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| LLTP > SEC Filings for LLTP > Form 10-K on 29-Oct-2012 | All Recent SEC Filings |
29-Oct-2012
Annual Report
RESULTS OF OPERATIONS
We have generated no revenue since our inception on June 21, 2005 and have incurred $23,886,576 in operating expenses, which have resulted in overall accumulated losses of $23,928,895 through July 31, 2012.
The following table provides selected financial data about our company for the years ended July 31, 2012 and 2011.
Balance Sheet Data: 07/31/12 7/31/11
Cash $ 20,423 $ 51,789
Total assets $ 44,976 $ 77,715
Total liabilities $ 663,694 $ 416,232
Shareholders' (deficit) $ (618,718 ) $ (416,232 )
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There was $3,460,402 provided by financing activities for the year ended July 31, 2012.
GOING CONCERN
Lightlake Therapeutics Inc. is a Development Stage Enterprise. Our independent auditor has issued an audit opinion, which includes a statement expressing substantial doubt as to our ability to continue as a going concern.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance at July 31, 2012 was $20,423together with $663,694 outstanding liabilities. If we experience a shortage of funds prior to generating revenues from operations we may utilize funds from our Director, who has informally agreed to advance funds to allow us to pay for operating costs, however he has no formal commitment, arrangement or legal obligation to advance or loan funds to us. Management believes that our current cash balance will not be sufficient to fund our operations for the next twelve months.
PLAN OF OPERATION
Our plan of operation for the next twelve months is to pursue the Phase II clinical trials in Helsinki, Finland on the user patents that were acquired August 24, 2009, as well commence Phase II trials of on an opioid antagonist-based treatment for Bulimia Nervosa
In the first quarter of 2011, we commenced a randomized, double blind placebo controlled trial in Helsinki, Finland to investigate the use of naloxone intra-nasally as a treatment for Binge Eating Disorder. We expect that these trials will take six months to complete and we aim for these trials to be FDA compliant. Patient selection for the Phase II trial was completed, with a total of 127 individuals recruited.
We intend to collaborate with other parties to progress to and fund Phase III. We anticipate that the Phase III trials will be held at centers in North America and at Imperial College London, United Kingdom and other international institutions, including. We currently have agreements to collaborate with Celesio AG and Lloyds Pharmacy, and we will further pursue similar relationships over the next 12 months that will provide funding and strategic relationships to help us reach key milestones. At this point the team will be strengthened accordingly. During the next year we aim to broaden our product pipeline, and anticipate acquiring additional patents that relate to the use of opioid antagonists.
In particular, we anticipate launching Phase II trials to investigate the application of our technology as a treatment for Bulimia Nervosa, and we are seeking funding to facilitate these trials launch. We have made arrangements with Kings College London, UK, to conduct these trials at the institution.
We anticipate that additional funding will be required in the form of equity financing from the sale of our common stock or loans from our directors or shareholders. However, we may not be able to raise sufficient funding from the sale of our common stock to fund any future development.
OFF-BALANCE SHEET ARRANGEMENTS
We have no off-balance sheet arrangements.
ITEM 8. FINANCIAL STATEMENTS
For the years ended
July 31, 2012 and 2011
and
From Inception (July 21, 2005)
to July 31, 2012
Lightlake Therapeutics, Inc.
Index to Financial Statements
July 31, 2012 and 2011
Page Number Financial Statements:
Report of Independent Registered Public F-2 Accounting Firm
Statements of Operations for the years ended F-4 July 31, 2012 and 2011 and from Inception (July 25, 2005) to July 31, 2012
Statement of Shareholders' Equity (Deficit) and F-5 from Inception (July 25, 2005) to July 31, 2012
Statement of Cash Flows for the years ended F-6 July 31, 2012 and 2011 and from Inception (July 25, 2005) to July 31, 2012
To the Board of Directors and
Stockholders of Lightlake Therapeutics, Inc.:
I have audited the balance sheets of Lightlake Therapeutics, Inc. as of July 31, 2012 and 2011 and the related statement of operations, changes in stockholder's deficit, and cash flows for the years then ended and for the period June 21, 2005 (date of inception) through July 31, 2012. These financial statements are the responsibility of the Company's management. My responsibility is to express an opinion on these financial statements based on my audits.
I conducted my audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements were free of material misstatement. The Company was not required to have, nor was I engaged to perform, an audit of its internal control over financial reporting. My audit included consideration of internal control over financial reporting as a basis for designing audit procedures that were appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, I express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.
In my opinion, the financial statements, referred to above, present fairly, in all material respects, the financial position of Lightlake Therapeutics, Inc. as of July 31, 2012 and 2011, and the results of its operations and its cash flows for the years then ended and for the period June 21, 2005 (date of inception) through July 31, 2012, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has no revenues from operation, has not emerged from the development stage, has had recurring losses resulting in accumulated deficit, negative cash flows from operations and is requiring additional traditional financing or equity funding to commence its operating plan. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Further information and management's plans in regard to this uncertainty were also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Peter Messineo, CPA
Palm Harbor, Florida
October 29, 2012
Lightlake Therapeutics, Inc.
