Attached files
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
|
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the quarterly period ended February 28, 2013
|
|
|
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the transition period from __________ to __________
|
|
|
000-53700
|
|
|
Commission File Number
|
|
|
CorTronix Biomedical Advancement Technologies Inc.
|
|
|
(Exact name of registrant as specified in its charter)
|
|
|
Nevada
|
98-0515701
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
8200 N.W. 41st Street, Suite 145B, Doral, FL
|
33166
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(786) 859-3585
(Registrant’s telephone number, including area code)
|
|
|
N/A
|
|
|
(Former name, former address and former fiscal year, if changed since last report)
|
|
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 [X] No [ ]
|
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
|
Yes [ ] No [ X]
|
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
|
[X]
|
|
(Do not check if a smaller reporting company)
|
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
|
Yes []No [X]
|
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
|
Yes [ ] No [ ]
|
APPLICABLE ONLY TO CORPORATE ISSUERS
|
287,000,000 shares of common stock issued and outstanding as of April 15, 2013
|
|
(Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.)
|
2
CorTronix Biomedical Advancement Technologies Inc.
TABLE OF CONTENTS
|
Page
|
||
|
PART I – Financial Information
|
||
|
Item 1.
|
4 | |
|
Item 2.
|
5 | |
|
Item 3.
|
8 | |
|
Item 4.
|
8 | |
|
PART II – Other Information
|
||
|
Item 1.
|
10 | |
|
Item 1A.
|
10 | |
|
Item 2.
|
10 | |
|
Item 3.
|
10 | |
|
Item 4.
|
10 | |
|
Item 5.
|
10 | |
|
Item 6.
|
11 | |
| 12 |
3
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking statements included in this report. Such statements may be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “believe,” “estimate,” “anticipate,” “intend,” “continue,” or similar terms, variations of such terms, or the negative of such terms. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. Such statements address future events and conditions concerning, among others, capital expenditures, earnings, litigation, regulatory matters, liquidity and capital resources, and accounting matters. Actual results in each case could differ materially from those anticipated in such statements by reason of factors such as future economic conditions, changes in consumer demand, legislative, regulatory and competitive developments in markets in which we operate, results of litigation, and other circumstances affecting anticipated revenues and costs, and the risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2012 filed on December 14, 2012.
In this Quarterly Report on Form 10-Q, references to “dollars” and “$” are to United States dollars and references to “we,” “us,” “Company,” “our” means CorTronix Biomedical Advancement Technologies Inc., unless otherwise indicated.
YOU SHOULD NOT PLACE UNDUE RELIANCE ON THESE FORWARD LOOKING STATEMENTS
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events or information as of the date on which the statements are made in this Quarterly Report on Form 10-Q. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this report and the documents that we reference in this report, including documents referenced by incorporation, completely and with the understanding that our actual future results may be materially different from what we expect or hope.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the three and six month periods ended February 28, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending August 31, 2013. For further information refer to the financial statements and footnotes thereto included in our company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2012.
|
Page
|
|
|
Unaudited Consolidated Financial Statements
|
|
| F-1 | |
| F-2 | |
| Consolidated Statements of Stockholders' Deficieny | F-3 |
| F-4 | |
| F-5 to F-10 |
4
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
CONSOLIDATED BALANCE SHEETS
|
February 28, 2013
(Unaudited)
|
August 31,
2012
(Audited)
|
|||||||
|
ASSETS
|
||||||||
|
Current assets
|
||||||||
|
Cash
|
$ | 26,162 | $ | 31,686 | ||||
|
Prepaid expenses
|
66,981 | 1,813 | ||||||
|
Total current assets
|
93,143 | 33,499 | ||||||
|
Security deposit
|
3,390 | 3,390 | ||||||
|
Equipment and furniture, net
|
16,545 | 6,690 | ||||||
|
Total Assets
|
$ | 113,078 | $ | 43,579 | ||||
|
LIABILTIES AND STOCKHOLDERS’ DEFICIENCY
|
||||||||
|
Current liabilities
|
||||||||
|
Accounts payable and accrued liabilities
|
$ | 38,454 | $ | 1,161 | ||||
|
Accounts payable – related parties
|
12,000 | - | ||||||
|
Accrued interest
|
75,529 | - | ||||||
|
Payroll liabilities
|
4,574 | 2,604 | ||||||
|
Advances from related parties
|
34,358 | 50,000 | ||||||
|
Notes payable
|
779,374 | - | ||||||
|
Total Current Liabilities
|
944,289 | 53,765 | ||||||
|
STOCKHOLDERS’ DEFICIENCY
|
||||||||
|
Common stock: 800,000,000 shares authorized, at $0.001 par value
287,000,000 and 175,000,000 shares issued and outstanding at February 28, 2013 and August 31, 2012, respectively
|
287,000 | 175,000 | ||||||
|
Capital in excess of par value
|
(888,702 | ) | (174,250 | ) | ||||
|
Deficit accumulated during the development stage
|
(229,509 | ) | (10,936 | ) | ||||
|
Total Stockholders’ Deficiency
|
(831,211 | ) | (10,186 | ) | ||||
|
Total Liabilities and Stockholders’ Deficiency
|
$ | 113,078 | $ | 43,579 | ||||
The accompanying notes are an integral part of these consolidated financial statements.
