v3.4.0.3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash	$ 10,215	$ 19,839
Prepaid expenses	906	3,625
Total current assets	11,121	23,464
Property, plant and equipment, net of accumulated depreciation of $245,489 and $243,437 as of March 31, 2016 and December 31, 2015, respectively	27,565	29,617
Total assets	38,686	53,081
Current liabilities:
Accounts payable and accrued liabilities	140,373	124,298
Advances, related party	$ 230,200	175,200
Derivative liabilities		169,082
Total current liabilities	$ 370,573	468,580
Long term debt:
Convertible notes payable	26,000	26,000
Total debt	$ 396,573	$ 494,580
STOCKHOLDERS' DEFICIT
Preferred stock, no par; 25,000,000 and 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
Common stock, no par; 100,000,000 and 20,000,000 shares authorized; 19,750,677 and 19,607,177 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	$ 8,890,648	$ 8,850,789
Additional paid in capital	3,395,759	2,878,394
Common stock subscription receivable	(128,375)	(128,375)
Accumulated deficit	(12,515,919)	(12,042,307)
Total stockholders' deficit	(357,887)	(441,499)
Total liabilities and stockholders' deficit	$ 38,686	$ 53,081

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

IRIS BIOTECHNOLOGIES INC 10-Q