,
allow it to obtain royalty income on the products and services which it may develop and commercialize.
Competitive
business conditions and the Company’s competitive position in the industry and methods of competition
We
are recently formed and have yet to achieve consistent revenues or profits and there can be no assurance that we will generate revenues
or, if are successful, that we can do so at levels that will allow us to achieve and sustain positive cash flow and profitability and,
if so, for any period of time.. The industry in which we intend to compete are highly competitive and characterized by rapid technological
advancement. Many of our competitors have greater resources than we do.
We
intend to be competitive by utilizing the services and advice of individuals that we believe have expertise in their field in order that
we can concentrate our resources on projects in which products and services in which we have the greatest potential to secure a
competitive advantage may be developed and commercialized .
To
that effect we have established a Scientific Advisory Board considting of members who we believe have a high level of expertise in their
professional fields and who have agreed to provide counsel and assistance to us in (a) determining the viability of proposed projects
(b) obtaining financing for projects and (c) obtaining the resources required to initiate and complete a project in the most cost effective
and rapid manner.
SCIENTIFIC
ADVISORY BOARD MENBERS
Dr.
Steven E. Hake, M.D.
Dr.
Hake obtained his medical degree from The Chicago Medical School. Dr. Hake has been certified by American Board of Radiology since June
1992. Dr. Hake’s professional affiliations are with the Alpha Omega Alpha Honorary Medical Society and the American College of
Radiology.
Dr.
Jason E. Garber, MD.
Dr.
Garber obtained his medical degree from The University of Texas Health Science Center at San Antonio. Dr. Garber is Board Certified in
Neurological Surgery by the American Board of Neurological Surgery
Dr.
Garber was awarded a Cloward Fellowship Award in 2001 and has authored the following papers in the following publications:
Hassenbusch,
SJ, Garber, JE: “Alternative Intrathecal Agents for Pain,” Neuromodulation, Volume 2, Number 2, 1999 89-95.
Garber,
JE, Hassenbusch, SJ: “Innovative Intrathecal Analgesics,” Pain surgery, Burchiel, K (ed): In Press.
Garber,
JE, Hassenbusch, SJ: “Interventional Pain Management: Can Charges be Effectively Minimized without Compromising Quality?”
Pain Digest: In Press.
Garber,
JE, Hassenbusch, SJ: Neurosurgical Operations on the Spinal Cord. Bonica’s Management of Pain, 3rd Edition, Loeser, JD (ed), Medica,
PA: Williams and Wilkins, 1998: In Press.
Garber,
JE, Hassenbusch, SJ: “Spinal Administration of Non-Opiate Analgesics in the Management of Pain,” Interventional Pain Management,
2nd Edition, Waldman, SD (ed), WB Saunders: In Press
Nguyen
H, Garber JE, Hassenbusch SJ: Spinal Analgesics. In: Staats P and Fleisher LA (eds). Anesthesiology Clinics of North America, Saunders:
Philadelphia, pp. 805-816, 2003.
Garber,
JE, Thalgott JS, Christensen SD: Anterior Lumbar Interbody Fusion via the Anterior Retroperitoneal Approach: Strategic Tactics for Avoiding
Complications. The NNI Journal, Volume 2, Issue 3, 2006 62-65.
Garber,
JE, Thalgott JS, Fogarty M, Caiazza S: Dynamic Stabilization of the Lumbar Spine: Past, Present, and Future Innovations. The NNI Journal,
Volume 3, Issue 1, 2007 pp. 84-87.
Garber,
JE, Saxena RC, Malone K: The Identification and Treatment of a Lumbar Plasmacytoma: A Case Report and Topic Review. The NNI Journal,
Volume 3, Issue 3, 2007 pp. 135-139
Garber,
JE, Malone K: Utilizing a Lateral Extracavitary Approach for Failed Lumbar Spine Fusion Procedures: A Case Study with Imaging Considerations
in Lumbar Fusions. The NNI Journal, Volume 4, Issue pp. 14-15.
Garber,
JE, Christian G, Serrano S, Malone K: Surgical Treatment of Intradural Extramedullary Spine Tumors. The NNI Journal, Volume 5, Issue
1, April 2009.
Garber,
JE, Christian G, Serrano S, Malone, K: Nail-Gun Misfire Resulting in Penetrating Intracranial Injury. The NNI Journal, Volume 5, Issue
1, April 2009.
Garber,
JE, Christian G, Serrano S, Malone, K: Craniocervical Fixation Series and Review of Literature. The NNI Journal, Volume 6, Issue 1, Jan
2010.
Dr. Garber
has made the following professional presentations:
1.
1999 Congress of Neurological Surgeons (CNS) Meeting, Boston, MA. Oral Presentation, Section on Pain II: Interventional Pain Management:
Can Charges Be Effectively Minimized Without Compromising Quality?
2.
2000 Neurosurgery + Science + Management Symposium, New Orleans, LA. Oral Presentation: Cancer and Non-cancerous Pain Management.
3.
2001 Congress of Neurological Surgeons (CNS) Meeting, San Diego, CA. Poster Presentation: Extralaminar Posterior Cervical Dorsal Ramisectomy:
A Modified Surgical Approach for the Treatment of Cervical Dystonia (Spasmodic Torticollis).
4.
2005 Medical Education Resources Making Sense of Spine Surgery Seminar, Las Vegas, NV. Oral Presentation: Spinal Disorders: Cervical
Conditions and Treatment. Demonstration: Cervical Construct Demonstration: Atlantis Vision Cervical Plate.
5.
Minimally Invasive Spinal Surgery. Sunrise Hospital and Medical Center Grand Rounds, June 1, 2005.
6.
Oral Presentation: One Neurosurgeon’s Experience with STALIF, Newport Beach, CA, November 2007.
7.
EuroSpine: What is the Role of Mystique plating and Bioresorbable Technology in anterior cervical Fusion Procedures? Bressels, Belgium,
2007.
8.
Oral Presentation: Novel Minimally Invasive Spine Techniques, Las Vegas, NV, January 2008.
9.
International Meeting on Advanced Spine Techniques, Hong Kong, China, July 2008. Poster Presentation: A Comparison of the Surgical Efficacy
of ALIF and XLIF® L4-5 Fusion Procedures with Posterior Fixation.
10.
Congress of Neurological Surgeon’s 2008 Annual Meeting, Orlando, FL, September 2008. Poster Presentation: A Comparison of the Surgical
Efficacy of ALIF and XLIF® L4-5 Fusion Procedures with Posterior Fixation.
11.
North American Neuromodulation Society (NANS) 13th Annual Meeting, Las Vegas, NV, December 3-6 2009. Paper Presentation: Selective Dermatome
Activation, Using a Novel Five-Column Spinal Cord Stimulation Paddle Lead: A Case Series.
12.
International Society for the Advancement of Spine Surgery – 2 nd Asia Pacific Conference (2010 APSAS), Sanya, China, January 14-17
2010. Paper Presentation: Direct Lateral Approach Corpectomy for Severe Kyphotic Deformity Correction.
13.
The Role of Permanent Vascular Protection in Anterior Spine Instrumentation – 39th Annual Symposium, Orlando FL. March 16-19, 2011.
A Review of Ten Same Lumbar Level Reoperations, Society of Clinical Vascular Surgery.
14.
International Society for the Advancement of Spine Surgery – Annual Meeting (SAS, 2011), Las Vegas. Poster Presentation: A Multi-center
Retrospective Evaluation of a Cervical Integrated Interbody System.
15.
Conejo Valley Journal Club, Sherman Oaks, CA. January, 2015. Oral Presentation: Benefits of an Integrated Interbody Device over Spacers
and Plates.
16.
Society for Minimally Invasive Spine Surgery Global Forum ’15 – Las Vegas, NV. November 6, 2015. Minimally Invasive Stabilization:
A 5 year Level 1 Study of Spinal Stenosis Disease Management.
17.
International Society for the Advancement of Spine Surgery, Metro Toronto, Canada, April 11-13, 2018. Clinical Experience of Integrated
Interbody Fusion in Multi-level Cervical Fusion.
18.
Society for Minimally Invasive Spine Surgeons Annual Forum ’18, Las Vegas Nevada. Multi-level Cervical Constructs in Clinical Practice
using Integrated Interbody Fusion.
19.
Society for Minimally Invasive Spine Surgeons Annual Forum ’18, Las Vegas Nevada. Interspinous Decompression Devices – Do
They Have a Role?
20.
Congress of Neurological Surgery’s 2018 annual meeting, Houston Texas, October 6-10, 2018. Integrated Interbody Fusion in Multi-level
Cervical Constructs in Clinical Practice.
21.
Congress of Neurological Surgery’s 2018 annual meeting, Houston Texas, October 6-10, 2018. Swan Neck Deformity Correction with
Multilevel Anterior Cervical Integrated Cages.
22.
International Spinal Deformity Symposium 4th Annual, November/December 2018. Multilevel Cervical Constructs in Clinical Practice using
Integrated Interbody Fusion.
23.
International Society for the Advancement of Spine Surgery, Anaheim, California, April 3, 2019. Oral poster presentation: Cervical spinal
deformity correction utilizing an integrated interbody fusion devices from a single anterior approach.
24.
North American Spine Society 34th annual meeting, Chicago, Illinois, September 25-28, 2019. Poster presentation: Integrated Interbody
Fusion in Multilevel Cervical Constructs in Clinical Practice.
25.
American College of Surgeons, San Francisco, California, October 28, 2019. Oral presentation: Integrated Interbody Fusion in Multi-level
Cervical Constructs in Clinical Prectice.
Dr. Garber
is affiliated with the Las Vegas Neurosurgical Institute in Las Vegas, Nevada.
The
Company is currently continuing to search for other experts to serve on the Company’s Scientific Advisory Board.
Principal
Products and Services:
The
Company is currently focused upon:
(a) | | developing
drugs for treating cancer in companion animals |
(b) | | examining
the role of Artificial Intelligence and Machine Learning in clinical diagnostics and |
(c) | | development
of disposable medical devices |
Sources
and availability of raw materials and the names of principal suppliers
The
supplies and materials required to conduct our operations are available through a wide variety of sources and may be obtained through
a wide variety of sources.
Patents,
trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including duration
Patents:
The
Company has purchased a 50% interest in and to inventions granted the following patents by the United States Patent and Trademark Office.
US
Patent US11377442B2 (Small molecule agonists and antagonists of NR2F6 activity)
US
Patent US US10472351B2 (Small molecule agonists and antagonists of NR2F6 activity in animals.
Royalty
Agreements:
On
June 26, 2023 Sybleu Inc. ( the “Company”) was granted an exclusive worldwide license by DYO Biotechnologies, Pty, Ltd (“DYO”)
to (a) to make, have made, use, offer for sale, sell, perform, have performed export and import Licensed Products and Licensed Services;
(b) to practice Licensed Methods; and (c) to use Technology, all in the Field, within the Territory and during the Term (the “License”).
“Technology”
is defined in the License as” Artificial intelligence/machine learning engine designed to utilize existing chemical library structures
in an integrated model to predict highly specific and sensitive novel chemical structures for molecular targets.”
“Licensed
Products” are defined in the License as “any product, kit, composition, or part thereof: (a) that incorporates, uses, or
is enabled or derived from the use of the Technology; or (b) that is produced or enabled by a Licensed Method.”
“Licensed
Services” are defined in the License as “any service performed by Company or Sublicensee for the benefit of a third party
that, in whole or in part, (a) uses Technology; (b) uses Licensed Product(s); or (c) that practices or is enabled by a Licensed Method.”
“Licensed
Method” is defined in the License as “any method or process that uses Technology”
“Field”
is defined in the License as small molecule drug development and commercialization for human and/or animal health.
“Territory”
is defined in the License as “worldwide”.
The
Term of the License is the period of time beginning on the effective date of this Agreement which shall be June 26, 2023 and terminating
on the last to expire Royalty Term .
“Royalty
Term” is defined in the License as that period of time beginning on the first commercial sale of a Licensed Product in a given
country and, expires on a country-by-country basis with respect to each Licensed Product, upon the later of: (a) the expiration, abandonment,
or invalidation of the last to expire, abandoned or invalidated Valid Claim of the Patent Rights in such country; (b) the expiration
of any granted statutory period of marketing exclusivity within a country; and (c) 12 years from of the date of the first commercial
sale of such Licensed Product in such country.
Pursuant
to the terms and conditions of the License the Company shall raise $2,000,000 US through either debt or equity financing within 2 years
of execution of this Agreement (“Funding”). The Company shall enter into a research collaboration agreement with DYO upon
mutually acceptable terms and conditions within 30 days of Funding (“Research Agreement).
Substantially
all of the Funding shall be utilized to enable the Technology for the benefit of developing Company’s existing and future small
molecule drug intellectual property. It is anticipated that this research agreement will utilize substantially all of these funds over
two years. It is agreed that the Company shall exclusively possess all right, title and interest in and to including, but not limited
to, the copyrights, trade secrets, trademarks and associated good will and patent rights to any and all inventions, discoveries, intellectual
property and chemical structures resulting from this Research Agreement
Pursuant
to the terms and conditions of the License the Company shall pay to DYO a Royalty equal to five percent (5%) of the Net Sales ( as such
term is defined in the License) of any Licensed Method, Service or Product per annum. The License also imposes an obligation upon the
Company to make minimum royalty payments to DYO over the course of the Term.
Pursuant
to the terms and conditions of the License the l Company paid to DYO 309,000 common shares of the Company (“Stock Payment”).
DYO
shall not, directly or indirectly, offer, issue, sell, contract to sell (including without limitation short sale), grant any option for
the sale of, pledge or otherwise dispose of or transfer any or all of the Stock Payment for a period of two years from the date of issuance.
Pursuant
to the terms and conditions of the License Upon the occurrence of each of the following events (each a “Milestone”)), the
Company shall make a cash payment (“Milestone Payment”) in the amount corresponding to such Milestone within thirty days
after achievement of each Milestone:
Milestone |
AMOUNT | |
1.
Dosing of a first human patient in a Phase I or Phase I/II Clinical Trial for Licensed Product |
$150,000
US | |
2.
Dosing of a first patient in a Phase III Clinical Trial for Licensed Product |
$500,000
US | |
3.
FDA (US) Approval of a Licensed Product |
$3,000,000
US | |
4.
EMA (EU) Approval of a Licensed Product |
$1,500,000
US | |
5.
PMDA (JPN) Approval of a Licensed Product |
$1,000,000
US | |
6.
Cumulative Net Sales of Licensed Products reach $100 Million |
$2,000,000
US | |
This
License may be terminated by DYO in the event:
No
licensed Method, Service or Product has been granted Patent Protection in at least one jurisdiction after the expiration of four years
from execution
The
sum of $2,000,000 shall not have been raised within 2 years of execution of the license
The
Research Agreement shall not have been entered into as of thirty days subsequent to the Funding.
The
Company shall not have achieved cumulative Net Sales of Licensed Product, Service and Methods of at least $10,000,000 as of a date that
is ten years from the execution of the license
The
Company shall fail to pay any consideration required under the license and such failure remains uncured for thirty days.
This
License may be terminated by the Company in the event:
DYO
shall be determined to not have exclusive unencumbered Patent Rights to the Technology in whole or in part.
