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471101 0 170101 0 1697762 0 15000 0 U.S. STEM CELL, INC. 10-K --12-31 325765048 114186 false 0001388319 Yes No Smaller Reporting Company Yes 2016 FY 2016-12-31 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">NOTE 1 &#x2014; SIGNIFICANT ACCOUNTING POLICIES</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">A summary of the significant accounting policies applied in the presentation of the accompanying financial statements follows:</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"><font style="text-decoration:underline">Basis and business presentation</font></div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">U.S. Stem Cell, Inc. was incorporated under the laws of the State of Florida in August, 1999. The Company is in the cardiovascular sector of the cell technology industry delivering cell therapies and biologics that help address congestive heart failure, lower limb ischemia, chronic heart ischemia, acute myocardial infarctions and other issues. The business includes the development of proprietary cell therapy products as well as revenue generating physician and patient based regenerative medicine/cell therapy training services, cell collection and cell storage services, the sale of cell collection and treatment kits for humans and animals, and the operation of a cell therapy clinic. To date, the Company has not generated significant sales revenues in that they remain less than their total operating expenses, has incurred expenses, and has sustained losses. Consequently, its operations are subject to all the risks inherent in the establishment of a research and development business enterprise.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On October 12, 2015, the Company amended its Articles of Incorporation to change its name from Bioheart, Inc. to U.S. Stem Cell, Inc. and to implement a reverse stock split in the ratio of 1 share for every 1,000 shares of common stock. This amendment was approved and filed of record by the Florida Secretary of State on October 12, 2015, effective on October 19, 2015.&#160;&#160;FINRA has declared the Company&#x2019;s 1-for-1,000 reverse stock split market effective as of November 4, 2015. In addition, the ticker symbol was BHRTD for 20 business days from November 4, 2015 at which point was changed to USRM. These financial statements have been retroactively restated to reflect the reverse stock split (see Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"><font style="text-decoration:underline">Revenue Recognition</font></div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company recognizes revenue in accordance with Accounting Standards Codification subtopic 605-10, Revenue Recognition (&#x201c;ASC 605-10&#x201d;) which requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management&#x2019;s judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">At the time of each transaction, management assesses whether the fee associated with the transaction is fixed or determinable and whether or not collection is reasonably assured. The assessment of whether the fee is fixed or determinable is based upon the payment terms of the transaction. Collectability is assessed based on a number of factors, including past transaction history with the client and the creditworthiness of the client.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company&#x2019;s primary sources of revenue are from the sale of test kits and equipment, training services, patient treatments and laboratory services, and cell banking.&#160;</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Revenues for kits and equipment sold are not recorded until kits and equipment are received by the customer. Revenues from trainings are recognized when the training occurs. Any cash received as a deposit for trainings are recorded by the company as a liability.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Patient treatments and laboratory services revenue are recognized when those services have been completed or satisfied.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Revenues for cell banking sales are accounted for as Multiple-Element Arrangements under ASC 605-10 which incorporates Accounting Standards Codification subtopic 605-25, Multiple-Element Arrangements (&#x201c;ASC 605-25&#x201d;). ASC 605-25 addresses accounting for arrangements that may involve the delivery or performance of multiple products, services and/or rights to use assets. Because the Company sells its services separately, on more than a limited basis and at a price within a narrow range, the Company was able to allocate revenue based on vendor-specific objective evidence of fair value (VSOE). 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The carrying amount of a long-lived asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. The Company determined that there was no impairment on its long-lived assets during 2016 and 2015.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left"><font style="text-decoration:underline">Property and Equipment</font></div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Property and equipment are stated at cost. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings. 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Management determines the adequacy of the allowance based on historical write-off percentages and the current status of accounts receivable. Accounts receivable are charged off against the allowance when collectability is determined to be permanently impaired. As of December 31, 2016 and 2015, allowance for doubtful accounts was $12,487 and $-0-, respectively.</div></div> 12487 0 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> <div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify"><font style="text-decoration:underline">Inventories</font></div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">Inventories are stated at the lower of cost or market with cost being determined on a first-in, first-out (FIFO) basis. 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Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved as defined under the applicable agreement. