BioStem Technologies Inc. (BSEM)

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Complete Quarterly Report - CGAQ;


CARIBBEAN CASINO AND GAMING CORPORATION
BALANCE SHEET
SEPTEMBER 30, 2011
ASSETS:
CURRENT ASSETS:
CASH ON HAND AND IN BANK $65,630
ACCOUNTS RECEIVABLE 41,471
DUE FROM OFFICERS 50,445
TOTAL CURRENT ASSETS 157,546
FIXED ASSETS:
BUILDING EQUIPMENT:
BUILDING SIGNS $14,154
DIESEL FUEL GENERATOR 1,677
ELECTRICAL BACK-UP SYSTEM 108,246
CABLE EQUIPMENT 302,256
SAFETY EQUIPMENT 1,330
TELEVISIONS 5,100
TOTAL BUILDING EQUIPMENT 432,763
CASINO EQUIPMENT:
BAR AND KITCHEN EQUIPMENT 13,800
BLACK JACK TABLES 17,269
CASINO CHAIRS 9,824
LIGHTING 69,849
SLOT MACHINES 134,636
TOTAL CASINO EQUIPMENT 245,378
CONSTRUCTION COST:
CASINO 1,718,389
DISCO 5,114
TOTAL CONSTRUCTION COSTS 1,723,503
OFFICE EQUPMENT:
OFFICE FURNITURE & FIXTURES 19,365
OFFICE COMPUTERS 3,929
TELEPHONE SYSTEM 14,655
TOTAL OFFICE EQUIPMENT 37,949
TOTAL FIXED ASSETS 2,439,593
LESS: ACCOUMULATED DEPRECIATION {442,421}
TOTAL FIXED ASSETS 1,997,172
1
CARIBBEAN CASINO AND GAMING CORPORATION
BALANCE SHEET
SEPTEMBER 30, 2011
OTHER ASSETS:
ADMINISTRATIVE LICENSES
OPERATION LICENSES
SLOT MACHINE IMPORT LICENSE
LESS: ACCUMULATED AMORTIZATION
INVESTMENT IN NEW OPERATIONS
TOTAL OTHER ASSETS
TOTAL ASSETS
2
--- ----- ----
28,571
19,429
46,645
94,645
(14,616)
80,029
847,030
927,059
$3,081,777
CARIBBEAN CASINO AND GAMING CORPORATION
BALANCE SHEET
SEPTEMBER 30,2011
LIABILITIES AND STOCKHOLDER EQUITY:
LIABILITIES
STOCKHOLDER'S EQUITY:
SERIES A CONVERTIBLE PREFERRED STOCK, 20,000 SHARES
AUTHORIZED WITH A PAR VALUE OF $0.001; 5,333
SHARES ISSUED AND OUTSTANDING
SERIES A-1 CONVERTIBLE PREFERRED STOCK, 500,000 SHARES
AUTHORIZED WITH A PAR VALUE OF $0.001; 450,000
SHARES ISSUED AND OUTSTANDING
SERIES B PREFERRED STOCK, 5,000 SHRES AUTHORIZED
WITH A PAR VALUE OF $0.001; 5 SHARES ISSUED
AND OUTSTANDING
SERIES B-1 CONVERTIBLE PREFERRED STOCK, 500,000 SHARES
AUTHORIZED WITH A PAR VALUE OF $0.001; 40,000
SHARES ISSUED AND OUTSTANDING
COMMON STOCK, 500,000,000 SHARES ISSUED
AUTHORIZED WITH A PAR VALUE OF $0.001;
283,237,560 SHARES ISSUED AND OUTSTANDING
ADDITIONAL PAID IN CAPITAL
RETAINED EARNING
TOTAL STOCKHODER'S EQUITY
TOTAL LIABILITIES AND STOCKHOLDER' EQUITY
3
283,238
3,547,932
(749,888)
450
$0
$5
°
40
3,081,777
$3,081,777
CARIBBEAN CASINO AND GAMING CORPORATION
PROFIT AND LOSS
FOR THE PERIOD JULY 1 TO SEPTEMBER 30, 2011
INCOME:
CASINO GAMES:
BLACKJACK $57,360
LET IT RIDE/ 3 CARD POKER 6,071
TEXAS HOLDEM POKER 1,872
ROULETIE 60,165
SLOT MACHINES 38,038
TOTAL CASINO GAMES INCOME $163,506
OTHER INCOME SOURCES:
BAR 1,192
DISCO 90,313
LUPERON CASINO 0
TOTAL OTHER INCOME 91,505
TOTAL INCOME 255,011
COST OF GOOD:
PURCHASES BAR AND DISCO 45,859
