Large accelerated filer
|
o |
Accelerated filer
|
o | ||
Non-accelerated filer
|
o |
Smaller reporting company
|
x |
Index | ||||
Consolidated Balance Sheets
|
F-1 | |||
Consolidated Statements of Expenses
|
F-2 | |||
Consolidated Statements of Cash Flows
|
F-3 | |||
Consolidated Statement of Stockholders’ Equity (Deficit) | F-4 to F-5 | |||
Notes to the Consolidated Financial Statements
|
F-6 to F-24 |
March 31,
|
December 31,
|
|||||||
2012
|
2011
|
|||||||
(Restated)
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 784 | $ | 3,380 | ||||
Prepaid expenses
|
43,069 | 41,682 | ||||||
Total Current Assets
|
43,853 | 45,062 | ||||||
Property and equipment, net of accumulated depreciation of $50,000 and $50,000, respectively
|
20,151 | 6,200 | ||||||
Intangible asset
|
457,695 | 457,695 | ||||||
Deferred financing costs
|
31,256 | 4,964 | ||||||
Total Assets
|
$ | 552,955 | $ | 513,921 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 116,652 | $ | 90,679 | ||||
Accrued liabilities
|
37,603 | 20,606 | ||||||
Convertible note payable, net of unamortized discount of $63,530 and $23,100, respectively
|
20,302 | 93,596 | ||||||
Derivative liability
|
195,931 | 155,958 | ||||||
Due to related parties
|
120,178 | 79,635 | ||||||
Loans payable
|
81,095 | 80,981 | ||||||
Total Current Liabilities
|
571,761 | 521,455 | ||||||
Convertible note payable, net of unamortized discount of $20,057 and $45,500, respectively
|
2,005 | 954 | ||||||
Loans payable
|
130,000 | 130,000 | ||||||
Total Liabilities
|
703,766 | 652,409 | ||||||
Commitments and Contingency
|
||||||||
Stockholders’ Deficit
|
||||||||
Preferred Stock: 100,000,000 shares authorized, $0.00001 par value,
No shares issued and outstanding as of March 31, 2012 and December 31, 2011
|
– | – | ||||||
Common Stock: 8,000,000,000 shares authorized, $0.00001 par value,
566,386,217 and 328,898,953 shares issued and outstanding as of
March 31, 2012 and December 31, 2011, respectively
|
5,664 | 3,289 | ||||||
Additional Paid-in Capital
|
4,411,146 | 4,047,627 | ||||||
Deficit Accumulated During the Development Stage
|
(4,712,335 | ) | (4,340,564 | ) | ||||
Total Stockholders’ Deficit
|
(295,525 | ) | (289,648 | ) | ||||
Non-controlling Interest
|
144,714 | 151,160 | ||||||
Total Stockholders’ Deficit
|
(150,811 | ) | (138,488 | ) | ||||
Total Liabilities and Stockholders’ Deficit
|
$ | 552,955 | $ | 513,921 |
Period from
|
||||||||||||
February 27, 2007
|
||||||||||||
For the Three Months Ended
|
(Inception)
|
|||||||||||
March 31,
|
to March 31,
|
|||||||||||
2012
|
2011
|
2012
|
||||||||||
(Restated)
|
(Restated)
|
|||||||||||
Expenses
|
||||||||||||
General and administrative
|
$ | 93,691 | $ | 67,017 | $ | 1,893,484 | ||||||
Depreciation and amortization expense
|
– | 2,500 | 504,918 | |||||||||
Management fees
|
25,516 | 44,809 | 1,258,963 | |||||||||
Total Operating Expenses
|
(119,207 | ) | (114,326 | ) | (3,657,365 | ) | ||||||
Other Income (Expense)
|
||||||||||||
Interest expense
|
(92,481 | ) | (12,369 | ) | (579,989 | ) | ||||||
Loss on derivative
|
(166,241 | ) | (929 | ) | (352,409 | ) | ||||||
Loss on extinguishment of debt
|
– | – | (37,225 | ) | ||||||||
Loss on settlement of debt
|
– | – | (13,750 | ) | ||||||||
Foreign currency exchange loss
|
(288 | ) | (42 | ) | (1,394 | ) | ||||||
Total Other Income (Expense)
|
(259,010 | ) | (13,340 | ) | (984,767 | ) | ||||||
Loss Before Discontinued Operations
|
(378,217 | ) | (127,666 | ) | (4,642,132 | ) | ||||||
Loss from Discontinued Operations
|
– | – | (87,310 | ) | ||||||||
Net Loss
|
$ | (378,217 | ) | $ | (127,666 | ) | $ | (4,729,442 | ) | |||
Net Loss attributable to non-controlling interest
|
6,446 | 1,453 | 17,107 | |||||||||
Net Loss Attributable to Medical Care Technologies Inc.