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. 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The obligation is guaranteed by certain shareholders of the Company. The Company renewed the loan with Seaside National Bank and Trust during the first quarter of 2016 to extend the maturity date to January 11, 2018.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Hunton &amp; Williams Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">At December 31, 2016 and 2015, the Company has two outstanding notes payable with interest at 8% per annum due at maturity. The two notes, $61,150 and $323,822, are payable in one balloon payment upon the date the Noteholder provides written demand, however the Company is not obligated to make payments until the Northstar (or successor) Loan is paid off.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Asher Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">2015 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, the Company entered into Securities Purchase Agreements with Asher Enterprises, Inc. (&#x201c;Asher&#x201d;) or affiliates, for the sale of 8% convertible notes in aggregate principal amount of $180,000 (the &#x201c;Asher Notes&#x201d;). The Company incurred legal fees in the amount of $15,000 which were deducted from the proceeds of the notes.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Asher Notes bear interest at the rate of 8% per annum. As of the year ended December 31, 2015, all interest and principal must be repaid nine months from the issuance date, with the last note being due February 6, 2016. The Asher Notes are convertible into shares of common stock, at Asher&#x2019;s option, at a 45% discount to the average of the three lowest closing bid prices of the shares of common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Asher Notes&#160;(See Note 9).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">These embedded derivatives included certain conversion features and a reset provision. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Asher Notes and to fair value as of each subsequent reporting date, which at December 31, 2015 was $-0- (all Notes converted). At the inception of the Asher Notes, the Company determined the aggregate fair value of $211,575 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, $151,000 of notes plus accrued interest that were outstanding at December 31, 2014, and $180,000 of notes plus accrued interest that were issued during 2015,&#160;was converted into shares of the Company&#x2019;s common stock (See Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate Asher Notes unconverted principle balance as of December 31, 2015 was $-0-.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Daniel James Management</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">2015 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, the Company entered into Securities Purchase Agreements with Daniel James Management (&#x201c;Daniel&#x201d;) for the sale of 9.5% convertible note in aggregate principal amount of $125,000 (the &#x201c;Daniel Notes&#x201d;).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Daniel Notes bear interest at the rate of 9.5% per annum. As of the year ended December 31, 2015, all interest and principal must be repaid one year from the issuance date, with the last note being due October 29, 2016. The Daniel Notes are convertible into common stock, at holder&#x2019;s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Daniel Notes. These embedded derivatives included certain conversion features and reset provision.&#160;(See Note 9).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Daniel Notes and to fair value as of each subsequent reporting date which at December 31, 2015 was $120,263. At the inception of the Daniel Notes, the Company determined the aggregate fair value of $238,443 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, $75,000 of notes plus accrued interest that were outstanding at December 31, 2014, and $50,000 of notes plus accrued interest that were issued during 2015, were converted into shares of the Company&#x2019;s common stock (See Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate Daniel Notes unconverted principle balance as of December 31, 2015 was $75,000.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">2016 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2016, the Company entered into Securities Purchase Agreements with Daniel James Management (&#x201c;Daniel&#x201d;) for the sale of 9.5% convertible promissory note in aggregate principal amount of $75,000 (the &#x201c;Daniel Notes&#x201d;).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Daniel Notes bear interest at the rate of 9.5% per annum. As of the year ended December 31, 2016, all interest and principal must be repaid one year from the issuance date, with the last note being due March 9, 2017. The Daniel Notes are convertible into common stock, at holder&#x2019;s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Daniel Notes. These embedded derivatives included certain conversion features and reset provision.&#160;(See Note 9)</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Daniel Notes and to fair value as of each subsequent reporting date which at December 31, 2016 was $9,436. At the inception of the Daniel Notes, the Company determined the aggregate fair value of $139,691 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2016, $75,000 of promissory notes plus accrued interest that were outstanding at December 31, 2015 and $67,060 of promissory notes plus interest issued in the current year were converted into shares of the Company&#x2019;s common stock, respectively (See Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate promissory notes to Daniel unconverted principle balance as of December 31, 2016 was $7,940. The remaining unamortized debt discount at December 31, 2016 was $1,483.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Fourth Man, LLC</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">2015 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, the Company entered into Securities Purchase Agreements with Fourth Man, LLC. (&#x201c;Fourth Man&#x201d;) for the sale of a 9.5% convertible notes in the aggregate principal amount of $150,000 (the &#x201c;Notes&#x201d;).