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United
States Securities and Exchange Commission
Washington,
D.C. 20549
Form
10-K/A
Amendment
No 1
☒
ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:
For
the fiscal year ending June 30June 30, 2021
☐
TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934:
For
the transition period from __________ to __________.
Commission
file number: 333-248059
SYBLEU INC. |
(Name
of small business issuer in its charter) |
|
|
|
Wyoming |
|
85-1412307 |
(State
or other jurisdiction of incorporation or organization) |
|
(I.R.S.
Employer Identification No.) |
|
|
|
4700 Spring Street, Suite 304, La Mesa, California, 91942 |
(Address
of Principal executive offices) |
Issuer’s
telephone number: (619) 227-9192
Securities
registered under Section 12(b) of the “Exchange Act”: None
No
No
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☐ No ☒
Indicate
by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting
company.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non- accelerated Filerfiler ☐ |
Smaller reporting Company ☒ |
☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes
☐ 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 ☒
State
the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s
most recently completed second fiscal quarter: N/A 0
As
of September 20, 2021 SYBLEU INC had : 10,418,000 common shares outstanding.
EXPLANATORY
NOTE: THIS AMENDMENT NO.1 TO SYBLEU INC’S (THE “COMPANY”) FORM 10-K FOR THE YEAR ENDED JUNE 30, 2021 (“(“ORIGINAL
FILING”) IS BEING FILED SOLELY TO AMEND THE FOLLOWING PORTIONS OF THE ORIGINAL FILING.
FINANCIAL
STATEMENTS
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
THE
COMPANY HAS NOT MODIFIED OR UPDATED DISCLOSURES PRESENTED IN THE ORIGINAL FILING, EXCEPT AS INDICATED ABOVE. ACCORDINGLY, THIS AMENDMENT
DOES NOT REFLECT EVENTS OCCURRING AFTER THE DATE OF THE ORIGINAL FILING AND DOES NOT MODIFY OR UPDATE THOSE DISCLOSURES AFFECTED BY SUBSEQUENT
EVENTS, EXCEPT AS SPECIFICALLY REFERENCED HEREIN. INFORMATION NOT AFFECTED BY THE ABOVE AMENDMENTS IS UNCHANGED AND REFLECTS THE DISCLOSURES
MADE AT THE TIME OF THE ORIGINAL FILING.
In this annual report, the terms “SYBLEU INC.. ”, “SYBLEU”, “Company”, “we”, or “our”,
unless the context otherwise requires, mean SYBLEU INC., a Wyoming corporation..
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
annual report on Form 10-K and other reports that we file with the SEC contain statements that are considered forward-looking statements. Forward-looking
statements give the Company’s current expectations, plans, objectives, assumptions or forecasts of future events. All statements
other than statements of current or historical fact contained in this annual report, including statements regarding the Company’s
future financial position, business strategy, budgets, projected costs and plans and objectives of management for future operations,
are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,”
“estimate,” “plans,” “potential,” “projects,” “ongoing,” “expects,”
“management believes,” “we believe,” “we intend,” and similar expressions. These statements are based
on the Company’s current plans and are subject to risks and uncertainties, and as such the Company’s actual future activities
and results of operations may be materially different from those set forth in the forward looking statements. Any or all of the forward-looking
statements in this annual report may turn out to be inaccurate and as such, you should not place undue reliance on these forward-looking
statements. The Company has based these forward-looking statements largely on its current expectations and projections about
future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and
financial needs. The forward-looking statements can be affected by inaccurate assumptions or by known or unknown risks, uncertainties
and assumptions due to a number of factors, including:
• |
|
dependence
on key personnel; |
• |
|
degree
of success of research and development programs |
• |
|
the
operation of our business; and |
• |
|
general
economic conditions |
These
forward-looking statements speak only as of the date on which they are made, and except to the extent required by federal securities
laws, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which
the statement is made or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on
our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained
in any forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by the cautionary statements contained in this annual report.
PART
I
Item
1. Business
We
were incorporated June 12, 2020 under the laws of the State of Wyoming. We are a majority owned subsidiary of Cell Source Research, Inc.,
a Delaware corporation. We intend to engage primarily in the development of regenerative medical applications up to the point of successful
completion of Phase I and or Phase II clinical trials after which the Company would either attempt to sell or license those developed
applications or, alternatively, advance the application further to Phase III clinical trials. The primary factor to be considered by
us in arriving at a decision to advance an application further to Phase III clinical trials would be a greater than anticipated indication
of efficacy seen in Phase I trials.
On
July 14, 2020 we were assigned all right, title, and interest to intellectual property related to methods, devices, and techniques useful
for enhancing function of a cellular graft through photoceutical ( the use of low level light therapeutics) manipulation. These rights
were assigned to us by the Company’s Chief Executive Officer and Entest Biomedical, Inc., a California corporation controlled by
the Company’s Chief Executive Officer.
This
intellectual property forms the basis of the Company’s first medical application under development ( “Cell Transplant IP”).
Principal
Products and Services
The
Cell Transplant IP comprises methods, devices, and techniques useful for enhancing function of a cellular graft through photoceutical
manipulation.
The
Cell Transplant IP encompasses the following:
|
(a) |
Methods
of increasing efficacy of a cell for use in transplantation by pretreatment of said cell prior to transplantation with a laser irradiation |
|
(b) |
Methods
of augmenting efficacy of a cellular graft subsequent to transplantation by treating the area in which said graft will be transplanted
with laser irradiation |
|
(c) |
Methods
of decreasing neutropenic (Neutropenia is a condition that results when the body does not have enough neutrophils, an important white
blood cell that fights infections) time in a patient subsequent to a hematopoietic cell transplantation consisting of: a) extraction
of a hematopoietic ( blood cell forming) stem cell source; b) administration of low level laser irradiation to said hematopoietic
stem cell source at a sufficient energy and wavelength to increase hematopoietic reconstitution activity of said hematopoietic stem
cell source; c) administration of treated cells; and/or d) providing low level laser irradiation to long bones of said patient at
a sufficient energy and wavelength to increase hematopoietic stem cell engraftment. |
|
(d) |
Methods
of treating a cytopenia ( low blood cell count) consisting of : a) extraction of a hematopoietic stem cell source; b) administration
of low level laser irradiation to said hematopoietic stem cell source at a sufficient energy and wavelength to increase hematopoietic
reconstitution activity of said hematopoietic stem cell source; c) administration of treated cells; and/or d) providing low level
laser irradiation to long bones of said patient at a sufficient energy and wavelength to increase hematopoietic stem cell engraftment. |
The
Cell Transplant IP is intended to be utilized primarily in connection with Hematopoietic stem cell transplantation. Hematopoietic stem
cell transplantation involves the intravenous infusion of autologous or allogeneic stem cells collected from bone marrow, peripheral
blood, or umbilical cord blood to reestablish hematopoietic function in patients whose bone marrow or immune system is damaged or defective.
In
hematopoietic cell transplantation, the patient is given very high doses of chemotherapy or radiation therapy, intended to kill resistant
cancer cells. This also destroys the normal cells in the bone marrow, including stem cells. After the treatment, the patient is given
a supply of transplanted stem cells. The transplanted cells then reestablish the blood cell production process in the bone marrow.
In
situations of hematopoietic stem cell transplantation recipient bone marrow is usually ablated in order to provide “space”
for the donor bone marrow cells. Additionally, when treatment of hematological malignancies is being performed, the recipient cells need
to be eradicated in order to cure the neoplasia (uncontrolled growth of cells). This process of hematological ablation (removal of tissue)
involves exposing the patient to a period of immune deficiency. During this period multiple infections occur, which in a non- insignificant
number of cases are lethal. Accordingly, it is of great interest accelerate the process of donor bone marrow engraftment and hematopoietic
reconstitution.
The
Cell Transplant IP provides means of “preactivating” a cellular graft before implantation. Said “preactivation”
refers to induction of biochemical processes within the graft so as to allow for: a) increased viability; b) augmented function; c) accelerated
integration with the tissue in which implantation of cellular graft has occurred. In the context of hematopoietic stem cell the IP provides
methods of augmenting ability of transplanted stem cells to enter and incorporate into the bone marrow niche, to self renew and proliferate
once established in said niche, and to generate blood cells. Preactivation is accomplished through the use of low level laser irradiation
before infusion. Administration of low level laser irradiation to long bones may also be used for acceleration of stem cell reconstitution
after administration. The above statements regarding preactivation of a cellular graft and any descriptions within this document of the
benefits of preactivating a cellular graft with the Cell Transplant IP before implantation are based solely on management’s belief.
The
preactivation of stem cells before administration in myeloablated patients may be performed with a medical device comprised of a closed
system. Myeloablation is a severe form of myelosuppression; a condition in which bone marrow activity is decreased, resulting in fewer
red blood cells, white blood cells, and platelets.
Said
device contains an inlet that connects in a closed manner to a cryobag using connection systems available in the art such as Leuer Lock
(a device utilizing leak free fittings which are securely joined by means of a tabbed hub on the female fitting which screws into threads
in a sleeve on the male fitting). Access to cells pre and post-irradiation is provided using valves that allow for sample collection.
This is an important part of quality control for the cells. Classical parameters of interest include cell viability and morphology.
Said
device further consists of a surface area of sufficient size so that cells from the cryobag or other sterile source can be exposed to
irradiation in a uniform or semi-uniform manner. Said device may further possess a rocking mechanism to ensure cell dispersion. Under
the surface area a low level laser is provided that administers the desired frequency and intensity of laser irradiation to said cells
The
Company has yet to either develop or in license the closed system described above. Such a closed system would likely be regulated as
a Medical Device. The FDA regulates the development, clinical testing, manufacturing, labeling, storage, record-keeping, promotion, marketing,
sales, distribution and post-market support and reporting of medical devices in the United States to ensure that medical products distributed
domestically are safe and effective for their intended uses.
Unless
an exemption applies, before a medical device can be commercially distributed in the United States and, depending on the classification
of the device, either prior 510(k) clearance, 510(k) de-novo clearance or premarket approval (PMA), must be obtained from the FDA. A
510(k) is a premarket submission made to FDA to demonstrate that the device to be marketed is as safe and effective, that is, substantially
equivalent, to a legally marketed device. A 51(k) de novo establishes new “device type” along with classification)
.