|
$ | (371,771 | ) | $ | (126,213 | ) | $ | (4,712,335 | ) | |||
Net Loss Per Common Share –
Basic and Diluted available to
Medical Care Technologies Inc.:
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
Weighted Average Common Shares Outstanding –Basic and Diluted
|
427,014,000 | 163,279,000 |
Period from
February 27,2007
|
||||||||||||
For the Three Months Ended
|
(Date of Inception)
|
|||||||||||
March 31,
|
to March 31,
|
|||||||||||
2012
|
2011
|
2012
|
||||||||||
(Restated)
|
(Restated)
|
|||||||||||
Cash Flows From Operating Activities:
|
||||||||||||
Net loss
|
$ | (378,217 | ) | $ | (127,666 | ) | $ | (4,729,442 | ) | |||
Adjustment to reconcile net loss to net cash used in operating activities:
|
||||||||||||
Donated services and expenses
|
– | – | 10,500 | |||||||||
Depreciation and amortization
|
– | 2,500 | 504,918 | |||||||||
Stock-based compensation
|
40,026 | 50,159 | 2,359,109 | |||||||||
Accretion of discount on convertible debt
|
77,513 | 8,521 | 529,136 | |||||||||
Loss on derivative
|
166,241 | 929 | 352,409 | |||||||||
Loss on extinguishment of debt
|
– | – | 37,225 | |||||||||
Loss on settlement of debt
|
– | – | 13,750 | |||||||||
Amortization of debt financing costs
|
3,708 | 832 | 16,994 | |||||||||
Changes in operating assets and liabilities:
|
||||||||||||
Prepaid expenses
|
(1,387 | ) | 2,000 | (43,069 | ) | |||||||
Accounts payable
|
12,022 | (15,262 | ) | 140,397 | ||||||||
Accrued liabilities
|
21,955 | 5,787 | 52,010 | |||||||||
Net Cash Used in Operating Activities
|
(58,139 | ) | (72,200 | ) | (756,063 | ) | ||||||
Cash Flows From Investing Activities:
|
||||||||||||
Purchase of property, plant and equipment
|
– | – | (6,200 | ) | ||||||||
Cash paid for purchase of clinic license
|
– | – | (457,695 | ) | ||||||||
Net Cash Used in Investing Activities
|
– | – | (463,895 | ) | ||||||||
Cash Flows From Financing Activities:
|
||||||||||||
Proceeds from sale of common stock for cash
|
– | – | 141,000 | |||||||||
Proceeds from loans payable
|
– | – | 221,189 | |||||||||
Proceeds from convertible note payable
|
15,000 | 77,000 | 551,750 | |||||||||
Due to related party
|
40,543 | – | 144,982 | |||||||||
Contributions from non-controlling interest
|
– | 1,600 | 161,821 | |||||||||
Cash Provided by Financing Activities
|
55,543 | 78,600 | 1,220,742 | |||||||||
(Decrease) Increase in Cash and Cash Equivalents
|
(2,596 | ) | 6,400 | 784 | ||||||||
Cash and Cash Equivalents – Beginning of Period
|
3,380 | 391 | – | |||||||||
Cash and Cash Equivalents – End of Period
|
$ | 784 | $ | 6,791 | $ | 784 | ||||||
Supplemental Disclosures:
|
||||||||||||
Interest paid
|
– | – | – | |||||||||
Income taxes paid
|
– | – | – | |||||||||
Non-Cash Disclosures:
|
||||||||||||
Acquisition of property and equipment in accounts payable
|
$ | 13,951 | $ | 13,951 | ||||||||
Debt discount
|
$ | 92,500 | $ | – | $ | 612,204 | ||||||
Cancellation of shares
|
$ | – | $ | – | $ | 573 | ||||||
Conversion of derivative liability
|
$ | 218,768 | $ | 7,024 | $ | 808,711 | ||||||
Reclassification of related party debt to/from accounts payable
|
$ | – | $ | – | $ | 48,249 | ||||||
Shares issued for acquisition of assets
|
$ | – | $ | – | $ | 504,918 | ||||||
Shares issued upon conversion of convertible debt and accrued interest
|
$ | 77,100 | $ | 10,094 | $ | 538,821 | ||||||
Shares issued for deferred financing fees
|
$ | 30,000 | $ | 30,000 |
|
Additional
|
Deficit
Accumulated
During
|
Non–
|
|||||||||||||||||||||
Common Stock |
Paid-in
|
Development
|
Controlling
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Interest
|
Total
|
|||||||||||||||||||
Balance – February 27, 2007 (Inception)
|
– | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||
Issuance of common stock for cash at $0.00001
pershare to the President of the Company
|
57,500,000 | 575 | 4,425 | – | – | 5,000 | ||||||||||||||||||
Issuance of common stock for cash at $0.0001
Pershare
|
41,400,000 | 414 | 35,586 | – | – | 36,000 | ||||||||||||||||||
Donated services
|
– | – | 5,000 | – | – | 5,000 | ||||||||||||||||||
Net loss for the period
|
– | – | – | (37,543 | ) | – | (37,543 | ) | ||||||||||||||||
Balance – December 31, 2007
|
98,900,000 | 989 | 45,011 | (37,543 | ) | – | 8,457 | |||||||||||||||||
Donated services
|
– | – | 5,500 | – | – | 5,500 | ||||||||||||||||||
Net loss for the year
|
– | – | – | (55,742 | ) | – | (55,742 | ) | ||||||||||||||||
Balance – December 31, 2008
|
98,900,000 | $ | 989 | $ | 50,511 | $ | (93,285 | ) | $ | – | $ | (41,785 | ) | |||||||||||
Cancellation of common stock
|
(57,500,000 | ) | (575 | ) | (14,425 | ) | – | – | (15,000 | ) | ||||||||||||||
Issuance of common stock for cash
|
57,500,000 | 575 | 14,425 | – | – | 15,000 | ||||||||||||||||||
Net loss for the year
|
– | – | – | (85,121 | ) | – | (85,121 | ) | ||||||||||||||||
Balance – December 31, 2009
|
98,900,000 | $ | 989 | $ | 50,511 | $ | (178,406 | ) | $ | – | $ | (126,906 | ) | |||||||||||
Cancellation of common stock
|
(57,300,000 | ) | (573 | ) | 573 | – | – | – | ||||||||||||||||
Issuance of common stock for acquisition of assets
|
58,695,000 | 587 | 504,331 | – | – | 504,918 | ||||||||||||||||||
Issuance of common stock for cash at $0.20
per share
|
500,000 | 5 | 99,995 | – | – | 100,000 | ||||||||||||||||||
Issuance of common stock for consulting services
|
16,635,000 | 166 | 514,921 | – | – | 515,087 | ||||||||||||||||||
Issuance of common stock for management
services
|
38,000,000 | 380 | 835,620 | – | – | 836,000 | ||||||||||||||||||
Issuance of common stock for director fees
|
500,000 | 5 | 10,995 | – | – | 11,000 | ||||||||||||||||||
Issuance of common stock for investor relations
services
|
3,826,087 | 38 | 87,962 | – | – | 88,000 | ||||||||||||||||||
Issuance of common stock for advisory services
|
1,250,000 | 13 | 28,737 | – | – | 28,750 | ||||||||||||||||||
Stock-based compensation
|
– | – | 3,012 | – | – | 3,012 | ||||||||||||||||||
Issuance of stock options
|
– | – | 48 | – | – | 48 | ||||||||||||||||||
Net loss for the year
|
– | – | – | (2,189,271 | ) | – | (2,189,271 | ) | ||||||||||||||||
Balance – December 31, 2010
|
161,006,087 | $ | 1,610 | $ | 2,136,705 | $ | (2,367,677 | ) | $ | – | $ | (229,362 | ) |
Additional
|
Deficit
Accumulated
During
|
Non–
|
||||||||||||||||||||||
Common Stock |
Paid-in
|
Development
|