F-1
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF OPERATIONS
For the three months and six monthsended February 28, 2013
and for the period from
August 3, 2012 (date of inception) to February 28, 2013
|
Three months ended February 28,
|
Six months ended February 28,
|
August 3, 2012
(date of inception) to February 28,
|
||||||||||
|
2013
|
2013
|
2013
|
||||||||||
|
REVENUE
|
$ | - | $ | - | $ | - | ||||||
|
EXPENSES
|
||||||||||||
|
Professional fees
|
20,897 | 33,603 | 33,603 | |||||||||
|
Salary and wages
|
49,141 | 92,391 | 102,006 | |||||||||
|
Depreciation
|
254 | 509 | 509 | |||||||||
|
Other general and administrative expenses
|
27,061 | 58,449 | 59,770 | |||||||||
|
OPERATING LOSS
|
(97,353 | ) | (184,952 | ) | (195,888 | ) | ||||||
|
Other income and expense
|
||||||||||||
|
Interest expense
|
(18,997 | ) | (33,621 | ) | (33,621 | ) | ||||||
|
NET LOSS
|
$ | (116,350 | ) | $ | (218,573 | ) | $ | (229,509 | ) | |||
|
Basic and diluted loss per share
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
|
Weighted average number of shares outstanding, basic and diluted
|
287,000,000 | 280,193,370 | ||||||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-2
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY
For the Period from August 3, 2012 (date of inception) to February 28, 2013
|
Accumulated
|
||||||||||||||||||||
|
Deficit
|
||||||||||||||||||||
|
Additional
|
During the
|
|||||||||||||||||||
|
Common Stock
|
paid-in
|
Development
|
||||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Stage
|
Total
|
||||||||||||||||
|
Balance August 3, 2012
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||
|
Issuance of common shares for cash, August 3, 2012
|
750,000
|
750
|
-
|
-
|
750
|
|||||||||||||||
|
Recapitalization effect on issuance of common shares
|
174,250,000
|
174,250
|
(174,250
|
)
|
-
|
-
|
||||||||||||||
|
Net loss
|
-
|
-
|
-
|
(10,936
|
)
|
(10,936
|
)
|
|||||||||||||
|
Balance, August 31, 2012
|
175,000,000
|
175,000
|
(174,250
|
)
|
(10,936
|
)
|
(10,186
|
)
|
||||||||||||
|
Recapitalization on September 11, 2012
|
112,000,000
|
112,000
|
(714,452
|
)
|
-
|
(602,452
|
)
|
|||||||||||||
|
Net loss for the period
|
-
|
-
|
-
|
(218,573
|
)
|
(218,573
|
)
|
|||||||||||||
|
Balance, February 28, 2013
|
287,000,000
|
$
|
287,000
|
$
|
(888,702
|
)
|
$
|
(229,509
|
)
|
$
|
(831,211
|
)
|
||||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-3
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the six months ended February 28, 2013
and for the period from August 3, 2012 (date of inception) to February 28, 2013
|
Six Months ended February 28, 2013
|
From inception (August 3, 2012) to February 28, 2013
|
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
|
Net loss
|
$ | (218,573 | ) | $ | (229,509 | ) | ||
|
Adjustment to reconcile net loss to net cash (used in) operating activities:
|
||||||||
|
Depreciation
|
509 | 509 | ||||||
|
Accrued interest
|
33,621 | 33,621 | ||||||
|
Damage deposit
|
- | (3,390 | ) | |||||
|
Prepaid expenses
|
(65,168 | ) | (66,981 | ) | ||||
|
Payroll liabilities
|
1,970 | 4,574 | ||||||
|
Accounts payable and accrued liabilities
|
17,592 | 18,753 | ||||||
|
Accounts payable – related parties
|
12,000 | 12,000 | ||||||
|
Net cash provided by (used) in operating activities
|
(218,049 | ) | (230,423 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
|
Acquisition of equipment and furniture
|
(10,364 | ) | (17,054 | ) | ||||
|
Cash from acquisition
|
22,889 | 22,889 | ||||||
|
Net cash provided by ( used) in investing activities
|
12,525 | 5,835 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
|
Proceeds from notes
|
200,000 | 250,000 | ||||||
|
Proceeds from issuance of common stock
|
- | 750 | ||||||
|
Net cash provided by financing activities
|
200,000 | 250,750 | ||||||
|
Increase (decrease) in cash during the period
|
(5,524 | ) | 26,162 | |||||
|
Cash, beginning of period
|
31,686 | - | ||||||
|
Cash, end of period
|
$ | 26,162 | $ | 26,162 | ||||
|
Supplemental non-cash investing activities:
|
||||||||
|
Accounts payable acquired from reverse acquisition
|
$ | 19,702 | $ | 19,702 | ||||
|
Accrued interest acquired from reverse acquisition
|
41,907 | 41,907 | ||||||
|
Advances from related parties acquired from reverse acquisition
|
34,358 | 34,358 | ||||||
|
Notes payable acquired from reverse acquisition
|
579,373 | 579,373 | ||||||
|
Loan receivable
|
(50,000 | ) | (50,000 | ) | ||||
| 625,340 | 625,340 | |||||||
The accompanying notes are an integral part of these consolidated financial statements.