The
FDA classifies medical devices into one of three classes based on the degree of risk associated with each medical device and the extent
of regulatory controls needed to ensure the device’s safety and effectiveness:
• |
|
Class
I devices, which are low risk and subject to only general controls (e.g., registration and listing, medical device labeling compliance,
Medical Device Reporting Regulations, Quality System Regulations, and prohibitions against adulteration and misbranding) and, in
some cases, to the 510(k) premarket clearance requirements; |
• |
|
Class
II devices, which are moderate risk and generally require 510(k) or 510(k) de-novo premarket clearance before they may be commercially
marketed in the United States as well as general controls and potentially special controls like performance standards or specific
labeling requirements; and |
• |
|
Class
III devices, which are devices deemed by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or implantable
devices, or devices deemed not substantially equivalent to a predicate device. Class III devices generally require the submission
and approval of a PMA supported by clinical trial data. |
No
assurance can be given that any device which may be utilized to function as part of the “closed system” described would be
granted approval by the FDA to be commercially distributed. The Company has yet to determine whether it will attempt to develop such
a “closed system” internally or attempt to in license such a system. Such determination is intended to occur upon consultation
with a Contract Research Organization or other qualified expert. The Company has yet to retain a Contract Research Organization or consult
with an expert qualified to advise the Company regarding medical devices. The Company has not conducted any preclinical studies to provide
evidence of the Company’s belief that the Cell Transplant IP provides a means to preactivate a cellular graft before implantation
and that such preactivation would provide the benefits described above.
In
arriving at the belief that the Cell Transplant IP provides a means to preactivate a cellular graft and that such preactivation would
provide the benefits described above the Company took into consideration the following published studies :
“Low
Level Laser Irradiation Precondition to Create Friendly Milieu of Infarcted Myocardium and Enhance Early Survival of Transplanted Bone
Marrow Cells” Published in the Journal of Cellular and Molecular Medicine September 2009.
Study
addressed: (1) whether low-level laser irradiation (LLLI) pre-treatment change the local cardiac micro-environment after myocardial infarction
(MI) and (2) whether the LLLI preconditions enhance early cell survival and thus improve therapeutic angiogenesis and heart function.
This study demonstrated that LLLI precondition significantly enhanced early cell survival rate of implanted bone marrow mesenchymal stem
cells ( BMSCs) by 2-fold and decreased the apoptotic (cell self-destruction ) percentage of implanted BMSCs in infarcted myocardium and
thus increased the number of newly formed capillaries. Mesenchymal stem cells (MSCs) are multipotent stem cells found in bone marrow
that are important for making and repairing skeletal tissues, such as cartilage, bone and the fat found in bone marrow.
“In
vitro effects of low-level laser irradiation for bone marrow mesenchymal stem cells: proliferation, growth factors secretion and myogenic
differentiation.” Published December 2008 in Lasers in Surgery and Medicine..
This
study concluded that LLLI stimulates proliferation, increases growth factors secretion and facilitates myogenic differentiation of BMSCs.
Therefore, LLLI may provide a novel approach for the preconditioning of BMSCs in vitro prior to transplantation.
“Low-level
laser irradiation (LLLI) promotes proliferation of mesenchymal and cardiac stem cells in culture” published in Lasers in Surgery
and Medicine April 2007.
Isolation
of MSCs and CSCs was performed. The cells were cultured and laser irradiation was applied. The number of MSCs and CSCs up to 2 and 4
weeks respectively, post-LLLI demonstrated a significant increase in the laser-treated cultures as compared to the control. This study
demonstrates the ability of LLLI to promote proliferation of MSCs and cardiac stem cells (CSCs) in vitro.
All
of the abovementioned studies were conducted by third parties unaffiliated with the Company or management of the Company.
On
December 2, 2020 SYBLEU INC. (the “Company”) was assigned all right, title, and interest to intellectual property related
to intratumoral administration of a combination of a chemotherapeutic agent and an immunomodulatory agent for cancer therapy ( “Cancer
Therapy IP”).
The concept of the Cancer Therapy IP is the simultaneous intratumoral injection of a chemotherapeutic agents in combination with immunomodulatory
agents in sustained release formulations. The chemotherapeutic agent is for the purpose of directly killing the tumor cells for the release
of antigens while the immunomodulatory protein or factor is to stimulate the antigenic response of the host to the antigens.
These
rights were assigned to the Company by the Company’s Chief Executive Officer and Entest BioMedical, Inc., a California corporation
controlled by the Company’s Chief Executive Officer. The aforementioned assignment constituted a contribution of intellectual property
to the Company. There is no termination date of the assignment. No term or condition of the assignment would cause ownership of the intellectual
property rights to revert back to David Koos and Entest BioMedical, Inc. No payment of any sort is required by to be made the Company
to either David Koos or Entest BioMedical, Inc. pursuant to the assignment. The Company is not required to meet any particular benchmark
or pay a royalty of any sort pursuant to this assignment.
On
February 24, 2021 SYBLEU INC. ( the “Company”) and Oncology Pharma, Inc. ( “Licensee”) entered into an agreement
whereby the Company granted the Licensee an exclusive worldwide right and license for the development and commercialization of certain
intellectual property controlled by the Company (“Agreement”).
This
intellectual property relates to intratumoral administration of a combination of a chemotherapeutic agent and an immunomodulatory agent
for cancer therapy ( “Cancer Therapy IP”). The concept of the Cancer Therapy IP is the simultaneous intratumoral injection
of a chemotherapeutic agents in combination with immunomodulatory agents in sustained release formulations. The chemotherapeutic agent
is for the purpose of directly killing the tumor cells for the release of antigens while the immunomodulatory protein or factor is to
stimulate the antigenic response of the host to the antigens.
The term
of the Agreement is fifteen years from the Effective Date.
Pursuant
to the Agreement:
Pursuant
to the Agreement:
|
(a) |
Licensee
shall pay to the Company a non-refundable, upfront payment of six thousand five hundred shares of Oncology Pharma, Inc. common stock
as a license initiation fee which must be paid within 10 days of the Effective Date of the Agreement |
|
(b) |
royalties
equal to five percent (5%) of the Net Sales of any Licensed Products in a quarter. |
Net
Sales are defined in the Agreement as the gross invoiced amount, and/or the monetary equivalent of any other consideration actually received
by Licensee and/or its sublicensees, for the transfer of a Licensed Product, less any of the following items that are itemized on the
relevant invoice or which Licensee can demonstrate have been actually paid or credited with respect to such transfer.
Licensed
Product is defined in the Agreement as (a) any method, procedure, service or process that incorporates, uses, used, is covered by, infringes
or would infringe any of the licensed intellectual property in the U.S. or foreign jurisdictions; and (b) any apparatus, material, equipment,
machine or other product that incorporates, uses, used, is covered by, infringes or would infringe any of the licensed intellectual property
in the U.S. or foreign jurisdictions but for the rights granted pursuant to this Agreement.
Oncology
Pharma Inc. is a publicly traded company whose common shares trade on the OTC Pink market under the symbol ONPH.
Distribution
methods of the products or services:
If
circumstances allow and subject to then current market conditions and available capital, we intend to enter into licensing and/or sublicensing
agreements with outside entities in order that the Company may, if the Company is successful in securing its intellectual property claims,
allow it to obtain royalty income on the products and services which it may develop and commercialize.
Competitive
business conditions and the Company’s competitive position in the industry and methods of competition
We
are recently formed and have yet to achieve consistent revenues or profits and there can be no assurance that we will generate revenues
or, if are successful, that we can do so at levels that will allow us to achieve and sustain positive cash flow and profitability and,
if so, for any period of time.. The industry in which we intend to compete are highly competitive and characterized by rapid technological
advancement. Many of our competitors have greater resources than we do.
We
intend to be competitive by utilizing the services and advice of individuals that we believe have expertise in their field in order that
we can concentrate our resources on projects in which products and services in which we have the greatest potential to secure a
competitive advantage may be developed and commercialized .
To
that effect, we have entered into nonemployee consulting agreements with individuals who we believe have a high level of expertise in
their professional fields and who have agreed to provide counsel and assistance to us in (a) determining the viability of proposed
projects (b) obtaining financing for projects and (c) obtaining the resources required to initiate and complete a project in the most
cost effective and rapid manner.
These
individuals are as follows:
SCIENTIFIC
ADVISORY BOARD MENBERS
SCIENTIFIC
ADVISORY BOARD MENBERS
Dr.
Steven E. Hake, M.D.
Dr.
Hake obtained his medical degree from The Chicago Medical School. Dr. Hake has been certified by American Board of Radiology since June
1992. Dr. Hake’s professional affiliations are with the Alpha Omega Alpha Honorary Medical Society and the American College of
Radiology.
On
July 7, 2020 the Company entered into an agreement with Dr. Stephen Hake whereby Dr. Hake agreed to serve as a member of the Company’s
Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Hake 40,000 of the Company’s common
shares within 20 days of the execution of the Agreement.
Pursuant
to the Agreement Dr. Hake shall advise the Company on various matters regarding biotechnology for the Company. Dr. Hake Member shall
refer Company to appropriate researchers on specific topics and provide input on research data the company is developing. The frequency
and timing of such services shall be established on a mutually agreeable basis. In the event Dr. Hake is requested to provide research
services, such services will be negotiated separately between Dr. Hake and the Company.
The
Term of the Agreement commenced on July 8, 2020 and the Agreement shall expire on July 7,2021. The Term of the Agreement may be extended
by mutual agreement between the parties.
40,000
common shares of SYBLEU INC. were issued to Dr. Hake on July 8, 2020 as consideration for his service as a member of the Company’s
Scientific Advisory Board.
Dr.
Jason E. Garber, MD.
Dr.
Garber obtained his medical degree from The University of Texas Health Science Center at San Antonio. Dr. Garber is Board Certified in
Neurological Surgery by the American Board of Neurological Surgery
Dr.
Garber was awarded a Cloward Fellowship Award in 2001 and has authored the following papers in the following publications:
Hassenbusch,
SJ, Garber, JE: “Alternative Intrathecal Agents for Pain,” Neuromodulation, Volume 2, Number 2, 1999 89-95.
Garber,
JE, Hassenbusch, SJ: “Innovative Intrathecal Analgesics,” Pain surgery, Burchiel, K (ed): In Press.
Garber,
JE, Hassenbusch, SJ: “Interventional Pain Management: Can Charges be Effectively Minimized without Compromising Quality?”
Pain Digest: In Press.
Garber,
JE, Hassenbusch, SJ: Neurosurgical Operations on the Spinal Cord. Bonica’s Management of Pain, 3rd Edition, Loeser, JD (ed), Medica,
PA: Williams and Wilkins, 1998: In Press.
Garber,
JE, Hassenbusch, SJ: “Spinal Administration of Non-Opiate Analgesics in the Management of Pain,” Interventional Pain Management,
2nd Edition, Waldman, SD (ed), WB Saunders: In Press
Nguyen
H, Garber JE, Hassenbusch SJ: Spinal Analgesics. In: Staats P and Fleisher LA (eds). Anesthesiology Clinics of North America, Saunders:
Philadelphia, pp. 805-816, 2003.
Garber,
JE, Thalgott JS, Christensen SD: Anterior Lumbar Interbody Fusion via the Anterior Retroperitoneal Approach: Strategic Tactics for Avoiding
Complications. The NNI Journal, Volume 2, Issue 3, 2006 62-65.
Garber,
JE, Thalgott JS, Fogarty M, Caiazza S: Dynamic Stabilization of the Lumbar Spine: Past, Present, and Future Innovations. The NNI Journal,
Volume 3, Issue 1, 2007 pp. 84-87.