Controlling
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Stage
|
Interest
|
Total
|
|||||||||||||||||||
Balance – December 31, 2010
|
161,006,087 | $ | 1,610 | $ | 2,136,705 | $ | (2,367,677 | ) | $ | – | $ | (229,362 | ) | |||||||||||
Issuance of common stock for consulting and advisory services
|
45,000,000 | 450 | 411,490 | – | – | 411,940 | ||||||||||||||||||
Issuance of common stock upon conversion of
convertible debt
|
99,929,606 | 999 | 460,722 | – | – | 461,721 | ||||||||||||||||||
Issuance of common stock for promissory note
|
1,250,000 | 12 | 23,738 | – | – | 23,750 | ||||||||||||||||||
Issuance of common stock for management services
|
11,500,000 | 115 | 165,985 | – | – | 166,100 | ||||||||||||||||||
Issuance of common stock for administrative services
|
5,125,000 | 52 | 65,216 | – | – | 65,268 | ||||||||||||||||||
Issuance of common stock for investor relations
services
|
5,088,260 | 51 | 82,449 | – | – | 82,500 | ||||||||||||||||||
Conversion feature on convertible debt
|
– | – | 589,943 | – | – | 589,943 | ||||||||||||||||||
Stock-based compensation
|
– | – | 111,379 | – | – | 111,379 | ||||||||||||||||||
Net loss for the period
|
– | – | – | (1,972,887 | ) | (10,661 | ) | (1,983,548 | ) | |||||||||||||||
Contribution from non-controlling interest
|
– | – | – | – | 161,821 | 161,821 | ||||||||||||||||||
Balance – December 31, 2011
|
328,898,953 | $ | 3,289 | $ | 4,047,627 | $ | (4,340,564 | ) | $ | 151,160 | $ | (138,488 | ) | |||||||||||
Issuance of common stock for consulting and advisory services
|
30,000,000 | 300 | 40,700 | – | – | 41,000 | ||||||||||||||||||
Issuance of common stock upon conversion of convertible debt
|
174,153,931 | 1,742 | 75,358 | – | – | 77,100 | ||||||||||||||||||
Issuance of common stock for financing fees
|
33,333,333 | 333 | 29,667 | – | – | 30,000 | ||||||||||||||||||
Conversion feature on convertible debt
|
– | – | 218,768 | – | – | 218,768 | ||||||||||||||||||
Stock-based compensation
|
– | – | (974 | ) | – | – | (974 | ) | ||||||||||||||||
Net loss for the period
|
– | – | – | (371,771 | ) | (6,446 | ) | (378,217 | ) | |||||||||||||||
Balance – March 31, 2012 (Restated)
|
566,386,217 | $ | 5,664 | $ | 4,411,646 | $ | (4,712,335 | ) | $ | 144,714 | $ | (150,811 | ) |
1.
|
Nature of Operations and Continuance of Business
|
2.
|
Property and Equipment
|
Cost
$
|
Accumulated
Depreciation
$
|
March 31,
2012
Net Carrying
Value
$
|
December 31,
2011
Net Carrying
Value
$
|
|||||||||||||
Computer hardware
|
30,000 | 30,000 | – | – | ||||||||||||
Equipment
|
20,000 | 20,000 | – | – | ||||||||||||
Leasehold improvements
|
20,151 | – | 20,151 | 6,200 | ||||||||||||
70,151 | 50,000 | 20,151 | 6,200 |
3.
|
Related Party Transactions
|
a)
|
During the three months ended March 31, 2012, the Company recognized $25,000 of management fees for the President of the Company. At March 31, 2012, the Company is indebted to the President of the Company for $100,000 for management fees owed to the President of the Company.The Company is also indebted to the President of the Company and a company controlled by the President of the Company for $11,913 for expenses paid on behalf of the Company. These amounts are unsecured, bear no interest and are due on demand.
|
b)
|
On April 23, 2012, the Company entered into a CEO Agreement with the President of the Company, which has an initial term of 1 year commencing December 1, 2011. Pursuant to the agreement, the Company agreed to pay the President an annual compensation of $120,000 commencing February 1, 2012 and to issue 120,000,000 restricted shares of common stock to the President. On April 30, 2012, the Company issued the 120,000,000 shares to the President. Refer to Note 12(e) and (l).
|
c)
|
At March 31, 2012, the Company is indebted to the Chief Operating Officer of the Company for $8,251 for expenses paid on behalf of the Company. This amount is unsecured, bears no interest and is due on demand.
|
d)
|
On February 1, 2011, the Company issued 100,000 stock options to the COO with an exercise price of $0.25 per share. The 100,000 stock options are exercisable until February 1, 2016. 50,000 stock options vested on August 1, 2011, 25,000 stock options vest on January 1, 2012, and 25,000 stock options vest on August 1, 2012. The fair value for these stock options was estimated at the date of grant using the Black-Scholes option-pricing model assuming a weighted average expected life of 10.01 years, a risk-free rate of 3.48%, an expected volatility of 250%, and a 0% dividend yield. The weighted fair value of stock options was $0.014 per share. During the three months ended March 31, 2012, the Company recorded stock-based compensation of $58 as management fees.
|
e)
|
On December 30, 2010, the Company issued 500,000 stock options to the President of the Company with an exercise price of $0.25 per share. The 500,000 stock options are exercisable until December 30, 2015. 125,000 stock options vested on June 28, 2011, 125,000 vested on Dec 28, 2011, and 250,000 stock options vest on June 28, 2012. The fair value for these stock options were estimated at the date of grant using the Black-Scholes option-pricing model assuming a weighted average expected life of 10.01 years, a risk-free rate of 3.38%, an expected volatility of 251%, and a 0% dividend yield. The weighted fair value of stock options was $0.011 per share. During the three months ended March 31, 2012, the Company recorded stock-based compensation of $458as management fees.
|
f)
|
On December 30, 2010, the Company issued an aggregate of 250,000 stock options to four directors of the Company with an exercise price of $0.25 per share. The 250,000 stock options are exercisable until December 30, 2015. 99,998 stock options vested on June 28, 2011, 75,001 stock options vested on December 28, 2011, and 75,001 stock options vest on June 28, 2012. The fair value for these stock options were estimated at the date of grant using the Black-Scholes option-pricing model assuming a weighted average expected life of 10.01 years, a risk-free rate of 3.38%, an expected volatility of 251%, and a 0% dividend yield. The weighted fair value of stock options was $0.011 per share. During the three months ended March 31, 2012, the Company recorded stock-based compensation of $137 as management fees.