F-4
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
1. ORGANIZATION AND BASIS OF PRESENTATON
CorTronix Biomedical Advancement Technologies Inc. (formerly Pana-Minerales S.A.) (the “Company”), was incorporated under the laws of the State of Nevada on October 4, 2006 with authorized capital stock of 100,000,000 shares at $0.001 par value. The Company was originally organized for the purpose of acquiring and developing mineral properties.
On August 15, 2012, we entered into an acquisition agreement with CorTronix Technologies Inc. (“CorTronix”). The officer and director of CorTronix, Yoel Palomino is also the officer and director of the Company, and is the developer of the technology held by CorTronix. CorTronix was incorporated solely for the purpose of this acquisition and does not currently have any operations other than the development of a proprietary technology known as CorlinkTM. CorlinkTM,is an advanced telemetric system used to transmit, analyze, report and store all types and variations of physiological studies. Under the terms of the acquisition agreement CorTronix became a wholly owned subsidiary of the Company and is now the operational company which will continue with the commercialization of the technology it holds. Under the terms of the agreement, the Company acquired all of the issued and outstanding shares of CorTronix in exchange for the issuance of 175,000,000 restricted shares of the Company. The Share Exchange Agreement was completed on September 11, 2012.
The business combination was accounted for as a reverse acquisition and recapitalization using accounting principles applicable to reverse acquisitions whereby the financial statements subsequent to the date of the transaction are presented as a continuation of CorTronix. Under reverse acquisition accounting CorTronix (subsidiary) is treated as the accounting parent (acquirer) and the Company (parent) is treated as the accounting subsidiary (acquiree). All outstanding shares have been restated to reflect the effect of the business combination.
Both the Company and subsidiary CorTronix have a fiscal yearend of August 31.
The interim financial statements for the six months ended February 28, 2013 are unaudited. These financial statements are prepared in accordance with requirements for unaudited interim periods, and consequently do not include all disclosures required to be in conformity with accounting principles generally accepted in the United States of America. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the fiscal year ended August 31, 2013. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. These interim consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended August 31, 2012 filed with the Securities and Exchange Commission on December 14, 2012.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
These consolidated financial statements include the accounts of CorTronix Biomedical Advancement Technologies Inc., and its wholly-owned subsidiary, CorTronix Technologies Inc. All intercompany balances and transactions have been eliminated in consolidation.
F-5
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Development- Stage
CorTronix Biomedical Advancement Technologies Inc. is a development-stage company as defined in Accounting Standards Codification (“ASC”) 915 Development-Stage Entities, as it is developing an advanced telemetric system used to transmit, analyze, report and store all types and variations of physiological studies. There have been no revenues from planned principal operations or sales from August 3, 2012 (date of inception through February 28, 2013. Consequently, cumulative amounts are presented in these consolidated financial statements.
Cash and Cash Equivalents
For purposes of the consolidated statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the assets’ estimated useful lives as follows: computer hardware and software (three years), leasehold improvements (the shorter of five years or lease life), furniture and fixtures (five years) and equipment (five to ten years).
Maintenance and repairs are charged to expense as incurred. Significant renewals and betterments are capitalized. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations.
Research and Development
Research and development costs are expensed as incurred. The costs of materials and equipment that will be acquired or constructed for project development activities, and that have alternative future uses, both in project development, marketing or sales, will be capitalized classified as property, plant and equipment and depreciated over their estimated useful lives. To date, research costs, including amounts paid for man hours allocated to ongoing technology development, have been expensed when incurred.
Accounting Methods
The Company recognizes income and expenses based on the accrual method of accounting.
Dividend Policy
The Company has not yet adopted a policy regarding payment of dividends.
Basic and Diluted Net Income (loss) Per Share
Basic net income (loss) per share amounts is computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same.
F-6
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Income Taxes
The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized. As of February 28, 2013, the Company had a deferred tax asset and related valuation allowance of $65,500, which begins to expire in 2032, related to its current operations.