Any
other entity shall be determined to have the right- exercised or not- to utilize the Technology ( in whole or in part) to develop make,
use, offer for sale, sell, perform, have performed export and import and sell products, methods and services which can reasonably be
expected to be similar to or competitive with products, methods and services to be developed by the Company utilizing the rights granted
by the License. .
DYO
shall have failed to demonstrate during the course of due diligence to the satisfaction of the Company that the Technology can be effectively
utilized for the purposes intended by this License
In
the event that the Agreement is terminated pursuant to the any of the abovementioned the Stock Payment shall be promptly returned by
DYO to the Company for cancellation.
Dr.
Harry Lander serves as Chief Scientific Officer of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing
Director of DYO and is a controlling shareholder of DYO.
Need for
any government approval of principal products or services, effect of existing or probable governmental regulations on the business.
The
US Food and Drug Administration (“FDA”) and foreign regulatory authorities will regulate our proposed products as drugs or
biologics, , depending upon such factors as the use to which the product will be put, the chemical composition, and the interaction of
the product on the human body. In the United States, products that are intended to be introduced into the body will generally be regulated
as drugs, while tissues and cells intended for transplant into the human body will be generally be regulated as biologics.
Our
domestic human drug and biological products will be subject to rigorous FDA review and approval procedures. After testing in animals,
an Investigational New Drug Application (“IND”) must be filed with the FDA to obtain authorization for human testing. Extensive
clinical testing, which is generally done in three phases, must then be undertaken at a hospital or medical center to demonstrate optimal
use, safety, and efficacy of each product in humans.
Phase
I
Phase
1 trials are designed to assess the safety (pharmacovigilance), tolerability, pharmacokinetics, and pharmacodynamics of a drug. These
trials are often conducted in an inpatient clinic, where the subject can be observed by full-time staff. The subject who receives the
drug is usually observed until several half-lives of the drug have passed. Phase I trials normally include dose-ranging, also called
dose escalation, studies so that the appropriate dose for therapeutic use can be found. The tested range of doses usually are a fraction
of the dose that causes harm in animal testing and involve a small group of healthy volunteers. However, there are some circumstances
when real patients are used, such as patients who have end-stage disease and lack other treatment options.
Phase
II
Phase
II trials are designed to assess how well the drug or biologic works, as well as to continue Phase I safety assessments in a larger group
of volunteers and patients. Phase II trials are performed on larger groups.
Phase
III
Phase
III trials are aimed at being the definitive assessment of how effective the product is in comparison with current best standard treatment
and to provide an adequate basis for physician labeling. Phase III trials may also be conducted for the purposes of (i) "label expansion"
(to show the product works for additional types of patients/diseases beyond the original use for which the drug was approved for marketing
or (ii) to obtain additional safety data, or to support marketing claims for the product.
On
occasion Phase IV (Post Approval) trials may be required by the FDA. Phase IV trials involve the safety surveillance (pharmacovigilance)
and ongoing technical support of a drug after it receives permission to be sold. The safety surveillance is designed to detect any rare
or long-term adverse effects over a much larger patient population and longer time period than was possible during the Phase I-III clinical
trials.
All
phases, must be undertaken at a hospital or medical center to demonstrate optimal use, safety, and efficacy of each product in humans.
Each clinical study is conducted under the auspices of an independent Institutional Review Board (“IRB”). The IRB will consider,
among other things, ethical factors, the safety of human subjects, and the possible liability of the institution. The time and expense
required to perform this clinical testing can far exceed the time and expense of the research and development initially required to create
the product. No action can be taken to market any therapeutic product in the United States until an appropriate New Drug Application
(“NDA”) or Biologic License Application (“BLA”) or has been approved by the FDA. FDA regulations also restrict
the export of therapeutic products for clinical use prior to NDA or BLA approval.
Even
after initial FDA approval has been obtained, further studies may be required to provide additional data on safety or to gain approval
for the use of a product as a treatment for clinical indications other than those initially targeted. In addition, use of these products
during testing and after marketing could reveal side effects that could delay, impede, or prevent FDA marketing approval, resulting in
FDA-ordered product recall, or in FDA-imposed limitations on permissible use.
The
FDA regulates the manufacturing process of pharmaceutical products, and human tissue and cell products, requiring that they be produced
in compliance with Current Good Manufacturing Practices (“cGMP”) . The FDA also regulates the content of advertisements used
to market pharmaceutical products. Generally, claims made in advertisements concerning the safety and efficacy of a product, or any advantages
of a product over another product, must be supported by clinical data filed as part of an NDA or an amendment to an NDA, and statements
regarding the use of a product must be consistent with the FDA approved labeling and dosage information for that product.
Sales
of drugs and biologics outside the United States are subject to foreign regulatory requirements that vary widely from country to country.
Even if FDA approval has been obtained, approval of a product by comparable regulatory authorities of foreign countries must be obtained
prior to the commencement of marketing the product in those countries. The time required to obtain such approval may be longer or shorter
than that required for FDA approval.
The
Center for Veterinary Medicine (“CVM”) at the United States Food and Drug Administration (“FDA”) regulates animal
pharmaceuticals under the Food, Drug and Cosmetics Act. Manufacturers of animal health pharmaceuticals must show their products to be
safe, effective and produced by a consistent method of manufacture. The new animal drug approval process is complicated. Before a new
animal drug may receive FDA approval, the sponsor must establish that the new animal drug is safe and effective. Drug sponsors must submit
a New Animal Drug Application (NADA) along with supporting data, including all adverse effects associated with the drug's use. The NADA
must also include information on the drug's chemistry; composition and component ingredients; manufacturing methods, facilities, and
controls; proposed labeling; analytical methods for residue detection and analysis if applicable; an environmental assessment; and other
information. The sponsor of a new animal drug is responsible for submitting all appropriate data to establish effectiveness and safety.
If the drug product is intended for use in a food-producing animal, residues in food products must also be established as safe for human
consumption. FDA review of the NADA submitted by drug sponsors is extremely detailed and comprehensive. The CVM’s basis for approving
a drug application is documented in a Freedom of Information Summary. . We will be required to conduct post-approval monitoring of FDA
approved pharmaceutical products and to submit reports of product quality defects, adverse events or unexpected results to the CVM’s
Surveillance and Compliance group. No assurance may be given any new animal drug product which the Company may develop will be approved
by the FDA to be marketed and sold. Regulatory authorities in countries outside of the United States and Europe also have requirements
for approval of veterinary drug candidates with which we must comply prior to marketing in those countries. Obtaining regulatory approval
for marketing of a product candidate in one country does not ensure that we will be able to obtain regulatory approval in any other country.
Amount
spent during the fiscal year ended June 30, 2023 on research and development activities.
During
the fiscal year ended June 30, 2023 we expended $85,489 on research and development activities.
Costs
and effects of compliance with environmental laws (federal, state and local)
SYBLEU
has not incurred any unusual or significant costs to remain in compliance with any environmental laws and does not expect to incur any
unusual or significant costs to remain in compliance with any environmental laws in the foreseeable future.
Number
of total employees and number of full-time employees
As
of July 31, 2023 the Company has 2 employees of which each of them is part time.
Item
2. Properties
The
Company utilizes approximately 500 square feet of office space at 1034 Throggs Neck Expressway, Bronx NY 10465 provided to the Company
by Joseph G. Vaini, the Company’s sole officer and director, on a month to month basis free of charge. The property is utilized
as office space. We believe that the foregoing properties are adequate to meet our current needs for office space.
Item
3. Legal Proceedings
There
are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property is the subject.
Item
4. Submission of Matters to a Vote of Security Holders
No
matter was submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation
of proxies or otherwise.
PART
II
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Prior
to March 2023 no public market existed for our securities. In March 2023 the common shares of the Company began trading over the “Pink”
market operated by OTC Markets Group under the symbol SYBE.
The
Company’s common stock is a "penny stock," as defined in Rule 3a51-1 under the Exchange Act. The penny stock rules
require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk
disclosure document that provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer
also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker-dealer and its
sales person in the transaction, and monthly account statements showing the market value of each penny stock held in the customer's account.
In addition, the penny stock rules require that the broker-dealer, not otherwise exempt from such rules, must make a special written
determination that the penny stock is suitable for the purchaser and receive the purchaser's written agreement to the transaction. These
disclosure rules have the effect of reducing the level of trading activity in the secondary market for a stock that becomes subject to
the penny stock rules. So long as the common stock of the Company is subject to the penny stock rules, it may be more difficult to sell
common stock of the Company.
The
stockholders’ equity section of the Company contains the following class of capital stock as of July 31, 2023:
Common
stock, $ 0.0001 par value; 100,000,000 shares authorized: 10,613,492 shares issued and outstanding.
With
respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast
that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).
On
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive,
out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Company.
Below
is the range of high and low bid information for our common equity for each quarter within the last two fiscal years that a public market
has existed for our common equity. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and
may not represent actual transactions.
July
1, 2022 to June 30, 2023 | |
HIGH | |
LOW |
Third
Quarter | |
$ | 0.1 | | |
$ | 0.1 | |
Fourth
Quarter | |
$ | 0.2899 | | |
$ | 0.02 | |
As
of July 31, 2023 there were approximately 245 holders of our Common Stock.
Dividends
No
cash dividends were paid during the fiscal year ending June 30, 2023. We do not expect to declare cash dividends in the immediate future.
Recent
Sales of Unregistered Securities
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Joseph G Vaini pursuant to an agreement whereby
Joseph G. Vaini agreed to serve as President, Chief Executive Officer, Secretary, Chief Financial Officer and Secretary, Treasurer and
Principal Accounting Officer of the Company.
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Harry Lander pursuant to an agreement whereby
Harry Lander agreed to serve as Chief Scientific Officer of the Company.
On
December 13, 2022 the Company cancelled 6,113,508 common shares owned by David Koos, the Company’s previous sole officer and director,
and a company controlled by David Koos. Effective December 13, 2022 David Koos resigned as a Director of the Company and also resigned
from any and all other offices he had held of the Company (“Resignation”) . In connection with his Resignation Koos has returned
any and all common shares directly or indirectly held by Koos to the Company for cancellation. Also in connection with his Resignation
Koos and the Company have entered into an agreement ( “Separation Agreement”) whereby the Company shall pay Koos the sum
of $10,000.
On
June 28, 2023 the Company issued 309,000 common shares ( “Shares”) to DYO Biotechnologies, Pty, Ltd pursuant to the terms
and conditions of an agreement entered into by and between DYO Biotechnologies, Pty, Ltd and the Company.
All
Shares issued were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters
were retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other
consideration was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection
with this Offer and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have
not been registered under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.
Item
6. Selected Financial Data
As
we are a “smaller reporting company” as defined by Rule 229.10(f)(1), we are not required to provide the information
required by this Item.
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As
of June 30, 2023 we had cash of $3,786 and as of June 30, 2022 we had cash of $66,850. The decrease in cash of 94% is primarily attributable
to (a) $15,000 paid out to Joanne Vaini whereby Joanne Vaini agreed to provide bookkeeping services for the Company for the period beginning
January 9, 2023 and ending July 9, 2024 (“Agreement”) for total consideration consisting of $15,000 (b) $12,500 paid to Wilson
Davis and Co., a registered Broker Dealer, for assistance in obtaining DTC eligibility for the Company’s common shares. DTC Eligibility
means that a public company's securities are able to be deposited through Depository Trust and Clearing Corporation and (c) $25,000 paid
to DYO Biotechnologies, Pty, Ltd pursuant to the terms and conditions of a license granted to the Company by DYO Biotechnologies, Pty,
Ltd.
Joanne
Vaini is the spouse of the Company’s Chief Executive Officer Joseph G. Vaini. Dr. Harry Lander serves as Chief Scientific Officer
of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing Director of DYO and is a controlling shareholder
of DYO Biotechnologies, Pty, Ltd.
As
of June 30, 2023 we had Prepaid Expenses of $24,762 and as of June 30, 2022 we had Prepaid Expenses of 0. Prepaid Expenses recognized
as of June 30, 2023 are attributable to:
(a)
3,000,000 common shares issued to Joseph G Vaini, the Company’s Chief Executive Officer, pursuant to an employment agreement to
be expensed over the life of the agreement
(b)
3,000,000 common shares issued to Dr. Harry Lander, the Company’s Chief Scientific Officer, pursuant to an employment agreement
expensed over the life of the agreement.
(c)
$15,000 prepaid pursuant to an agreement with Joanne Vaini to be expensed over the life of the agreement.
On
December 9, 2022 an agreement (“Agreement”) was entered into by and between Sybleu Inc ( the “Company”) and Joseph
G. Vaini (“Vaini”) whereby Vaini has agreed to serve as President, Chief Executive Officer, Secretary, Chief Financial Officer
and Secretary, Treasurer and Principal Accounting Officer of the Company subject to the authority of the Company's Board of Directors
(the “BOD”). Vaini shall perform such duties commensurate with his offices and as directed the BOD.
The
Term of this Agreement shall commence on December 13, 2022 and shall expire on December 13, 2023 unless sooner terminated in accordance
with specified provisions contained therein.
As
sole compensation for performing his duties pursuant to the Agreement Vaini received 3,000,000 of the Common Shares of the Company (
“Vaini Stock Payment”).Vaini has agreed that for a period of three years from December 9, 2022 Vaini shall not directly or
indirectly, offer, issue, sell, contract to sell (including, without limitation, any short sale), grant any option for the sale of, pledge,
or otherwise dispose of or transfer the Vaini stock payment.
On
December 9, 2022 an agreement (“Agreement”) was entered into by and between Sybleu Inc. ( the “Company”) and
Harry Lander (“Lander”) whereby Lander has agreed to serve as Chief Scientific Officer of the Company subject to the authority
of the Company's Board of Directors (the “BOD”). Lander’s duties will include:
Identifying
and introducing to the Company Contract Research Organizations.
Identifying
and introducing to the Company potential strategic partners.
Identifying
and introducing to the Company potential members for the Company’s Scientific Advisory Board.
Assisting
the Company in patent application and prosecution.
The
Term of this Agreement shall commence on December 9, 2022 and shall expire on December 8, 2025 unless sooner terminated in accordance
with specified provisions contained therein.
As
sole compensation for performing his duties pursuant to the Agreement Lander received 3,000,000 of the Common Shares of the Company (“Lander
Stock Payment”).Lander has agreed that for a period of three years from December 9, 2022 Lander shall not directly or indirectly,
offer, issue, sell, contract to sell (including, without limitation, any short sale), grant any option for the sale of, pledge, or otherwise
dispose of or transfer the Lander stock payment.
On
January 8, 2023 an agreement was entered into by and between Joanne Vaini and the Company whereby Joanne Vaini shall assist the Company
with entry and updating of financial records in Quickbooks. The term of this agreement commenced on January 9, 2023 and shall expire
on July 9, 2024
As
of June 30, 2023 we had Investment Securities of $1,920 and as of June 30, 2022 we had Investment Securities of $9,529.
The
decrease in Investment Securities of approximately 80% is attributable to the revaluation as of June 30, 2023 of 6,500 common shares
of Oncology Pharma, Inc. at the closing price of the common shares on the OTC Pink market.