|
4.
|
Loans payable
|
Balance at December 31, 2011
|
$ | 210,981 | ||
Addition of new loan payable
|
– | |||
Settlement of loan payable
|
– | |||
Foreign exchange translation
|
114 | |||
Balance at March 31, 2012
|
$ | 211,095 |
5.
|
Convertible Notes Payable
|
a)
|
On June 1, 2011, the Company entered into a Securities Purchase Agreement with Asher for the sale of a Convertible Promissory Note (the “Note”) in the principal amount of $32,500. The Company received net proceeds from the issuance of the Note in the amount of $30,000 and incurred debt financing costs of $2,500, which will be amortized over the term of the Note. The Note, which is due on March 6, 2012, bears interest at the rate of 8% per annum. Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof until the same is paid. All principal and accrued interest on the Note is convertible into shares of the Company’s common stock at the election of Asher at any time after 180 days from June 1, 2011 at a conversion price equal to a 39.9% discount to the average of the 3 closing bid prices of the common stock during the 10 trading day period prior to conversion. The derivative treatment would not become applicable until the Note becomes convertible on November 28, 2011.
|
b)
|
On June 1, 2011, the Company entered into a Convertible Promissory Note agreement for $55,000. Pursuant to the agreement, the loan is convertible into shares of common stock at a variable conversion price equal to the lower of 70% of the average of the lowest three closing bid prices for the common stock during the 10 trading days prior to the date of the conversion notice. The loan bears interest at 8% per year and the principal amount and any interest thereon are due on May 31, 2012.
|
c)
|
On July 20, 2011, the Company entered into a Securities Purchase Agreement with Asher for the sale of a Convertible Promissory Note (the “Note”) in the principal amount of $32,500. The Company received net proceeds from the issuance of the Note in the amount of $30,000 and incurred debt financing costs of $2,500, which will be amortized over the term of the Note. The Note, which is due on April23, 2012, bears interest at the rate of 8% per annum. Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof until the same is paid. All principal and accrued interest on the Note is convertible into shares of the Company’s common stock at the election of Asher at any time after 180 days from July 20, 2011 at a conversion price equal to a 39.9% discount to the average of the 3 closing bid prices of the common stock during the 10 trading day period prior to conversion. The derivative treatment would not become applicable until the Note becomes convertible on January 16, 2012.
|
d)
|
On September 9, 2011, the Company entered into a Securities Purchase Agreement with Asher for the sale of a Convertible Promissory Note (the “Note”) in the principal amount of $45,000. The Company received net proceeds from the issuance of the Note in the amount of $42,500 and incurred debt financing costs of $2,500, which will be amortized over the term of the Note. The Note, which is due on June 12, 2012, bears interest at the rate of 8% per annum. Any amount of principal or interest on this note which is not paid when due shall bear interest at the rate of 22% per annum from the due date thereof until the same is paid. All principal and accrued interest on the Note is convertible into shares of the Company’s common stock at the election of Asher at any time after 180 days from September9, 2011 at a conversion price equal to a 45% discount to the average of the 3 closing bid prices of the common stock during the 10 trading day period prior to conversion. The derivative treatment would not become applicable until the Note becomes convertible on March 7, 2012.
|
e)
|
On November 17, 2011, the Company entered into Convertible Promissory Note agreement for $25,000. Pursuant to the agreement, the loan is convertible into shares of common stock at a variable conversion price equal to 70% of the average of the lowest three closing bid prices for the common stock during the 10 trading days prior to the date of the conversion notice. The loan bears interest at 8% per year and the principal amount and any interest thereon are due on November 17, 2012.
|
f)
|
On March6, 2012, the Company entered into Convertible Promissory Note agreement for $10,000. Pursuant to the agreement, the loan is convertible into shares of common stock at a variable conversion price equal to 80% of the average of the lowest three closing bid prices for the common stock during the 10 trading days prior to the date of the conversion notice. The loan bears interest at 10% per year and the principal amount and any interest thereon are due on March5, 2013.
|
g)
|
On March8, 2012, the Company entered into Convertible Promissory Note agreement for $5,000. Pursuant to the agreement, the loan is convertible into shares of common stock at a variable conversion price equal to 80% of the average of the lowest three closing bid prices for the common stock during the 10 trading days prior to the date of the conversion notice. The loan bears interest at 6% per year and the principal amount and any interest thereon are due on March7, 2013.
|
6.
|
Common and Preferred Stock
|
a)
|
On March 31, 2012, the Company issued 33,333,333 restricted shares of common stock at a fair value of $30,000 for structuring and due diligence fee pursuant to the term sheet as described in Note 11(i).
|
b)
|
In November 2011, the Company granted 90,000,000 shares of common stock pursuant to a consulting agreement. The award vests over the 9-month term of the agreement. For the three months ended March 31, 2012, the Company recognized stock-based compensation of $41,000 which is equivalent to the fair value of the 30,000,000 shares that vested during the period (see Note 11(f)).
|
a)
|
On January 5, 2012, the Company issued 3,465,347 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(b).
|
b)
|
On January 11, 2012, the Company issued 13,000,000 restricted shares of common stock upon the partial conversion of the convertible note as described in Note5(a).
|
c)
|
On January 20, 2012, the Company issued 11,000,000 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(a).
|
d)
|
On January 23, 2012, the Company issued 13,333,333 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(b).
|
e)
|
On January 25, 2012, the Company issued 3,600,000 restricted shares of common stock upon the conversion of the convertible note as described in Note 5(a).
|
f)
|
On January 30, 2012, the Company issued 14,893,617 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
g)
|
On February 6, 2012, the Company issued 13,333,333 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(b).
|
h)
|
On February 8, 2012, the Company issued 16,666,667 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
i)
|
On February 17, 2012, the Company issued 17,567,568 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
j)
|
On February 27, 2012, 2012, the Company issued 17,241,379 shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
k)
|
On March 1, 2012, the Company issued 13,333,333 shares of common stock upon the partial conversion of the convertible note as described in Note 5(b).
|
l)
|
On March13, 2012, the Company issued 17,567,568 shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
m)
|
On March 19, 2012, the Company issued 5,714,286 restricted shares of common stock upon the partial conversion of the convertible note as described in Note 5(c).
