Bancroft Uranium (BCFT) 10QSB 2007 Q2 Quarterly report (small business)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-QSB

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2007

OR

[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File No. 000-50366

Conscious Intention, Inc.

(Exact name of Registrant as specified in its charter)

Nevada	94-3409449
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
6620 Lake Washington Blvd, Suite 301
Kirkland, Washington,	98033
(Address of principal executive offices)	(Zip/Postal Code)

(604)505-1085

(Telephone Number)

(415) 358-5548

(Fax Number)

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X] YES  [  ]  NO

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 [X] YES  [  ]  NO

State the number of shares outstanding of each of the Issuer's classes of common equity, as of the latest practicable date. There were 9,970,000 common stock shares, par value $0.001, as of August 9, 2007.

TABLE OF CONTENTS

PART   I.	FINANCIAL INFORMATION	3
Item  1	Financial Statements	3
	Condensed Balance Sheets (Unaudited) – June 30, 2007 and December 31, 2006	3
	Condensed Statements of Operations for the Three and Six Months ended June 30, 2007 and 2006 and for the Period from October 12, 2001 (Date of Inception) through June 30, 2007 (Unaudited)	4
	Condensed Statements of Cash Flows for the Three and Six Months Ended June 30, 2007 and 2006 and for the Period from October 12, 2001 (Date of Inception) through June 30, 2007 (Unaudited)	5
	Notes to Condensed Financial Statements (Unaudited)	6
Item  2	Plan of Operation	7
Item  3	Controls and Procedures	9
PART   II	OTHER INFORMATION	9
Item  1	Legal Proceedings	9
Item  2	Changes in Securities and Small Business Issuer Purchases of Equity Security	9
Item  3	Defaults Upon Senior Securities	9
Item  4	Submission of Matters to a Vote of Security Holders	9
Item  5	Other Information	9
Item  6	Exhibits and Reports on Form 8-K	10
	Signature	11

FORWARD-LOOKING STATEMENTS

In addition to historical information, this report contains forward-looking statements. Such forward-looking statements are generally accompanied by words such as "intends," "projects," "strategies," "believes," "anticipates," "plans," and similar terms that convey the uncertainty of future events or outcomes. The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, those discussed in ITEM 2 of this Report, the section entitled "MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION." Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof and are in all cases subject to the Company's ability to cure its current liquidity problems. There is no assurance that the Company will be able to generate sufficient revenues from its current business activities to meet day-to-day operation liabilities or to pursue the business objectives discussed herein.

The forward-looking statements contained in this Report also may be impacted by future economic conditions. Any adverse effect on general economic conditions and consumer confidence may adversely affect the business of the Company.

Readers should carefully review the risk factors described in other documents the Company files from time to time with the Securities and Exchange Commission, including without limitation those identified in the "Risk Factors" section of the Company's Registration Statement filed with the Securities and Exchange Commission (the "SEC") on May 14, 2003 on Form SB-2/A.

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Part I - Financial Information

Item 1. Financial Statements

CONSCIOUS INTENTION, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED BALANCE SHEETS

	June 30,			December 31,
	2007			2006
ASSETS
CURRENT ASSETS
Cash	$	2,104		$	2,143
Total Assets	$	2,104		$	2,143
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable	$	6,493		$	4,669
Related party payable		6,365			-
Total Current Liabilities		12,858			4,669
STOCKHOLDERS' DEFICIT
Common stock, par value $.001, 10,000,000 shares authorized, 9,970,000 issued and outstanding		9,970			9,970
Paid in capital		59,030			59,030
Deficit accumulated during the development stage		(79,754	)		(71,526	)
Total Stockholders' Deficit		(10,754	)		(2,526	)
Total Liabilities and Stockholders' Deficit	$	2,104		$	2,143

The accompanying notes are an integral part of these condensed financial statements

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CONSCIOUS INTENTION, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF OPERATIONS