Section 382 of the Internal Revenue Code imposes limitations on net loss carryforwards when there is a change in control. Due to the change of business and management, the Company has assumed loss carryforwards related to the Company’s prior operations will not be available to offset future taxable income.
Advertising and Market Development
The Company expenses advertising and market development costs as incurred.
Impairment of Long-lived Assets
The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amounts might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.
Financial Instruments
The carrying amounts of financial instruments are considered by management to be their fair value due to their short term maturities.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial statements in accordance with general accepted accounting principles. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Statement of Cash Flows
For the purposes of the statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.
Recent Accounting Pronouncements
The Company does not expect that the adoption of other recent accounting pronouncements will have a material impact on its financial statements.
F-7
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
3. GOING CONCERN
The Company will need additional working capital to service its debt, for ongoing operational expenses and to continue with the commercialization of its development stage technology, which raises substantial doubt about its ability to continue as a going concern. Management of the Company has developed a strategy, which it believes will accomplish this objective through additional loans and advances, equity funding, and long term financing, which will enable the Company to operate for the coming year.
4. PREPAID EXPENSES
The following table provides details of the Company’s prepaid expenses as of February 28, 2013 and August 31, 2012:
|
February 28, 2013
|
August 31, 2012
|
|||||||
|
Legal services fee
|
$ | 7,500 | $ | - | ||||
|
Rent
|
- | 1,814 | ||||||
|
Advances to manufacturer
|
59,481 | - | ||||||
| $ | 66,981 | $ | 1,814 | |||||
Prepaid expenses of $59,481 consist of amounts advanced to manufacturing firms with respect to the development of CorlinkTM prototypes and manufacturing moulds.
A prepaid expense of $7,500 is the retainer for general IP consultation related to the development of Smartphone Apps for Remotely Monitoring and Reading ECG’s and Other Medical Devices.
5. BUSINESS COMBINATION
On August 15, 2012, we entered into an acquisition agreement with CorTronix Technologies Inc. (“CorTronix”). The officer and director of CorTronix, Yoel Palomino is also the officer and director of the Company, and is the developer of the technology held by CorTronix. CorTronix was incorporated solely for the purpose of this acquisition and does not currently have any operations other than the development of a proprietary technology known as CorlinkTM. CorlinkTM,is an advanced telemetric system used to transmit, analyze, report and store all types and variations of physiological studies. Under the terms of the acquisition agreement CorTronix became a wholly owned subsidiary of the Company and is now the operational company which will continue with the commercialization of the technology it holds. Under the terms of the agreement, the Company acquired all of the issued and outstanding shares of CorTronix in exchange for the issuance of 175,000,000 restricted shares of the Company. The Share Exchange Agreement was completed on September 11, 2012.
CorTronix Technologies Inc. was incorporated under the laws of the State of Nevada on August 3, 2012 with authorized capital stock of 75,000,000 shares at $0.001 par value. The Company was organized for the purpose of developing the CorlinkTM technology.
Pursuant to the terms and conditions of the acquisition agreement, we acquired 100% of the issued capital stock,750,000 common shares, of CorTronix in exchange for 175,000,000 shares of the Company’s common stock, or 56.54% is the issued and outstanding shares of the Company.
F-8
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
5. BUSINESS COMBINATION(continued)
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the business combination transaction date:
|
Cash and cash equivalents
|
$ | 22,889 | ||
|
Due from CorTronix
|
50,000 | |||
|
Total identifiable assets
|
$ | 72,889 | ||
|
Accounts payable
|
$ | 19,702 | ||
|
Accrued interest
|
41,907 | |||
|
Advances from related parties
|
34,358 | |||
|
Notes payable
|
579,373 | |||
|
Total identifiable liabilities
|
$ | 675,340 | ||
|
Net identifiable assets
|
$ | (602,451 | ) |
6. LEASE AGREEMENT
On August 22, 2012, CorTronix leased office space in Hialeah, Florida on a one year lease with monthly rental payments of $1,814 per month including applicable taxes.
Under the terms of the above noted lease, the Company was required to provide a security deposit totaling $3,990. The security deposit is held by the Landlord without interest and shall be applied by the Landlord on account of the last month’s rent. The amount is included on the balance sheet of the Company as "Security Deposit."