Garber,
JE, Saxena RC, Malone K: The Identification and Treatment of a Lumbar Plasmacytoma: A Case Report and Topic Review. The NNI Journal,
Volume 3, Issue 3, 2007 pp. 135-139
Garber,
JE, Malone K: Utilizing a Lateral Extracavitary Approach for Failed Lumbar Spine Fusion Procedures: A Case Study with Imaging Considerations
in Lumbar Fusions. The NNI Journal, Volume 4, Issue pp. 14-15.
Garber,
JE, Christian G, Serrano S, Malone K: Surgical Treatment of Intradural Extramedullary Spine Tumors. The NNI Journal, Volume 5, Issue
1, April 2009.
Garber,
JE, Christian G, Serrano S, Malone, K: Nail-Gun Misfire Resulting in Penetrating Intracranial Injury. The NNI Journal, Volume 5, Issue
1, April 2009.
Garber,
JE, Christian G, Serrano S, Malone, K: Craniocervical Fixation Series and Review of Literature. The NNI Journal, Volume 6, Issue 1, Jan
2010.
Dr.
Garber has made the following professional presentations:
1.
1999 Congress of Neurological Surgeons (CNS) Meeting, Boston, MA. Oral Presentation, Section on Pain II: Interventional Pain Management:
Can Charges Be Effectively Minimized Without Compromising Quality?
2.
2000 Neurosurgery + Science + Management Symposium, New Orleans, LA. Oral Presentation: Cancer and Non-cancerous Pain Management.
3.
2001 Congress of Neurological Surgeons (CNS) Meeting, San Diego, CA. Poster Presentation: Extralaminar Posterior Cervical Dorsal Ramisectomy:
A Modified Surgical Approach for the Treatment of Cervical Dystonia (Spasmodic Torticollis).
4.
2005 Medical Education Resources Making Sense of Spine Surgery Seminar, Las Vegas, NV. Oral Presentation: Spinal Disorders: Cervical
Conditions and Treatment. Demonstration: Cervical Construct Demonstration: Atlantis Vision Cervical Plate.
5.
Minimally Invasive Spinal Surgery. Sunrise Hospital and Medical Center Grand Rounds, June 1, 2005.
6.
Oral Presentation: One Neurosurgeon’s Experience with STALIF, Newport Beach, CA, November 2007.
7.
EuroSpine: What is the Role of Mystique plating and Bioresorbable Technology in anterior cervical Fusion Procedures? Bressels, Belgium,
2007.
8.
Oral Presentation: Novel Minimally Invasive Spine Techniques, Las Vegas, NV, January 2008.
9.
International Meeting on Advanced Spine Techniques, Hong Kong, China, July 2008. Poster Presentation: A Comparison of the Surgical Efficacy
of ALIF and XLIF® L4-5 Fusion Procedures with Posterior Fixation.
10.
Congress of Neurological Surgeon’s 2008 Annual Meeting, Orlando, FL, September 2008. Poster Presentation: A Comparison of the Surgical
Efficacy of ALIF and XLIF® L4-5 Fusion Procedures with Posterior Fixation.
11.
North American Neuromodulation Society (NANS) 13th Annual Meeting, Las Vegas, NV, December 3-6 2009. Paper Presentation: Selective Dermatome
Activation, Using a Novel Five-Column Spinal Cord Stimulation Paddle Lead: A Case Series.
12.
International Society for the Advancement of Spine Surgery – 2 nd Asia Pacific Conference (2010 APSAS), Sanya, China, January 14-17
2010. Paper Presentation: Direct Lateral Approach Corpectomy for Severe Kyphotic Deformity Correction.
13.
The Role of Permanent Vascular Protection in Anterior Spine Instrumentation – 39th Annual Symposium, Orlando FL. March 16-19, 2011.
A Review of Ten Same Lumbar Level Reoperations, Society of Clinical Vascular Surgery.
14.
International Society for the Advancement of Spine Surgery – Annual Meeting (SAS, 2011), Las Vegas. Poster Presentation: A Multi-center
Retrospective Evaluation of a Cervical Integrated Interbody System.
15.
Conejo Valley Journal Club, Sherman Oaks, CA. January, 2015. Oral Presentation: Benefits of an Integrated Interbody Device over Spacers
and Plates.
16.
Society for Minimally Invasive Spine Surgery Global Forum ’15 – Las Vegas, NV. November 6, 2015. Minimally Invasive Stabilization:
A 5 year Level 1 Study of Spinal Stenosis Disease Management.
17.
International Society for the Advancement of Spine Surgery, Metro Toronto, Canada, April 11-13, 2018. Clinical Experience of Integrated
Interbody Fusion in Multi-level Cervical Fusion.
18.
Society for Minimally Invasive Spine Surgeons Annual Forum ’18, Las Vegas Nevada. Multi-level Cervical Constructs in Clinical Practice
using Integrated Interbody Fusion.
19.
Society for Minimally Invasive Spine Surgeons Annual Forum ’18, Las Vegas Nevada. Interspinous Decompression Devices – Do
They Have a Role?
20.
Congress of Neurological Surgery’s 2018 annual meeting, Houston Texas, October 6-10, 2018. Integrated Interbody Fusion in Multi-level
Cervical Constructs in Clinical Practice.
21.
Congress of Neurological Surgery’s 2018 annual meeting, Houston Texas, October 6-10, 2018. Swan Neck Deformity Correction with
Multilevel Anterior Cervical Integrated Cages.
22.
International Spinal Deformity Symposium 4th Annual, November/December 2018. Multilevel Cervical Constructs in Clinical Practice using
Integrated Interbody Fusion.
23.
International Society for the Advancement of Spine Surgery, Anaheim, California, April 3, 2019. Oral poster presentation: Cervical spinal
deformity correction utilizing an integrated interbody fusion devices from a single anterior approach.
24.
North American Spine Society 34th annual meeting, Chicago, Illinois, September 25-28, 2019. Poster presentation: Integrated Interbody
Fusion in Multilevel Cervical Constructs in Clinical Practice.
25.
American College of Surgeons, San Francisco, California, October 28, 2019. Oral presentation: Integrated Interbody Fusion in Multi-level
Cervical Constructs in Clinical Prectice.
Dr.
Garber is affiliated with the Las Vegas Neurosurgical Institute in Las Vegas, Nevada.
Dr.
Garber is affiliated with the Las Vegas Neurosurgical Institute in Las Vegas, Nevada.
On
July 7, 2020 the Company entered into an agreement with Dr. Stephen Garber whereby Dr. Garber agreed to serve as a member of the Company’s
Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Garber 25,000 of the Company’s common
shares within 20 days of the execution of the Agreement.
Pursuant
to the Agreement Dr. Garber shall advise the Company on various matters regarding biotechnology for the Company. Dr. Garber Member shall
refer Company to appropriate researchers on a specific topics and provide input on research data the company is developing. The frequency
and timing of such services shall be established on a mutually agreeable basis. In the event Dr. Garber is requested to provide research
services, such services will be negotiated separately between Dr. Garber and the Company.
The
Term of the Agreement commenced on July 8, 2020 and the Agreement shall expire on July 7,2021. The Term of the Agreement may be extended
by mutual agreement between the parties.
25,000
common shares of SYBLEU INC. were issued to Dr. Garber on July 8, 2020 as consideration for his service as a member of the Company’s
Scientific Advisory Board.
The
Company is currently continuing to search for other experts to serve on the Company’s Scientific Advisory Board.
Sources
and availability of raw materials and the names of principal suppliers
The
supplies and materials required to conduct our operations are available through a wide variety of sources and may be obtained through
a wide variety of sources.
Patents,
trademarks, licenses, franchises, concessions, royalty agreements or labor contracts, including duration
The
Company possesses no patents or trademarks. The Company is not party to any agreement which would oblige the Company to pay any royalties.
On
February 24, 2021 SYBLEU INC. ( the “Company”) and Oncology Pharma, Inc. ( “Licensee”) entered into an agreement
whereby the Company granted the Licensee an exclusive worldwide right and license for the development and commercialization of certain
intellectual property controlled by the Company (“Agreement”).
This
intellectual property relates to intratumoral administration of a combination of a chemotherapeutic agent and an immunomodulatory agent
for cancer therapy ( “Cancer Therapy IP”). The concept of the Cancer Therapy IP is the simultaneous intratumoral injection
of a chemotherapeutic agents in combination with immunomodulatory agents in sustained release formulations. The chemotherapeutic agent
is for the purpose of directly killing the tumor cells for the release of antigens while the immunomodulatory protein or factor is to
stimulate the antigenic response of the host to the antigens.
The term
of the Agreement is fifteen years from the Effective Date.
Need for
any government approval of principal products or services, effect of existing or probable governmental regulations on the business.
The
US Food and Drug Administration (“FDA”) and foreign regulatory authorities will regulate our proposed products as drugs or
biologics, , depending upon such factors as the use to which the product will be put, the chemical composition, and the interaction of
the product on the human body. In the United States, products that are intended to be introduced into the body will generally be regulated
as drugs, while tissues and cells intended for transplant into the human body will be generally be regulated as biologics.
Our
domestic human drug and biological products will be subject to rigorous FDA review and approval procedures. After testing in animals,
an Investigational New Drug Application (“IND”) must be filed with the FDA to obtain authorization for human testing. Extensive
clinical testing, which is generally done in three phases, must then be undertaken at a hospital or medical center to demonstrate optimal
use, safety, and efficacy of each product in humans.
Phase
I
Phase
I
Phase
1 trials are designed to assess the safety (pharmacovigilance), tolerability, pharmacokinetics, and pharmacodynamics of a drug. These
trials are often conducted in an inpatient clinic, where the subject can be observed by full-time staff. The subject who receives the
drug is usually observed until several half-lives of the drug have passed. Phase I trials normally include dose-ranging, also called
dose escalation, studies so that the appropriate dose for therapeutic use can be found. The tested range of doses usually are a fraction
of the dose that causes harm in animal testing and involve a small group of healthy volunteers. However, there are some circumstances
when real patients are used, such as patients who have end-stage disease and lack other treatment options.
Phase
II
Phase
II
Phase
II trials are designed to assess how well the drug or biologic works, as well as to continue Phase I safety assessments in a larger group
of volunteers and patients. Phase II trials are performed on larger groups.
Phase
III
Phase
III
Phase
III trials are aimed at being the definitive assessment of how effective the product is in comparison with current best standard treatment
and to provide an adequate basis for physician labeling. Phase III trials may also be conducted for the purposes of (i) "label expansion"
(to show the product works for additional types of patients/diseases beyond the original use for which the drug was approved for marketing
or (ii) to obtain additional safety data, or to support marketing claims for the product.
On
occasion Phase IV (Post Approval) trials may be required by the FDA. Phase IV trials involve the safety surveillance (pharmacovigilance)
and ongoing technical support of a drug after it receives permission to be sold. The safety surveillance is designed to detect any rare
or long-term adverse effects over a much larger patient population and longer time period than was possible during the Phase I-III clinical
trials.