|
n)
|
On March 23, 2012, the Company issued 937,500 shares of common stock upon the conversion of the convertible note as described in Note 5(c).
|
o)
|
On March 23, 2012, the Company issued 12,500,000 shares of common stock upon the partial conversion of the convertible note as described in Note 5(d).
|
7.
|
Stock Options
|
Number of
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Life (years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
# | $ | # | $ | |||||||||||||
Outstanding, December 31, 2010
|
1,350,000 | 0.25 | ||||||||||||||
Granted
|
350,000 | 0.25 | ||||||||||||||
Outstanding, December 31, 2011
|
1,700,000 | 0.25 | ||||||||||||||
Granted
|
– | – | ||||||||||||||
Outstanding, March 31, 2012
|
1,700,000 | 0.25 | 3.76 | – | ||||||||||||
Exercisable, March 31, 2012
|
1,091,665 | 0.25 | 3.75 | – |
Non-vested options
|
Number of
Options
|
Weighted Average
Grant Date
Fair Value
|
||||||
# | $ | |||||||
Non-vested at December 31, 2010
|
1,350,000 | 0.011 | ||||||
Granted
|
350,000 | 0.018 | ||||||
Vested
|
(1,066,665 | ) | 0.015 | |||||
Non-vested at December 31, 2011
|
633,335 | 0.008 | ||||||
Granted
|
– | – | ||||||
Vested
|
(25,000 | ) | 0.011 | |||||
Non-vested at March 31, 2012
|
608,335 | 0.007 |
8.
|
Share Purchase Warrants
|
Number of
Warrants
|
Exercise Price
|
|||||||
# | $ | |||||||
Balance, December 31, 2010 and 2011
|
500,000 | 0.15 | ||||||
Expired
|
(500,000 | ) | 0.15 | |||||
Balance, March 31, 2012
|
– | – |
9.
|
Derivative Instruments
|
Balance at December 31, 2011
|
$ | 155,958 | ||
Addition of new derivative liability
|
92,500 | |||
Settlement of derivative liability through conversion of debt
|
(218,768 | ) | ||
Derivative loss included in other income (expense)
|
166,241 | |||
Balance at March 31, 2012
|
$ | 195,931 |
10.
|
Financial Instruments and Fair Value Measurements
|
Fair Value Measurements Using
|
||||||||||||||||||||
Quoted Price in Active Markets for Identical Instruments
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
Balance as of
March 31, 2012
|
Balance as of December 31, 2011
|
||||||||||||||||
Liabilities:
|
||||||||||||||||||||
Derivative Liabilities
|
$ | – | $ | – | $ | 195,931 | $ | 195,931 | $ | 155,958 | ||||||||||
Total liabilities measured at fair value
|
$ | – | $ | – | $ | 195,931 | $ | 195,931 | $ | 155,958 |
11.
|
Commitments
|
a)
|
On February 1, 2011, the Company entered into an Executive Officer Employment Agreement with its Chief Operating Officer (“COO”). Pursuant to the agreement, the Company agreed to pay a base compensation to be determined at such time when the Company secures a major financing in excess of $1,000,000. The Company issued 2,000,000 restricted shares of common stock for the first year of service at a fair value of $28,000. The Company will determine the stock based compensation for subsequent years 30 days prior to the anniversary date of the agreement. The term of the agreement is 36 months and the agreement is automatically renewable for successive one year. On August 1, 2011, the Company amended the Executive Officer Employment Agreement. Pursuant to the amendment, the Company issued 8,000,000 shares of common stock at a fair value of $113,600. On April 23, 2012, the Company amended the Executive Officer Employment Agreement. Pursuant to the 2nd amendment, the Company agreed to pay an annual salary of $60,000 and to issue 80,000,000 restricted shares of common stock. Refer to Note 12(f) and (m).
|
b)
|
On May 10, 2011, the Company entered into a management advisory services agreement with a consultant for an initial period of one year. In consideration for such services, the Company is required to make payments of $25,000 per quarter as well as any out-of-pocket expenses. In the event that the Company is unable to make such payments, they are given the option to issue shares for such services totalling 7,500,000. On June 29, 2011, the Company issued 3,750,000 shares of common stock at a fair value of $63,750, registered under the June 2, 2011 S-8 Registration Statement. On August 15, 2011, the Company issued 1,250,000 shares of common stock at a fair value of $17,250, registered under the June 2, 2011 S-8 Registration Statement.
|
c)
|
On May 18, 2011, ReachOut entered into two office lease agreements, which commenced on May 22, 2011 until May 21, 2017. The minimum rent from May 22, 2011 to May 21, 2013 is $5,554 (RMB35,060) per month, the minimum rent from May 22, 2013 to May 21, 2014 is $5,892 (RMB37,200) per month, the minimum rent from May 22, 2014 to May 21, 2015 is $6,083 (RMB38,400), the minimum rent from May 22, 2015 to May 21, 2016 is $6,273 (RMB39,600) and the minimum rent from May 22, 2016 to May 21, 2017 is $6,558 (RMB41,400). The Company’s future minimum lease payments under the existing leases entered into during the year are as follows:
|
Fiscal year ending December 31, 2012
|
$
|
49,982 (RMB315,540)
|
Fiscal year ending December 31, 2013
|
69,015 (RMB435,700)
|
|
Fiscal year ending December 31, 2014
|
72,040 (RMB454,800)
|
|
Fiscal year ending December 31, 2015
|
74,321 (RMB469,200)
|
|
Fiscal year ending December 31, 2016 and after
|
110,056 (RMB694,800)
|
|
$
|
375,414 (RMB2,370,040)
|
d)
|
On September 1, 2011, the Company entered into a medical director services agreement for a period of 2 years. Pursuant to the agreement, the Company agreed to issue 2,000,000 shares common stock as follows: 1,000,000 within 10 days of the execution of the agreement; and 1,000,000 on September 1, 2012. On September 19, 2011, the Company issued 1,000,000 restricted shares of common stock at a fair value of $10,000.
|
e)
|
On October 15, 2011, ReachOut entered into an interior design contract with G-Design Consultant Inc. and Art Team Limited (“G-Design”). Pursuant to the agreement, ReachOut agreed to pay a total sum not to exceed $31,002. The amount is payable as follows: $6,200 to be paid when the preliminary design phase and presentation have been accomplished; $13,951 to be paid on completion and acceptance of the final design concept; $10,851 to be paid when all completed design or construction drawings have been approved by Chinese government officials and departments and is ready to be used for construction. The Company paid $6,200 to G-Design on November 14, 2011. During the three months ended March 31, 2012, the Company accrued $13,951 upon the completion and acceptance of the final design concept.
