Item 1. The exact name of the issuer and the address of its principal executive offices.
44081 Pipeline Plaza, Suite 320
Ashburn, Virginia, 20147
Phone:
Attn: Robert Lyles, CEO
Email:
Common Stock Quarter ended June 30, 2010
The number of preferred stock authorized as of June 30, 2010 was 10,000,000 with none outstanding.
Item 3. Interim financial statements.
Unaudited Financial Statements for the fiscal quarter ended June 30, 2010
unaudited financial statements for the fiscal quarter ended June 30 2010, incorporated herein by reference,
and prepared in accordance with generally accepted accounting principles:
2. Unaudited and Consolidated Statement of Operations
3. Unaudited and Consolidated Statement of Cash Flows
4. Unaudited and Consolidated Statement of Stockholders' Deficit
5. Unaudited and Consolidated Notes to the Financial Statements
Item 4. Management's Discussion and Analysis or Plan of Operation.
in this MD&A Section that are not purely historical fact are forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995, and are based on management's beliefs, certain
assumptions and current expectations. The market opportunities, future plans and performance, objectives
and expectations with respect to our future operations and solar development activities and the financial
projections and estimates and their underlying assumptions, are all forward-looking statements subject to
risks and uncertainties, including, but not limited to: the timing and success of our solar development efforts,
and our ability to raise capital to pursue our business strategy. Readers are cautioned not to place any undue
reliance on these forward-looking statements. Actual results may differ materially from those expressed in, or
implied or projected by, the forward-looking information and statements. The forward-looking statements
contained in this MD&A Section are made as of the date hereof, and we do not undertake any obligation to
update any forward-looking statements to reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated events.
Three Months Ended June 30, 2010
respectively. The Company recognizes revenue when product is delivered. Normal profit margins on
Company products range from 70% to 80% on averages sales of units.
Total operating expenses for the three months ended June 30, 2010 were $86,895. The majority of this
expense was consulting fees, salaries and rent.
the loss was, as described above, was consulting fees, salaries, and rent.
definitive agreement that is unconditionally binding or subject to customary closing conditions that would
create "Off-Balance Sheet" Arrangements in the future.
Item 5. Legal proceedings.
Item 8. Exhibits.
Item 9 Certifications.
I, Robert Lyles, certify that:
1
statements were made, not misleading with respect to the period covered by this disclosure statement; and
3
operations and cash flows of the issuer as of, and for, the periods presented in this disclosure statement.
Date: September 24, 2010
/s/ Robert L Lyles, III
_________________________________
Robert L Lyles, III
Chief Executive Officer
Unaudited and Consolidated Statement of Cash Flows
Unaudited and Consolidated Statement of Stockholders' Deficit
Unaudited and Consolidated Notes to the Financial Statements
Credit Cards Payable
Accrued and other liabilities
Interest Payable
Lines of credit
19,553
56,738
Convertible notes payable
Total Liabilities
0 shares issued and outstanding
92,780,489 shares issued and outstanding
Consulting fees
Professional fees
15,000
Marketing and related expenses
Other
2,036
5,839
operating activities:
months ended June 30, 2010
subsidiary
Delaware in 1986 and was formerly known as Cwatre International and more distantly formerly known
as Healthtek. The Company develops and commercializes products based on processes and systems
found in nature, otherwise known as biomimicry. To date, the Company has begun the development of
an electro chemical technology along with other water technologies for use in water disinfection related
applications. The Company's subsidiary C'watre, LLC currently develops and markets ocean water based
skin care products utilizing BIOM's same core technology. BIOM is actively seeking acquisition of
additional technologies to add to its portfolio.
NOTE B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
Our financial statements are prepared using the accrual method of accounting. Because we have not
generated significant revenues, we are considered to be in the development stage as defined in
Financial Accounting Standards Board Statement No. 7. Accordingly, some of our accounting policies
and procedures have not yet been established. These statements represent the consolidated financials
of the Biomimix, Inc. (Delaware)
Revenue Recognition
Our revenue recognition policy is consistent with the criteria set forth in Staff Accounting Bulletin 104
Revenue Recognition in Financial Statements ("SAB 104") for determining when revenue is realized or
realizable and earned. In accordance with the requirements of SAB 104 we recognize revenue when (1)
persuasive evidence of an arrangement exists; (2) delivery of our products has occurred; (3) our price to
our customer is fixed or determinable; and (4) collectibility of the sales price is reasonably assured. As
such, we recognize revenues in the month in which we provide the product and/or service.
The preparation of financial statements in accordance with accounting principles generally accepted in
the United States of America requires us to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements. It is at least reasonably possible that our estimates could change in the near term
with respect to these matters.
Income Taxes
We compute income taxes in accordance with Financial Accounting Standards Statement No. 109
"Accounting for Income Taxes" ("SFAS 109"). Under SFAS 109, deferred taxes are recognized for the tax
consequences of temporary differences by applying enacted statutory rates applicable to future years to
differences between the tax bases of assets and liabilities and their financial statement carrying
amounts. Also, the effect on deferred taxes of a change in tax rates is recognized in income in the
period that included the enactment date.
Financial Instruments and Concentrations of Credit Risk
We believe the book value of our current assets and liabilities approximate their fair values due to their
short term nature.
Financial instruments that potentially subject us to significant concentrations of credit risk consist
principally of cash. With respect to cash, during the quarter ended June 30, 2010, we maintained all of
our cash in a deposit account with one financial institution, which deposit account at times may exceed
federally insured limits. We have not experienced any losses in such account.
Loss Per Common Share
We compute net loss per share in accordance with Statement of Financial Accounting Standards Board
Statement No. 128 "Earnings per Share" ("SFAS No. 128") and SEC Staff Accounting Bulletin No. 98 ("SAB
98"). Under the provisions of SFAS No. 128 and SAB 98, basic net loss per share is computed by dividing
the net loss available to common stockholders for the period by the weighted average number of
common shares outstanding during the periods. Diluted net loss per share is computed by dividing the
net loss for the period by the number of common and common equivalent shares outstanding during
the period.
Stock Based Compensation
We account for equity instruments issued to employees for services based on the fair value of the equity
instruments issued and account for equity instruments issued to those other than employees based on
the fair value of the consideration received or the fair value of the equity instruments, whichever is
more reliably measurable.
Statement of Cash Flows
For purposes of the statement of cash flows, we consider all highly liquid investments purchased with an
original maturity of three months or less to be cash equivalents.
Recent Pronouncements
impact on our financial statements.
NOTE C GOING CONCERN
States of America applicable to a going concern, which contemplate the realization of assets and
liquidation of liabilities in the normal course of business. BIOM is a development stage business and to
date has incurred losses of $756,064 thru June 30, 2010. The losses are a result of the development
activities associated with the core business functions.
Our financial statements do not include any adjustments relating to the recoverability and classification
of recorded asset amounts or the amounts and classification of liabilities that might be necessary should
we be unable to continue as a going concern.
NOTE D RELATED PARTY TRANSACTIONS
Officers of the company have provided services (rent and supplies) totaling $3,209 during the second
quarter which is due upon demand as of June 30, 2010.
NOTE E CONVERTIBLE NOTES AND RELATED CONVERSION
BIOM has certain outstanding convertible notes as of June 30 2010 totaling $128,100. These convertible
notes can be converted into shares of the company's common stock at the holders' election. The
ultimate conversion price has yet to be negotiated between the convertible note holders and the
company.