All
phases, must be undertaken at a hospital or medical center to demonstrate optimal use, safety, and efficacy of each product in humans.
Each clinical study is conducted under the auspices of an independent Institutional Review Board (“IRB”). The IRB will consider,
among other things, ethical factors, the safety of human subjects, and the possible liability of the institution. The time and expense
required to perform this clinical testing can far exceed the time and expense of the research and development initially required to create
the product. No action can be taken to market any therapeutic product in the United States until an appropriate New Drug Application
(“NDA”) or Biologic License Application (“BLA”) or has been approved by the FDA. FDA regulations also restrict
the export of therapeutic products for clinical use prior to NDA or BLA approval.
Even
after initial FDA approval has been obtained, further studies may be required to provide additional data on safety or to gain approval
for the use of a product as a treatment for clinical indications other than those initially targeted. In addition, use of these products
during testing and after marketing could reveal side effects that could delay, impede, or prevent FDA marketing approval, resulting in
FDA-ordered product recall, or in FDA-imposed limitations on permissible
.
The
FDA regulates the manufacturing process of pharmaceutical products, and human tissue and cell products, requiring that they be produced
in compliance with Current Good Manufacturing Practices (“cGMP”) . The FDA also regulates the content of advertisements used
to market pharmaceutical products. Generally, claims made in advertisements concerning the safety and efficacy of a product, or any advantages
of a product over another product, must be supported by clinical data filed as part of an NDA or an amendment to an NDA, and statements
regarding the use of a product must be consistent with the FDA approved labeling and dosage information for that product.
Sales
of drugs and biologics outside the United States are subject to foreign regulatory requirements that vary widely from country to country.
Even if FDA approval has been obtained, approval of a product by comparable regulatory authorities of foreign countries must be obtained
prior to the commencement of marketing the product in those countries. The time required to obtain such approval may be longer or shorter
than that required for FDA approval.
Amount
spent during the fiscal year ended June 30, 2021 on research and development activities
During
the fiscal year ended June 30,2021 we expended $29,411 on research and development activities.
Costs
and effects of compliance with environmental laws (federal, state and local)
SYBLEU
has not incurred any unusual or significant costs to remain in compliance with any environmental laws and does not expect to incur any
unusual or significant costs to remain in compliance with any environmental laws in the foreseeable future.
Number
of total employees and number of full-time employees
As
of September 20, 2021 the Company has 2 employees of which each of them is part time.
Item
2. Properties
Item
2. Properties
The
Company utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941 provided
to the Company by an entity controlled by the Company’s Chief Executive Officer on a month to month basis free of charge. The property
is utilized as office space. We believe that the foregoing properties are adequate to meet our current needs for office space.
Item
3. Legal Proceedings
Item
3. Legal Proceedings
There
are no material pending legal proceedings to which the Company is a party or of which any of the Company’s property is the subject.
Item
4. Submission of Matters to a Vote of Security Holders
No
matter was submitted during the fourth quarter of the fiscal year covered by this report to a vote of security holders, through the solicitation
of proxies or otherwise.
PART
II
Item
5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
There
has never been and there currently is no public market for our securities. We anticipate applying for trading of our common stock on
the Pink Market operated by OTC Markets Group , however, we can provide no assurance that our shares will be traded on the bulletin board
or, if traded, that a public market will materialize.
The
stockholders' equity section of the Company contains the following classes of capital stock as September 19, 2021:
Common
stock, $ 0.0001 par value; 100,000,000 shares authorized: 10,418,000 shares issued and outstanding.
With
respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast
that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).
On
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive,
out of assets legally available for distribution to the Company's stockholders, a ratable share in the assets of the Corporation.
As
of September 20, 2021 there were 245 holders of our Common Stock.
Dividends
No
cash dividends were paid during the fiscal year ending June 30, 2021. We do not expect to declare cash dividends in the immediate future.
Recent
Sales of Unregistered Securities
On
July 8, 2020 the Company issued 40,000 common shares to Dr. Stephen Hake as consideration for services
The
Shares were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters were
retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other consideration
was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection with this Offer
and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have not been registered
under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.
On
July 8, 2020 the Company issued 25,000 common shares to Dr. Jason Garber as consideration for services
The
Shares were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters were
retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other consideration
was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection with this Offer
and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have not been registered
under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.
On
July 8, 2020 the Company issued 25,000 common shares to Dr. Jason Garber as consideration for services
The
Shares were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters were
retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other consideration
was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection with this Offer
and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have not been registered
under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.
On
November 9th 2020, the Company sold one million of its common shares (“Shares”) to The Stephen and Fredna Hake
Trust DTD August 6, 2014 for consideration of $100,000. Dr. Stephen Hake, a Trustee of the Stephen and Fredna Hake Trust DTD August 6,
2014, serves as a member of the Scientific Advisory Board of the Company and has a pre-established relationship with the Company.
The
Shares were issued pursuant to Section 4(a) (2) of the Securities Act of 1933, as amended (the “Act”). No underwriters were
retained to serve as placement agents for the sale. The shares were sold directly through our management. No commission or other consideration
was paid in connection with the sale of the shares. There was no advertisement or general solicitation made in connection with this Offer
and Sale of Shares. A legend was placed on the certificate that evidences the Shares stating that the Shares have not been registered
under the Act and setting forth or referring to the restrictions on transferability and sale of the Shares.
The proceeds
from the sale are being utilized by the Company for general corporate purposes.
Item
6. Selected Financial Data
As
we are a “smaller reporting company” as defined by Rule 229.10(f)(1), we are not required to provide the information
required by this Item.
Item
7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As
of June 30, 2021 we had Cash of $14,297 and as of June 30, 2020 we had Cash of $5,050.
The
increase in cash of approximately 183% is primarily attributable to sale of common stock for cash of $100,000 offset by expenses incurred
in the operation of the Company’s business as well as net repayments of Notes Payable in the amount of $2,410.
As
of June 30, 2021 we had Investment Securities of $185, 250 and as of June 30 , 2020 we had Investment Securities of $0.
The
Company’s Investment Securities are attributable to 6,500 common shares of Oncology Pharma, Inc. paid to the Company pursuant to
an agreement entered into by and between the Company and Oncology Pharma, Inc. whereby the Company granted Oncology Pharma, Inc. an exclusive
worldwide right and license for the development and commercialization of certain intellectual property controlled by the Company.
As
of June 30, 2021 we had Prepaid Expenses of $0 and as of June 30, 2020 we had Prepaid Expenses of $3,500.
The
decrease in Prepaid Expenses is attributable to completion of accounting services provided to the Company which had been prepaid in the
prior period.
As
of June 30,2021 we had Income Tax Payable of $21,394 and as of June 30, 2020 we had Income Tax Payable of $0.
Income
Tax Payable as of the fiscal year ended 2021 is completely attributable to a tax provision recognized for income taxes payable in the
calendar year ended December 31,2021.
As
of June 30, 2021 we had Notes Payable Related Party of $8,919 a reduction of 21% as compared to Notes Payable, Related Party as of June
30, 2020. This reduction is attributable to net repayments of Notes Payable in the amount of $2,410 during the year ended June 30,2021.
As
of June 30,2021 we had accrued expenses of $450( consisting of money owed to the Company’s Transfer Agent for services rendered)
and as of June 30,2020 we had accrued expenses of $0.
Revenues
from continuing operations were $177As
of June 30, 2021 we had Unearned Income of $173,398 and as of June 30, 2020 we had Unearned Income of $0.
The Increase in Unearned Income is attributable to $177,450
in Licensing Fees paid to the Company during the quarter ended March 31,2021 which will be recognized over the term of the license.
Revenues
from continuing operations were $4,450052 for the year ended June 30, 2021 and Net IncomeLoss was $71101,552846 for that period. Revenue was completely
attributable to 6,500 common shares of Oncology Pharma, Inc. paid to the Company pursuant to an
agreement entered into by and between the Company and Oncology Pharma, Inc. whereby the Company granted Oncology Pharma, Inc. an exclusive
worldwide right and license for the development and commercialization of certain intellectual property controlled by the Company which
is being recognized over the term of the licensee. Operating IncomeLoss for the year ended June 30, 2021 was $8588,146252. As the Company
has only been in existence since June 12, 2020 no meaningful analysis of material changes in operations as compared to the prior year’s
accounting period can be provided.
As
of June 30, 2021 we had $2714,002297 in cash on hand and current liabilities of $30,763 such liabilities consisting of Income Tax Payable,
Notes Payable, and Accrued Expenses. We feel we will not be able to satisfy our cash requirements over the next twelve months and shall
be required to seek additional financing.
Management plans to raise additional funds by obtaining governmental and nongovernmental grants
as well as offering securities for cash. Management has yet to decide what type of offering the Company will use or how much capital
the Company will raise. There is no guarantee that the Company will be able to raise any capital through any type of offerings. Management
can give no assurance that any governmental or nongovernmental grant will be obtained by the Company despite the Company’s best
efforts.
As
of June 30, 2021 the Company was not party to any binding agreements which would commit SYBLEU to any material capital expenditures.
Item
7A. Quantitative and Qualitative Disclosures About Market Risk
As
we are a smaller reporting company, as defined by Rule 229.10(f)(1), we are not required to provide the information required by this
Item.
Report of Independent Registered Public Accounting
Firm
To the shareholders and the board of directors
of SYBLEU INC.
Opinion on the Financial Statements
We have audited the accompanying balance sheets
of SYBLEU INC. (the "Company") as of June 30, 2021 and 2020, the related statements of operations, stockholders' equity (deficit),
and cash flows for the years then ended, and the related notes (collectively referred to as the "financial statements"). In
our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2021
and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally
accepted in the United States.
Substantial Doubt about the Company’s
Ability to Continue as a Going Concern
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company’s
significant operating losses raise substantial doubt about its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We
are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/s/
BF Borgers CPA PC/s/ BF Borgers CPA PC
BF Borgers CPA PC
We have served as the Company's auditor since
2020
Lakewood, CO
September
24, 2021
, except for the effects on the financial statements of the restatement described in Note 10, as to which the date is March 16,
2022.