|
f)
|
On November 11, 2011, the Company entered into a business advisory and consulting agreement with a consultant for a term of nine months. In consideration for such services, the Company agreed to issue 10,000,000 shares of common stock of the Company each month, for a total of 90,000,000 shares of common stock, which will be registered under a Form S-8 Registration. Pursuant to the agreement, during the period ended December 31, 2011 and March 31, 2012, the Company recognized $49,000 and $41,000, respectively, of expense related to this grant (see Note 14).
|
g)
|
On November 29, 2011, the Company entered into a finder’s fee agreement with Vince Trapasso (“Trapasso”) whereby the Company agreed to pay finder’s fee in cash equal to 5% and in restricted common shares equal to 5% of the total dollar amount of the financing provided by those persons or entities who were introduced by Trapasso. The initial term of the agreement is one year and the agreement will automatically be renewed at the expiration of the first year of service and at each anniversary of the agreement. After the first anniversary, the agreement can be terminated by either party with 10 days notice. During the year ended December 31, 2011, the Company paid $2,750 to Trapasso. On April 9, 2012, the Company issued 3,300,000 restricted shares of common stock to Trapasso. Refer to Note 12(c). On June 15, 2012, the Company issued 1,388,889 restricted shares of common stock to Trapasso. Refer to Note 12(dd).
|
h)
|
On March 8, 2012, the Company entered into a business consulting services agreement with a consultant whereby the Company agreed to issue 65,000,000 shares of common stock, which will be registered under a Form S-8 Registration agreement. The term of this agreement shall commence on the date common stock share compensation is delivered to the consultant and shall continue for a period of 120 days thereafter. As of March 31, 2012, the Company has not issued any shares to the consultant.
|
i)
|
On March 31, 2012, the Company entered into a Funding Term Sheet pursuant to which the investor agreed to purchase $10,000,000 of the Company’s common stock over the course of 4 years. Upon execution of the Funding Term Sheet, the Company agreed to pay to the investor $30,000 in restricted stock as compensation for the investor’s structuring, legal, administrative and due diligence costs associated with the proposed transaction. On March 31, 2012, the Company issued 33,333,333 restricted shares of common stock for structuring and due diligence fee.
|
12.
|
Subsequent Events
|
a)
|
On April 1, 2012, the Company entered into a business advisory and consulting agreement with a consultant for a term of nine months. In consideration for such services, the Company agreed to issue 90,000,000 shares of common stock of the Company, which will be registered under a Form S-8 Registration. The 90,000,000 shares will be issued in tranches throughout the term of the agreement as follows: i) 30,000,000 shares upon execution of the agreement or upon effective filing of the Form S-8, ii) 30,000,000 shares on or before August 1, 2012 and; iii) 30,000,000 shares on or before November 1, 2012.
|
b)
|
On April 1, 2012, the Company entered into an administrative services agreement for a term of one year. In consideration for such services, the Company agreed to issue 60,000,000 shares of common stock of the Company, which will be registered under a Form S-8 Registration. The 60,000,000 shares will be issued pro rata on a monthly basis with the pro rata shares being due at the end of each month.
|
c)
|
On April 9, 2012, the Company issued 3,300,000 restricted shares of common stock pursuant to the finder’s fee agreement as described in Note 11(g).
|
d)
|
On April 9, 2012, the Company entered into a Business Development Services (China) Agreement for a period of one year for general consulting services in connection with acquiring medical centre licenses and/or operational centres in China. Pursuant to the agreement, the Company agreed to issue 31,885,300 shares of common stock for the introduction of three opportunities for the Company to acquire ownership within a medical center joint venture in Chine. The 31,885,300 shares are issuable as follows: i) 17,918,606 shares of common stock upon execution of the agreement, ii) 3,981,913 shares of common stock after the signing of the first letter of intent to enter into a joint venture to develop a medical center; iii) 3,981,913 shares of common stock when the Company signs a contract for the first joint venture medical center in China; iv) 2,986,434 shares of common stock when the Company signs a contract for the second joint venture medical center in China; iv) 2,986,434 shares of common stock when the Company signs a contract for the third joint venture medical center in China. On April 30, 2012, the Company issued 9,954,781 restricted shares of common stock.
|
e)
|
On April 16, 2012, the Company issued 26,785,714 shares of common stock upon the conversion of $7,500 of the convertible note as described in Note 5(d).
|
f)
|
On April 19, 2012, the Company issued 25,925,926 shares of common stock upon the conversion of $7,000 of the convertible note as described in Note 5(d).
|
g)
|
On April 23, 2012, the Company entered into a CEO Agreement with the President of the Company for a period of one year commencing December 1, 2011. Pursuant to the agreement, the Company agreed to pay an annual base compensation of $120,000 commencing February 1, 2012 and issued 120,000,000 restricted shares of common stock to the President of the Company
|
h)
|
On April 23, 2012, the Company amended the Executive Officer Employment Agreement entered into with its Chief Operating Officer (“COO”) on February 1, 2011 to provide for an annual base compensation of $60,000 and the issuance of 80,000,000 restricted shares of the Company’s common stock.
|
i)
|
On April 23, 2012, the Company entered into a consulting agreement for legal services pursuant to which the Company issued 10,000,000 shares of common stock. The Company will register the shares on a S-8 registration statement.
|
j)
|
On April 25, 2012, the Company issued 17,391,304 shares of common stock upon the conversion of $4,000 of the convertible note as described in Note 5(d).
|
k)
|
On April 25, 2012, the Company issued 25,714,286 shares of common stock upon the conversion of $8,600 of the convertible note as described in Note 5(b).
|
l)
|
On April 27, 2012, the Company issued 26,315,789 shares of common stock upon the conversion of $5,000 of the convertible note as described in Note 5(d).
|
m)
|
On May 1, 2012, the Company entered into an administrative and support services agreement for a term of one year. In consideration for such services, the Company agreed to issue 60,000,000 shares of common stock of the Company, which will be registered under a Form S-8 Registration. The 60,000,000 shares will be issued pro rata on a monthly basis with the pro rata shares being due at the end of each month.