7. LOANS PAYABLE
A summary of the principal balances of notes payable included in the consolidated balance sheet as of February 28, 2013:
|
Date
|
Principal
|
|||
|
April 15, 2011
|
$ | 50,000 | ||
|
May 6, 2011
|
50,000 | |||
|
May 10, 2011
|
3,903 | |||
|
May 26, 2011
|
31,000 | |||
|
September 30, 2011
|
49,798 | |||
|
November 5, 2011
|
8,570 | |||
|
November 7, 2011
|
50,000 | |||
|
January 10, 2012
|
1,995 | |||
|
March 12, 2012
|
21,320 | |||
|
March 27, 2012
|
200,000 | |||
|
April 5, 2012
|
6,214 | |||
|
April 10, 2012
|
100,000 | |||
|
July 6, 2012
|
6,574 | |||
|
November 9, 2012
|
150,000 | |||
|
February 4, 2013
|
50,000 | |||
| $ | 779,374 | |||
F-9
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
(A Development Stage Company)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
February 28, 2013
7. LOANS PAYABLE(continued)
At February 28, 2013, there was a balance of $779, 374 outstanding, due and payable to an unrelated third party. These notes each have a one year term, bearing interest at ten (10%) percent per annum and are payable in full on the anniversary date. The accrued interest for the six month period ended February 28, 2013 totaled $33,621 in respect of these loans. The Company did not make any payments towards accrued interest in the period, leaving an amount of $75,529 reflected on the Company’s balance sheet as Accrued Interest.
Certain of these loans with a principal balance totaling $245,266 came due and payable in the current period at which time the lender verbally agreed to convert the loans to “demand” loans, with interest continuing to accrue until such time as they are paid in full.
8. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
On August 3, 2012, the Company entered into a consulting agreement with Mr. Yoel Palomino, director and officer of the Company. Under the terms of the agreement, the Company will pay an annual salary of $125,000 to Mr. Palomino, payable weekly. During the six month period ended February 28, 2013, the Company made cash payments of $62,500 pursuant to the agreement. During the six month period ended February 28, 2013, Mr. Jorge Saer, the Chief Technology Officer of the Company, invoiced a total amount of $24,000 for project development services. The Company made cash payments of $8,000, leaving $12,000 due and payable to Mr. Saer as at February 28, 2013. During the six month period ended February 28, 2013, an amount of $75,000 from the salary and wages expenses for Yoel Palomino and Jorge Saer was attributed to research and development of the Company’s current software currently under development.
On August 15, 2012, we entered into an acquisition agreement with CorTronix Technologies Inc. (“CorTronix”), Note 4 above, a company controlled by our Officer and Director, Yoel Palomino. Under the term of the acquisition agreement, the Company acquired all of the issued and outstanding shares of CorTronix in exchange for the issuance of 175,000,000 restricted shares of the Company to Mr. Palomino as to 122,500,000 shares and Mr. Saer as to 52,500,000 shares. On September 11, 2012, the Company completed this transaction and CorTronix became a wholly-owned subsidiary of the Company.
9. CAPITAL STOCK
On August 15, 2012, we entered into an acquisition agreement with CorTronix Technologies Inc. (“CorTronix”). Under the term of the acquisition agreement, the Company acquired all of the issued and outstanding shares of CorTronix in exchange for the issuance of 175,000,000 restricted shares of the Company. On September 11, 2012, the Company completed this transaction.All outstanding shares have been restated to reflect the effect of the business combination.
As at February 28, 2013, the Company had a total of 287,000,000 shares of common stock issued and outstanding.
On April 2, 2013, the Company received a further $40,000 loan from an unrelated third party which has a one year term, bearing interest at ten (10%) percent per annum and payable in full on the anniversary date.
The Company has entered into negotiations and expects to conclude a partnership agreement with Saudi Global Investments LLC., a company duly incorporated in the Kingdom of Saudi Arabia with offices located in Riyadh, Saudi Arabia, regarding their the sale of CorTronix products in the Middle-East and other countries. The parties expect to finalize a formal agreement prior to the end of this upcoming quarter ended May, 2013.
F-10
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The Company was incorporated under the laws of the State of Nevada on October 4, 2006 with authorized capital stock of 100,000,000 shares at $0.001 par value. The Company was originally organized for the purpose of acquiring and developing mineral properties.
On January 15, 2008, CorTronix Biomedical Advancement Technologies Inc. (formerly Pana-Minerales S.A.) (the “Company”, “we” “our” and “us”), purchased the Marawi Gold Claims located in the Philippines for $5,000 and obtained a mining license for an additional payment of $1,843. On September 10, 2012, the Board of Directors determined to abandon the claims as they had determined not to pursue the mining and exploration business.
On April 30, 2011, we entered into a mining option agreement with Brookmount Explorations Inc. (the “Option”) for the Mercedes mining concessions located in the District of Comas, Province of Concepcion, Department of Junin in the Republic of Peru. Unlike the Marawi Gold Claims, the Mercedes concessions will focus mainly on silver exploration. Under the terms of the mining option agreement, Brookmount Explorations Inc. granted us an exclusive option to acquire a 50% interest in the property subject to us undertaking expenditures in the amount of $3,100,000 before April 30, 2013. The Company had been unable to meet the funding requirements under the option agreement and on September 4, 2012, the Company provided Brookmount Explorations Inc. with a notice of termination as required under the option agreement, whereby the Company advised Brookmount Explorations Ltd. that pursuant to Item 5.3 of the mining option agreement dated April 30, 2011, the Company was providing Brookmount Explorations Ltd. with notice of the Company’s intention to immediately surrender all of the Company’s rights thereunder and the termination of the Option and the Agreement were terminated including the working rights under the agreement and therefore the Company had no further rights to the Mercedes concessions.