SYBLEU
INC. |
|
|
BALANCE
SHEETS |
|
|
| |
| |
|
| |
As
of | |
As
of |
| |
June
30,2021 | |
June
30,2020 |
| |
| (
as restated) | | |
| | |
ASSETS | |
| | | |
| | |
CURRENT
ASSETS | |
| | | |
| | |
Cash | |
$ | 14,297 | | |
$ | 5,050 | |
Prepaid
Expenses | |
| | | |
| 3,500 | |
Total
Current Assets | |
| 14,297 | | |
| 8,550 | |
OTHER
ASSETS | |
| | | |
| | |
Investment
Securities | |
| 185250 | | |
| 0 | |
Total
Other Assets | |
| 185250 | | |
| 0 | |
TOTAL
ASSETS | |
$ | 199,547 | | |
$ | 8,550 | |
| |
| | | |
| | |
LIABILITIES
AND STOCKHOLDERS' EQUITY | |
| | | |
| | |
Current
Liabilities: | |
| | | |
| | |
Income
Taxes Payable | |
| 21,394 | | |
| 0 | |
Notes
Payable, Related Party | |
| 8,919 | | |
| 11,329 | |
Expenses
Accrued but Unpaid | |
| 450 | | |
| 0 | |
Total
Current Liabilities | |
| 30,763 | | |
| 11,329 | |
Long
Term Liabilities: | |
| | | |
| | |
Unearned
Income | |
| 173,398 | | |
| | |
Total
Liabilities | |
$ | 204,161 | | |
$ | 11,329 | |
| |
| | | |
| | |
STOCKHOLDERS'
EQUITY (DEFICIT) | |
| | | |
| | |
Common
Stock ($.0001 par value) 100,000,000 shares
authorized;par value $0.00019,353,000
shares issued and outstanding as of June 30,2020 and
10,418,000 shares
issued and outstanding as of June 30,2021 | |
| 1,042 | | |
| 935 | |
Additional
Paid in capital | |
| 100,049 | | |
| 145 | |
Retained
Earnings (Deficit ) | |
| (105,705 | ) | |
| (3,859 | ) |
Total
Stockholders' Equity (Deficit) | |
| (4,614 | ) | |
| (2,779 | ) |
TOTAL
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | |
$ | 199,547 | | |
$ | 8,550 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
SYBLEU
INC.
SYBLEU
INC.
|
BALANCE
SHEETS
|
|
STATEMENT
OF OPERATIONS |
|
|
(unaudited) |
|
|
| |
| |
|
| |
Year
Ended June 30, 2021 | |
Period
from Inception (June 12,2020 to June 30, 2020) |
| |
| (
as restated) | | |
| | |
REVENUES | |
| | | |
| | |
License
Fees | |
$ | 4,052 | | |
$ | — | |
TOTAL
REVENUES | |
$ | 4,052 | | |
$ | — | |
COSTS
AND EXPENSES | |
| | | |
| | |
Research
and Development: | |
| | | |
| | |
Consulting
Costs | |
| 26,311 | | |
| 2250 | |
Patent
Application Costs | |
| 3,100 | | |
| 0 | |
Total
Research and Development | |
| 29,411 | | |
| 2,250 | |
General
and Administrative: | |
| | | |
| | |
Transfer
Agency Fees | |
| 6,115 | | |
| 0 | |
Other
General and Administrative Expenses | |
| 1,898 | | |
| 609 | |
Total
General and Administrative | |
| 8,013 | | |
| 609 | |
Consulting: | |
| | | |
| | |
Legal
Fees | |
| 500 | | |
| 0 | |
Accounting | |
| 11,880 | | |
| 0 | |
Other
Consulting | |
| 13,600 | | |
| 0 | |
Website
Development | |
| — | | |
| 1,000 | |
Information
Technology Consulting | |
| 23,900 | | |
| 0 | |
Total
Consulting | |
| 49,880 | | |
| 1,000 | |
Rent | |
| 5,000 | | |
| 0 | |
Total
Costs and Expenses | |
| 92,304 | | |
| 3,859 | |
| |
| | | |
| | |
OPERATING
Income( LOSS) | |
$ | (88,252 | ) | |
$ | (3,859 | ) |
OTHER
INCOME AND EXPENSES | |
| | | |
| | |
Unrealized
Gain ( Loss) on Investment Securities | |
| 7,800 | | |
| 0 | |
TOTAL
OTHER INCOME ( EXPENSES) | |
| 7,800 | | |
| 0 | |
| |
| | | |
| | |
Provision
for Income Taxes | |
| (21,394 | ) | |
| 0 | |
NET
INCOME ( LOSS) | |
$ | (101,846 | ) | |
$ | (3,859 | ) |
BASIC
AND FULLY DILUTED LOSS PER SHARE | |
$ | (0.01 | ) | |
$ | (0.00 | ) |
WEIGHTED
AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | |
| 10,054,932 | | |
| 9,353,000 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Financial Statements |
SYBLEU
INC.
STATEMENT
OF OPERATIONS
|
|
SYBLEU
INC.
|
STATEMENT
OF SHAREHOLDERS EQUITY (DEFICIT)
For
the year ended June 30,2021 |
|
|
STATEMENT
OF SHAREHOLDERS EQUITY (DEFICIT) |
For
the year ended June 30,2021 |
(
as restated) |
|
|
|
|
|
| |
| |
| |
| |
| |
|
| |
| Common | | |
| | | |
| | | |
| | |
| |
| Shares | | |
| Amount | | |
| Additional
Paid in Capital | | |
| Retained
Deficit | | |
| Total | |
Balance
July 1, 2020 | |
| 9,353,000 | | |
$ | 935 | | |
$ | 145 | | |
$ | (3,859 | ) | |
$ | (2,779 | ) |
Common
shares issued for nonemployee services July 8,2020 | |
| 65,000 | | |
| 7 | | |
| 4 | | |
| | | |
| 11 | |
Net
Loss Quarter ended September 30,2020 | |
| — | | |
| — | | |
| — | | |
| (21,896 | ) | |
| (21,896 | ) |
Balance
September 30,2020 | |
| 9,418,000 | | |
$ | 942 | | |
$ | 149 | | |
$ | (25,755 | ) | |
$ | (24,664 | ) |
Common
Shares issued for cash November 9,2020 | |
| 1,000,000 | | |
$ | 100 | | |
| 99,900 | | |
| | | |
$ | 100,000 | |
Net
Loss Quarter ended December 31,2020 | |
| — | | |
| — | | |
| — | | |
| (34,463 | ) | |
| (34,463 | ) |
Balance
December 31,2020 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (60,218 | ) | |
$ | 40,873 | |
Net
Income Quarter ended March 31,2021 | |
| — | | |
| — | | |
| — | | |
| (86,599 | ) | |
| (86,599 | ) |
Balance
March 31,2021 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (146,817 | ) | |
$ | (45,726 | ) |
Net
Income Quarter ended June 30,2021 | |
| — | | |
| — | | |
| — | | |
| 41,112 | | |
| 41,112 | |
Balance
June 30, 2021 | |
| 10,418,000 | | |
$ | 1,042 | | |
$ | 100,049 | | |
$ | (105,705 | ) | |
$ | (4,614 | ) |
The
Accompanying Notes are an Integral Part of These Financial Statements
SYBLEU
INC.SYBLEU
INC.
STATEMENT
OF SHAREHOLDERS DEFICIT
For
the period beginning with inception ( June 12, 2020) and ending June 30,2020
|
|
Common |
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Additional
Paid in Capital |
|
Retained
Deficit |
|
Total |
Balance
June 12, 2020 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Common
shares issued to Parent June 13,2020 |
|
|
93,53,000 |
|
|
|
935 |
|
|
|
145 |
|
|
|
|
|
|
|
1,080 |
|
Net
Loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,859 |
) |
|
|
(3,859 |
) |
Balance
June 30, 2020 |
|
|
93,53,000 |
|
|
|
935 |
|
|
$ |
145 |
|
|
$ |
(3,859 |
) |
|
$ |
(2,779 |
) |
SYBLEU
INC.
STATEMENT
OF SHAREHOLDERS DEFICIT
The
Accompanying Notes are an Integral Part of These Financial Statement
SYBLEU
INC.
|
|
|
STATEMENT
OF CASH FLOWS
|
|
|
| |
| |
|
| |
Year
Ended June 30, 2021 | |
Period
from inception ( June 12,2020 to June 30, 2020) |
| |
| (
as restated) | | |
| | |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
Income (Loss) | |
$ | (101,846 | ) | |
$ | (3,859 | ) |
Adjustments
to reconcile net Income (loss) to net cash | |
| | | |
| | |
Common
Stock Issued for payment of expenses | |
| 11 | | |
| 1,080 | |
Changes
in Operating Assets and Liabilities | |
| | | |
| | |
(Increase)
Decrease in Prepaid Expenses | |
| 3500 | | |
| (3,500 | ) |
Increase
(Decrease) in Accrued Expenses | |
| 450 | | |
| 0 | |
(Increase)
Decrease in Securities accepted as Payment | |
| (177,450 | ) | |
| 0 | |
Increase(Decrease)
in Unearned Income | |
| 173,398 | | |
| | |
Increase
(Decrease) in Income Tax Payable | |
| 21,394 | | |
| 0 | |
Unrealized
Loss ( Gain) in Investment Securities | |
| (7,800 | ) | |
| 0 | |
Net
Cash provided by (used) in Operating Activities | |
$ | (88,343 | ) | |
| (6,279 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Increase
( Decrease) in Notes Payable, Related Parties | |
| (2,410 | ) | |
| 11,329 | |
Common
Stock issued for Cash | |
| 100,000 | | |
| 0 | |
Net
Cash provided by (used) in Financing Activities | |
| 97,590 | | |
| 11,329 | |
| |
| | | |
| | |
Net
Increase (Decrease) in Cash | |
$ | 9,247 | | |
| 5,050 | |
Cash
at Beginning of Period | |
| 5050 | | |
| 0 | |
Cash
at End of Period | |
$ | 14,297 | | |
$ | 5,050 | |
| |
| | | |
| | |
Supplemental
Cash Flow Information: | |
| | | |
| | |
Interest
Paid | |
| 0 | | |
| 0 | |
Income
Taxes Paid | |
| 0 | | |
| 0 | |
| |
| | | |
| | |
The
Accompanying Notes are an Integral Part of These Condensed Financial Statements |
SYBLEU
INC.
Notes
to Financial Statements
As
of June 30, 2021
NOTE
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SYBLEU
INC. (“Company”) was organized June 12, 2020 under the laws of the State of Wyoming.
The
Company intends to engage primarily in the development of regenerative medical applications up to the point of successful completion
of Phase I and or Phase II clinical trials after which the Company would either attempt to sell or license those developed applications
or, alternatively, advance the application further to Phase III clinical trials. The primary factor to be considered by us in arriving
at a decision to advance an application further to Phase III clinical trials would be a greater than anticipated indication of efficacy
seen in Phase I trials.
A.
BASIS
OF ACCOUNTING
The
financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this
basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has
adopted a June 30 year-end.
B.
USE
OF ESTIMATES
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
C.
CASH
EQUIVALENTS
The
Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
D.
FAIR
VALUE OF FINANCIAL INSTRUMENTS
Fair
value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal
or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy
requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required
by the standard that the Company uses to measure fair value:
Level
1: Quoted prices in active markets for identical assets or liabilities
Level
2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets
that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term
of the related assets or liabilities.
Level
3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets
or liabilities.
E.
RESEARCH
AND DEVELOPMENT COSTS
Research
and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged
to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and
filing of a provisional patent application.
F. STOCK BASED COMPENSATION
Stock
issued for Employee Compensation
Stock
based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award
recipient.