TOTAL GROSS PROFIT 209,152
OPERATING EXPENSES:
MANAGEMENT FEES 0
GENERAL AND ADMINISTRATIVE EXPENSES 173,440
PAYROLL 69,228
RENT 3,123
DEPRECIATION EXPENSES 60,928
AMORTIZATION EXPENSES 2,396
TOTAL EXPENSES 309,115
NET PROFIT OR (LOSS) FROM OPERATIONS ($99,963)
1
CARIBBEAN CASINO AND GAMING CORPORATION
STATEMENT OF CASH FLOW
FOR THE PERIOD JULY 1 TO SEPTEMBER 30,2011
OPERATING ACTIVITIES:
NET INCOME ( LOSS) FOR THE PERIOD ($99,963)
NON CASH EXPENSES:
DEPRECIATION
AMORTIZATION
60,928
2,396
NET CASH PROVIDED BY OPERATING ACTIVITIES (36,639)
INVESTING ACTIVITIES:
FIXED ASSETS - SLOT MACHINES
NEW CASINO LOCATIONS
LOANS TO OFFICERS
NET CASH DECREASE FOR PERIOD
o
107,827
7,000
114,827
FINANCING ACTIVITIES:
SALES OF COMMON STOCK
ADDITIONAL PAID IN CAPITAL
17,696
10,534
NET CASH INCREASE/DECREASE FOR THE PERIOD (123,236)
CASH AT BEGINNING OF PERIOD 94,096
CASH AT END OF PERIOD $65,630
1
CARIBBEAN CASINO AND GAMING CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD JULY 1,2011 TO SEPTEMBER 30,2011
CONVERTIBLE PREFERRED STOCK - SERIES A
BALANCE AT JULY 1, 2011 $ 5
PAR VALUE OF SHARES ISSUED:
SHARES ISSUED TO INVESTORS
SHARES ISSUED FOR SERVICES
BALANCE AT SEPTEMBER 30,2011 $ 5
CONVERTIBLE PREFERRED STOCK - SERIES A-A
BALANCE AT JULY 1, 2011 $ 450
PAR VALUE OF SHARES ISSUED:
SHARES ISSUED TO INVESTORS
SHARES ISSUED FOR SERVICE
BALANCE AT SEPTEMBER, 2011 $ 450
CONVETIBLE PREFERRED STOCK - SERIES B
BALANCE AT JULY 1, 2011 $
PAR VALUE OF SHARES ISSUED:
SHARES ISSUED TO INVESTORS
SHARES ISSUED FOR SERVICES
BALANCE AT SEPTEMBER 30,2011 $
CONVERTIBLE PREFERRED STOCK - SERIES B-1
BALANCE AT JULY 1, 2011 $ 40
PAR VALUE OF SHARES ISSUED:
SHARES ISSUED TO INVESTORS
SHARES ISSUED FOR SERVICES
BALANCE AT SEPTEMBER 30, 2011 $ 40
COMMON STOCK
BALANCE AT JULY 1, 2011 $ 265,301
PAR VALUE OF SHARES ISSUED:
SHARES ISSUED TO INVESTORS 17,696
BALANCE AT SEPTEMBER 30,2011 $ 282,997
1
-_._-- --_. ----_. ----
CARIBBEAN CASINO AND GAMING CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE PERIOD JULY 1, 2011 TO SEPTEMBER 30,2011
ADDITIONAL PAID IN CAPITAL
BALANCE AT JULY 1, 2011
SHARES ISSUED TO INVESTORS
$ 3,442,628
$105,304
BALANCE AT SEPTEMBER 30, 2011 $ 3,547,932
RETAINED EARNINGS
BALANCE AT JULY 1,2011 $ (649,925)
NET LOSS FOR THE THREE MONTH PERIOD (99,963)
BALANCE AT SEPTEMBER 30,2011 ($749,888)
2
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CARIBBEAN CASINO AND GAMING CORPORATION
NOTESTO FINANCIAL STATEMENTS
SEPTEMBER30, 2011
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
NATURE OF BUSINESS: The Company was incorporated in 2009 under the laws of the State of
Florida. The Company operates a gaming casino, located in the city of Sousa, in the Dominican
Republic.