As
of June 30, 2023 we had Acquired Intangible Assets ( net of Amortization) of $300,000 and as of June 30, 2022 we had Acquired Intangible
Assets ( net of Amortization) of $0.
Acquired
Intangible Assets ( net of Amortization) as of June 30, 2023 consists of intellectual property purchased from Zander Biologics, Inc.
On June 30, 2023 the Company entered into an agreement whereby the Company purchased from Zander Biologics, Inc. a 50% interest in
(a)the
invention disclosed in US Patent US11377442B2 (Small molecule agonists and antagonists of NR2F6 activity), all patent rights to the invention
described in US Patent US11377442B2 as well as all trade secrets, trademarks and associated good will to the invention described in US
Patent US11377442B2 and
(b)
the invention disclosed in US Patent US US10472351B2 (Small molecule agonists and antagonists of NR2F6 activity in animals), all patent
rights to the invention described in US Patent US10472351B2 as well as all trade secrets, trademarks and associated good will to the
invention described in US Patent US10472351B2.
(“IP
Rights”).
The
IP rights are to patent protected small molecule compounds which compounds have been found to modulate the immune system.
As
of June 30, 2023 we had Notes Payable of $477,500 and as of June 30, 2022 we had Notes Payable of $140,000. The increase in Notes Payable
of 241% is primarily attributable to:
(a) a $300,000 Promissory Note issued to Zander Biologics as consideration for the purchase of intellectual property
(b)
a $25,000 Promissory Note issued to Bostonia Partners during the quarter ended June 30, 2023
(c)
a $12,500 Promissory Note issued to Zander Therapeutics Inc. during the quarter ended June 30, 2023
As
of June 30, 2023 we had expenses accrued but unpaid of 15,500 and as of June 30, 2022 we had expenses accrued but unpaid of $452. The
increase is primarily attributable to:
(a) | | expenses
of $9,221 recognized during the period in connection with an agreement with a third party
to provide on demand telephone support to the Company related to any and all hardware and
software computer issues |
(b) | | expenses
of $3,000 incurred in connection with the design of the Company’s website |
(c) | | $920
in legal/ patent prosecution fees |
(d) | | $620
in Transfer Agent fees |
As
of June 30, 2023 we had Interest Accrued but Unpaid of $27,476 consisting completely of interest accrued but yet to be paid on Notes
Payable and as of June 30, 2022 we had Interest Accrued but Unpaid of $13,253 consisting completely of interest accrued but yet to be
paid on Notes Payable.
The increase in Interest Accrued but Unpaid of approximately 107% is attributable to $10,352 of interest accrued but not paid on $140,000
in Notes payable during the nine months ended June 30, 2023 as well as $3,870 interest accrued but not paid on $177,500 in Notes payable
during the quarter ended June 30, 2023.
As
of June 30, 2023 we recognized Unearned Income of $150,002 and as of June 30, 2022 we recognized Unearned Income of $161,699. Unearned
income recognized by the Company is completely attributable to $177, 450 in licensing fees paid to the Company during the quarter ended
June 30, 2021 which are being recognized over the term of the license. The decrease in Unearned Income is attributable to recognition
of these fees as earned as required pursuant to Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606).
The
Company recognized revenue of $11,696 during the tear ended June 30, 2023 and revenue of $11,700 for the same period ended 2022. In both
periods revenue was attributable to $177, 450 in licensing fees paid to the Company during the quarter ended June 30, 2021 which
are being recognized over the term of the license.
Operating
Loss of $149,180 recognized during the year ended June 30, 2023 was approximately 164% higher than the Operating Loss recognized during
the same period ended 2022 which was $56,373. The increase in Operating Loss is primarily attributable to substantially higher Research
and Development and Consulting expenses incurred during the period ended 2023 as compared to the same period ended 2022.
Net
Loss for the year ended June 30, 2023 was $180,304 which is approximately 26% lower than the Net Loss recognized by the Company during
the same period ended 2022. This decrease is primarily attributable to the recognition of $175,721 of Unrealized Loss on Investment Securities
during the period ended 2022 .
As
of June 30, 2023 we had $3,786 in cash on hand and current liabilities of $241,411 such liabilities consisting of Income Tax Payable,
Notes Payable, and Accrued Expenses. We feel we will not be able to satisfy our cash requirements over the next twelve months and shall
be required to seek additional financing.
Management plans to raise additional funds by obtaining governmental and nongovernmental grants as well as offering securities for cash.
Management has yet to decide what type of offering the Company will use or how much capital the Company will raise. There is no guarantee
that the Company will be able to raise any capital through any type of offerings. Management can give no assurance that any governmental
or nongovernmental grant will be obtained by the Company despite the Company’s best efforts.
As
of June 30, 2023 the Company was not party to any binding agreements which would commit SYBLEU to any material capital expenditures.
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
As
we are a smaller reporting company, as defined by Rule 229.10(f)(1), we are not required to provide the information required by this
Item.
Item
8. Financial Statements and Supplementary Data.
Report of Independent Registered Public Accounting
Firm
To the shareholders and the board of directors
of SYBLEU INC.
Opinion on the Financial Statements
We have audited the accompanying balance sheets
of SYBLEU INC. as of June 30, 2023 and 2022, the related statements of operations, stockholders' equity (deficit), and cash flows for
the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial
statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023 and 2022, and the results
of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United
States.
Substantial Doubt about the Company’s
Ability to Continue as a Going Concern
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has
suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience
negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Critical Audit Matter
Critical audit matters are matters arising from the current-period
audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to
accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex
judgments.
We determined that there are no critical audit matters.
/S/ BF Borgers CPA PC (PCAOB ID 5041)
We have served as the Company's auditor since
2020
Lakewood, CO
August 4, 2023
| |
| | | |
| | |
SYBLEU
INC. | |
| |
|
BALANCE SHEETS | |
| |
|
| |
| |
|
| |
As
of June 30, 2023 | |
As
of June 30, 2022 |
ASSETS | |
| | | |
| | |
CURRENT
ASSETS | |
| | | |
| | |
Cash | |
$ | 3,786 | | |
$ | 66,850 | |
Prepaid
Expenses | |
| 15,613 | | |
| 0 | |
Total
Current Assets | |
$ | 19,399 | | |
$ | 66,850 | |
OTHER
ASSETS | |
| | | |
| | |
Investment
Securities | |
| 1,920 | | |
| 9,529 | |
Prepaid
Expenses (Long Term) | |
| 9,149 | | |
| | |
Acquired Intangible Assets, net of amortization | |
| 300,000 | | |
| | |
Total
Other Assets | |
| 311,069 | | |
| 9,529 | |
TOTAL
ASSETS | |
$ | 330,468 | | |
$ | 76,379 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Income
Taxes Payable | |
| 10,935 | | |
| 10,935 | |
Notes
Payable | |
| 177,500 | | |
| 140,000 | |
Notes
Payable, Related Party | |
| | | |
| 0 | |
Expenses
Accrued but Unpaid | |
| 15,500 | | |
| 452 | |
Interest
Accrued but Unpaid | |
| 27,476 | | |
| 13,253 | |
Total
Current Liabilities | |
| 231,411 | | |
| 164,640 | |
Long
Term Liabilities: | |
| | | |
| | |
Unearned
Income | |
| 150,002 | | |
| 161,699 | |
Note Payable | |
| 300,000 | | |
| | |
Total
Liabilities | |
$ | 681,413 | | |
$ | 326,338 | |
| |
| | | |
| | |
STOCKHOLDERS'
EQUITY (DEFICIT) | |
| | | |
| | |
Common
Stock ($.0001 par value) 100,000,000
shares authorized; par value $0.0001; 10,418,000
shares issued and outstanding as of June 30, 2022 and 10,613,492
shares issued and outstanding as of June 30, 2023 | |
| 1,062 | | |
| 1,042 | |
Additional
Paid in capital | |
| 179,348 | | |
| 100,049 | |
Retained
Earnings (Deficit ) | |
| (531,355 | ) | |
| (351,051 | ) |
Total
Stockholders' Equity (Deficit) | |
| (350,945 | ) | |
| (249,960 | ) |
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | |
$ | 330,468 | | |
$ | 76,379 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
| |
| |
|
SYBLEU
INC. | |
| |
|
STATEMENT
OF OPERATIONS | |
| |
|
| |
| |
|
| |
Year
Ended June 30, 2023 | |
Year
Ended June 30, 2022 |
REVENUES | |
| | | |
| | |
License
Fees | |
| 11,696 | | |
| 11,700 | |
TOTAL
REVENUES | |
$ | 11,696 | | |
$ | 11,700 | |
COSTS
AND EXPENSES | |
| | | |
| | |
Research
and Development: | |
| | | |
| | |
Staff
Expenses | |
| 2,212 | | |
| — | |
Consulting
Costs | |
| — | | |
| — | |
Licensing Expenses | |
| 82,275 | | |
| — | |
Patent
Application Costs | |
| 1,002 | | |
| 5,058 | |
Total
Research and Development | |
| 85,489 | | |
| 5,058 | |
General
and Administrative: | |
| | | |
| | |
Transfer
Agency Fees | |
| 2,807 | | |
| 1,884 | |
Other
General and Administrative Exexpenses | |
| 14,105 | | |
| 13,731 | |
Total
General and Administrative | |
| 16,912 | | |
| 15,615 | |
Consulting,
Related Party | |
| 4,716 | | |
| — | |
Consulting: | |
| | | |
| | |
Legal
Fees | |
| — | | |
| — | |
Accounting | |
| 27,500 | | |
| 47,400 | |
Other
Consulting | |
| | | |
| | |
Website
Development | |
| 3,000 | | |
| — | |
Information
Technology Consulting | |
| 10,759 | | |
| — | |
Securities
Depository Consulting | |
| 12,500 | | |
| — | |
Total
Consulting | |
| 58,475 | | |
| 47,400 | |
Rent | |
| — | | |
| — | |
Total
Costs and Expenses | |
| 160,876 | | |
| 68,073 | |
| |
| | | |
| | |
OPERATING
Income( LOSS) | |
$ | (149,180 | ) | |
$ | (56,373 | ) |
| |
| | | |
| | |
OTHER
INCOME AND EXPENSES | |
| | | |
| | |
Unrealized
Gain ( Loss) on Investment Securities | |
| (7,609 | ) | |
| (175,721 | ) |
Stock
Cancellation Expense | |
| (9,294 | ) | |
| — | |
Interest
Income( Expense) | |
| (14,221 | ) | |
| (13,252 | ) |
TOTAL
OTHER INCOME ( EXPENSES) | |
| (31,124 | ) | |
| (188,973 | ) |
| |
| | | |
| | |
Provision
for Income Taxes | |
| | | |
| | |
NET
INCOME ( LOSS) | |
$ | (180,304 | ) | |
$ | (245,347 | ) |
BASIC
AND FULLY DILUTED LOSS PER SHARE | |
$ | (0.02 | ) | |
$ | (0.02 | ) |
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | |
| 10,328,955 | | |
| 10,418,000 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
SYBLEU
INC. | |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
STATEMENTS
OF SHAREHOLDERS EQUITY (DEFICIT) | |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
For
the Year Ended June 30, 2023 | |
| |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| |
Common | |
|
|
| |
|
|
| |
|
|
|
| |
Shares | |
Amount | |
Additional
Paid in Capital | |
Retained
Deficit | |
Total |
Balance
June 30, 2022 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (351,051 | ) | |
$ | (249,960 | ) |
Net
Loss for the quarter ended September 30, 2022 | |
| | | |
| | | |
| | | |
| (19,750 | ) | |
| (19,750 | ) |
Balance
September 30, 2022 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (370,801 | ) | |
$ | (269,710 | ) |
Cancellation
of shares 12/13/2022 | |
| (6,113,508 | ) | |
$ | (611 | ) | |
$ | (95 | ) | |
| | | |
$ | (706 | ) |
Issuance
of shares for services 12/12/2022 | |
| 6,000,000 | | |
$ | 600 | | |
$ | 22,260 | | |
| | | |
$ | 22,860 | |
Net
Loss for the quarter ended December 31, 2022 | |
| | | |
| | | |
| | | |
$ | (18,527 | ) | |
$ | (18,527 | ) |
Balance
December 31, 2022 | |
| 10,304,492 | | |
$ | 1,031 | | |
$ | 122,214 | | |
$ | (389,328 | ) | |
$ | (266,083 | ) |
Net
Loss for the quarter ended March 31, 2023 | |
| | | |
| | | |
| | | |
$ | (29,034 | ) | |
$ | (29,034 | ) |
Balance
March 31, 2023 | |
| 10,304,492 | | |
$ | 1,031 | | |
$ | 122,214 | | |
$ | (418,362 | ) | |
$ | (295,117 | ) |
Issuance
of shares as consideration 06/28/2023 | |
| 309,000 | | |
$ | 31 | | |
$ | 57,134 | | |
| | | |
$ | 57,165 | |
Net
Loss for quarter ended June 30, 2023 | |
| | | |
| | | |
| | | |
$ | (112,993 | ) | |
$ | (112,993 | ) |
Balance
June 30, 2023 | |
| 10,613,492 | | |
$ | 1,062 | | |
$ | 179,348 | | |
$ | (531,355 | ) | |
$ | (350,945 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For
the Year Ended June 30, 2022 | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| Common | | |
| | | |
| | | |
| | |
| |
| Shares | | |
| Amount | | |
| Additional
Paid in Capital | | |
| Retained
Deficit | | |
| Total | |
Balance
June 30, 2021 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (105,705 | ) | |
$ | (4,614 | ) |
Net
Loss for the three months ended September 30,2021 | |
| | | |
| | | |
| | | |
| (132,307 | ) | |
$ | (132,307 | ) |
Balance
September 30, 2021 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (238,012 | ) | |
$ | (136,921 | ) |
Net
Loss for the three months ended December 31,2021 | |
| | | |
| | | |
| | | |
$ | (61,751 | ) | |
$ | (61,751 | ) |
Balance
December 31, 2021 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (299,763 | ) | |
$ | (198,672 | ) |
Net
Loss for the three months ended March 31, 2022 | |
| | | |
| | | |
| | | |
$ | (27,030 | ) | |
$ | (27,030 | ) |
Balance
March 31, 2022 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (326,793 | ) | |
$ | (225,702 | ) |
Net
Loss for the three months ended June 30, 2022 | |
| | | |
| | | |
| | | |
$ | (24,548 | ) | |
$ | (24,548 | ) |
Balance
June 30, 2022 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (351,051 | ) | |
$ | (249,960 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
| |
| |
|
SYBLEU
INC. | |
| |
|
STATEMENT
OF CASH FLOWS | |
| |
|
| |
| |
|
| |
Year
Ended June 30, 2023 | |
Year
ended June 30, 2022 |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
Income (Loss) | |
$ | (180,304 | ) | |
$ | (245,347 | ) |
Adjustments
to reconcile net Income (loss) to net cash | |
| | | |
| | |
Common
Stock Issued for payment of expenses | |
| 65,546 | | |
| | |
Changes
in Operating Assets and Liabilities | |
| | | |
| | |
(Increase)
Decrease in Prepaid Expenses | |
| (10,283 | ) | |
| | |
Increase
(Decrease) in Accrued Expenses | |
| 29,270 | | |
| 13,257 | |
(Increase)
Decrease in Securities accepted as Payment | |
| | | |
| | |
Increase(
Decrease) in Unearned Income | |
| (11,696 | ) | |
| (11,700 | ) |
Increase
( Decrease) in Income Tax Payable | |
| | | |
| (10,459 | ) |
Decrease
in Common Stock | |
| (611 | ) | |
| | |
Decrease
in Additional Paid in Capital | |
| (95 | ) | |
| | |
Unrealized
Loss (Gain) in Investment Securities | |
| 7,609 | | |
| 175,721 | |
Net
Cash provided by (used) in Operating Activities | |
$ | (100,564 | ) | |
$ | (78,528 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Increase
(Decrease) in Notes Payable, Related Parties | |
| | | |
| (8,919 | ) |
Increase
(Decrease) in Notes Payable | |
| 37,500 | | |
| 140,000 | |
Common
Stock issued for Cash | |
| | | |
| | |
Net
Cash provided by (used) in Financing Activities | |
| 37,500 | | |
| 131,081 | |
| |
| | | |
| | |
Net
Increase (Decrease) in Cash | |
$ | (63,064 | ) | |
$ | 52,553 | |
Cash
at Beginning of Period | |
| 66,850 | | |
| 14,297 | |
Cash
at End of Period | |
$ | 3,786 | | |
$ | 66,850 | |
| |
| | | |
| | |
Supplemental
Cash Flow Information: | |
| | | |
| | |
Interest
Paid | |
$ | — | | |
$ | — | |
Income
Taxes Paid | |
$ | — | | |
$ | 10,459 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
SYBLEU
INC.