During
the year ended June 30,2021 no stock was issued for employee compensation.
Stock
issued for Non-Employee Services
Stock
issued for Non-Employee Services
Stock
Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee
equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing
whichever measurement is most reliable. Stock issued for compensation to non employees during the quarter ended September 30, 2020 was
accounted for at the fair value of the equity instruments issued as there were no dollar amounts billed to the Company for services rendered
by the non employees.
In
determining the Fair Value of shares issued as compensation, the Company took into account factors including the financial condition
of the Company at the time of grant, the Company’s lack of profitability, the lack of cash sales of the Company’s stock,
and the Company’s negative working capital as of the time of grant.
Pursuant
to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock
price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date:
i. |
|
The
date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment);
and |
ii. |
|
The
date at which the counterparty’s performance is complete.
|
The
Company has assessed that the date of issuance of the stock grant constituted commitment for performance therefore stock grants to non
employees issued during the period were measured as of the issue date. The following summarizes the Company’s issuance of stock
for non employee services for the quarter ended September 30, 2020:
Schedule Of Issuance Of Stock For Non employee Services | |
|
Balance
July 1, 2020 | |
|
Unvested
Shares | | |
| 0 | |
Vested
Shares | | |
| 0 | |
Total
July 1, 2020 | | |
| 0 | |
Shares
Issued Vested | | |
| 65,000 | |
Balance
September 30, 2020 | | |
| 65,000 | |
In
determining Fair Value for shares issued to nonemployees an asset based valuation method was utilized , specifically Enterprise Value(Assets
Less Cash and Cash Equivalents plus Fair Value of Debt) less Fair Value of Debt. The following inputs were utilized.
65,000
of the Common Shares of the Company issued on July 8, 2020:
Schedule Of Valuation Method Of Fair Value Of Unvested Shares | |
| | |
Fair
Value of Intellectual Property as of July 8, 2020 | |
| 1,545 | |
Notes
Payable as of July 8, 2020 | |
| 13,329 | |
Enterprise
Value as of July 8, 2020 | |
| 14,874 | |
Less:
Total Debt | |
| (13,329 | ) |
Portion
of Enterprise Value available to Common Shareholders | |
| 1,545 | |
Per
Share Portion of Enterprise Value available to Common Shareholders | |
$ | 0.000164 | |
During
the quarters ended December 31,2020, March 31, 2021 and June 30, 2020 no stock was issued for non- employee compensation.
G.
INCOME
TAXES
The
Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred
tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities
using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation
allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or
all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or
loss in the period that includes the enactment date.
The
Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification
related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain
open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations
for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be
material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations
for the given period. As of June 30, 2021 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions
in the future.
The
Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been
established.
Interest
and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance
with ASC Topic 740-10-50-19.
H.
BASIC EARNINGS (LOSS) PER SHARE
The
Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which
specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common
stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted
the provisions of ASC 260 effective from inception.
Basic
net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There
were no Common Stock Equivalents as of June 30, 2021.
NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS
The
Company has adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this Update
supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the
Industry Topics of the Codification.
The
core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers
in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve
that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the
performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance
obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company has adopted
the provisions of this ASU effective the fiscal year ended 2020. This guidance did not have a material impact on the Company’s
Financial Statements.
On
February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02,
Leases (Topic 842). The ASU requires organizations that lease assets, referred to as "lessees," to recognize on the consolidated
statement of financial position the rights and obligations created by those leases. The ASU also requires disclosures to help investors
and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures
include qualitative and quantitative requirements, providing additional information about the amounts recorded in the consolidated financial
statements. The ASU on leases became effective for public companies for fiscal years, and interim periods within those fiscal years,
beginning after December 15, 2018. The Company has not adopted the provisions of this ASU. This guidance is not expected to have a material
impact on the Company’s financial statements.
In
June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee
Share-Based Payment Accounting. This ASU is intended to simplify aspects of share-based compensation issued to non-employees
by making the guidance consistent with the accounting for employee share-based compensation. This ASU is effective for annual periods
beginning after December 15, 2018 and interim periods within those annual periods, with early adoption permitted. The Company has not
adopted the provisions of this ASU. This guidance is not expected to have a material impact on the Company’s financial statements.
NOTE
3. GOING CONCERN
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has generated
minimal earningsan accumulated deficit of $105,705 during the period from June 12, 2020 (inception) through June 30,2021. This condition raises substantial
doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability
to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Management
plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will
use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any
type of offerings.
On
November 5th, 2020 the Company sold one million of its common shares (“Shares”) to The Stephen and Fredna Hake Trust DTD
August 6, 2014 for consideration of $100,000. Dr. Stephen Hake, a Trustee of the Stephen and Fredna Hake Trust DTD August 6, 2014, serves
as a member of the Scientific Advisory Board of the Company and has a pre-established relationship with the Company.
NOTE
4. RELATED PARTY TRANSACTIONS.
As
of June30, 2021 the Company is indebted to David Koos, the Company’s Chairman and Chief Executive Officer, in the amount of $1,879
(
“Koos Notes”).
As
of June 30,2021 the Company is indebted to BST Partners, Inc. , a company controlled by David Koos, in the amount of $7,040 ( “BST
Notes”)
Both
the Koos Notes and BST Notes bear no interest and are due and payable upon demand of the Holder.
The
Company utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941 provided
to the Company by BST Partners, Inc. on a month to month basis free of charge. The property is utilized as office space. We believe that
the foregoing properties are adequate to meet our current needs for office space. During the year ended June 30, 2021 the Company voluntarily
paid $5,000 in rental expenses to BST Partner’s landlord on behalf of BST Partners, Inc.
NOTE
5. NOTES PAYABLE RELATED PARTY
Schedule of related party debt | |
| | |
David
Koos | |
| 1,879 | |
BST
Partners | |
| 7,040 | |
Notes
Payable, Related Parties | |
$ | 8,919 | |
As
of June 30, 2021 the Company is indebted to David R. Koos in the amount of $1,879.
As
of June 30, 2021 the Company is indebted to BST Partners in the amount of $7,040.
BST
Partners is controlled by David R. Koos.
NOTE
6. INVESTMENT SECURITIES
On
March 11, 2021 the Company was paid 6,500 common shares of Oncology Pharma, Inc. pursuant to an agreement entered into by and
between the Company and Oncology Pharma, Inc. whereby the Company granted Oncology Pharma, Inc. an exclusive worldwide right and license
for the development and commercialization of certain intellectual property controlled by the Company.
On
June 30, 2021 the Company revalued 6,500 common shares of Oncology Pharma, Inc. at the closing price of the common shares on
the OTC Pink market.
As
of June 30, 2021:
6,500
6,500 Common
shares of Oncolgy Pharma,Inc.
|
Schedule Of Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basis |
|
|
|
Fair
Value |
|
|
|
Total
Unrealized Gains |
|
|
|
Net
Unrealized Gain or (Loss) realized during the Quarter ended June 30,2021 |
|
$ |
177,450 |
|
|
$ |
185,250 |
|
|
$ |
7,800 |
|
|
$ |
51,350 |
|
NOTE
7: INCOME TAXES
As
of June 30, 2021
Schedule of Deferred Tax Assets | |
| | |
Deferred
tax assets: | |
|
Net
operating tax carry forwards | |
$ | 12,645 | |
Other | |
| 0 | |
Gross
deferred tax assets | |
| 12,645 | |
Valuation
allowance | |
| (12,645 | ) |
Net
deferred tax assets | |
$ | 0 | |
As
of June 30, 2020 the Company has a Deferred Tax Asset of $12,645 completely attributable to net operating loss carry forwards of
approximately $60,219 generated during the calendar year ending December 31,2020 (which expire 20 years from the
date the loss was incurred).
Realization
of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and
carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain.
In
addition, if as a result of a stock transfer or a reorganization, a corporation undergoes an “ownership change,” Code Section
382 limits the corporation’s right to use its NOLs each year thereafter to an annual percentage of the fair market value of the
corporation at the time of the ownership change (the “Section 382 Limitation”).
A
corporation is considered to undergo “an ownership change” if, as a result of changes in the stock ownership by “5-percent
shareholders” or as a result of certain reorganizations, the percentage of the corporation’s stock owned by those 5-percent
shareholders increases by more than 50 percentage points over the lowest percentage of stock owned by those shareholders at any time
during the prior three-year testing period. Five-percent shareholders are persons who hold 5% or more of the stock of a corporation at
any time during the testing period as well as certain groups of shareholders (based typically on whether they acquired their shares in
a single offering or exchange transaction) who are not individually 5-percent shareholders.
As the Company will require cash infusions in order to implement its business plan, and as it is probable, although not guaranteed, that
such funding needs may be met through the sale of equity securities to “5-percent shareholders”, the Company recognized a
valuation allowance equal to the deferred Tax Asset and the Company recorded a valuation allowance reducing all deferred tax assets to
0.
Income
tax is calculated at the 21% Federal Corporate Rate.
NOTE
8. STOCKHOLDERS’ EQUITY
The
stockholders’ equity section of the Company contains the following class of capital stock as of June 30, 2021:
Common
stock, $ Common
stock, $ 0.0001 par value; 100,000,000 shares authorized: 10,418,000 shares issued and outstanding.
With
respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast
that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1).
On
any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive,
out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Corporation.
NOTE
9. STOCK TRANSACTIONS
On
July 7, 2020 the Company entered into an agreement with Dr. Stephen Hake whereby Dr. Hake agreed to serve as a member of the Company’s
Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Hake 40,000 of the Company’s common
shares within 20 days of the execution of the Agreement.
On
July 7, 2020 the Company entered into an agreement with Dr. Jason Garber whereby Dr. Garber agreed to serve as a member of the Company’s
Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Hake 25,000 of the Company’s common
shares within 20 days of the execution of the Agreement.
On
July 8, 2020 the Company issued 40,000 common shares to Dr. Stephen Hake
On
July 8, 2020 the Company issued 40,000 common shares to Dr. Stephen Hake
On
July 8, 2020 the Company issued 25,000 common shares to Dr. Jason Garber.
On
November 5th, 2020 SYBLEU INC. (the “Company”) sold one million of its common shares (“Shares”) for consideration
of $100,000.
NOTE
10. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL
STATEMENTS
Subsequent
to the original issuance of the Company’s quarterly financial statements for the year ended June 30, 2021 the Company determined
that the following revisions are required
Recognizing
revenue of $177,450 resulting from licensing fees paid during the quarter ended March 31,2021 over the term of the license ( 15 years)
Cumulative
Effect of Restatement of Previously Issued Financial Statements for the Year Ended Ended June 30 2021.