BASISOF ACCOUNTING: These financial statements have been prepared under the cash method
of accounting.
REVENUE RECOGNITION: The Company recognizes revenue under the cash method of accounting.
On a daily basis the Company records the net income or loss from each gaming table. The income
earned by the Disco for both admissions and liquor sales are also recorded daily. Income is earned
in both United States Dollars and Dominican Republic Pesos. For reporting purposes, Dominican
Republic Pesos are converted into United States Dollars at thirty seven point eight (37.8) to one.
INCOME TAXES: There has been no provision for income tax expenses as the Company is currently
operating at a loss and has no income tax liability.
PROPERTYAND EQUIPMENT: Property and equipment are stated at cost. Depreciation is computed
over the estimated useful lives of the assets using the straight-line method. The estimated useful
lives range from 3 to 10 years. Depreciation expense for the three month period ended
September 30, 2011 totaled $60,918 and is included in operating expenses.
Expenditures for additions are capitalized and expenditures for maintenance and repairs are
charged to income as incurred.
OTHER ASSETS: Other assets are stated at cost. Amortization is computed over the United States
Tax Guidelines, for intangible assets. The guideline life is 15 years. Amortization expense for the
three month period ended September 30,2011 totaled $2,396 and is included in operating expenses.
NOTE B - CASH
Cash consists of demand deposits with banking institutions, and cash held by the Casino for
operations. At September 30, 2011 the Company did not have any funds in excess of $250,000 federa
insured limit.
NOTE C - INVESTMENT IN EW CASINOSAND OPERATIONS
As of December 31, 2010 the Corporation opened a new casino in the town of Luperon in the
Dominician Republic. The first day of operations was December 31, 2010.
NOTE C - CONVERTIBLE PREFERREDSTOCK
Series A Convertible Preferred Stock consists of 505,333 shares. The Series A Convertible Preferred
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CARIBBEAN CASINO AND GAMING CORPORATION
NOTESTO FINANCIAL STATEMENTS
SEPTEMBER30,2011
stock, shall be senior to the common stock and is designated at 5,333 shares Series A and 500,000
shares Series A-1. Series A Convertible Preferred Stock shall be convertible at the option of the
holders, into 18 shares of fully paid and non-assessable shares of Common Stock. The Series A-1,
is only convertible upon the closing of equity and/or debt financing, which is equal to or greater
than $5,000.000, and automatically upon a Qualified Public Offering. The convertible shares shall
convert to that number of fully paid and non-assessable shares of Common Stock which together
with the Common Stock held by the owner of the Series A-1 Preferred stock constitutes
fifty-five percent (55%) of the outstanding Common Stock on a fully diluted basis.
Series B Convertible Preferred Stock consists of 500,005 shares. The Series B Convertible Preferred
stock, shall be senior to the common stock and is designated as 5 shares Series Band 500,000
shres Series B-1. Series B Convertible Preferred Stock shall be convertible at the option of the
holders, into 2 shares of fully paid and non-assessable shares of Common Stock. The Series B-1,
is only convertible upon the closing of equity and/or debt financing, with is equal to or greater
than $500,000, and automatically upon a Qualified Public Offering. The convertible shares shall
convert to that number of fully paind and non-assessble shares of Common Stock which together
with the Common Stock held by the owners of the Beries B-1 Preferred stock constitutes ten
percent (10%) of the outstanding Common Stock on a fully diluted basis.
2
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CARIBBEAN CASINO AND GAMING CORPORATION
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 2011

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