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Notes bears interest at the rate of 8% to 9.5% per annum. As of the year ended December 31, 2015, all interest and principal must be repaid one year from the issuance date, with the last note being due December 2, 2016. The Notes are convertible into shares of common stock, at Fourth Man&#x2019;s option, at a 47% discount to the lowest closing bid price of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Fourth Man Notes. These embedded derivatives included certain conversion features and reset provision.&#160;(See Note 9)</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Fourth Man Notes and to fair value as of each subsequent reporting date which at December 31, 2015 was $126,825.&#160;&#160;At the inception of the Fourth Man Notes, the Company determined the aggregate fair value of $356,225 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, $75,000 of notes plus accrued interest that were outstanding at December 31, 2014, and $72,550 of notes plus accrued interest that were issued during 2015, were converted into shares of the Company&#x2019;s common stock (See Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate Fourth Man, LLC Notes unconverted principle balance as of December 31, 2015 was $77,450.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">2016 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2016, the Company entered into Securities Purchase Agreements with Fourth Man, LLC (&#x201c;Fourth Man&#x201d;) for the sale of 9.5% convertible promissory note in aggregate principal amount of $100,000 (the &#x201c;Fourth Man Notes&#x201d;).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Fourth Man Notes bear interest at the rate of 9.5% per annum. As of the year ended December 31, 2016, all interest and principal must be repaid one year from the issuance date, with the last note being due September 19, 2017. The Fourth Man Notes are convertible into common stock, at holder&#x2019;s option, at a 49% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Company has identified the embedded derivatives related to the Fourth Man Notes. These embedded derivatives included certain conversion features and reset provision.&#160;(See Note 9)</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Fourth Man Notes and to fair value as of each subsequent reporting date which at December 31, 2016 was $151,236. At the inception of the Fourth Man Notes, the Company determined the aggregate fair value of $216,050 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2016, $77,450 of promissory notes plus accrued interest that were outstanding at December 31, 2015 were converted into shares of the Company&#x2019;s common stock (see Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate promissory notes to Fourth Man unconverted principle balance as of December 31, 2016 were $100,000. The remaining unamortized debt discount at December 31, 2016 is $53,503.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Magna Group</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">2015 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On October 1, 2015, the Company entered into a securities purchase agreement&#160;&#160;with Magna Equities II, LLC.&#160;&#160;The purchase agreement provides that Magna shall purchase from the Company on the closing date a senior convertible note with an initial principal amount of $110,000 for a purchase price of $100,000.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Note bears interest at the rate of 12% per annum. All interest and principal must be repaid on August 1, 2016. The convertible note is convertible at any time, in whole or in part, at Magna&#x2019;s option into shares of the Company&#x2019;s common stock at a the lower of i) 60% discount to the lowest trading price of the common stock during the 5 trading day period prior to conversion or ii) $0.70 per share.&#160;&#160;</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On December 3, 2015, the Company entered into a convertible promissory note with Magna Equities II, LLC.&#160;&#160;The note provides that Magna shall pay on the Company&#x2019;s behalf certain accrued legal fees of $15,000. The December 3, 2015 convertible note bears interest at the rate of 12% per annum. All interest and principal must be repaid on August 1, 2016. The convertible note is convertible at any time, in whole or in part, at Magna&#x2019;s option into shares of the Company&#x2019;s common stock at the lower of 60% of the lowest sale price of the Company&#x2019;s common stock during five trading days preceding conversion date or $0.70 per share (subject to adjustment).&#160;&#160;</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Magna Notes and to fair value as of each subsequent reporting date which at December 31, 2015 was $164,600.&#160;&#160;At the inception of the Magna Note, the Company determined the aggregate fair value of $291,136 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2015, $205,000 of note that were outstanding at December 31, 2014, plus accrued interest, were converted into shares of the Company&#x2019;s common stock (See Note 10).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining Magna notes principle balance as of December 31, 2015 was $125,000.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">2016 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On December 3, 2015, the Company entered into a Securities Purchase Agreement with Magna Equities II, LLC (&#x201c;Magna&#x201d;) for the sale of a 12% convertible promissory note in the principal amount of $262,500 (the &#x201c;Note&#x201d;).&#160; The Note was subsequently funded in February 2016 upon effectiveness of the Company&#x2019;s registration statement (see below). Proceeds from the Note were $250,000 (less an original issue discount of 5% or $12,500).