Schedule of restatement of previously issued Financial Statements | |
| | | |
| | | |
| | |
Year
Ended June 30, 2021 |
| |
| |
| |
|
| |
Balance
Sheet |
| |
|
| |
| As
Originally Presented | | |
| Adjustments | | |
| As
Restated | |
Unearned
Income | |
| 0 | | |
| 173,398 | | |
| 173,398 | |
Total
Liabilities: | |
| 30,763 | | |
| 173,398 | | |
| 204,161 | |
Retained
Earnings (Deficit ) | |
| 67,693 | | |
| (173,398 | ) | |
| (105,705 | ) |
Total
Stockholders' Equity (Deficit) | |
| 168,784 | | |
| (173,398 | ) | |
| (4,614 | ) |
| |
| | | |
| | | |
| | |
Year
Ended June 30, 2021 |
| |
| | | |
| | | |
| | |
| |
| Statement
of Operations |
| |
| | | |
| | | |
| | |
| |
| As
Originally Presented | | |
| Adjustments | | |
| As
Restated | |
License
Fees | |
| 177,450 | | |
| (173,398 | ) | |
| 4,052 | |
Total
Revenue | |
| 177,450 | | |
| (173,398 | ) | |
| 4,052 | |
Operating
Income ( Loss) | |
| 85,146 | | |
| (173,398 | ) | |
| (88,252 | ) |
Net
Income (Loss )Before Taxes | |
| 92,946 | | |
| (173,398 | ) | |
| (80,452 | ) |
Net
Income (Loss ) | |
| 71,552 | | |
| (173,398 | ) | |
| (101,846 | ) |
| |
| | | |
| | | |
| | |
Year
Ended June 30, 2021 |
| |
| | | |
| | | |
| | |
| |
| Statement
of Shareholders' Equity ( Deficit) |
| |
| | | |
| | | |
| | |
| |
| As
Originally Presented | | |
| Adjustments | | |
| As
Restated | |
Net
Income ( Loss) Quarter ended March 31, 2021 | |
| 89,716 | | |
| — | | |
| 89,716 | |
Retained
Deficit March 31, 2021 | |
| 29,498 | | |
| (176,315 | ) | |
| (146,817 | ) |
Total
Stockholders' Equity (Deficit) March 31, 2021 | |
| 130,589 | | |
| (176,315 | ) | |
| (45,726 | ) |
Net
Income ( Loss) Quarter ended June 30, 2021 | |
| 38,195 | | |
| (173,398 | ) | |
| (135,203 | ) |
Retained
Deficit June 30, 2021 | |
| 67,693 | | |
| (173,398 | ) | |
| (105,705 | ) |
Total
Stockholders' Equity (Deficit) June 30, 2021 | |
| 168,784 | | |
| (173,398 | ) | |
| (4,614 | ) |
| |
| | | |
| | | |
| | |
Year
Ended June 30, 2021 |
| |
| | | |
| | | |
| | |
| |
| Statement
of Cash Flows |
| |
| | | |
| | | |
| | |
| |
| As
Originally Presented | | |
| Adjustments | | |
| As
Restated | |
Net
Income (Loss) | |
| 38,195 | | |
| (173,398 | ) | |
| (135,203 | ) |
Increase
( Decrease) in Unearned Income | |
| 0 | | |
| 173,398 | | |
| 173,398 | |
Item
9A. Controls and Procedures
a)
Evaluation of disclosure controls and procedures.
The
principal executive officer and principal financial officer have evaluated the Company’s disclosure controls and procedures as
of June 30, 2021. Based on this evaluation, they have concluded that the disclosure controls and procedures were effective to ensure
that the information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act
of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms
and to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange
Act of 1934 is accumulated and communicated to the Company’s management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. David Koos
is the Company’s CEO and functions as the Company’s principal executive officer and principal financial officer respectively.
b)
Management’s annual report on internal control over financial reporting.
Management
of the Company is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule
13a-15(f) promulgated under the Securities and Exchange Act of 1934. Rule 13a-15(f) defines internal control over financial reporting
as follows:
“The
term internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuer's principal
executive and principal financial officers, or persons performing similar functions, and effected by the issuer's board of directors,
management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies
and procedures that:
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the issuer;
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations
of management and directors of the issuer; and
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuer's assets
that could have a material effect on the financial statements.”
The
Company’s internal control over financial reporting is a process designed under the supervision of the Company’s management
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company’s financial
statements for external purposes in accordance with U.S. generally accepted accounting principles.
In
designing and evaluating our disclosure controls and procedures, our management recognized that disclosure controls and procedures, no
matter how well conceived and operated, can provide only a reasonable, not absolute, assurance that the objectives of the disclosure
controls and procedures are met.
The
Company’s management assessed the effectiveness of its internal control over financial reporting as of June 30, 2021 is based on
the framework in 2013 Committee of Sponsoring Organizations of the Treadway Commission, or COSO. Based on its assessment, management
believes that, as of June 30,2021 the Company’s internal control over financial reporting is effective.
Management's
report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities
and Exchange Commission that permit the company to provide only management's report in this annual report. This exemption for smaller
reporting companies provided under the temporary rules referenced above has been made permanent under Section 989G of the Dodd-Frank
Wall Street Reform and Consumer Protection Act.
(c)
There have been no changes during the quarter ended June 30, 2021 in the Company’s internal controls over financial reporting that
have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
Item
10. Directors, Executive Officers and Corporate Governance
David
R. Koos
David
R. Koos, 62 has served as Chairman of the Board of Directors, Chief Executive Officer, President, Secretary and Treasurer from inception
to the date of this document. David R. Koos served as Chief Financial Officer since inception to July 21, 2020
Position: |
Company
Name: |
Employment
Dates: |
Chairman,
President, Chief Executive Officer, Secretary, Acting Chief Financial Officer, Principal Accounting Officer |
Entest
Group, Inc. |
June
19, 2009 to November 28, 2018 |
Chairman,
President, Chief Executive Officer, Secretary, Chief Financial Officer, Principal Accounting Officer |
Entest
BioMedical, Inc.( a California corporation) |
August
22,2008 to the Present |
Chairman
and CEO |
Regen
BioPharma, Inc. |
April
24, 2012 to January 22,2020 |
Acting
CFO |
Regen
BioPharma, Inc. |
April
24, 2012 to February 11, 2015 |
President |
Regen
BioPharma, Inc. |
May
29, 2013 to October 9, 2013 |
Chairman,
CEO |
Zander
Therapeutics, Inc. |
February
2017 to January 22,2020 |
Sole
Officer and Director |
Cell
Source Research, Inc. |
March
24, 2003 to the Present |
Chairman,
President, CEO and Acting CFO |
Bio-Matrix
Scientific Group, Inc. |
June
14, 2006 (Chairman) to July 31;2019 June 19, 2006 (President, CEO and Acting CFO); June 19, 2006 (Secretary) to July 31, 2019 |
Chairman
& CEO |
BST
Partners Inc. (A California Corporation) |
November
30, 2018 to the Present |
Chairman
& CEO |
BST
Partners Inc. (A Wyoming Corporation) |
March
17, to 2017 to the Present |
Chairman
and Sole Officer |
Regen
Biopharma, Inc. |
March
23,2021 to the Present |
Chairman
and Sole Officer |
KCL
Therapeutics, Inc |
March
23,2021 to the Present |
Chairman
and Sole Officer |
Zander
Therapeutics, Inc. |
March
23,2021 to the Present |
Joseph
G. Vaini
Joseph
G. Vaini, 59, has served as Chief Financial Officer since July21, 2020. For the past ten years Mr. Vaini has been a freelance independent
consultant assisting microcap companies in complying with securities laws and regulation as well as assisting companies in the preparation
of GAAP compliant financial statements. Over the past five years Mr. Vaini has provided consulting services to Bio- Matrix Scientific
Group, Inc., Regen BioPharma, Inc., Entest Group, Inc., and Zander Therapeutics, Inc. Mr. Vaini does not possess a college degree. Mr.
Vaini worked as a registered securities representative holding a Series 7 and Series 63 License between 1989 and 1995
Employment
Agreements
Neither
of David Koos or Joseph Vaini are party to an employment agreement with the Company and serve at the pleasure of the Board of Directors.
Code
of Ethics
On
July 20, 2020 we adopted a Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.
Director
Independence
Director
Independence
Audit
Committee and Audit Committee Financial Expert
The
members of the Company’s board of Directors may not be considered independent. The Company is not a "listed company"
under Securities and Exchange Commission (“SEC”) rules and is therefore not required to have an audit committee comprised
of independent directors. The Company does not currently have an audit committee, however, for certain purposes of the rules and regulations
of the SEC and in accordance with the Sarbanes-Oxley Act of 2002, the Company’s Board of Directors is deemed to be its audit
committee and as such functions as an audit committee and performs some of the same functions as an audit committee including: (1) selection
and oversight of our independent accountant; (2) establishing procedures for the receipt, retention and treatment of complaints regarding
accounting, internal controls and auditing matters; and (3) engaging outside advisors. The Board of Directors has determined that its
member is able to read and understand fundamental financial statements and has substantial business experience that results in that member's
financial sophistication. Accordingly, the Board of Directors believes that its member has the sufficient knowledge and experience
necessary to fulfill the duties and obligations that an audit committee would have.
Nominating
and Compensation Committees
The
Company does not have standing nominating or compensation committees, or committees performing similar functions. The board of directors
believes that it is not necessary to have a compensation committee at this time because the functions of such committee are adequately
performed by the board of directors. The board of directors also is of the view that it is appropriate for the Company not to have a
standing nominating committee because the board of directors has performed and will perform adequately the functions of a nominating
committee. The Company is not a "listed company" under SEC rules and is therefore not required to have a compensation committee
or a nominating committee.
Shareholder
Communications
Shareholder
Communications
There
has not been any defined policy or procedure requirements for stockholders to submit recommendations or nomination for directors. There
are no specific, minimum qualifications that the board of directors believes must be met by a candidate recommended by the board of directors.
Currently, the entire board of directors decides on nominees, on the recommendation of any member of the board of directors followed
by the board’s review of the candidates’ resumes and interview of candidates. Based on the information gathered, the board
of directors then makes a decision on whether to recommend the candidates as nominees for director. The Company does not pay any fee
to any third party or parties to identify or evaluate or assist in identifying or evaluating potential nominee.
Because
the Chief Executive Officer of the Company is also the Chairman of the Board of Directors of the Company, the Board of Directors has
determined not to adopt a formal methodology for communications from shareholders on the belief that any communication would be brought
to the Board of Directors’ attention by virtue of the co-extensive capacities of the Chairman of the Board of Directors.
Executive
Compensation
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
David
Koos, Chairman, President, CEO, CFO (CFO inception to July 20, 2020) | |
| 2020 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
Joseph
G. Vaini CFO (since July 21, 2020) | |
| 2020 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
David
Koos, Chairman, President, CEO, CFO (CFO inception to July 20, 2020) | |
| 2021 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Name
and Principal Position | |
Fiscal
Year | |
Salary
($) | |
Bonus
($) | |
Stock
Awards ($) | |
Restricted
Stock Awards ($) | |
Option
Awards ($) | |
Non
Equity Incentive Plan Compensation ($) | |
Nonqualified
Deferred Compensation Earnings ($) | |
All
Other Compensation ($) | |
Total
($) |
Joseph
G. Vaini CFO (since July 21, 2020) | |
| 2021 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Employment
Agreements
Currently
the Company is not party to any employment agreement.