|
n)
|
On May 1, 2012, the Company entered into an engineering services agreement for a term of four months. In consideration for such services, the Company agreed to pay the consultant at a rate of $16,250 for each month for which services are provided. The Company will also issue 65,000,000 shares of common stock of the Company, which will be registered under a Form S-8 Registration.
|
o)
|
On May 2, 2012, the Company finalized, executed and delivered a Reserve Equity Financing Agreement (the “Financing Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with AGS Capital Group, LLC ("AGS").
|
p)
|
On May 3, 2012, the Company issued 16,842,105 shares of common stock upon the conversion of $3,200 of the convertible note as described in Note 5(d).
|
q)
|
On May 8, 2012, the Company entering into a business consulting services agreement with a consultant whereby the Company agreed to issue 77,000,000 shares of common stock, which will be registered under a Form S-8 Registration agreement. The term of this agreement shall commence on the date common stock share compensation is delivered to the consultant and shall continue for a period of 120 days thereafter.
|
r)
|
On May 10, 2012, the Company issued 10,000,000 shares of common stock upon the conversion of $2,600 of the convertible note as described in Note 5(d).
|
s)
|
On May 16, 2012, the Company entered into a China logistics consulting agreement for a term of ten months. In consideration for such services, the Company issued 55,000,000 restricted shares of common stock of the Company on June 7, 2012.
|
t)
|
On May 17, 2012, the Company entered into a communications consulting agreement for a term of three months. In consideration for such services, the Company issued 100,000 restricted shares of common stock of the Company onMay 30, 2012.
|
u)
|
On May 18, 2012, the Company entered into an administrative services agreement for a term of one year. In consideration for such services, the Company agreed to issue 60,00,000 restricted shares of common stock, payable as follows: i) 30,000,000 shares upon execution of the agreement and; ii) 30,000,000 shares on or before November 18, 2012. On June 7, 2012, the Company issued 30,000,000 restricted shares of common stock.
|
v)
|
On May 21, 2012, the Company modified the term of the convertible note as described in Note 5(e). The conversion rate for the convertible note was amended to 50% discount to the lowest closing bid price in the fifteen days prior to the conversion. The maturity date was extended from November 17, 2012 to May 21, 2013 and the interest rate was amended to 12%. On May 24, 2012, the Company issued 11,428,571 shares of common stock upon the conversion of $21,000 of the convertible note. On July 12, 2012, the Company issued 61,142,857 shares of common stock upon the conversion of a principal amount of $21,000 and accrued interest of $400.
|
w)
|
On May 23, 2012, the Company issued 33,333,333 shares of common stock upon the conversion of $9,000 of the convertible note as described in Note 5(b).
|
x)
|
On May 29, 2012, the Company secured a $130,000 loan payable with two Convertible Promissory Notes for $65,000 each. Pursuant to the convertible note agreements, the loans are convertible into shares of common stock at a variable conversion price equal to 50% of the average of the lowest three closing bid prices for the common stock during the 10 trading days prior to the date of the conversion notice. The loan bears interest at 10% per year and the principal amount and any interest thereon are due on November 29, 2014. On July 13, 2012, the Company issued 85,000,000 shares of common stock upon the conversion of a principal amount of $19,125 of one of the $65,000 convertible notes. On July 25, 2012, the Company issued 85,000,000 shares of common stock upon the conversion of a principal amount of $19,125 of one of the $65,000 convertible notes.
|
y)
|
On June 1, 2012, the Company entered into an advisory agreement for a term of six months. In consideration for such services, the Company agreed to issue 80,000,000 restricted shares of common stock of the Company, payable as follows: i) 30,000,000 shares upon execution of the agreement and; ii) 50,000,000 shares on or before September 15, 2012. On June 7, 2012, the Company issued 30,000,000 restricted shares of common stock.
|
z)
|
On June 1, 2012, the Company entered into a consulting agreement for a term of seven months. In consideration for such services, the Company issued 5,000,000 restricted shares of common stock of the Company on July 18, 2012.
|
aa)
|
On June 1, 2012, the Company entered into a chief technology officer agreement for a term of six months. In consideration for such services, the Company issued 5,000,000 restricted shares of common stock of the Company on June 15, 2012.
|
bb)
|
On June 12, 2012, the Company entered into a loan agreement (the “Loan Agreement”) with Ocean Wise International Industrial Limited, a Hong Kong corporation (“Ocean Wise”), pursuant to which the Company received a loan of $285,645 from Ocean Wise to be used for the Company's joint venture costs for Shenzhen Phase 1 and 2 licenses. The loan accrues interest at 12% per annum and matures on December 12, 2012. In the event of default, all principal and accrued interest will become immediately due and payable and the Company will be required to pay Ocean Wise an initial penalty equal to 40% of the Company's joint venture share in Reachout Holdings Limited (“Reachout”), which penalty will increase an additional 5% for every 5 days such default continues. Ocean Wise and the Company currently own 35% and 65%, respectively, in Reachout, a Hong Kong corporation.
|
cc)
|
On June 14, 2012, the Company issued 15,895,276 shares of common stock upon the conversion of principal amount of $2,900 and accrued interest of $1,710 of the convertible note as described in Note 5(b).
|
dd)
|
On June 15, 2012, the Company issued 1,388,889 restricted shares of common stock pursuant to the finder’s fee agreement as described in Note 11(g).
|
ee)
|
On June 15, 2012, the Company entered into a medical director agreement for a term of six months. In consideration for such services, the Company agreed to issue 30,000,000 restricted shares of common stock, payable as follows: i) 15,000,000 shares upon execution of the agreement (issued on the same date); and ii) 15,000,000 shares on August 15, 2012.
|
ff)
|
On July 17, 2012, the Company entered into a business consulting services agreement with a consultant whereby the Company issued 70,000,000 restricted shares of common stock. The term of this agreement shall commence on the date common stock share compensation is delivered to the consultant and shall continue for a period of 120 days thereafter.
|
gg)
|
On July 17, 2012, the Company accepted stock subscriptions for 42,857,142 shares at $0.00035 per share for proceeds of $15,000. On July 26, 2012, the Company issued the 42,857,142 shares. The Company also issued an option to purchase an additional 42,857,142 shares with an exercise price of $0.00035 per share to the investor. The option expires on November 23, 2012.
|
hh)
|
On July 17, 2012, pursuant to a purchase and assignment agreement, the note holder of the Convertible Promissory Note described in Note 5(f) assigned principal amount of $10,000 and accrued interest of $420 to another investor. All the terms of the Convertible Promissory Note remain unchanged.