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Note bears interest at the rate of 12% per annum. All interest and principal must be repaid on December 3, 2016. The Note is convertible into common stock, at Magna&#x2019;s option, at the lower of I) 40% discount to the lowest sales price of the common stock during the 5 trading day period prior to conversion or ii) $0.70. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 140%, interest and any other amounts.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; ">On December 12, 2015, the Company filed a Registration Statement on Form S-1 to register 341,718 shares of common issuable upon the conversion of Magna Equity II, LLC convertible notes dated December 3, 2015 (as restated) for $110,000 and December 3, 2015 for $262,500. The latter note was funded in February 2016.&#160; The Registration Statement on Form S-1 was declared effective on February 12, 2016</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of Notes to Magna and to fair value as of each subsequent reporting date which at December 31, 2016 was $136,460. At the inception of the Notes, the Company determined the aggregate fair value of $263,204 of the embedded derivatives.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31, 2016, $257,045 of the promissory notes were converted into shares of the Company&#x2019;s common stock (See Note 9).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining aggregate Magna Group promissory notes unconverted principle balance as of December 31, 2016 was $130,455.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">PowerUp Lending Group, Ltd</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">2015 Note</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In July 2015, the Company entered into two revenue based factoring agreements and received an aggregate of $180,000 (less origination fees of $3,590) in exchange for $243,000 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the agreements, the Company is required to make daily payments equal to the greater of $1,464 or 20% of the Company&#x2019;s daily cash or monetary sales receipts over the term of the agreements (ranging from 126 to 189 business days). The Company has recorded a debt discount which is being amortized to interest expense over the term of the agreements.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On December 17, 2015, the Company entered into a revenue based factoring agreement and received an aggregate of $150,000 (less origination fees of $4,500) in exchange for $202,500 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the agreements, the Company is required to make daily payments equal&#160;&#160;to $1,378&#160;&#160;for 147 business days.&#160;&#160;The Company received net proceeds of $53,642 along with cancellation of the previous two revenue based factoring agreements described above.&#160;&#160;In connection with the cancellation of the July 2015 revenue based factoring agreements, the Company incurred a loss in settlement of debt of $8,679.&#160;&#160;The remaining principle balance of the PowerUp Lending Group notes payable at December 31, 2015 is $194,235</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">At December 31, 2015, the Company has recorded interest expense in the amount of $44,226 under the terms of the agreements. The remaining unamortized debt discount at December 31, 2015 is $51,164.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">2016 Notes</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On March 23, 2016, the Company entered into a revenue based factoring agreement and received an aggregate of $200,000 (less origination fees of $1,650) in exchange for $276,000 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the agreement, the Company is required to make daily payments equal&#160;to $1,314&#160;for 210 business days.&#160;&#160;The Company received net proceeds of $82,896 along with cancellation of the previous revenue based factoring agreement issued in 2015.&#160;&#160;In connection with the cancellation of the December 2015 revenue based factoring agreement, the Company incurred a loss in settlement of debt of $39,449.&#160;&#160;</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On August 16, 2016, the Company entered into a revenue based factoring agreement and received an aggregate of $210,000 (less origination fees of $2,000) in exchange for $283,500 of future receipts relating to monies collected from customers or other third party payors. Under the terms of the agreement, the Company is required to make daily payments equal&#160;to $1,350&#160;for 210 business days.&#160;&#160;The Company received net proceeds of $65,193 along with cancellation of the previous revenue based factoring agreement issued on March 23, 2016.&#160;&#160;In connection with the cancellation of the March 2016 revenue based factoring agreement, the Company incurred a loss in settlement of debt of $49,264.&#160;&#160;</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The remaining principle balance of the PowerUp Lending Group promissory note payable at December 31, 2016 is $159,300.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">At December 31, 2016, the Company has recorded interest expense in the amount of $27,007 under the terms of the agreement. The remaining unamortized debt discount at December 31, 2016 is $48,493.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Promissory note</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On June 1, 2015, the Company issued an amended and restated promissory note of $1,697,762 in settlement of the $1,500,000 outstanding subordinated debt, related accrued interest of $373,469 and accumulated and unpaid guarantor fees of $624,737.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The note is unsecured and non-interest bearing with four semi-annual payments of $75,000 beginning on December 31, 2015 with the remaining unpaid balance due June 1, 2020.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company imputed an interest rate of 5% and discounted the promissory note accordingly. The imputed debt discount of $368,615 is amortized to interest expense using the effective interest method. For the year ended December 31, 2016 and 2015, the Company amortized $78,864 and $49,229 of debt discounts to current period operations as interest expense, respectively.