Notes
to Condensed Financial Statements
As
of June 30, 2023
NOTE
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SYBLEU
INC. (“Company”) was organized June 12, 2020 under the laws of the State of Wyoming.
The Company intends to engage primarily in the
acquisition, licensing and development of regenerative medical applications up to the point of successful completion of Phase I and or
Phase II clinical trials after which the Company would either attempt to sell or license those developed applications or, alternatively,
advance the application further to Phase III clinical trials. The primary factor to be considered by us in arriving at a decision to advance
an application further to Phase III clinical trials would be a greater than anticipated indication of efficacy seen in Phase I trials.
A. BASIS
OF ACCOUNTING
The
financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this
basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has
adopted a June 30 year-end.
B. USE
OF ESTIMATES
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
C. CASH
EQUIVALENTS
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
D. FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal
or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy
requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required
by the standard that the Company uses to measure fair value:
Level
1: Quoted prices in active markets for identical assets or liabilities
Level
2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets
that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term
of the related assets or liabilities.
Level
3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
E. RESEARCH
AND DEVELOPMENT COSTS
Research
and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged
to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and
filing of a provisional patent application.
F. STOCK
BASED COMPENSATION
Stock
issued for Employee Compensation
Stock
based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award
recipient.
During
the quarter ended December 31, 2022 6,000,000
shares of common stock
were issued as employee compensation.
In determining Fair Value for shares issued
to employees an asset based valuation method was utilized , specifically Enterprise Value (Assets Less Cash and Cash Equivalents
plus Fair Value of Debt) less Fair Value of Debt. The following inputs were utilized.
|
|
|
|
|
Fair Value of Intellectual Property |
|
$ |
35,490 |
|
Securities |
|
$ |
3,771 |
|
Notes Payable |
|
$ |
140,000 |
|
Accrued Interest |
|
$ |
19,504 |
|
Taxes Payable |
|
$ |
10,935 |
|
Less Total Debt |
|
$ |
(170,439 |
) |
Portion of Enterprise Value available to shareholders |
|
$ |
39,261 |
|
Fair Value per share |
|
$ |
0.00381 |
|
Stock
issued for Non-Employee Services
Stock
Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee
equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing
whichever measurement is most reliable
During
the year ended June 30, 2023 no stock
was issued for Non-Employee Services .
Pursuant
to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock
price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
i. | | The
date at which a commitment for performance by the counterparty to earn the equity instruments
is reached (a performance commitment); and |
ii. | | The
date at which the counterparty’s performance is complete. |
G. INCOME
TAXES
The
Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred
tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities
using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation
allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or
all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or
loss in the period that includes the enactment date.
The
Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides
clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements.
Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the
statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any
such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in
part, upon the results of operations for the given period. As of June 30, 2023 the Company had no uncertain
tax positions, and will continue to evaluate for uncertain positions in the future.
The
Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been
established.
Interest
and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance
with ASC Topic 740-10-50-19.
H.
BASIC EARNINGS (LOSS) PER SHARE
The
Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common
stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted
the provisions of ASC 260 effective from inception.
Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There
were no Common Stock Equivalents as of June 30, 2023.
I. INTANGIBLE ASSETS
The Company amortizes its intangible assets with
definite useful lives over their estimated useful lives and reviews these assets for impairment. The Company’s acquired intangible
assets with definite useful lives consists of a 50% interest in and to including, but not limited to, the copyrights, trade secrets, trademarks
and associated good will and patent rights to (a) the intellectual property disclosed in US Patent US11377442B2 (Small molecule agonists
and antagonists of NR2F6 activity) and (b) ) the intellectual property disclosed in US Patent US US10472351B2 (Small molecule agonists
and antagonists of NR2F6 activity in animals).
NOTE
2. RECENT ACCOUNTING PRONOUNCEMENTS
The
Company has adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this Update
supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the
Industry Topics of the Codification.
The
core principle of the guidance is 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. To achieve
that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the
performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company has adopted
the provisions of this ASU effective the fiscal year ended 2020. This guidance did not have a material impact on the Company’s
Financial Statements.
On
February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02,
Leases (Topic 842). The ASU requires organizations that lease assets, referred to as "lessees," to recognize on the consolidated
statement of financial position the rights and obligations created by those leases. The ASU also requires disclosures to help investors
and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures
include qualitative and quantitative requirements, providing additional information about the amounts recorded in the consolidated financial
statements. The ASU on leases became effective for public companies for fiscal years, and interim periods within those fiscal years,
beginning after December 15, 2018. This guidance is not expected to have a material impact on the Company’s financial statements.
In
June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee
Share-Based Payment Accounting. This ASU is intended to simplify aspects of share-based compensation issued to non-employees
by making the guidance consistent with the accounting for employee share-based compensation. This ASU is effective for annual periods
beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. This guidance is not
expected to have a material impact on the Company’s financial statements.
NOTE
3. GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has
generated net losses of $531,355 during
the period from June 12, 2020 (inception) through June 30, 2023. This condition raises substantial doubt about the Company's ability to
continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to
obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
Management
plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will
use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any
type of offerings.
NOTE
4. RELATED PARTY TRANSACTIONS.
The
Company utilizes approximately 500 square feet of office space at 1034 Throggs Neck Expressway, Bronx NY 10465 provided to the Company
by Joseph G. Vaini, the Company’s sole officer and director, on a month to month basis free of charge. The property is utilized
as office space. We believe that the foregoing properties are adequate to meet our current needs for office space.
On
January 8, 2023 the Company entered into an agreement with Joanne Vaini whereby Joanne Vaini agreed to provide bookkeeping services for
the Company for the period beginning January 9, 2023 and ending July 9, 2024 (“Agreement”) for total consideration consisting
of $15,000.
Joanne Vaini is the spouse of Joseph G. Vaini the Company’s sole officer and director.
On June 26, 2023 the Company was granted an exclusive
worldwide license by DYO Biotechnologies, Pty, Ltd (“DYO”) to (a) to make, have made, use, offer for sale, sell, perform,
have performed export and import Licensed Products and Licensed Services; (b) to practice Licensed Methods; and (c) to use Technology,
all in the Field, within the Territory and during the Term (the “License”).
“Technology” is defined in the License
as” Artificial intelligence/machine learning engine designed to utilize existing chemical library structures in an integrated model
to predict highly specific and sensitive novel chemical structures for molecular targets.”
“Licensed Products” are defined in the License as “any product, kit, composition, or part thereof: (a) that incorporates,
uses, or is enabled or derived from the use of the Technology; or (b) that is produced or enabled by a Licensed Method.”
“Licensed Services” are defined in
the License as “any service performed by Company or Sublicensee for the benefit of a third party that, in whole or in part, (a)
uses Technology; (b) uses Licensed Product(s); or (c) that practices or is enabled by a Licensed Method.”
“Licensed Method” is defined in the
License as “any method or process that uses Technology”
“Field” is defined in the License
as small molecule drug development and commercialization for human and/or animal health.
“Territory” is defined in the
License as “worldwide”.
The Term of the License is the period of time
beginning on the effective date of this Agreement which shall be June 26, 2023 and terminating on the last to expire Royalty Term .
“Royalty Term” is defined in the License as that
period of time beginning on the first commercial sale of a Licensed Product in a given country and, expires on a country-by-country basis
with respect to each Licensed Product, upon the later of: (a) the expiration, abandonment, or invalidation of the last to expire, abandoned
or invalidated Valid Claim of the Patent Rights in such country; (b) the expiration of any granted statutory period of marketing exclusivity
within a country; and (c) 12 years from of the date of the first commercial sale of such Licensed Product in such country.
Pursuant to the terms and conditions of the License
the Company shall raise $2,000,000 US through either debt or equity financing within 2 years of execution of this Agreement (“Funding”).
The Company shall enter into a research collaboration agreement with DYO upon mutually acceptable terms and conditions within 30 days
of Funding (“Research Agreement).
Substantially all of the Funding shall be utilized
to enable the Technology for the benefit of developing Company’s existing and future small molecule drug intellectual property.
It is anticipated that this research agreement will utilize substantially all of these funds over two years. It is agreed that the Company
shall exclusively possess all right, title and interest in and to including, but not limited to, the copyrights, trade secrets, trademarks
and associated good will and patent rights to any and all inventions, discoveries, intellectual property and chemical structures resulting
from this Research Agreement.
Pursuant to the terms and conditions of the License
the Company shall pay to DYO a Royalty equal to five percent (5%) of the Net Sales ( as such term is defined in the License) of any Licensed
Method, Service or Product per annum. The License also imposes an obligation upon the Company to make minimum royalty payments to DYO
over the course of the Term.
Pursuant to the terms and conditions of the License
the l Company paid to DYO 309,000 common shares of the Company (“Stock Payment”) and also paid a $25,000 License Issuance
Fee.
DYO shall not, directly or indirectly, offer,
issue, sell, contract to sell (including without limitation short sale), grant any option for the sale of, pledge or otherwise dispose
of or transfer any or all of the Stock Payment for a period of two years from the date of issuance.
Pursuant to the terms and conditions of the License
Upon the occurrence of each of the following events (each a “Milestone”)), the Company shall make a cash payment (“Milestone
Payment”) in the amount corresponding to such Milestone within thirty days after achievement of each Milestone:
Milestone |
AMOUNT |
|
1. Dosing of a first human patient in a Phase I or Phase I/II Clinical Trial for Licensed Product |
$150,000 US |
|
2. Dosing of a first patient in a Phase III Clinical Trial for Licensed Product |
$500,000 US |
|
3. FDA (US) Approval of a Licensed Product |
$3,000,000 US |
|
4. EMA (EU) Approval of a Licensed Product |
$1,500,000 US |
|
5. PMDA (JPN) Approval of a Licensed Product |
$1,000,000 US |
|
6. Cumulative Net Sales of Licensed Products reach $100 Million |
$2,000,000 US |
|
This License may be terminated by DYO in the event:
No licensed Method, Service or Product has been
granted Patent Protection in at least one jurisdiction after the expiration of four years from execution
The sum of $2,000,000 shall not have been raised
within 2 years of execution of the license
The Research Agreement shall not have been entered
into as of thirty days subsequent to the Funding.
The Company shall not have achieved cumulative
Net Sales of Licensed Product, Service and Methods of at least $10,000,000 as of a date that is ten years from the execution of the license
The Company shall fail to pay any consideration
required under the license and such failure remains uncured for thirty days.
This License may be terminated by the Company
in the event:
DYO shall be determined to not have exclusive
unencumbered Patent Rights to the Technology in whole or in part.
Any other entity shall be determined to have the
right- exercised or not- to utilize the Technology ( in whole or in part) to develop make, use, offer for sale, sell, perform, have performed
export and import and sell products, methods and services which can reasonably be expected to be similar to or competitive with products,
methods and services to be developed by the Company utilizing the rights granted by the License. .
DYO shall have failed to demonstrate during the
course of due diligence to the satisfaction of the Company that the Technology can be effectively utilized for the purposes intended by
this License
In the event that the Agreement is terminated
pursuant to the any of the abovementioned the Stock Payment shall be promptly returned by DYO to the Company for cancellation.
Dr. Harry Lander serves as Chief Scientific Officer
of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing Director of DYO and is a controlling shareholder
of DYO.
On July 14, 2023 the Company’s Chief Executive
Officer made a $3,600 capital contribution to the Company.
NOTE 5. NOTES PAYABLE
Schedule of related party debt |
|
|
Bostonia
Partners |
|
$ |
140,000 |
|
Zander Therapeutics Inc. |
|
$ |
12,500 |
|
Zander Biologics, Inc. |
|
$ |
300,000 |
|
Notes
Payable, as of June 30, 2023 |
|
$ |
477,500 |
|
$10,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable September
20, 2022.
$30,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable September
30, 2022.
$100,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable October
5, 2022.
$12,500 owed by the Company to Zander Therapeutics,
Inc bears simple interest at 10% and is due and payable April 4, 2024.
$25,000 owed by the Company to Bostonia Partners
bears simple interest at 10% and is due and payable June 29, 2024.
$300,000 owed by the Company to Zander Biologics, Inc bears
simple interest at 10% and is due and payable June 30, 2025.
NOTE
6. INVESTMENT SECURITIES
On
March 11, 2021 the Company was paid 6,500 common shares of Oncology Pharma, Inc. pursuant to an agreement entered into by and
between the Company and Oncology Pharma, Inc. whereby the Company granted Oncology Pharma, Inc. an exclusive worldwide right and license
for the development and commercialization of certain intellectual property controlled by the Company.
On
June 30, 2023 the Company revalued 6,500 common
shares of Oncology Pharma, Inc. at the closing price of the common shares on the OTC Pink market.
As
of June 30, 2023:
Schedule
Of Common Shares |
6,500
Common Shares of Oncology Pharma, Inc. |
|
| Basis | | |
| Fair
Value | | |
| Total
Unrealized Losses | | |
| Net
Unrealized Gain or (Loss) during the quarter ended June 30, 2023 | |
$ | 177,450 | | |
$ | 1,920 | | |
$ | (175,530 | ) | |
$ | (718 | ) |
NOTE
7. STOCKHOLDERS’ EQUITY
The
stockholders’ equity section of the Company contains the following class of capital stock as of June 30, 2023:
Common
stock, $ 0.0001 par
value; 100,000,000 shares
authorized: 10,613,492
shares issued and outstanding.
With
respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast
that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).
On
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive,
out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Corporation.