|
ii)
|
On July 17, 2012, pursuant to a purchase and assignment agreement, the note holder of the Convertible Promissory Note described in Note 5(g) assigned principal amount of $5,000 and accrued interest of $125 to another investor. All the terms of the Convertible Promissory Note remain unchanged.
|
jj)
|
On July 19, 2012, the Company entered into a Convertible Promissory Note agreement for $29,500. Pursuant to the agreement, the loan is convertible into shares of common stock at a variable conversion price equal to 35% of the average of the lowest three trading prices for the common stock during the 90 trading days prior to the date of the conversion notice. The loan bears interest at 12% per year and the principal amount and any interest thereon are due on January 21, 2013.
|
13.
|
March 31, 2012 Restatement
|
March 31, 2012
|
||||||||||||
Consolidated Balance Sheet
|
As Previously Reported
|
Adjustment
|
As Restated
|
|||||||||
Stockholders’ Deficit
|
||||||||||||
Common Stock
|
$ | 5,164 | $ | 500 | $ | 5,664 | ||||||
Additional Paid-in Capital
|
4,321,646 | 89,500 | 4,411,146 | |||||||||
Deficit Accumulated During the Development Stage
|
(4,622,335 | ) | (90,000 | ) | (4,712,335 | ) | ||||||
Total Stockholder’ Deficit
|
$ | (295,525 | ) | $ | – | $ | (295,525 | ) |
For the Three Months Ended March 31, 2012
|
||||||||||||
Consolidated Statement of Operations
|
As Previously Reported
|
Adjustment
|
As Restated
|
|||||||||
General and Administrative
|
$ | 52,691 | $ | 41,000 | $ | 93,691 | ||||||
Total Operating Expense
|
(78,207 | ) | (41,000 | ) | (119,207 | ) | ||||||
Loss before Discontinued Operations
|
(337,217 | ) | (41,000 | ) | (378,217 | ) | ||||||
Net Loss
|
(337,217 | ) | (41,000 | ) | (378,217 | ) | ||||||
Net Loss Attributable to Medical Care
|
$ | (330,771 | ) | $ | (41,000 | ) | $ | (371,771 | ) | |||
Net Loss Per Share – Basic and Diluted
|
$ | (0.00 | ) | $ | (0.00 | ) |
Period from February 27, 2007 (Inception) to March 31, 2012
|
||||||||||||
Consolidated Statement of Operations
|
As Previously Reported
|
Adjustment
|
As Restated
|
|||||||||
General and Administrative
|
$ | 1,803,484 | $ | 90,000 | $ | 1,893,484 | ||||||
Total Operating Expense
|
(3,567,365 | ) | (90,000 | ) | (3,657,365 | ) | ||||||
Loss before Discontinued Operations
|
(4,552,132 | ) | (90,000 | ) | (4,642,132 | ) | ||||||
Net Loss
|
(4,639,442 | ) | (90,000 | ) | (4,729,442 | ) | ||||||
Net Loss Attributable to Medical Care
|
$ | (4,622,335 | ) | $ | (90,000 | ) | $ | (4,712,335 | ) |
December 31, 2011
|
||||||||||||
Consolidated Balance Sheet
|
As Previously Reported
|
Adjustment
|
As Restated
|
|||||||||
Stockholders’ Deficit
|
||||||||||||
Common Stock
|
$ | 3,089 | $ | 200 | $ | 3,289 | ||||||
Additional Paid-in Capital
|
3,998,827 | 48,800 | 4,047,627 | |||||||||
Deficit Accumulated During the Development Stage
|
(4,291,564 | ) | (49,000 | ) | (4,340,564 | ) | ||||||
Total Stockholder’ Deficit
|
$ | (289,648 | ) | $ | – | $ | (289,648 | ) |
For the Year Ended December 31, 2011
|
||||||||||||
Consolidated Statement of Operations
|
As Previuosly Reported
|
Adjustment
|
As Restated
|
|||||||||
General and Administrative
|
$ | 876,034 | $ | 49,000 | $ | 925,034 | ||||||
Total Operating Expense
|
(1,207,773 | ) | (49,000 | ) | (1,256,773 | ) | ||||||
Loss before Discontinued Operations
|
(1,934,548 | ) | (49,000 | ) | (1,983,548 | ) | ||||||
Net Loss
|
(1,934,548 | ) | (49,000 | ) | (1,983,548 | ) | ||||||
Net Loss Attributable to Medical Care
|
$ | (1,923,887 | ) | $ | (49,000 | ) | $ | (1,972,887 | ) | |||
Net Loss Per Share – Basic and Diluted
|
$ | (0.01 | ) | $ | (0.01 | ) |
Period from February 27, 2007 (Inception) to December 31, 2011
|
||||||||||||
Consolidated Statement of Operations
|
As Previously Reported
|
Adjustment
|
As Restated
|
|||||||||
General and Administrative
|
$ | 1,750,796 | $ | 49,000 | $ | 1,799,793 | ||||||
Total Operating Expense
|
(3,489,158 | ) | (49,000 | ) | (3,538,158 | ) | ||||||
Loss before Discontinued Operations
|
(4,214,915 | ) | (49,000 | ) | (4,263,915 | ) | ||||||
Net Loss
|
(4,302,225 | ) | (49,000 | ) | (4,351,225 | ) | ||||||
Net Loss Attributable to Medical Care
|
$ | (4,291,564 | ) | $ | (49,000 | ) | $ | (4,340,564 | ) |
Exhibit
|
Document
|
|
31.1
|
Certification of Principal Executive Officer pursuant to 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.
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31.2
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Certification of Principal Financial Officer pursuant to 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.
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32.1
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Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer).
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32.2 |
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Financial Officer).
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101.INS **
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XBRL Instance Document
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101.SCH **
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XBRL Taxonomy Extension Schema Document
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101.CAL **
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF **
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB **
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XBRL Taxonomy Extension Label Linkbase Document
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101.PRE **
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XBRL Taxonomy Extension Presentation Linkbase Document
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MEDICAL CARE TECHNOLOGIES INC. | |||
Dated: July 30, 2012
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By:
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/s/ Ning C. Wu | |
Ning C. Wu
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President (principal executive officer)
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By: |
/s/ Hui Liu
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Hui Liu
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Treasurer (principal financial and accounting officer)
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