&#160;&#160;The unamortized debt discount at December 31, 2016 is $240,521.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In connection with the settlement, the Company recorded a gain on settlement of debt of $1,169,058 during the year ended December 31, 2015.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">During 2016 and 2015, the Company made principle payments of $150,000 and $75,000 on the promissory note, respectively.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left">As of December 31, 2016, the remaining principle due was $1,472,762.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left">Summary:</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The Company has identified the embedded derivatives related to the Asher, Daniel, Fourth Man and Magna promissory notes. The accounting treatment of derivative financial instruments requires that the Company record fair value of the derivatives as of the inception date of these notes and to fair value as of each subsequent reporting date which at December 31, 2016 was $297,132. The fair value of the embedded derivatives at issuance of the Daniel, Fourth Man and Magna promissory notes, were determined using the Binomial Option Pricing Model based on the following assumptions: (1) dividend yield of 0%, (2) expected volatility of 178.42% to 213.94%, (3) weighted average risk-free interest rate of 0.45% to 0.69%, (4) expected lives of 0.79 to 1.00 years, and (5) estimated fair value of the Company&#x2019;s common stock from $0.0145 to $0.9342 per share.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">The initial fair value of the embedded debt derivative of $618,946 was allocated as a debt discount up to the proceeds of the notes ($425,000) with the remainder ($193,946) charged to current period operations as interest expense. For the year ended December 31, 2016 and 2015, the Company amortized an aggregate of $596,786 and $768,241 of debt discounts to current period operations as interest expense, respectively.</div><br/></div> 980000 0.0425 2018-01-11 2 2 0.08 0.08 61150 61150 323822 323822 payable in one balloon payment upon the date the Noteholder provides written demand, however the Company is not obligated to make payments until the Northstar (or successor) Loan is paid off. payable in one balloon payment upon the date the Noteholder provides written demand, however the Company is not obligated to make payments until the Northstar (or successor) Loan is paid off. 0.08 180000 15000 P9M 2016-02-06 convertible into shares of common stock, at Asher&#x2019;s option, at a 45% discount to the average of the three lowest closing bid prices of the shares of common stock during the 10 trading day period prior to conversion. 211575 151000 180000 0 125000 0.095 P1Y 2016-10-29 120263 238443 75000 50000 75000 75000 0.095 P1Y 2017-03-09 The Daniel Notes are convertible into common stock, at holder&#x2019;s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. The Daniel Notes are convertible into common stock, at holder&#x2019;s option, at a 47% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion. 9436 139691 75000 67060 7940 1483 150000 0.08 0.095 P1Y 2016-12-02 The Notes are convertible into shares of common stock, at Fourth Man&#x2019;s option, at a 47% discount to the lowest closing bid price of the common stock during the 10 trading day period prior to conversion. 126825 356225 75000 72550 77450 100000 0.095 P1Y 2017-09-19 convertible into common stock, at holder&#x2019;s option, at a 49% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading day period prior to conversion 151236 216050 77450 100000 53503 The purchase agreement provides that Magna shall purchase from the Company on the closing date a senior convertible note with an initial principal amount of $110,000 for a purchase price of $100,000. 110000 100000 0.12 The convertible note is convertible at any time, in whole or in part, at Magna&#x2019;s option into shares of the Company&#x2019;s common stock at a the lower of i) 60% discount to the lowest trading price of the common stock during the 5 trading day period prior to conversion or ii) $0.70 per share. -15000 2016-08-01 The convertible note is convertible at any time, in whole or in part, at Magna&#x2019;s option into shares of the Company&#x2019;s common stock at the lower of 60% of the lowest sale price of the Company&#x2019;s common stock during five trading days preceding conversion date or $0.70 per share (subject to adjustment). 164600 291136 205000 125000 0.12 262500 250000 0.05 12500 2016-12-03 The Note is convertible into common stock, at Magna&#x2019;s option, at the lower of I) 40% discount to the lowest sales price of the common stock during the 5 trading day period prior to conversion or ii) $0.70. In the event the Company prepays the Note in full, the Company is required to pay off all principal at 140%, interest and any other amounts 341718 110000 262500 136460 263204 257045 130455 180000 3590 243000 Under the terms of the agreements, the Company is required to make daily payments equal to the greater of $1,464 or 20% of the Company&#x2019;s daily cash or monetary sales receipts over the term of the agreements (ranging from 126 to 189 business days). P126D P189D 150000 4500 202500 Under the terms of the agreements, the Company is required to make daily payments equal to $1,378 for 147 business days. 53642 -8679 194235 44226 51164 200000 1650 276000 Under the terms of the agreement, the Company is required to make daily payments equal to $1,314 for 210 business days 82896 -39449 210000 2000 283500 Under the terms of the agreement, the Company is required to make daily payments equal to $1,350 for 210 business days 65193 -49264 159300 27007 48493 1697762 1500000 373469 624737 four semi-annual 75000 2015-12-31 2020-06-01 0.05 368615 78864 49229 240521 1169058 150000 75000 1472762 297132 0.00 1.7842 2.1394 0.0045 0.0069 P288D P1Y 0.0145 0.9342 618946 425000 193946 596786 768241 <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; "> Promissory notes payable were comprised of the following as of December 31, 2016 and 2015:<br /><br /><table id="z991b306045994bafb32648c9d1fe0bcc" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; 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Murphy Jr., Dr. Samuel Ahn and Charles Hart. At the date of the assignment, the principal amount of the BlueCrest note was $544,267 the (&#x201c;Note&#x201d;).