On September 7, 2011 the Company increased the authorized capital stock of the Company to 800,000,000 shares at $0.001 par value and effected a stock dividend of 7 shares for every 1 share of common stock held by each shareholder of record as of August 16, 2011.
On February 1, 2012, the Company entered into a Mining Option Agreement with Minerales Holdings Can Corp. (“Minerales”) Under the terms of the Option Agreement, Minerales granted the Company for the period commencing on the effective date of the Option Agreement and expiring on January 31, 2015 (the “Option Term”), an exclusive option to acquire an undivided one hundred percent (100%) interest in certain mineral claims located in Quebec, Canada (the “Property”), subject to certain conditions. On September 10, 2012, the Company and Minerales entered into a Termination Agreement whereby Minerales returned for cancellation a total of 22,500,000 shares of common stock of the Company which were returned in exchange for cancellation of the Option Agreement on the Property.
On August 15, 2012, we entered into an acquisition agreement with CorTronix Technologies Inc. (“CorTronix”). Yoel Palomino, the sole officer and director of CorTronix Biomedical Advancement Technologies Inc., is the developer of the technology held by CorTronix. CorTronix was incorporated solely for the purpose of this acquisition and does not currently have any operations. The assets of CorTronix are CorlinkTM an advanced telemetric system used to transmit, analyze, report and store all types and variations of physiological studies. The closing date was September 11, 2012, which is the date the shares were transferred.
Under the terms of the agreement, the Company acquired all of the issued and outstanding shares of CorTronix in exchange for the issuance of 175,000,000 restricted shares of the common stock of the Company in exchange for all of the issued and outstanding shares of CorTronix.
On September 11, 2012, the Company issued the shares to complete this transaction. The Company is developing the CorTronix technology through its wholly-owned subsidiary.
5
Results of Operations
The following discussion of the financial condition, results of operations, cash flows, and changes in our financial position should be read in conjunction with our audited financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended August 31, 2012, filed on December 14, 2012.
We have suffered recurring losses from operations. The continuation of our Company is dependent upon us attaining and maintaining profitable operations and raising additional capital as needed. In this regard, we have successfully raised additional capital through equity offerings and loan transactions in the past and presently believe we will be able to do so in the future, though we can offer no assurance of this outcome as no specific arrangements are in place.
Comparison of three month periods ended February 28, 2013 and from inception (August 3, 2012)
During the three month period ended February 28, 2013and from Inception (August 3, 2012 to February 28, 2013, we earned no revenues from operations.
The Company has recently a reverse merger with an inception date of August 3, 2012 and therefore there is no comparable data for the three months ended February 28, 2012.
For the three month period ended February 28, 2013 we incurred a net loss of $116,350.This loss for the period ended February 28, 2013 is primarily attributed to salaries and wages of $49,141, professional fees of $20,897, and general and administrative expenses of $27,061. All related to our new business operations. We also incurred interest of $18,997 on loans for operations.
Comparison of six month period ended February 28, 2013 and from inception (August 3, 2012)
During the six month period ended February 28, 2013 and from Inception (August 3, 2012 to February 28, 2013, we earned no revenues from operations.
The Company has recently completed a reverse merger with an inception date of August 3, 2012 and therefore there is no comparable data for the six months ended February 28, 2012.
For the six month period ended February 28, 2013 we incurred a net loss of $218,573. This loss for the period ended February 28, 2013 is primarily attributed to salaries and wages of $92,391, professional fees of $33,603, and general and administrative expenses of $58,449. All related to our new business operations. We also incurred interest of $33,621 on loans for operations.
Period from inception, August 3, 2012 to February 28, 2013
Our revenues since inception to date have been $nil. Since inception, we have an accumulated deficit during the development stage of $229,509. We expect to continue to incur losses as a result of continued research and development expenses for our technology, marketing and manufacturing expensesand as a result of expenditures for general and administrative activities while we remain in the development stage.
Liquidity and Capital Resources
As of February 28, 2013, we had approximately $26,162 in cash, prepaid expenses of $66,981 and a working capital deficiency of $851,146. During the six months ended February 28, 2013, we used net cash of $218,049 in operating activities.
During the six months ended February 28, 2013, we received $200,000 in cash from an unrelated third party in order to fund operations. The loan is unsecured, bears interest at 10% per annum, and is due on in one year. Interest shall accrue during the term of the loan and is payable on the due date. On April 2, 2013, the Company received a further $40,000 loan from an unrelated third party which has a one year term, bearing interest at ten (10%) percent per annum and is payable in full on the anniversary date. Thus the Company continues to receive loans for operations which is allowing the Company to meet its obligations as they become due. However, there can be no assurance that such loans will continue or will be available if and when needed on a timely basis.