NOTE
8. INCOME TAXES
As
of June 30, 2023
Deferred
tax assets: | |
|
Net
operating tax carry forwards | |
$ | 97,076 | |
Other | |
| 0 | |
Gross
deferred tax assets | |
| 97,076 | |
Valuation
allowance | |
| (97,076 | ) |
Net
deferred tax assets | |
$ | 0 | |
As
of June 30, 2023 the Company has a Deferred Tax Asset of $97,076 completely
attributable to net operating loss carry forwards of approximately $60,219 generated
during the calendar year ending December 31, 2020 and 98,368 generated during the calendar year ended December
31, 2021 and $77,144 generated during the calendar year ended December 31, 2022 (which expire 20 years from the date the loss was
incurred).
Realization
of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and
carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain.
In
addition, if as a result of a stock transfer or a reorganization, a corporation undergoes an “ownership change,” Code Section
382 limits the corporation’s right to use its NOLs each year thereafter to an annual percentage of the fair market value of the
corporation at the time of the ownership change (the “Section 382 Limitation”).
A
corporation is considered to undergo “an ownership change” if, as a result of changes in the stock ownership by “5-percent
shareholders” or as a result of certain reorganizations, the percentage of the corporation’s stock owned by those 5-percent
shareholders increases by more than 50 percentage points over the lowest percentage of stock owned by those shareholders at any time
during the prior three-year testing period. Five-percent shareholders are persons who hold 5% or more of the stock of a corporation at
any time during the testing period as well as certain groups of shareholders (based typically on whether they acquired their shares in
a single offering or exchange transaction) who are not individually 5-percent shareholders.
As
the Company will require cash infusions in order to implement its business plan, and as it is probable, although not guaranteed, that
such funding needs may be met through the sale of equity securities to “5-percent shareholders”, the Company recognized a
valuation allowance equal to the deferred Tax Asset and the Company recorded a valuation allowance reducing all deferred tax assets to
0.
Income
tax is calculated at the 21%
Federal Corporate Rate.
NOTE
9. STOCK TRANSACTIONS
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Joseph G Vaini pursuant to an agreement whereby
Joseph G. Vaini agreed to serve as President, Chief Executive Officer, Secretary, Chief Financial Officer and Secretary, Treasurer and
Principal Accounting Officer of the Company.
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Harry Lander pursuant to an agreement whereby
Harry Lander agreed to serve as Chief Scientific Officer of the Company.
On
December 13, 2022 the Company cancelled 6,113,508 common shares owned by David Koos, the Company’s previous sole officer and director,
and a company controlled by David Koos. Effective December 13, 2022 David Koos resigned as a Director of the Company and also resigned
from any and all other offices he had held of the Company (“Resignation”). In connection with his Resignation Koos has returned
any and all common shares directly or indirectly held by Koos to the Company for cancellation. Also in connection with his Resignation
Koos and the Company have entered into an agreement ( “Separation Agreement”) whereby the Company shall pay Koos the sum
of $10,000.
On
June 28, 2023 the Company issued 309,000
common shares (“Shares”) to DYO Biotechnologies,
Pty, Ltd pursuant to the terms and conditions of an agreement entered into by and between DYO Biotechnologies, Pty, Ltd and the Company.
NOTE
10. SUBSEQUENT EVENTS
On
July 14, 2023 the Company’s Chief Executive Officer made a $3,600 capital contribution to the Company.
Item
9A. Controls and Procedures
a)
Evaluation of disclosure controls and procedures.
The
principal executive officer and principal financial officer have evaluated the Company’s disclosure controls and procedures as
of June 30, 2023. Based on this evaluation, they have concluded that the disclosure controls and procedures were effective to ensure
that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act
of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms
and to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange
Act of 1934 is accumulated and communicated to the Company’s management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
b)
Management’s annual report on internal control over financial reporting.
Management
of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule
13a-15(f) promulgated under the Securities and Exchange Act of 1934. Rule 13a-15(f) defines internal control over financial reporting
as follows:
“The
term internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuer's principal
executive and principal financial officers, or persons performing similar functions, and effected by the issuer's board of directors,
management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles and 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 the assets
of the issuer;
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations
of management and directors of the issuer; and
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer's assets
that could have a material effect on the financial statements.”
The
Company’s internal control over financial reporting is a process designed under the supervision of the Company’s management
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial
statements for external purposes in accordance with U.S. generally accepted accounting principles.
In
designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no
matter how well conceived and operated, can provide only a reasonable, not absolute, assurance that the objectives of the disclosure
controls and procedures are met.
The
Company’s management assessed the effectiveness of its internal control over financial reporting as of June 30, 2023 is based on
the framework in 2013 Committee of Sponsoring Organizations of the Treadway Commission, or COSO. Based on its assessment, management
believes that, as of June 30, 2023 the Company’s internal control over financial reporting is effective.
Management's
report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities
and Exchange Commission that permit the company to provide only management's report in this annual report. This exemption for smaller
reporting companies provided under the temporary rules referenced above has been made permanent under Section 989G of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
(c) There
have been no changes during the quarter ended June 30, 2023 in the Company’s internal controls over financial reporting that have
materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Item
10. Directors, Executive Officers and Corporate Governance
Joseph
G. Vaini
Joseph
G. Vaini, 61, has served as Chief Financial Officer since July21, 2020 and as Chairman and sole Director of the Company since December
13, 2022. Mr. Vaini was appointed Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Chief Accounting
Officer effective December 13, 2022. For the past ten years Mr. Vaini has been a freelance independent consultant assisting microcap
companies in complying with securities laws and regulation as well as assisting companies in the preparation of GAAP compliant financial
statements. Over the past five years Mr. Vaini has provided consulting services to Bio- Matrix Scientific Group, Inc., Regen BioPharma,
Inc., Entest Group, Inc., and Zander Therapeutics, Inc. Mr. Vaini does not possess a college degree. Mr. Vaini worked as a registered
securities representative holding a Series 7 and Series 63 License between 1989 and 1995
Harry
Lander
On
December 9, 2022 Harry Lander, Ph.D., M.B.A was appointed Chief Scientific Officer of SYBLEU INC. effective December 9,2022.
Harry
Lander, 57, previously served in the following positions:
Organization: | |
Title: | |
Dates: | |
Primary
Business |
Dyo
Biotechnologies | |
Managing
Director | |
January
2019 to the Present | |
Drug
Manufacturing and Laboratory Testing |
Free
Solo Therapeutics, Inc. | |
Chief
Executive Officer, Director | |
May
2021 to the present | |
Vascular
biology organ regeneration company |
Capo
Therapeutics, Inc. | |
Chief
Executive Officer, Director | |
May
2019 to May 2022 | |
Neurodegenerative
disease vaccine company |
Regen
BioPharma, Inc. | |
President
and Chief Scientific Officer | |
October
2015 to January 2019 | |
Cancer
Therapies |
Zander
Therapeutics, Inc. | |
President
and Chief Scientific Officer | |
October
2017 to January 2019 | |
Veterinary
Therapies |
Education:
M.B.A.,
Finance, 2001
The Stern
School of Business, New York, University, New York, NY
Ph.D.,
Biochemistry, 1992
Cornell
University Graduate School of Medical Sciences, New York, NY
B.S., Biochemistry
and B.A., Chemistry, 1987
State University
of New York at Stony Brook, Stony Brook, NY
Employment
Agreements
On
December 9, 2022 an agreement (“Agreement”) was entered into by and between the Company and Joseph G. Vaini (“Vaini”)
whereby Vaini has agreed to serve as President, Chief Executive Officer, Secretary, Chief Financial Officer and Secretary, Treasurer
and Principal Accounting Officer of the Company subject to the authority of the Company's Board of Directors (the “BOD”).
Vaini shall perform such duties commensurate with his offices and as directed the BOD.
The
Term of this Agreement shall commence on December 13, 2022 and shall expire on December 13, 2023 unless sooner terminated in accordance
with specified provisions contained therein.
As
sole compensation for performing his duties pursuant to the Agreement Vaini shall receive 3,000,000 of the Common Shares of the Company
( “Vaini Stock Payment”).Vaini has agreed that for a period of three years from December 9, 2022 Vaini shall not directly
or indirectly, offer, issue, sell, contract to sell (including, without limitation, any short sale), grant any option for the sale of,
pledge, or otherwise dispose of or transfer the Vaini stock payment.
On
December 9, 2022 an agreement (“Agreement”) was entered into by and between the Company and Harry Lander (“Lander”)
whereby Lander has agreed to serve as Chief Scientific Officer of the Company subject to the authority of the Company's Board of Directors
(the “BOD”). Lander’s duties will include:
Identifying
and introducing to the Company Contract Research Organizations
Identifying
and introducing to the Company potential strategic partners
Identifying
and introducing to the Company potential members for the Company’s Scientific Advisory Board
Assisting
the Company in patent application and prosecution.
The
Term of this Agreement shall commence on December 9, 2022 and shall expire on December 8, 2025 unless sooner terminated in accordance
with specified provisions contained therein.
As
sole compensation for performing his duties pursuant to the Agreement Lander shall receive 3,000,000 of the Common Shares of the Company
(“Lander Stock Payment”).Lander has agreed that for a period of three years from December 9, 2022 Lander shall not directly
or indirectly, offer, issue, sell, contract to sell (including, without limitation, any short sale), grant any option for the sale of,
pledge, or otherwise dispose of or transfer the Lander stock payment.
Code
of Ethics
On
July 20, 2020 we adopted a Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
Director
Independence
Audit
Committee and Audit Committee Financial Expert
The
members of the Company’s board of Directors may not be considered independent. The Company is not a "listed company"
under Securities and Exchange Commission (“SEC”) rules and is therefore not required to have an audit committee comprised
of independent directors. The Company does not currently have an audit committee, however, for certain purposes of the rules and regulations
of the SEC and in accordance with the Sarbanes-Oxley Act of 2002, the Company’s Board of Directors is deemed to be its audit
committee and as such functions as an audit committee and performs some of the same functions as an audit committee including: (1) selection
and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding
accounting, internal controls and auditing matters; and (3) engaging outside advisors. The Board of Directors has determined that its
member is able to read and understand fundamental financial statements and has substantial business experience that results in that member's
financial sophistication. Accordingly, the Board of Directors believes that its member has the sufficient knowledge and experience
necessary to fulfill the duties and obligations that an audit committee would have.
Nominating
and Compensation Committees
The
Company does not have standing nominating or compensation committees, or committees performing similar functions. The board of directors
believes that it is not necessary to have a compensation committee at this time because the functions of such committee are adequately
performed by the board of directors. The board of directors also is of the view that it is appropriate for the Company not to have a
standing nominating committee because the board of directors has performed and will perform adequately the functions of a nominating
committee. The Company is not a "listed company" under SEC rules and is therefore not required to have a compensation committee
or a nominating committee.
Shareholder
Communications
There
has not been any defined policy or procedure requirements for stockholders to submit recommendations or nomination for directors. There
are no specific, minimum qualifications that the board of directors believes must be met by a candidate recommended by the board of directors.
Currently, the entire board of directors decides on nominees, on the recommendation of any member of the board of directors followed
by the board’s review of the candidates’ resumes and interview of candidates. Based on the information gathered, the board
of directors then makes a decision on whether to recommend the candidates as nominees for director. The Company does not pay any fee
to any third party or parties to identify or evaluate or assist in identifying or evaluating potential nominee.
Because
the Chief Executive Officer of the Company is also the Chairman of the Board of Directors of the Company, the Board of Directors has
determined not to adopt a formal methodology for communications from shareholders on the belief that any communication would be brought
to the Board of Directors’ attention by virtue of the co-extensive capacities of the Chairman of the Board of Directors.
Executive
Compensation
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
David
Koos, Chairman, President, CEO, CFO (CFO inception to July 20, 2020, Chairman President until December 13, 2022) | |
| 2022 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
Joseph
G. Vaini CFO (since July 21, 2020) | |
| 2022 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
Joseph
G. Vaini CFO (since July 21, 2020) Chairman, President, Treasurer, Chief Executive Officer since December 13, 2022 | |
| 2023 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 11,400 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 11.400 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
Harry
Lander Chief Scientific Officer (since December 9, 2022 ) | |
| 2022 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 11,400 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 11,400 | |
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The
following table sets forth information known to the Company with respect to the beneficial ownership of each class of the Company’s
capital stock for (1) each person known by the Company to beneficially own more than 5% of each class of the Company’s voting securities,
(2) each executive officer, (3) each of the Company’s directors and (4) all of the Company’s executive officers and directors
as a group.
Based
on 10,613,492 Common Shares outstanding as of July 31,2023.
Title
of Class | |
Name
and Address of Beneficial Holder | |
Number
of Shares | |
% |
Common | |
Harry
Lander | |
| |
|
| |
c/o
Sybleu Inc. | |
| 3,309,000 | (a) | |
| 31.18 | % |
Common | |
Joseph
G Vaini | |
| | | |
| | |
| |
c/o
Sybleu Inc. | |
| 3,210,790 | | |
| 30.25 | % |
Common | |
Stephen
Hake | |
| | | |
| | |
| |
290
Saddle Run St. Henderson Nv | |
| 1,040,000 | (b) | |
| 9.80 | % |
Common | |
All
officers and directors as a group | |
| 4,349,000 | (c) | |
| 40.98 | % |
(a)
Includes 309,000 Common shares held by DYO BIOTECHNOLOGIES PTY LTD.
(b)
Includes 1,000,000 Common Shares held by the The Stephen and Fredna Hake Trust DTD August 6, 2014 for which Dr. Hake serves as a Trustee
(c)
Includes 309,000 Common shares held by DYO BIOTECHNOLOGIES PTY LTD.
Item
13. Certain Relationships and Related Transactions, and Director Independence
The
Company utilizes approximately 500 square feet of office space at 1034 Throggs Neck Expressway, Bronx NY 10465 provided to the Company
by Joseph G. Vaini, the Company’s sole officer and director, on a month to month basis free of charge. The property is utilized
as office space. We believe that the foregoing properties are adequate to meet our current needs for office space.
On
January 8, 2023 the Company entered into an agreement with Joanne Vaini whereby Joanne Vaini agreed to provide bookkeeping services for
the Company for the period beginning January 9, 2023 and ending July 9, 2024 (“Agreement”) for total consideration consisting
of $15,000. Joanne Vaini is the spouse of Joseph G. Vaini the Company’s sole officer and director.
On
June 26, 2023 the Company was granted an exclusive worldwide license by DYO Biotechnologies, Pty, Ltd (“DYO”) to (a) to make,
have made, use, offer for sale, sell, perform, have performed export and import Licensed Products and Licensed Services; (b) to practice
Licensed Methods; and (c) to use Technology, all in the Field, within the Territory and during the Term (the “License”).
“Technology”
is defined in the License as” Artificial intelligence/machine learning engine designed to utilize existing chemical library structures
in an integrated model to predict highly specific and sensitive novel chemical structures for molecular targets.”
“Licensed Products” are defined in the License as “any product, kit, composition, or part thereof: (a) that incorporates,
uses, or is enabled or derived from the use of the Technology; or (b) that is produced or enabled by a Licensed Method.”
“Licensed
Services” are defined in the License as “any service performed by Company or Sublicensee for the benefit of a third party
that, in whole or in part, (a) uses Technology; (b) uses Licensed Product(s); or (c) that practices or is enabled by a Licensed Method.”