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The
following table sets forth information known to the Company with respect to the beneficial ownership of each class of the Company’s
capital stock for (1) each person known by the Company to beneficially own more than 5% of each class of the Company’s voting securities,
(2) each executive officer, (3) each of the Company’s directors and (4) all of the Company’s executive officers and directors
as a group.
Based
on 10,418,000 Common Shares outstanding as of September 20,2021
Title
of Class | |
Name
and Address of Beneficial Owner | |
Number
of shares | |
Percentage |
Common | |
David
R. Koos | |
| 6,112,627 | | |
| 58.67 | % |
| |
c/o
SYBLEU INC | |
| | | |
| | |
Common | |
Joseph
G Vaini | |
| 210,790 | | |
| 2.02 | % |
| |
c/o
SYBLEU INC | |
| | | |
| | |
Common | |
Stephen
Hake* | |
| 1,040,000 | | |
| 9.98 | % |
| |
290
Saddle Run St. Henderson Nv | |
| | | |
| | |
Common | |
Timothy
G Foat | |
| 850,000 | | |
| 8.16 | % |
| |
1204
Tangerine Street El Cajon CA | |
| | | |
| | |
Common | |
Heather
Cassady | |
| 800,000 | | |
| 7.68 | % |
| |
1391
Broadway St Unit B El Cajon CA | |
| | | |
| | |
Common | |
All
Officers and Directors as a Group | |
| 6,323,417 | | |
| 60.70 | % |
| |
| |
| | | |
| | |
*
Includes 1,000,000 Common Shares held by the The Stephen and Fredna Hake Trust DTD August 6, 2014 for which Dr. Hake serves
as a Trustee |
Item
13. Certain Relationships and Related Transactions, and Director Independence
On
June 13, 2020 the Company issued 9,353,000 common shares to Cell Source Research, the Company’s sole shareholder and an entity
under common control, for consideration consisting of payments made on behalf of the Company of $580 for incorporation expenses and of
$500 of consulting expenses.
On
July 14,2020 intellectual property controlled by the Company’s Chief Executive Officer and a corporation controlled by the Company’s
Chief Executive Officer was assigned to the Company.
On December
2, 2020 SYBLEU INC. (the “Company”) was assigned all right, title, and interest to intellectual property related to intratumoral
administration of a combination of a chemotherapeutic agent and an immunomodulatory agent for cancer therapy ( “Cancer Therapy
IP”).
The concept of the Cancer Therapy IP is the simultaneous intratumoral injection of a chemotherapeutic agents in combination with immunomodulatory
agents in sustained release formulations. The chemotherapeutic agent is for the purpose of directly killing the tumor cells for the release
of antigens while the immunomodulatory protein or factor is to stimulate the antigenic response of the host to the antigens.
These
rights were assigned to the Company by the Company’s Chief Executive Officer and Entest BioMedical, Inc., a California corporation
controlled by the Company’s Chief Executive Officer. The aforementioned assignment constituted a contribution of intellectual property
to the Company. There is no termination date of the assignment. No term or condition of the assignment would cause ownership of the intellectual
property rights to revert back to David Koos and Entest BioMedical, Inc. No payment of any sort is required by to be made the Company
to either David Koos or Entest BioMedical, Inc. pursuant to the assignment. The Company is not required to meet any particular benchmark
or pay a royalty of any sort pursuant to this assignment.
As
of June30, 2021 the Company is indebted to David Koos, the Company’s Chairman and Chief Executive Officer, in the amount of $1,879
( “Koos Notes”).
As
of June 30,2021 the Company is indebted to BST Partners, Inc. , a company controlled by David Koos, in the amount of $7,040 ( “BST
Notes”)
.
Both
the Koos Notes and BST Notes bear no interest and are due and payable upon demand of the Holder.
The
Company utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941 provided
to the Company by BST Partners, Inc. on a month to month basis free of charge. The property is utilized as office space. During the year
ended June 30, 2021 the Company voluntarily paid $5,000 in rental expenses to BST Partner’s landlord on behalf of BST Partners,
Inc.
Item 14. Principal Accounting Fees and Services
The
following table sets forth the aggregate fees billed to us by BF Borgers CPA PC for the period beginning June 12, 2020 ( and ending September
30, 2019:
Audit
Fees | |
$ | 20,046 | |
Audit
Related Fees | |
| 6,000 | |
Tax
Fees | |
| 0 | |
All
Other Fees | |
| 0 | |
| |
$ | 26,046 | |
Audit
Fees: Aggregate fees billed for professional services rendered for the audit of the Company's annual financialstatementsfinancial statements.
Audit
Related Fees: Aggregate fees billed for professional services rendered for assurance and related services that were
reasonably related to the performance of the audit or review of our financial statements and are not reported under “Audit Fees”
above. During the year ended September 30, 2019 these fees were primarily derived from review of financial statements in the Company's
Form 10Q Reports.
All
services listed were pre-approved by the Board of Directors, functioning as the Audit Committee in accordance with Section 2(a) 3 of
the Sarbanes-Oxley Act of 2002.
The following table sets forth the aggregate fees billed to us by BF Borgers CPA PC for the period beginning with inception and ending
June 30, 2020:
Audit
Fees | |
$ | 0 | |
Audit
Related Fees | |
| 0 | |
Tax
Fees | |
| 0 | |
All
Other Fees | |
| 0 | |
| |
$ | 0 | |
The following table sets forth the aggregate fees billed to us by BF Borgers CPA PC for the period beginning July 1,2020 and ending June
30, 2021:
Audit
Fees | |
$ | 3000 | |
Audit
Related Fees | |
| 5640 | |
Tax
Fees | |
| 0 | |
All
Other Fees | |
| 0 | |
| |
$ | 8,640 | |
Item
15. EXHIBITS
(a) |
|
Incorporated
by reference to Exhibit 3(i) of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(b) |
|
Incorporated
by reference to Exhibit 3(ii) of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(c) |
|
Incorporated
by reference to Exhibit 10.1 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(d) |
|
Incorporated
by reference to Exhibit 10.2 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(e) |
|
Incorporated
by reference to Exhibit 10.3 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(f) |
|
Incorporated
by reference to Exhibit 10.4 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(g) |
|
Incorporated
by reference to Exhibit 10.5 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(h) |
|
Incorporated
by reference to Exhibit 10.6 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(i) |
|
Incorporated
by reference to Exhibit 10.7 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(j) |
|
Incorporated
by reference to Exhibit 10.8 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(k) |
|
Incorporated
by reference to Exhibit 10.9 of the Company's Form 10-Q for the quarter ended September 31,
2020 |
(l) |
|
Incorporated
by reference to Exhibit 10.10 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(m) |
|
Incorporated
by reference to Exhibit 10.11 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(n) |
|
Incorporated
by reference to Exhibit 10.12 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(o) |
|
Incorporated
by reference to Exhibit 10.13 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(p) |
|
Incorporated
by reference to Exhibit 10.14 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(q) |
|
Incorporated
by reference to Exhibit 10.15 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(r) |
|
Incorporated
by reference to Exhibit 10.16 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(t) |
|
Incorporated
by reference to Exhibit 10.17 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(u) |
|
Incorporated
by reference to Exhibit 10.18 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(v) |
|
Incorporated
by reference to Exhibit 10.19 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(w) |
|
Incorporated
by reference to Exhibit 10.20 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(x) |
|
Incorporated
by reference to Exhibit 10.21 of the Company's Form 10-Q for the quarter ended September
31, 2020 |
(y) |
|
Incorporated
by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed November 9,
2020 |
(z) |
|
Incorporated
by reference to Exhibit 10.1 of the Company's Current Report on Form 8-K filed December 4,
2020 |
(aaa) |
| |
Incorporatedincorporated
by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K dated February
24, 2021. |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
SYBLEU
INC. |
|
|
|
|
By: |
/s/
David R. Koos |
|
Name: |
David
R. Koos |
|
Title: |
Chairman,
Chief Executive Officer, Director |
|
Date: |
September
24, 2021 |
SIGNATURES
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
SYBLEU
INC. |
|
|
|
|
By: |
/s/
David R. Koos |
|
Name: |
David
R. Koos |
|
Title: |
Chairman,
Chief Executive Officer, Director |
|
Date: |
March
16, 2022 |
Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
SYBLEU
INC. |
|
|
|
|
By: |
/s/
Joseph G. Vaini |
|
Name: |
Joseph
G. Vaini |
|
Title: |
Chief
Financial Officer |
|
Date: |
September
24, 2021 |
|
|
SYBLEU
INC. |
|
|
|
|
By: |
/s/
Joseph G. Vaini |
|
Name: |
Joseph
G. Vaini |
|
Title: |
Chief
Financial Officer |
|
Date: |
March
16, 2022 |
|
EXHIBIT 31.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER PURSUANT TO
SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, David Koos, certify that:
1. I have reviewed this Annual Report
on Form 10-K of Sybleu Inc.;
2. Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this
report;
3. Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying
officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))
for the registrant and have:
(a) Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness
of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of
the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report
any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal
quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying
officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant's internal control over financial
reporting.
Date:
September 24March 16, 20212022 |
By: |
/s/ David R. Koos |
|
|
David R. Koos
Chief Executive Officer |
EXHIBIT
31.2
CERTIFICATION
OF CHIEF FINANCIAL OFFICER PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I, Joseph
G. Vaini, certify that:
1. I
have reviewed this Annual Report on Form 10-K of Sybleu Inc.;
2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this report;
3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report;
4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by
others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The
registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
and
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.
Date:
September 24March 16, 20212022 |
By: |
/s/ Joseph
G. Vaini |
|
|
Joseph
G. Vaini |
|
|
Principal
Financial Officer |
EXHIBIT 32.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual
report of Sybleu Inc. (the “Company”) on Form 10-K for the year ended June 30, 2021 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on
the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
2. The information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date:
September 24March 16, 20212022 |
By: |
/s/ David R. Koos |
|
|
David R. Koos
Chief Executive Officer |
A signed original of this written statement
required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authentications, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been
provided to Sybleu Inc. and will be retained by Sybleu Inc. and furnished to the Securities and Exchange Commission
or its staff upon request.
EXHIBIT 32.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual
report of Sybleu Inc.(the “Company”) on Form 10-K for the year ended June 30, 2021, 2020 as filed with the
Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacities and on
the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and
2. The information contained in the
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date:
September 24March 16, 20212022 |
By: |
/s/ Joseph
G. Vaini |
|
|
Joseph
G. Vaini Principal
Financial Officer |
A signed original of this written statement
required by Section 906 of the Sarbanes-Oxley Act of 2002, or other document authentications, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been
provided to Sybleu Inc. and will be retained by Sybleu Inc. and furnished to the Securities and Exchange Commission
or its staff upon request.
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