6
We will not have sufficient funds for our planned operations or to meet ongoing obligations unless we are successful in raising additional capital.
During the six months ended February 28, 2013, we used net cash of $10,364 in investing activities related to the purchase of equipment and furniture.
We anticipate that we will require a minimum of $425,000 over the next twelve months in order to finalize the R&D on the majority of our products and to maintain public company operations. In that twelve month period we anticipate that we will have 4 out of 5 prototypes completed and in the approval process while continuing development of the final products. We are allocating a total of $325,000 for R&D for the 12 months, however we may not expend the entire R&D budget over the twelve month period as it is dependent on the timelines for development of each product. During the six month period ended February 28, 2013, an amount of $75,000 from salaries and consulting fees paid to Yoel Palomino and Jorge Saer was designated as R&D expenditures. Following is an updated review of the status of the Company’s technology as of the date of this filing. To compare with prior status please refer to the Company’s filings on its Form 10K for the period ended August 31, 2012.
CorLink&CorView:
75% complete
The cloud system is 75% complete, as the mechanism for sending and receiving studies is mostly implemented, along with the User management and security protocols.
Cost to completion $50,000
CorTab
70% complete
From the date of acquisition of the project the Company has migrated from an embedded ECG solution to a Bluetooth based solution through the R&D process. Prototype circuits are due to be received in April 2013 from Rapid PCB, a company dedicated to rapid prototying of circuits. As well the Company expects during the upcoming quarter to receive the a prototype device from Noble Win Internal based in China.Cost to completion $55,000
CorPak
30% complete
The Company has selectedthe main device and platform to be used for the CorPak device. TheUSB embedded circuit is under testing currently, and is functioning properly. Tests are now being implemented to bring about the definitive copy of the electrical schematic to remit to Noble Win International in China for implementation into the main device.
Cost to completion $75,000
CorCare
22% complete. This technology uses platform protocols in common with our other units, therefore the work on the other units can be directly implemented with CorCare thus furthering the development of this technology.
Cost to completion $70,000
CorCheck
25% complete. This technology is similar to CorCare in that they both use the same platform. Work on the previous platforms can therefore also be adopted for CorCheck
Cost to completion $75,000
Total R&D funding: $325,000
We do not presently have sufficient funds to undertake our plan of operations. We believe we have sufficient funds to maintain the public company reporting status but will need to raise funds in order to undertake our business plan. We intend to raise these funds by the sale of equity or loans as they can be negotiated. We do not currently have any sources for such funding and we cannot predict whether we will be able to raise the funding required to undertake our business plan.
7
Our ability to continue operations will be dependent upon the successful completion of additional long-term or permanent equity financing, the support of creditors and shareholders, and, ultimately, the achievement of profitable operations. There can be no assurances that we will be successful, which would in turn significantly affect our ability to be successful in our new business plan. If not, we will likely be required to reduce operations or liquidate assets. We will continue to evaluate our projected expenditures relative to our available cash and to seek additional means of financing in order to satisfy our working capital and other cash requirements.
There is substantial doubt about our ability to continue as a going concern as the continuation of our business is dependent upon achieving success in our required television development efforts and ultimately having a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholder. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments.
Off-Balance Sheet Arrangements
The Company does not presently have any off-balance sheet arrangements.
Critical Accounting Policies and Estimates
The preparation of our financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. On an on-going basis, management evaluates its estimates and judgments which are based on historical experience and on various other factors that are believed to be reasonable under the circumstances. The results of their evaluation form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions and circumstances. Our significant accounting policies are more fully discussed in the Notes to our Financial Statements contained in our Annual Report on Form 10-K for the year ended August 31, 2012 filed with the SEC on December 14, 2012.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
Not Applicable.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
We carried out an evaluation, under the supervision and with the participation of our management, Yoel Palomino, our Principal Executive Officer who is also our Principal Financial Officer, of the effectiveness of the design of our disclosure controls and procedures (as defined by Exchange Act Rules 13a-15(e) or 15d-15(e)) as of February 28, 2013, pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, our Principal Executive Officer, who is also our Principal Financial Officer, concluded that our disclosure controls and procedures are not effective as of February 28, 2013 in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. This conclusion is based on findings that constituted material weaknesses. A material weakness is a deficiency, or a combination of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company’s interim financial statements will not be prevented or detected on a timely basis.