( a Development Stage Enterprise)
Balance Sheets
As of
July 31,
2012 2011
Assets
Current assets
Cash and cash equivalents $ 20,423 $ 51,789
Total current assets 20,423 51,789
Other assets
Patents and patent applications (net of accumulated
amortization) 24,553 25,926
Total assets $ 44,976 $ 77,715
Liabilities and Shareholders' Deficit
Liabilities
Accounts payable and accrued liabilities $ 55,497 $ 104,136
Accrued salaries and wages 56,300 4,127
Due to related party 136,412 307,969
Convertible notes payable (Net of Debt Discounts) 223,693 -
Derivative liability 191,792 -
Total liabilities 663,694 416,232
Stockholders' equity (deficit)
Common stock; par value $0.001; 200,000,000 shares
authorized;
126,083,416 shares issued and outstanding at July 31,
2012 and
76,976,333 shares issued and outstanding at July 31,
2011 126,083 76,976
Additional paid-in capital 23,184,094 11,092,214
Accumulated deficit during the development stage (23,928,895 ) (11,507,707 )
Total stockholders' equity (deficit) (618,718 ) (338,517 )
Total liabilities and stockholders' equity(deficit) $ 44,976 $ 77,715
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The accompanying notes are an integral part of these unaudited financial statements.
Lightlake Therapeutics, Inc.
(a Development Stage Enterprise)
Statements of Operations
For the years ended, July 31, 2012 and 2011 and the period
From inception (June 21, 2005) to July 31, 2012
For the From Inception
Years Ended (June 21, 2005)
July 31, to July 31,
2012 2011 2012
Revenues $ - $ - $ -
Operating expenses
General and administrative 11,829,537 9,435,787 23,341,392
Research and development 506,169 506,169
Mineral interests - - 39,015
Total operating expenses 12,335,706 9,435,787 23,886,576
Income (loss) from operations (12,335,706 ) (9,435,787 ) (23,886,576 )
Other income (expense)
Interest expense (3,997 ) - (3,997 )
Interest expense on debt discounts (57,392 ) - (57,392 )
Change in derivative (24,093 ) (24,093 )
Debt forgiveness - - 43,163
Total other income (expense) (85,482 ) - (42,319 )
Income (loss) before provision for income taxes (12,421,188 ) (9,435,787 ) (23,928,895 )
Provision for income taxes - - -
Net income (loss) $ (12,421,188 ) $ (9,435,787 ) $ (23,928,895 )
Basic loss per common share:
Earnings (loss) per common share $ (0.12 ) $ (0.14 )
Basic weighted average
common shares outstanding 103,881,283 67,163,719
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The accompanying notes are an integral part of these unaudited financial statements.
Lightlake Therapeutics, Inc.
( a Development Stage Enterprise)
Statement of Stockholders' Equity (Deficit)
For the period from Inception (June 21, 2005)
to July 31, 2012
Deficit
Additional During the
Common Stock Paid In Treasury Development
Shares Amount Capital Stock Stage Total
Balance at
June 21, 2005 - - - - - -
Balance at
July 31, 2005 - - - - - -
Common shares
issued for
cash
March 2006 at
$0.001 per
share 5,000,000 5,000 - - - 5,000
March 2006 at
$0.01 per
share 1,300,000 1,300 11,700 - - 13,000
April 2006 at
$0.01 per
share 75,000 75 7,425 - - 7,500
May 2006 at
$0.01 per
share 150,000 150 29,850 - - 30,000
Net income
(loss) (32,125 ) (32,125 )
Balance at
July 31, 2006 6,525,000 6,525 48,975 - (32,125 ) 23,375
Net income
(loss) (33,605 ) (33,605 )
Balance at
July 31, 2007 6,525,000 6,525 48,975 - (65,730 ) (10,230 )
Net income
(loss) (17,924 ) (17,924 )
Balance at
July 31, 2008 6,525,000 6,525 48,975 - (83,654 ) (28,154 )
Net income
(loss) - - - - 28,444 28,444
Balance at
July 31, 2009 6,525,000 6,525 48,975 - (55,210 ) 290
Forward Stock
Split : 20 for
1 130,500,000 130,500 (130,500 ) - - -
Stock issued
for
acquisition of
patent 20,333,333 20,333 - - - 20,333
Cancellation
of shares (100,000,000 ) (100,000 ) 100,000 - - -
Stock issued
for services 4,150,000 4,150 1,354,650 - - 1,358,800
Net income
(loss) - - - - (2,016,710 ) (2,016,710 )
Balance at
July 31, 2010 61,508,333 61,508 1,373,125 - (2,071,920 ) (637,287 )
Warrants
issued for
acquisition of
patent - - 7,117 - - 7,117
Sales of
common stock 5,640,000 5,640 3,072,380 - - 3,078,020
Stock issued
for services 9,828,000 9,828 6,108,342 - - 6,118,170
Stock based
compensation
from issuance
of stock
options - - 531,250 - - 531,250
Net (loss) - - - - (9,435,787 ) (9,435,787 )
Balance at
July 31, 2011 76,976,333 76,976 11,092,214 - (11,507,707 ) (338,517 )
Sales of
common stock 8,438,572 8,439 794,490 - - 802,929
Stock issued
for services 37,555,668 37,556 10,011,301 - - 10,048,857
Conversion of
Convertible
Notes Payable
to Common
Stock 3,332,843 3,332 96,668 - - 100,000
Cancellation
of shares (220,000 ) (220 ) 220 - - -
Stock based
compensation
from issuance
of stock
options - - 1,027,501 - - 1,027,501
Stock based
compensation
from issuance
of stock
warrants - - 161,700 - - 161,700
Net (loss) - - - - (12,421,188 ) (12,421,188 )
Balance at
July 31, 2012 126,083,416 126,083 23,184,094 - (23,928,895 ) (618,718 )
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