“Licensed
Method” is defined in the License as “any method or process that uses Technology”
“Field”
is defined in the License as small molecule drug development and commercialization for human and/or animal health.
“Territory” is
defined in the License as “worldwide”.
The
Term of the License is the period of time beginning on the effective date of this Agreement which shall be June 26, 2023 and terminating
on the last to expire Royalty Term .
“Royalty
Term” is defined in the License as that period of time beginning on the first commercial sale of a Licensed Product in a given
country and, expires on a country-by-country basis with respect to each Licensed Product, upon the later of: (a) the expiration, abandonment,
or invalidation of the last to expire, abandoned or invalidated Valid Claim of the Patent Rights in such country; (b) the expiration
of any granted statutory period of marketing exclusivity within a country; and (c) 12 years from of the date of the first commercial
sale of such Licensed Product in such country.
Pursuant
to the terms and conditions of the License the Company shall raise $2,000,000 US through either debt or equity financing within 2 years
of execution of this Agreement (“Funding”). The Company shall enter into a research collaboration agreement with DYO upon
mutually acceptable terms and conditions within 30 days of Funding (“Research Agreement).
Substantially
all of the Funding shall be utilized to enable the Technology for the benefit of developing Company’s existing and future small
molecule drug intellectual property. It is anticipated that this research agreement will utilize substantially all of these funds over
two years. It is agreed that the Company shall exclusively possess all right, title and interest in and to including, but not limited
to, the copyrights, trade secrets, trademarks and associated good will and patent rights to any and all inventions, discoveries, intellectual
property and chemical structures resulting from this Research Agreement.
Pursuant
to the terms and conditions of the License the Company shall pay to DYO a Royalty equal to five percent (5%) of the Net Sales ( as such
term is defined in the License) of any Licensed Method, Service or Product per annum. The License also imposes an obligation upon the
Company to make minimum royalty payments to DYO over the course of the Term.
Pursuant
to the terms and conditions of the License the Company paid to DYO 309,000 common shares of the Company (“Stock Payment”)
and also paid a $25,000 License Issuance Fee.
DYO
shall not, directly or indirectly, offer, issue, sell, contract to sell (including without limitation short sale), grant any option for
the sale of, pledge or otherwise dispose of or transfer any or all of the Stock Payment for a period of two years from the date of issuance.
Pursuant
to the terms and conditions of the License Upon the occurrence of each of the following events (each a “Milestone”)), the
Company shall make a cash payment (“Milestone Payment”) in the amount corresponding to such Milestone within thirty days
after achievement of each Milestone:
Milestone |
AMOUNT | |
1.
Dosing of a first human patient in a Phase I or Phase I/II Clinical Trial for Licensed Product |
$150,000
US | |
2.
Dosing of a first patient in a Phase III Clinical Trial for Licensed Product |
$500,000
US | |
3.
FDA (US) Approval of a Licensed Product |
$3,000,000
US | |
4.
EMA (EU) Approval of a Licensed Product |
$1,500,000
US | |
5.
PMDA (JPN) Approval of a Licensed Product |
$1,000,000
US | |
6.
Cumulative Net Sales of Licensed Products reach $100 Million |
$2,000,000
US | |
This
License may be terminated by DYO in the event:
No
licensed Method, Service or Product has been granted Patent Protection in at least one jurisdiction after the expiration of four years
from execution
The
sum of $2,000,000 shall not have been raised within 2 years of execution of the license
The
Research Agreement shall not have been entered into as of thirty days subsequent to the Funding.
The
Company shall not have achieved cumulative Net Sales of Licensed Product, Service and Methods of at least $10,000,000 as of a date that
is ten years from the execution of the license
The
Company shall fail to pay any consideration required under the license and such failure remains uncured for thirty days.
This
License may be terminated by the Company in the event:
DYO
shall be determined to not have exclusive unencumbered Patent Rights to the Technology in whole or in part.
Any other
entity shall be determined to have the right- exercised or not- to utilize the Technology ( in whole or in part) to develop make, use,
offer for sale, sell, perform, have performed export and import and sell products, methods and services which can reasonably be expected
to be similar to or competitive with products, methods and services to be developed by the Company utilizing the rights granted by the
License. .
DYO
shall have failed to demonstrate during the course of due diligence to the satisfaction of the Company that the Technology can be effectively
utilized for the purposes intended by this License
In
the event that the Agreement is terminated pursuant to the any of the abovementioned the Stock Payment shall be promptly returned by
DYO to the Company for cancellation.
Dr.
Harry Lander serves as Chief Scientific Officer of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing
Director of DYO and is a controlling shareholder of DYO.
On
July 14, 2023 the Company’s Chief Executive Officer made a $3,600 capital contribution to the Company.
Item
14. Principal Accounting Fees and Services
The
following table sets forth the aggregate fees billed to us by BF Borgers CPA PC for the period beginning July 1,2022 and ending June
30, 2023:
Audit
Fees | |
$ | 11,000 | |
Audit
Related Fees | |
| 16,500 | |
Tax
Fees | |
| 0 | |
All
Other Fees | |
| 0 | |
Total: | |
$ | 27,500 | |
The
following table sets forth the aggregate fees billed to us by BF Borgers CPA PC for the period beginning July 1,2021 and ending June
30, 2022:
Audit
Fees | |
$ | 25,800 | |
Audit
Related Fees | |
| 21,600 | |
Tax
Fees | |
| 0 | |
All
Other Fees | |
| 0 | |
Total: | |
$ | 47,400 | |
Audit
Fees: Aggregate fees billed for professional services rendered for the audit of the Company's annual financial statements.
Audit
Related Fees: Aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees”
above. These fees were primarily derived from review of financial statements in the Company's Form 10Q Reports.
All
services listed were pre-approved by the Board of Directors, functioning as the Audit Committee in accordance with Section 2(a) 3 of
the Sarbanes-Oxley Act of 2002.
EXHIBITS
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) 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.
|
|
SYBLEU
INC. |
|
|
|
|
By: |
/s/
Joseph G. Vaini |
|
Name: |
Joseph
G. Vaini |
|
|
Title:
Chairman, Chief Executive Officer, Director, Chief Financial Officer, Chief Accounting Officer |
|
|
|
|
Date: |
August 4, 2023 |
PROMISSORY NOTE (“NOTE”) - 10% SIMPLE
INTEREST
$12,500 |
September 20, 2021 |
For VALUE RECEIVED, SYBLEU INC. (“Borrower”)
promises to pay to Zander Therapeutics, Inc. (“Lender”) the principal sum of Twelve Thousand Five Hundred ($12,500) with accrued
simple interest at the rate of 10% percent per annum on the balance. The said principal and accrued interest shall be payable in lawful
money of the United States of America on April 4, 2024. This Note may be prepaid in whole or in part at any time without premium or penalty.
The Borrower hereby waives any notice of the transfer of this Note by the Lender or by any subsequent holder of this Note, agrees to remain
bound by the terms of this Note subsequent to any transfer, and agrees that the terms of this Note may be fully enforced by any subsequent
holder of this Note. All terms and conditions of this Note shall be interpreted under the laws of the state of California and venue shall
be the state of California.
SYBLEU INC.
By: /s/Joseph G Vaini
Its: Chairman and CEO
Accepted By:
Zander Therapeutics, Inc.
By:/s/David R. Koos
Its: Chairman
PROMISSORY NOTE (“NOTE”) - 10% SIMPLE
INTEREST
$25,000.00 |
September 20, 2021 |
For VALUE RECEIVED, SYBLEU INC. (“Borrower”)
promises to pay to Bostonia Partners, Inc. (“Lender”) the principal sum of Twenty Five Thousand Dollars ($25,000.00] with
accrued simple interest at the rate of 10% percent per annum on the balance. The said principal and accrued interest shall be payable
in lawful money of the United States of America on June 29, 2024. This Note may be prepaid in whole or in part at any time without premium
or penalty. The Borrower hereby waives any notice of the transfer of this Note by the Lender or by any subsequent holder of this Note,
agrees to remain bound by the terms of this Note subsequent to any transfer, and agrees that the terms of this Note may be fully enforced
by any subsequent holder of this Note. All terms and conditions of this Note shall be interpreted under the laws of the state of California
and venue shall be the state of California.
SYBLEU INC.
By: /s/Joseph G Vaini
Its: Chairman and CEO
Accepted By:
Bostonia Partners, Inc.
By:/s/Timothy Foat
Its: President
Exhibit 31.1
CHIEF
EXECUTIVE OFFICER CERTIFICATION
PURSUANT TO SECTION 302
I,
Joseph G. Vaini, certify that:
1. I
have reviewed this Annual Report on Form 10-K of Sybleu Inc. (the “Registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
Date:
August 04, 2023
/s/
Joseph G. Vaini
Joseph
G. Vaini
Chief
Executive Officer
(Principal Executive Officer)
Exhibit 31.2
CHIEF
FINANCIAL OFFICER CERTIFICATION
PURSUANT TO SECTION 302
I,
Joseph G. Vaini, certify that:
1. I
have reviewed this Annual Report on Form 10-K of Sybleu Inc. (the “Registrant”);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the Registrant’s disclosure controls and procedures presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
5. The Registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
Date: August 04, 2023
/s/ Joseph G. Vaini
Joseph G. Vaini
Chief Financial Officer
(Principal
Financial Officer)
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 accompanying Annual Report of Sybleu Inc. (the “Company”) on Form 10-K for the twelve months
ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I,
David Koos, Principal 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, to the best of my knowledge, 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 fully presents, in all material respects, the financial condition and results of operations of
the Company.
Date:
August 04, 2023
/s/
Joseph G. Vaini |
Joseph G. Vaini |
Principal
Executive Officer |
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 accompanying Annual Report of Sybleu Inc. (the “Company”) on Form 10-K for the twelve months ended
June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Joseph G.
Vaini, Principal 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, to the best of my knowledge, 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 fully presents, in all material respects, the financial condition and results of operations of
the Company.
Date:
August 04, 2023
/s/
Joseph G. Vaini |
|
Joseph G. Vaini |
|
Principal
Financial Officer |
|
v3.23.2
Cover - USD ($)
|
12 Months Ended |
|
Jun. 30, 2023 |
Jul. 30, 2023 |
Cover [Abstract] |
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Document Type |
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|
Document Period End Date |
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|
|
Document Fiscal Period Focus |
FY
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--06-30
|
|
Entity File Number |
333-248059
|
|
Entity Registrant Name |
SYBLEU INC.
|
|
Entity Central Index Key |
0001818674
|
|
Entity Tax Identification Number |
85-1412307
|
|
Entity Incorporation, State or Country Code |
WY
|
|
Entity Address, Address Line One |
1034
Throggs Neck Expressway
|
|
Entity Address, City or Town |
Bronx
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
10465
|
|
City Area Code |
(800)
|
|
Local Phone Number |
807-4631
|
|
Entity Well-known Seasoned Issuer |
No
|
|
Entity Voluntary Filers |
No
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
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|
|
Entity Public Float |
$ 0
|
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Entity Common Stock, Shares Outstanding |
|
10,613,492
|
Auditor Name |
BF Borgers CPA PC
|
|
Auditor Firm ID |
5041
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Auditor Location |
Lakewood, CO
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v3.23.2
Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Jun. 30, 2022 |
CURRENT ASSETS |
|
|
Cash |
$ 3,786
|
$ 66,850
|
Prepaid Expenses |
15,613
|
0
|
Total Current Assets |
19,399
|
66,850
|
OTHER ASSETS |
|
|
Investment Securities |
1,920
|
9,529
|
Prepaid Expenses (Long Term) |
9,149
|
|
Acquired Intangible Assets, net of amortization |
300,000
|
|
Total Other Assets |
311,069
|
9,529
|
TOTAL ASSETS |
330,468
|
76,379
|
Current Liabilities: |
|
|
Income Taxes Payable |
10,935
|
10,935
|
Notes Payable |
177,500
|
140,000
|
Notes Payable, Related Party |
|
0
|
Expenses Accrued but Unpaid |
15,500
|
452
|
Interest Accrued but Unpaid |
27,476
|
13,253
|
Total Current Liabilities |
231,411
|
164,640
|
Long Term Liabilities: |
|
|
Unearned Income |
150,002
|
161,699
|
Note Payable |
300,000
|
|
Total Liabilities |
681,413
|
326,338
|
STOCKHOLDERS' EQUITY (DEFICIT) |
|
|
Common Stock ($.0001 par value) 100,000,000 shares authorized; par value $0.0001; 10,418,000 shares issued and outstanding as of June 30, 2022 and 10,613,492 shares issued and outstanding as of June 30, 2023 |
1,062
|
1,042
|
Additional Paid in capital |
179,348
|
100,049
|
Retained Earnings (Deficit ) |
(531,355)
|
(351,051)
|
Total Stockholders' Equity (Deficit) |
(350,945)
|
(249,960)
|
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) |
$ 330,468
|
$ 76,379
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v3.23.2
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common Stock, Shares Authorized |
100,000,000
|
100,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.0001
|
$ 0.0001
|
Common Stock, Shares, Issued |
10,613,492
|
10,418,000
|
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10,613,492
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10,418,000
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v3.23.2
Statement of Operations - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
REVENUES |
|
|
License Fees |
$ 11,696
|
$ 11,700
|
TOTAL REVENUES |
11,696
|
11,700
|
Research and Development: |
|
|
Staff Expenses |
2,212
|
0
|
Consulting Costs |
0
|
0
|
Licensing Expenses |
82,275
|
|
Patent Application Costs |
1,002
|
5,058
|
Total Research and Development |
85,489
|
5,058
|
General and Administrative: |
|
|
Transfer Agency Fees |
2,807
|
1,884
|
Other General and Administrative Exexpenses |
14,105
|
13,731
|
Total General and Administrative |
16,912
|
15,615
|
Consulting, Related Party |
4,716
|
|
Consulting: |
|
|
Legal Fees |
|
|
Accounting |
27,500
|
47,400
|
Website Development |
3,000
|
|
Information Technology Consulting |
10,759
|
|
Securities Depository Consulting |
12,500
|
|
Total Consulting |
58,475
|
47,400
|
Rent |
|
|
Total Costs and Expenses |
160,876
|
68,073
|
OPERATING Income( LOSS) |
(149,180)
|
(56,373)
|
OTHER INCOME AND EXPENSES |
|
|
Unrealized Gain ( Loss) on Investment Securities |
(7,609)
|
(175,721)
|
Stock Cancellation Expense |
(9,294)
|
0
|
Interest Income( Expense) |
(14,221)
|
(13,252)
|
TOTAL OTHER INCOME ( EXPENSES) |
(31,124)
|
(188,973)
|
NET INCOME ( LOSS) before taxes |
(180,304)
|
(245,347)
|
NET INCOME ( LOSS) |
$ (180,304)
|
$ (245,347)
|
BASIC AND FULLY DILUTED LOSS PER SHARE |
$ (0.02)
|
$ (0.02)
|
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING |
10,328,955
|
10,418,000
|
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v3.23.2
Statements of Shareholders Equity (Deficit) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Jun. 30, 2021 |
$ 1,042
|
$ 100,049
|
$ (105,705)
|
$ (4,614)
|
Shares, Outstanding, Beginning Balance at Jun. 30, 2021 |
10,418,000
|
|
|
|
Net Loss |
|
|
(132,307)
|
(132,307)
|
Ending balance, value at Sep. 30, 2021 |
$ 1,042
|
100,049
|
(238,012)
|
(136,921)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2021 |
10,418,000
|
|
|
|
Net Loss |
|
|
(61,751)
|
(61,751)
|
Ending balance, value at Dec. 31, 2021 |
$ 1,042
|
100,049
|
(299,763)
|
(198,672)
|
Shares, Outstanding, Ending Balance at Dec. 31, 2021 |
10,418,000
|
|
|
|
Net Loss |
|
|
(27,030)
|
(27,030)
|
Ending balance, value at Mar. 31, 2022 |
$ 1,042
|
100,049
|
(326,793)
|
(225,702)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2022 |
10,418,000
|
|
|
|
Net Loss |
|
|
(24,548)
|
(24,548)
|
Ending balance, value at Jun. 30, 2022 |
$ 1,042
|
100,049
|
(351,051)
|
(249,960)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2022 |
10,418,000
|
|
|
|
Net Loss |
|
|
(19,750)
|
(19,750)
|
Ending balance, value at Sep. 30, 2022 |
$ 1,042
|
100,049
|
(370,801)
|
(269,710)
|
Shares, Outstanding, Ending Balance at Sep. 30, 2022 |
10,418,000
|
|
|
|