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On March 30, 2012, the Company and Northstar agreed to extend until May 1, 2012 the initial payment date for any and all required monthly under the Note, such that the first of the four monthly payments required under the Note will be due and payable on May, 2012 and all subsequent payments will be due on a monthly basis thereafter commencing on June 1, 2012, and to waive any and all defaults and/or events of default under the Note with respect to such payments. The Company did not make the required payment, and as a result, was in default of the revised agreement The Company renegotiated the terms of the Note and Northstar agreed to suspend the requirement of principal payments by the Company and allow payment of interest-only in common stock.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On September 21, 2012, the Company issued 5,000 common stock purchase warrants to Northstar that was treated as additional interest expense upon issuance.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On October 1, 2012, the Company and Northstar entered into a limited waiver and forbearance agreement providing a recapitalized new note balance comprised of all sums due Northstar with a maturity date extended perpetually. The Company agreed to issue 5,000,000 shares of Series A Convertible Preferred Stock and 10,000 of common stock in exchange for $210,000 as payment towards outstanding debt, default interest, penalties, professional fees outstanding and due Northstar. In addition, the Company executed a security agreement granting Northstar a lien on all patents, patent applications, trademarks, service marks, copyrights and intellectual property rights of any nature, as well as the results of all clinical trials, know-how for preparing Myoblasts, old and new clinical data, existing approved trials, all right and title to Myoblasts, clinical trial protocols and other property rights.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">In addition, the Company granted Northstar a perpetual license on products as described for resale, relicensing and commercialization outside the United States. 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In lieu of the initial two payments in preferred stock, the parties agreed to modify the voting rights of the Series A Convertible Preferred Stock from 20 votes per share on matters to be voted on by the common stock holders to 25 votes per share on matters to be voted on by the common stock holders and all prior and subsequent payments of interest will be in common stock. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; ">The Company and the preferred shareholder are in litigation regarding the number of votes currently held by that shareholder (See Note 10). </font>The Company is required to issue additional shares of its common stock (as amended), in lieu of cash, each six month anniversary of the effective date for any accrued and unpaid interest.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">As described above, during the year ended December 31, 2013, the Company issued the 5,000,000 shares of Series a Convertible Preferred Stock and the 10,000 of common stock described above in exchange for the $210,000 as payment towards outstanding principle of the debt. In addition, the Company issued 15,000,000 shares of Series A Convertible Preferred Stock as a penalty in settlement of the terms of the forbearance agreement. 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The Company did not make the required payment, and as a result, was in default of the revised agreement The Company renegotiated the terms of the Note and Northstar agreed to suspend the requirement of principal payments by the Company and allow payment of interest-only in common stock. 5000 entered into a limited waiver and forbearance agreement providing a recapitalized new note balance comprised of all sums due Northstar with a maturity date extended perpetually. The Company agreed to issue 5,000,000 shares of Series A Convertible Preferred Stock and 10,000 of common stock in exchange for $210,000 as payment towards outstanding debt, default interest, penalties, professional fees outstanding and due Northstar. In addition, the Company executed a security agreement granting Northstar a lien on all patents, patent applications, trademarks, service marks, copyrights and intellectual property rights of any nature, as well as the results of all clinical trials, know-how for preparing Myoblasts, old and new clinical data, existing approved trials, all right and title to Myoblasts, clinical trial protocols and other property rights.In addition, the Company granted Northstar a perpetual license on products as described for resale, relicensing and commercialization outside the United States. In connection with the granted license, Northstar shall pay the Company a royalty of up to 8% on revenues generated. 0.08 0.1285 0.07 Company is obligated to issue additional preferred stock equal in lieu of payment of cash of accrued and unpaid interest on each six month anniversary of the effective date (October 1, 2012). modify the voting rights of the Series A Convertible Preferred Stock from 20 votes per share on matters to be voted on by the common stock holders to 25 votes per share on matters to be voted on by the common stock holders and all prior and subsequent payments of interest will be in common stock 5000000 10000 210000 15000000 274050 8772 100000 3916 85447 275 12635 515 12705 1363 12635 4156 12705 34522 100000 57778 12705 848490 12705 262000 262000 0.04 30000 2017-11-03 270800 465200 50000 50000 0.07 0.07 2015-10-15 2015-10-15 0.05 170830 79104 81420 252250 375000 0.05 375000 375000 500000 0.05 2015-01-01 500000 500000 500000 0.05 500000 300000 0.05 2015-01-01 65907 11693 221865 287772 300000 0.05 300000 0 242271 106455 74793 The agreement is for 12 months and renewable for 6 month periods. 