In performing the above-referenced assessment, our management identified the following material weaknesses:
|
1)
|
We currently do not have an audit committee or an independent audit committee financial expert. While not being legally obligated to have an audit committee or independent audit committee financial expert, it is the management’s view that to have an audit committee, comprised of independent board members, and an independent audit committee financial expert is an important entity-level control over financial statements;
|
8
|
2)
|
Inadequate staffing and supervision within our bookkeeping operations. We have one consultant involved in bookkeeping functions, who provides three staff members. The relatively small number of people who are responsible for bookkeeping functions and the fact that they are from the same firm of consultants prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews. This may result in a failure to detect errors in spreadsheets, calculations or assumptions used to compile the financial statements and related disclosures as filed with the SEC;
|
|
3)
|
Outsourcing of our accounting operations. Because there are no employees in our administration, we have outsourced all of our accounting functions to an independent firm. The employees of this firm are managed by supervisors within the firm and are not answerable to our management. This is a material weakness because it could result in a disjunction between the accounting policies adopted by our Board of Directors and the accounting practices applied by the independent firm;
|
|
4)
|
Insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of US GAAP and SEC disclosure requirements;
|
|
5)
|
Ineffective controls over period end financial disclosure and reporting processes.
|
We continue to review our disclosure controls and procedures related to these material weaknesses and expect to implement changes in the near term, including identifying specific areas within our governance, accounting and financial reporting processes to add adequate resources and personnel to potentially mitigate these material weaknesses. Our present management will continue to monitor and evaluate the effectiveness of our internal controls and procedures and our internal controls over financial reporting on an ongoing basis and are committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal controls over financial reporting that occurred during the six months ended February 28, 2013 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within any company have been detected.
9
PART II - OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
To the best of management’s knowledge, there are no material legal proceedings pending against the Company.
|
ITEM 1A.
|
RISK FACTORS
|
Not Applicable.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
None.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
None.
|
ITEM 4.
|
MINE SAFETY DISCLOSURE
|
Not applicable.
|
ITEM 5.
|
OTHER INFORMATION
|
On or about April 2, 2013, we were informed by the Company’s independent registered public accounting firm Borgers & Cutler CPAs PC (“B&C”) of its dissolution. On or about April 2, 2013, we engaged the firm of BF Borgers CPA PC (“Borgers PC”), as the Company’s independent registered public accountant, to audit our financial statement for our fiscal year ending August 31, 2013, and the interim periods therein.
The Company is currently negotiating a partnership agreement with Saudi Global Investments LLC., a company duly incorporated in the Kingdom of Saudi Arabia with offices located in Riyadh, Saudi Arabia, regarding their intent to form a partnership in order to sell CorTronix products in the Middle-East and other countries. The parties expect to finalize a formal agreement prior to the end of this upcoming quarter ended May, 2013.
10
Item 6. Exhibits
EXHIBITS
|
Number
|
Description
|
|
|
3.1(a)
|
Articles of Incorporation.
|
Incorporated by reference to the Company’s Form S-1 registration statement filed with the Securities and Exchange Commission on October 14, 2008.
|
|
3.1(b)
|
Amendment to Articles of Incorporation
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on September 9, 2011.
|
|
3.1(c)
|
Amendment to Articles of Incorporation
|
Incorporated by reference to the Company’s Definitive 14C filed on November 2, 2012
|
|
3.2(a)
|
Bylaws.
|
Incorporated by reference to the Company’s Form S-1 registration statement filed with the Securities and Exchange Commission on October 14, 2008.
|
|
3.2(b)
|
Amendment to Bylaws
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on September 28, 2011.
|
|
10.1
|
Consulting Services and Finders Fee Agreement, dated February 1, 2012
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 1, 2012.
|
|
10.2
|
Mining Option Agreement, dated February 1, 2012
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 1, 2012.
|
|
10.3
|
Mutual Release Agreement by and between the Company and David Gibson
|
Incorporated by reference to the Company’s Form 10-K annual report filed with the Securities and Exchange Commission on December 14, 2011.
|
|
10.4
|
Form of Promissory Note
|
Incorporated by reference to the Company’s Form 10-K annual report filed with the Securities and Exchange Commission on December 14, 2011.
|
|
10.5
|
Acquisition Agreement between the Company and CorTronix dated August 15, 2012
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on August 21, 2012.
|
|
10.6
|
Assignment Agreement between Yoel Palomino and CorTronix dated August 10, 2012
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed on August 21, 2012.
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
31.2
|
31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
|
32.1
|
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
Filed herewith
|
| 101.INS | XBRL Instance Document | ** Filed Herewith |
| 101.SCH | XBRL Taxonomy Extension Schema | ** Filed Herewith |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase | ** Filed Herewith |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase | ** Filed Herewith |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase | ** Filed Herewith |
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase | ** Filed Herewith |
**Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
11
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
CORTRONIX BIOMEDICAL ADVANCEMENT TECHNOLOGIES INC.
|
|||
|
Date:
|
April 22, 2013
|
By:
|
/s/ Yoel Palomino
|
|
Name:
|
Yoel Palomino
|
||
|
Title:
|
Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director
(Principal Executive Officer, Principal Financial and Principal Accounting Officer)
|
||
12