Beginning balance, value at Jun. 30, 2022 |
$ 1,042
|
100,049
|
(351,051)
|
(249,960)
|
Shares, Outstanding, Beginning Balance at Jun. 30, 2022 |
10,418,000
|
|
|
|
Ending balance, value at Jun. 30, 2023 |
$ 1,062
|
179,348
|
(531,355)
|
(350,945)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
10,613,492
|
|
|
|
Beginning balance, value at Sep. 30, 2022 |
$ 1,042
|
100,049
|
(370,801)
|
(269,710)
|
Shares, Outstanding, Beginning Balance at Sep. 30, 2022 |
10,418,000
|
|
|
|
Cancellation of shares 12/13/2022 |
$ (611)
|
(95)
|
|
(706)
|
[custom:CancellationOfSharesShares] |
(6,113,508)
|
|
|
|
Issuance of shares for services 12/12/2022 |
$ 600
|
22,260
|
|
22,860
|
Stock Issued During Period, Shares, Issued for Services |
6,000,000
|
|
|
|
Net Loss |
|
|
(18,527)
|
(18,527)
|
Ending balance, value at Dec. 31, 2022 |
$ 1,031
|
122,214
|
(389,328)
|
(266,083)
|
Shares, Outstanding, Ending Balance at Dec. 31, 2022 |
10,304,492
|
|
|
|
Net Loss |
|
|
(29,034)
|
(29,034)
|
Ending balance, value at Mar. 31, 2023 |
$ 1,031
|
122,214
|
(418,362)
|
(295,117)
|
Shares, Outstanding, Ending Balance at Mar. 31, 2023 |
10,304,492
|
|
|
|
Issuance of shares as consideration 06/28/2023 |
$ 31
|
57,134
|
|
$ 57,165
|
[custom:StockIssuedDuringPeriodSharesIssuedForConsideration] |
309,000
|
|
|
309,000
|
Net Loss |
|
|
(112,993)
|
$ (112,993)
|
Ending balance, value at Jun. 30, 2023 |
$ 1,062
|
$ 179,348
|
$ (531,355)
|
$ (350,945)
|
Shares, Outstanding, Ending Balance at Jun. 30, 2023 |
10,613,492
|
|
|
|
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v3.23.2
Statement of Cash Flows - USD ($)
|
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net Income (Loss) |
$ (180,304)
|
$ (245,347)
|
Adjustments to reconcile net Income (loss) to net cash |
|
|
Common Stock Issued for payment of expenses |
65,546
|
|
Changes in Operating Assets and Liabilities |
|
|
(Increase) Decrease in Prepaid Expenses |
(10,283)
|
|
Increase (Decrease) in Accrued Expenses |
29,270
|
13,257
|
Increase( Decrease) in Unearned Income |
(11,696)
|
(11,700)
|
Increase ( Decrease) in Income Tax Payable |
|
(10,459)
|
Decrease in Common Stock |
(611)
|
|
Decrease in Additional Paid in Capital |
(95)
|
|
Unrealized Loss (Gain) in Investment Securities |
7,609
|
175,721
|
Net Cash provided by (used) in Operating Activities |
(100,564)
|
(78,528)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Increase (Decrease) in Notes Payable, Related Parties |
|
(8,919)
|
Increase (Decrease) in Notes Payable |
37,500
|
140,000
|
Net Cash provided by (used) in Financing Activities |
37,500
|
131,081
|
Net Increase (Decrease) in Cash |
(63,064)
|
52,553
|
Cash at Beginning of Period |
66,850
|
14,297
|
Cash at End of Period |
3,786
|
66,850
|
Supplemental Cash Flow Information: |
|
|
Interest Paid |
0
|
0
|
Income Taxes Paid |
$ 0
|
$ 10,459
|
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v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SYBLEU
INC. (“Company”) was organized June 12, 2020 under the laws of the State of Wyoming.
The Company intends to engage primarily in the
acquisition, licensing and development of regenerative medical applications up to the point of successful completion of Phase I and or
Phase II clinical trials after which the Company would either attempt to sell or license those developed applications or, alternatively,
advance the application further to Phase III clinical trials. The primary factor to be considered by us in arriving at a decision to advance
an application further to Phase III clinical trials would be a greater than anticipated indication of efficacy seen in Phase I trials.
A. BASIS
OF ACCOUNTING
The
financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this
basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has
adopted a June 30 year-end.
B. USE
OF ESTIMATES
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
C. CASH
EQUIVALENTS
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
D. FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal
or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy
requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required
by the standard that the Company uses to measure fair value:
Level
1: Quoted prices in active markets for identical assets or liabilities
Level
2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets
that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term
of the related assets or liabilities.
Level
3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
E. RESEARCH
AND DEVELOPMENT COSTS
Research
and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged
to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and
filing of a provisional patent application.
F. STOCK
BASED COMPENSATION
Stock
issued for Employee Compensation
Stock
based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award
recipient.
During
the quarter ended December 31, 2022 6,000,000
shares of common stock
were issued as employee compensation.
In determining Fair Value for shares issued
to employees an asset based valuation method was utilized , specifically Enterprise Value (Assets Less Cash and Cash Equivalents
plus Fair Value of Debt) less Fair Value of Debt. The following inputs were utilized.
|
|
|
|
|
Fair Value of Intellectual Property |
|
$ |
35,490 |
|
Securities |
|
$ |
3,771 |
|
Notes Payable |
|
$ |
140,000 |
|
Accrued Interest |
|
$ |
19,504 |
|
Taxes Payable |
|
$ |
10,935 |
|
Less Total Debt |
|
$ |
(170,439 |
) |
Portion of Enterprise Value available to shareholders |
|
$ |
39,261 |
|
Fair Value per share |
|
$ |
0.00381 |
|
Stock
issued for Non-Employee Services
Stock
Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee
equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing
whichever measurement is most reliable
During
the year ended June 30, 2023 no stock
was issued for Non-Employee Services .
Pursuant
to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock
price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
i. | | The
date at which a commitment for performance by the counterparty to earn the equity instruments
is reached (a performance commitment); and |
ii. | | The
date at which the counterparty’s performance is complete. |
G. INCOME
TAXES
The
Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred
tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities
using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation
allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or
all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or
loss in the period that includes the enactment date.
The
Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides
clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements.
Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the
statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any
such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in
part, upon the results of operations for the given period. As of June 30, 2023 the Company had no uncertain
tax positions, and will continue to evaluate for uncertain positions in the future.
The
Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been
established.
Interest
and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance
with ASC Topic 740-10-50-19.
H.
BASIC EARNINGS (LOSS) PER SHARE
The
Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common
stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted
the provisions of ASC 260 effective from inception.
Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There
were no Common Stock Equivalents as of June 30, 2023.
I. INTANGIBLE ASSETS
The Company amortizes its intangible assets with
definite useful lives over their estimated useful lives and reviews these assets for impairment. The Company’s acquired intangible
assets with definite useful lives consists of a 50% interest in and to including, but not limited to, the copyrights, trade secrets, trademarks
and associated good will and patent rights to (a) the intellectual property disclosed in US Patent US11377442B2 (Small molecule agonists
and antagonists of NR2F6 activity) and (b) ) the intellectual property disclosed in US Patent US US10472351B2 (Small molecule agonists
and antagonists of NR2F6 activity in animals).
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v3.23.2
RECENT ACCOUNTING PRONOUNCEMENTS
|
12 Months Ended |
Jun. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
RECENT ACCOUNTING PRONOUNCEMENTS |
NOTE
2. RECENT ACCOUNTING PRONOUNCEMENTS
The
Company has adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this Update
supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the
Industry Topics of the Codification.
The
core principle of the guidance is 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. To achieve
that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the
performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company has adopted
the provisions of this ASU effective the fiscal year ended 2020. This guidance did not have a material impact on the Company’s
Financial Statements.
On
February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02,
Leases (Topic 842). The ASU requires organizations that lease assets, referred to as "lessees," to recognize on the consolidated
statement of financial position the rights and obligations created by those leases. The ASU also requires disclosures to help investors
and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures
include qualitative and quantitative requirements, providing additional information about the amounts recorded in the consolidated financial
statements. The ASU on leases became effective for public companies for fiscal years, and interim periods within those fiscal years,
beginning after December 15, 2018. This guidance is not expected to have a material impact on the Company’s financial statements.
In
June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee
Share-Based Payment Accounting. This ASU is intended to simplify aspects of share-based compensation issued to non-employees
by making the guidance consistent with the accounting for employee share-based compensation. This ASU is effective for annual periods
beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. This guidance is not
expected to have a material impact on the Company’s financial statements.
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v3.23.2
GOING CONCERN
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN |
NOTE
3. GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has
generated net losses of $531,355 during
the period from June 12, 2020 (inception) through June 30, 2023. This condition raises substantial doubt about the Company's ability to
continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to
obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
Management
plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will
use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any
type of offerings.
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- DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern.
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v3.23.2
RELATED PARTY TRANSACTIONS.
|
12 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTY TRANSACTIONS. |
NOTE
4. RELATED PARTY TRANSACTIONS.
The
Company utilizes approximately 500 square feet of office space at 1034 Throggs Neck Expressway, Bronx NY 10465 provided to the Company
by Joseph G. Vaini, the Company’s sole officer and director, on a month to month basis free of charge. The property is utilized
as office space. We believe that the foregoing properties are adequate to meet our current needs for office space.
On
January 8, 2023 the Company entered into an agreement with Joanne Vaini whereby Joanne Vaini agreed to provide bookkeeping services for
the Company for the period beginning January 9, 2023 and ending July 9, 2024 (“Agreement”) for total consideration consisting
of $15,000.
Joanne Vaini is the spouse of Joseph G. Vaini the Company’s sole officer and director.
On June 26, 2023 the Company was granted an exclusive
worldwide license by DYO Biotechnologies, Pty, Ltd (“DYO”) to (a) to make, have made, use, offer for sale, sell, perform,
have performed export and import Licensed Products and Licensed Services; (b) to practice Licensed Methods; and (c) to use Technology,
all in the Field, within the Territory and during the Term (the “License”).
“Technology” is defined in the License
as” Artificial intelligence/machine learning engine designed to utilize existing chemical library structures in an integrated model
to predict highly specific and sensitive novel chemical structures for molecular targets.”
“Licensed Products” are defined in the License as “any product, kit, composition, or part thereof: (a) that incorporates,
uses, or is enabled or derived from the use of the Technology; or (b) that is produced or enabled by a Licensed Method.”
“Licensed Services” are defined in
the License as “any service performed by Company or Sublicensee for the benefit of a third party that, in whole or in part, (a)
uses Technology; (b) uses Licensed Product(s); or (c) that practices or is enabled by a Licensed Method.”
“Licensed Method” is defined in the
License as “any method or process that uses Technology”
“Field” is defined in the License
as small molecule drug development and commercialization for human and/or animal health.
“Territory” is defined in the
License as “worldwide”.
The Term of the License is the period of time
beginning on the effective date of this Agreement which shall be June 26, 2023 and terminating on the last to expire Royalty Term .
“Royalty Term” is defined in the License as that
period of time beginning on the first commercial sale of a Licensed Product in a given country and, expires on a country-by-country basis
with respect to each Licensed Product, upon the later of: (a) the expiration, abandonment, or invalidation of the last to expire, abandoned
or invalidated Valid Claim of the Patent Rights in such country; (b) the expiration of any granted statutory period of marketing exclusivity
within a country; and (c) 12 years from of the date of the first commercial sale of such Licensed Product in such country.
Pursuant to the terms and conditions of the License
the Company shall raise $2,000,000 US through either debt or equity financing within 2 years of execution of this Agreement (“Funding”).
The Company shall enter into a research collaboration agreement with DYO upon mutually acceptable terms and conditions within 30 days
of Funding (“Research Agreement).
Substantially all of the Funding shall be utilized
to enable the Technology for the benefit of developing Company’s existing and future small molecule drug intellectual property.
It is anticipated that this research agreement will utilize substantially all of these funds over two years. It is agreed that the Company
shall exclusively possess all right, title and interest in and to including, but not limited to, the copyrights, trade secrets, trademarks
and associated good will and patent rights to any and all inventions, discoveries, intellectual property and chemical structures resulting
from this Research Agreement.
Pursuant to the terms and conditions of the License
the Company shall pay to DYO a Royalty equal to five percent (5%) of the Net Sales ( as such term is defined in the License) of any Licensed
Method, Service or Product per annum. The License also imposes an obligation upon the Company to make minimum royalty payments to DYO
over the course of the Term.
Pursuant to the terms and conditions of the License
the l Company paid to DYO 309,000 common shares of the Company (“Stock Payment”) and also paid a $25,000 License Issuance
Fee.
DYO shall not, directly or indirectly, offer,
issue, sell, contract to sell (including without limitation short sale), grant any option for the sale of, pledge or otherwise dispose
of or transfer any or all of the Stock Payment for a period of two years from the date of issuance.
Pursuant to the terms and conditions of the License
Upon the occurrence of each of the following events (each a “Milestone”)), the Company shall make a cash payment (“Milestone
Payment”) in the amount corresponding to such Milestone within thirty days after achievement of each Milestone:
Milestone |
AMOUNT |
|
1. Dosing of a first human patient in a Phase I or Phase I/II Clinical Trial for Licensed Product |
$150,000 US |
|
2. Dosing of a first patient in a Phase III Clinical Trial for Licensed Product |
$500,000 US |
|
3. FDA (US) Approval of a Licensed Product |
$3,000,000 US |
|
4. EMA (EU) Approval of a Licensed Product |
$1,500,000 US |
|
5. PMDA (JPN) Approval of a Licensed Product |
$1,000,000 US |
|
6. Cumulative Net Sales of Licensed Products reach $100 Million |
$2,000,000 US |
|
This License may be terminated by DYO in the event:
No licensed Method, Service or Product has been
granted Patent Protection in at least one jurisdiction after the expiration of four years from execution
The sum of $2,000,000 shall not have been raised
within 2 years of execution of the license
The Research Agreement shall not have been entered
into as of thirty days subsequent to the Funding.