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Each share of preferred stock is convertible into equal number of common shares at the option of the holder; entitled to 20 votes on all matters presented to be voted by the holders of common stock; upon event of liquidation, entitled to amount equal to stated value plus any accrued and unpaid dividends or other fees before distribution to junior securities. 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The Financial Industry Regulatory Authority (&#x201c;FINRA&#x201d;) declared the ex-dividend date for the dividend date as November 4, 2015.&#160;&#160;All per share amounts and number of shares in the financial statements and related notes have been retroactively restated to reflect the reverse stock split as if it had occurred on the first day of the first period presented&#160;resulting in the transfer of $580,852 from common stock to additional paid in capital at&#160;December 31, 2014.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">During the year ended December 31 2016, the Company issued an aggregate of 102,901,904 shares of its common stock for the conversion of $497,312 of promissory notes payable and related accrued interest. 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In addition, the Board of Directors will grant Mr. Tomas options to be determined on or before June 30, 2015. The Company&#x2019;s Board of Directors approved a bonus of $500,000 and options to acquire 10,000 shares of the Company&#x2019;s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company&#x2019;s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note.&#160;&#160;On November 2, 2015, the Company granted Mr. Tomas&#160;&#160;- 291,885 options to acquire the Company&#x2019;s stock with an exercise price of $1.713 per share, vesting immediately and expiring&#160;&#160;ten years from the date of issuance.&#160; On September 6, 2016, the Company&#x2019;s Board of Directors approved a cash bonus of $500,000 that will accrue interest at 5% per annum until paid.&#160; In addition, the Company granted Mr. Tomas 10,000,000 options to acquire the Company&#x2019;s stock with an exercise price of $0.0196, vesting over four years on the anniversary and expiring ten years from the date of issuance.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">&#160;On July 28, 2014, the Company&#x2019;s Board of Directors approved the 2014/2015 salary for Kristin Comella, Chief Scientific Officer, at $250,000 per year, beginning July 1, 2014 with an incentive bonus ranging from $100,000 to $300,000. In addition, the Board of Directors will grant Ms. Comella options to be determined on or before June 30, 2015. The Company&#x2019;s Board of Directors approved a bonus of $300,000 and options to acquire 5,000 shares of the Company&#x2019;s common stock for ten years with four year vesting and a cashless exercise provision at an exercise price equal to the five day average closing price of the Company&#x2019;s common stock as of August 1, 2014. The cash bonus may be paid in the form a six month promissory note. On November 2, 2015, the Company granted Ms. Comella 175,131 options to acquire the Company&#x2019;s stock with an exercise price of $1.713 per share, vesting immediately and expiring&#160;ten years from the date of issuance. On September 6, 2016, the Company&#x2019;s Board of Directors approved a cash bonus of $300,000 that will accrue interest at 5% per annum until paid.&#160; In addition, the Company granted Ms. Comella 5,000,000 options to acquire the Company&#x2019;s stock with an exercise price of $0.0196, vesting over four years on the anniversary and expiring ten years from the date of issuance.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Royalty Agreement</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">On November 9, 2016, the Company entered into an Intellectual Property License Agreement whereby the Company granted High Rise Group Company the exclusive right to the Company&#x2019;s intellectual property (as defined) for the licensed use and development in Middle East for 25 years in exchange for a payment of $75,000 and a 5% royalty generated under the agreement.<br /> </div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify">Litigation</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On March 19 2015, the Company settled a prospective dispute with a third party over the use of proprietary information through the issuance of 6,650 shares of common stock. (See Note 10)</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On September 17, 2015, a product liability lawsuit was filed in Broward County, specifically Patsy Bade v. Bioheart, Inc. US Stem Cell Clinics LLC, Aleiandro Perez, ARNP, and Shareen Greenbaum, M.D., and on November 30, 2015, a product liability lawsuit was filed in Broward County, specifically Elizabeth Noble v. Bioheart, Inc. US Stem Cell Clinics LLC, Aleiandro Perez, ARNP, and Shareen Greenbaum, M.D. During the year ended December 31, 2016, both matters settled by the Company&#x2019;s insurance policy with no additional cost to the Company.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify">On February 8, 2016, a collection lawsuit was filed in Broward County, specifically Roche Diagnostics Corp. v. 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Pursuant to the terms and conditions of the Settlement Agreement, Northstar, previously a holder of Company preferred stock, has converted such preferred stock to twenty million (20,000,000) shares of common stock. In addition, and separate and apart from the conversion, Northstar will receive Ten Million (10,000,000) shares of common stock. NorthStar will receive ten percent (10%) of all Company international sales (based on a gross sales basis). 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ASC 825-10 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. ASC 825-10 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. 