The Company shall not have achieved cumulative
Net Sales of Licensed Product, Service and Methods of at least $10,000,000 as of a date that is ten years from the execution of the license
The Company shall fail to pay any consideration
required under the license and such failure remains uncured for thirty days.
This License may be terminated by the Company
in the event:
DYO shall be determined to not have exclusive
unencumbered Patent Rights to the Technology in whole or in part.
Any other entity shall be determined to have the
right- exercised or not- to utilize the Technology ( in whole or in part) to develop make, use, offer for sale, sell, perform, have performed
export and import and sell products, methods and services which can reasonably be expected to be similar to or competitive with products,
methods and services to be developed by the Company utilizing the rights granted by the License. .
DYO shall have failed to demonstrate during the
course of due diligence to the satisfaction of the Company that the Technology can be effectively utilized for the purposes intended by
this License
In the event that the Agreement is terminated
pursuant to the any of the abovementioned the Stock Payment shall be promptly returned by DYO to the Company for cancellation.
Dr. Harry Lander serves as Chief Scientific Officer
of the Company and is a shareholder of the Company. Dr. Harry Lander also serves as Managing Director of DYO and is a controlling shareholder
of DYO.
On July 14, 2023 the Company’s Chief Executive
Officer made a $3,600 capital contribution to the Company.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
NOTES PAYABLE
|
12 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
NOTES PAYABLE |
NOTE 5. NOTES PAYABLE
Schedule of related party debt |
|
|
Bostonia
Partners |
|
$ |
140,000 |
|
Zander Therapeutics Inc. |
|
$ |
12,500 |
|
Zander Biologics, Inc. |
|
$ |
300,000 |
|
Notes
Payable, as of June 30, 2023 |
|
$ |
477,500 |
|
$10,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable September
20, 2022.
$30,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable September
30, 2022.
$100,000 owed
by the Company to Bostonia Partners bears simple interest at 10% and
is due and payable October
5, 2022.
$12,500 owed by the Company to Zander Therapeutics,
Inc bears simple interest at 10% and is due and payable April 4, 2024.
$25,000 owed by the Company to Bostonia Partners
bears simple interest at 10% and is due and payable June 29, 2024.
$300,000 owed by the Company to Zander Biologics, Inc bears
simple interest at 10% and is due and payable June 30, 2025.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
INVESTMENT SECURITIES
|
12 Months Ended |
Jun. 30, 2023 |
Schedule of Investments [Abstract] |
|
INVESTMENT SECURITIES |
NOTE
6. INVESTMENT SECURITIES
On
March 11, 2021 the Company was paid 6,500 common shares of Oncology Pharma, Inc. pursuant to an agreement entered into by and
between the Company and Oncology Pharma, Inc. whereby the Company granted Oncology Pharma, Inc. an exclusive worldwide right and license
for the development and commercialization of certain intellectual property controlled by the Company.
On
June 30, 2023 the Company revalued 6,500 common
shares of Oncology Pharma, Inc. at the closing price of the common shares on the OTC Pink market.
As
of June 30, 2023:
Schedule
Of Common Shares |
6,500
Common Shares of Oncology Pharma, Inc. |
|
| Basis | | |
| Fair
Value | | |
| Total
Unrealized Losses | | |
| Net
Unrealized Gain or (Loss) during the quarter ended June 30, 2023 | |
$ | 177,450 | | |
$ | 1,920 | | |
$ | (175,530 | ) | |
$ | (718 | ) |
|
X |
- DefinitionThe entire disclosure for investment holdings. This includes the long positions of investments for the entity. It contains investments in affiliated and unaffiliated issuers. The investments include securities and non securities (i.e. commodities and futures contracts).
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v3.23.2
STOCKHOLDERS’ EQUITY
|
12 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
7. STOCKHOLDERS’ EQUITY
The
stockholders’ equity section of the Company contains the following class of capital stock as of June 30, 2023:
Common
stock, $ 0.0001 par
value; 100,000,000 shares
authorized: 10,613,492
shares issued and outstanding.
With
respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast
that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).
On
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive,
out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Corporation.
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v3.23.2
INCOME TAXES
|
12 Months Ended |
Jun. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
NOTE
8. INCOME TAXES
As
of June 30, 2023
Deferred
tax assets: | |
|
Net
operating tax carry forwards | |
$ | 97,076 | |
Other | |
| 0 | |
Gross
deferred tax assets | |
| 97,076 | |
Valuation
allowance | |
| (97,076 | ) |
Net
deferred tax assets | |
$ | 0 | |
As
of June 30, 2023 the Company has a Deferred Tax Asset of $97,076 completely
attributable to net operating loss carry forwards of approximately $60,219 generated
during the calendar year ending December 31, 2020 and 98,368 generated during the calendar year ended December
31, 2021 and $77,144 generated during the calendar year ended December 31, 2022 (which expire 20 years from the date the loss was
incurred).
Realization
of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and
carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain.
In
addition, if as a result of a stock transfer or a reorganization, a corporation undergoes an “ownership change,” Code Section
382 limits the corporation’s right to use its NOLs each year thereafter to an annual percentage of the fair market value of the
corporation at the time of the ownership change (the “Section 382 Limitation”).
A
corporation is considered to undergo “an ownership change” if, as a result of changes in the stock ownership by “5-percent
shareholders” or as a result of certain reorganizations, the percentage of the corporation’s stock owned by those 5-percent
shareholders increases by more than 50 percentage points over the lowest percentage of stock owned by those shareholders at any time
during the prior three-year testing period. Five-percent shareholders are persons who hold 5% or more of the stock of a corporation at
any time during the testing period as well as certain groups of shareholders (based typically on whether they acquired their shares in
a single offering or exchange transaction) who are not individually 5-percent shareholders.
As
the Company will require cash infusions in order to implement its business plan, and as it is probable, although not guaranteed, that
such funding needs may be met through the sale of equity securities to “5-percent shareholders”, the Company recognized a
valuation allowance equal to the deferred Tax Asset and the Company recorded a valuation allowance reducing all deferred tax assets to
0.
Income
tax is calculated at the 21%
Federal Corporate Rate.
|
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v3.23.2
STOCK TRANSACTIONS
|
12 Months Ended |
Jun. 30, 2023 |
Stock Transactions |
|
STOCK TRANSACTIONS |
NOTE
9. STOCK TRANSACTIONS
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Joseph G Vaini pursuant to an agreement whereby
Joseph G. Vaini agreed to serve as President, Chief Executive Officer, Secretary, Chief Financial Officer and Secretary, Treasurer and
Principal Accounting Officer of the Company.
On
December 12, 2022 the Company issued 3,000,000 common shares (“Shares”) to Harry Lander pursuant to an agreement whereby
Harry Lander agreed to serve as Chief Scientific Officer of the Company.
On
December 13, 2022 the Company cancelled 6,113,508 common shares owned by David Koos, the Company’s previous sole officer and director,
and a company controlled by David Koos. Effective December 13, 2022 David Koos resigned as a Director of the Company and also resigned
from any and all other offices he had held of the Company (“Resignation”). In connection with his Resignation Koos has returned
any and all common shares directly or indirectly held by Koos to the Company for cancellation. Also in connection with his Resignation
Koos and the Company have entered into an agreement ( “Separation Agreement”) whereby the Company shall pay Koos the sum
of $10,000.
On
June 28, 2023 the Company issued 309,000
common shares (“Shares”) to DYO Biotechnologies,
Pty, Ltd pursuant to the terms and conditions of an agreement entered into by and between DYO Biotechnologies, Pty, Ltd and the Company.
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v3.23.2
SUBSEQUENT EVENTS
|
12 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10. SUBSEQUENT EVENTS
On
July 14, 2023 the Company’s Chief Executive Officer made a $3,600 capital contribution to the Company.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF ACCOUNTING |
A. BASIS
OF ACCOUNTING
The
financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this
basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has
adopted a June 30 year-end.
|
USE OF ESTIMATES |
B. USE
OF ESTIMATES
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
|
CASH EQUIVALENTS |
C. CASH
EQUIVALENTS
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
D. FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal
or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy
requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required
by the standard that the Company uses to measure fair value:
Level
1: Quoted prices in active markets for identical assets or liabilities
Level
2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets
that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term
of the related assets or liabilities.
Level
3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
|
RESEARCH AND DEVELOPMENT COSTS |
E. RESEARCH
AND DEVELOPMENT COSTS
Research
and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged
to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and
filing of a provisional patent application.
|
STOCK BASED COMPENSATION |
F. STOCK
BASED COMPENSATION
Stock
issued for Employee Compensation
Stock
based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award
recipient.
During
the quarter ended December 31, 2022 6,000,000
shares of common stock
were issued as employee compensation.
In determining Fair Value for shares issued
to employees an asset based valuation method was utilized , specifically Enterprise Value (Assets Less Cash and Cash Equivalents
plus Fair Value of Debt) less Fair Value of Debt. The following inputs were utilized.
|
|
|
|
|
Fair Value of Intellectual Property |
|
$ |
35,490 |
|
Securities |
|
$ |
3,771 |
|
Notes Payable |
|
$ |
140,000 |
|
Accrued Interest |
|
$ |
19,504 |
|
Taxes Payable |
|
$ |
10,935 |
|
Less Total Debt |
|
$ |
(170,439 |
) |
Portion of Enterprise Value available to shareholders |
|
$ |
39,261 |
|
Fair Value per share |
|
$ |
0.00381 |
|
Stock
issued for Non-Employee Services
Stock
Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee
equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing
whichever measurement is most reliable
During
the year ended June 30, 2023 no stock
was issued for Non-Employee Services .
Pursuant
to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock
price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
i. | | The
date at which a commitment for performance by the counterparty to earn the equity instruments
is reached (a performance commitment); and |
ii. | | The
date at which the counterparty’s performance is complete. |
|
INCOME TAXES |
G. INCOME
TAXES
The
Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred
tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities
using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation
allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or
all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or
loss in the period that includes the enactment date.
The
Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides
clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements.
Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the
statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any
such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in
part, upon the results of operations for the given period. As of June 30, 2023 the Company had no uncertain
tax positions, and will continue to evaluate for uncertain positions in the future.
The
Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been
established.
Interest
and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance
with ASC Topic 740-10-50-19.
|
BASIC EARNINGS (LOSS) PER SHARE |
H.
BASIC EARNINGS (LOSS) PER SHARE
The
Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common
stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted
the provisions of ASC 260 effective from inception.
Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There
were no Common Stock Equivalents as of June 30, 2023.
|
INTANGIBLE ASSETS |
I. INTANGIBLE ASSETS
The Company amortizes its intangible assets with
definite useful lives over their estimated useful lives and reviews these assets for impairment. The Company’s acquired intangible
assets with definite useful lives consists of a 50% interest in and to including, but not limited to, the copyrights, trade secrets, trademarks
and associated good will and patent rights to (a) the intellectual property disclosed in US Patent US11377442B2 (Small molecule agonists
and antagonists of NR2F6 activity) and (b) ) the intellectual property disclosed in US Patent US US10472351B2 (Small molecule agonists
and antagonists of NR2F6 activity in animals).
|
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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12 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of related party debt |
Schedule of related party debt |
|
|
Bostonia
Partners |
|
$ |
140,000 |
|
Zander Therapeutics Inc. |
|
$ |
12,500 |
|
Zander Biologics, Inc. |
|
$ |
300,000 |
|
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12 Months Ended |
Jun. 30, 2023 |
Schedule of Investments [Abstract] |
|
Schedule Of Common Shares |
Schedule
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Common Shares of Oncology Pharma, Inc. |
|
| Basis | | |
| Fair
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| Total
Unrealized Losses | | |
| Net
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$ | 1,920 | | |
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ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
|
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Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
[custom:FairValueOfIntellectualProperty-0] |
|
$ 35,490
|
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|
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|
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$ 477,500
|
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|
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|
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|
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|
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|
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|
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|
|
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|
|
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|
|
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|
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|
|
3 Months Ended |
12 Months Ended |
|
|
Jan. 08, 2023 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jul. 15, 2023 |
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|
|
|
|
|
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|
|
|
|
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|
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|
|
|
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|
Jun. 30, 2023 |
Jun. 30, 2022 |
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|
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Bostonia Partners [Member] |
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|
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|
|
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|
|
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|
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|
|
Notes payable related parties |
$ 30,000
|
|
Interest rate |
10.00%
|
|
Maturity date |
Oct. 05, 2022
|
|
Bostonia Partners 3 [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Notes payable related parties |
$ 100,000
|
|
Zander Therapeutics [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Notes payable related parties |
$ 12,500
|
|
Interest rate |
10.00%
|
|
Maturity date |
Apr. 04, 2024
|
|
Bostonia Partners 4 [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Notes payable related parties |
$ 25,000
|
|
Interest rate |
10.00%
|
|
Maturity date |
Jun. 29, 2024
|
|
Zander Biologics [Member] |
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
Notes payable related parties |
$ 300,000
|
|
Interest rate |
10.00%
|
|
Maturity date |
Jun. 30, 2025
|
|
X |
- DefinitionThe average effective interest rate during the reporting period.
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v3.23.2
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Equity [Abstract] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
10,613,492
|
10,418,000
|
Common stock, shares outstanding |
10,613,492
|
10,418,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
INCOME TAXES (Details Narrative) - USD ($)
|
12 Months Ended |
|
|
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Income Tax Disclosure [Abstract] |
|
|
|
|
Deferred Tax Assets, Operating Loss Carryforwards |
$ 97,076
|
|
|
|
Deferred Income Taxes and Other Assets, Current |
0
|
|
|
|
Deferred Tax Assets, Gross |
97,076
|
|
|
|
Deferred Tax Assets, Valuation Allowance |
(97,076)
|
|
|
|
Deferred Tax Assets, Net of Valuation Allowance |
$ 0
|
|
|
|
Operating Loss Carryforwards |
|
$ 77,144
|
$ 98,368
|
$ 60,219
|
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent |
21.00%
|
|
|
|
X |
- DefinitionAmount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.
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v3.23.2
STOCK TRANSACTIONS (Details Narrative) - shares
|
Jun. 30, 2023 |
Jun. 29, 2023 |
Dec. 14, 2022 |
Dec. 13, 2022 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Common Stock, Shares, Issued |
10,613,492
|
|
|
|
10,418,000
|
[custom:CommonStockCancelled-0] |
|
|
6,113,508
|
|
|
D Y O Biotechnologies [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Common Stock, Shares, Issued |
|
309,000
|
|
|
|
Chief Executive Officer [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Common Stock, Shares, Issued |
|
|
|
3,000,000
|
|
Chief Scientific Officer [Member] |
|
|
|
|
|
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
|
Common Stock, Shares, Issued |
|
|
|
3,000,000
|
|
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SYBLEU (CE) (USOTC:SYBE)
過去 株価チャート
から 9 2024 まで 10 2024
SYBLEU (CE) (USOTC:SYBE)
過去 株価チャート
から 10 2023 まで 10 2024