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In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. 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TEXT-ALIGN: justify">Northstar Biotech Group, LLC</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; ">On August 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">th</sup>, 2016 Northstar Biotech Group, LLC (&#x201c;NorthStar&#x201d;) filed suit against the Company seeking&#160; a declaratory judgment as to whether its 20,000,000 Series A Preferred Shares were the subject of the Company&#x2019;s reverse stock split effective November 4, 2015. On March 1, 2017, Northstar and the Company entered into a settlement agreement related to this dispute (the &#x201c;Settlement Agreement&#x201d;). Pursuant to the terms and conditions of the Settlement Agreement, Northstar, previously a holder of Company preferred stock, has converted such preferred stock to twenty million (20,000,000) shares of common stock. In addition, and separate and apart from the conversion, Northstar will receive Ten Million (10,000,000) shares of common stock. NorthStar will receive ten percent (10%) of all Company international sales (based on a gross sales basis). Furthermore, a NorthStar designee, Greg Knutson, was appointed to the Board of Directors of the Company (see Item 5.02) and two Company directors, Michael Tomas and Kristin Comella, will each exercise their prior NorthStar options to each receive a Five percent (5%) Member Interest in NorthStar.&#160; The parties agreed to a mutual release and NorthStar agreed to terminate any UCC lien on the Company assets previously filed for the benefit of NorthStar. On March 9, 2017, the Company issued the 30,000,000 shares of its common stock, as described above.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; ">GACP Stem Cell Bank LLC.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">On <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">March 3, 2017</font>, the Company entered into an Asset Sale and Lease Agreement with GACP Stem Cell Bank LLC, a Florida limited liability company (&#x201c;GACP) to sell to GACP, the Company Equipment Assets (the &#x201c;Equipment Assets&#x201d;) related to the segment of the Company business involving collecting, growing and banking cell cultures for future use in connection with regenerative medicine purposes (the &#x201c;Human Banking Business&#x201d;). Simultaneous with the sale of the Equipment Assets, the Company leased back the Equipment Assets for a term of three years. The purchase price for the Equipment Assets was Four Hundred Thousand Dollars ($400,000). As consideration for the lease back of the Equipment Assets, the Company will pay base rent of Twenty thousand Dollars ($20,000) per month plus a graduating payment of percentage rent for each of the three years. In addition, GACP has undertaken to open stem cell clinics with a penalty provision to the benefit of the Company for any shortfall.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">On <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">March 3, 2017</font>, the Company entered into an Asset Purchase Agreement with GACP to sell to GACP additional non-equipment assets specifically related to the Human Banking Business (the &#x201c;Purchased Assets&#x201d;) for a purchase price of $50,000. Furthermore, the Company agreed to provide GACP with customer leads and revenue generation opportunities that could benefit the Human Banking Business. Additional agreements for any pre-closing deposits (as defined in the Purchase Agreement) and the Company property lease are provided within the Purchase Agreement.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In conjunction with the Asset Sale and Lease Agreement and the Asset Purchase Agreement, on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">March 3, 2017</font>, the Company entered into a Customer Purchase Agreement with GACP in which GACP purchased all added customer contracts and related assets with respect to new customers of the Human Banking Business starting the effective date of the Asset Sale and Lease Agreement for a purchase price of $50.000. The Customer Purchase Agreement is effective upon the expiry of the Asset Sale and Lease Agreement period (three years or earlier termination).</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In conjunction with the Asset Sale and Lease Agreement, the Asset Purchase Agreement, and the Customer Purchase Agreement, on <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">March 3, 2017</font>, the Company entered into a Non-Competition and Non-Solicitation Agreement with GACP, the restrictive period of which is defined in the Non-Competition and Non-Solicitation Agreement.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">Subsequent stock issuances</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In January 2017, the Company issued an aggregate of 1,255,623 shares of its common stock in payment of services rendered and 45,531,246 shares of its common stock in settlement of convertible notes and accrued interest of $58,075 and $1,820, respectively.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In February 2017, the Company issued an aggregate of 76,082,378 shares of its common stock in settlement of convertible notes and interest of $95,435 and $23,642, respectively.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt">In March 2017, the Company issued 3,225,807 shares of its common stock in payment of $25,000 of legal services and an aggregate of 42,657,254 of its common stock in settlement of convertible notes and interest of $59,865 and $3,571, respectively.</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic; TEXT-ALIGN: left">Stock Options</div><br/><div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On February 6, 2017, the Company issued 16,200,000 stock options to US Stem Cell Inc. employees.</div><br/></div> Simultaneous with the sale of the Equipment Assets, the Company leased back the Equipment Assets for a term of three years 400000 20000 50000 1255623 45531246 58075 1820 76082378 95435 23642 3225807 25000 42657254 59865 3571 16200000