													For the period from October 12, 2001
	For the three months ended						For the six months ended						(date of inception)through
	June 30, 2007			June 30, 2006			June 30, 2007			June 30, 2006			June 30, 2007
EXPENSES
Selling, general and administrative	$	6,161		$	7,608		$	8,188		$	9,733		$	97,282
Interest expense		40			202			40			202			312
Total expenses		6,201			7,810			8,228			9,935			97,594
Net loss from operations	$	(6,201	)	$	(7,810	)	$	(8,228	)	$	(9,935	)	$	(97,594	)
Gain on forgiveness of loan		-			-			-			-			17,810
Interest income		-			-			-			-			30
Net loss	$	(6,201	)	$	(7,810	)	$	(8,228	)	$	(9,935	)	$	(79,754	)
NET LOSS PER COMMON SHARE	$	-		$	-		$	-		$	-
WEIGHTED-AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		9,970,000			9,970,000			9,970,000			9,970,000

The accompanying notes are an integral part of these condensed financial statements

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CONSCIOUS INTENTION, INC.

(A DEVELOPMENT STAGE COMPANY)

CONDENSED STATEMENTS OF CASH FLOW

	For the six months ended June 30,							From October 12, 2001 (inception) to
	2007				2006			June 30, 2007
OPERATING ACTIVITIES
Net loss from operations	$	(8,228	)		$	(9,935	)	$	(79,754	)
Changes in operating assets and liabilities:
Gain on forgiveness of debt		-				-			(17,810	)
Deferred offering costs		-				-			23,844
Increase (decrease) in accounts payable		6,119				(13,803	)		(3,056	)
Increase in related party accounts payable		2,070				-			2,070
Net cash used in operating activities		(39	)	��		(23,738	)		(74,706	)
FINANCING ACTIVITIES
Increase in receivable from related party		-				-			(1,690	)
Proceeds from receivable from related party		-				-			1,690
Payments on payable to related party		-				-			(4,700	)
Proceeds from issuance of common stock		-				-			14,000
Proceeds from shareholder advance converted to equity		-				-			55,000
Increase in payable to related party		-				-			12,510
Net cash provided by financing activities		-				-			76,810
Net increase (decrease) in cash		(39	)			(23,738	)		2,104
Cash, Beginning of period		2,143				30,000			-
Cash, End of period	$	2,104			$	6,262		$	2,104
Non cash Investing and Financing:
Expenses paid by shareholder	$	4,295			$	-

The accompanying notes are an integral part of these condensed financial statements

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CONSCIOUS INTENTION, INC.

(A DEVELOPMENT STAGE COMPANY)

Notes to Condensed Financial Statements (Unaudited)

June 30, 2007

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Nature of Operations— On October 12, 2001, Conscious Intention, Inc. (“the Company”) was organized under the laws of the State of Nevada. The Company is considered a development stage enterprise and is in the process of raising capital to fund operations. As such, the Company has since inception spent most of its efforts in developing its business plan, constructing core materials for eventual sale to customers and in raising capital to fund its operations. The Company has relied upon cash flows from equity issuances and an increase in accounts payable to sustain operations. At inception, the planned operations of the Company consisted of selling a business system of materials, tools and on-line, internet based support services for individuals wishing to open a business as an executive coach or career counselor. The Company has established its year-end as December 31st. The Company has had no revenues from any source to date. In November, 2005, the Company changed its business model to provide management consulting services in connection with the resignation of the previous President and Chief Executive Officer and the appointment of a new Chief Executive Officer.

Interim Financial Statements — In the opinion of management, the accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-QSB.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented have been included in the accompanying condensed financial statements.  Operating results for the six months ended June 30, 2007 are not necessarily indicative of the results that may be expected for the year ended December 31, 2007. These condensed financial statements should be read in conjunction with the Company’s annual financial statements and notes thereto contained in the Company’s December 31, 2006 Annual Report on Form 10-KSB.

Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect reported amounts in the financial statements and the accompanying notes. Actual results could differ from those estimates.

Business Condition — The Company has not yet been able to execute its business plan. As a result, the Company has negative working capital, negative equity, recurring operating losses and negative cash flows from operations since inception. This situation raises substantial doubt about its ability to continue as a going concern. The Company plans to fund its operations by any of the following: issue debt securities, issue equity securities, or loans from related parties. Success in these efforts is not assured. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.

NOTE 2 - RELATED PARTY TRANSACTIONS

During the six months ended June 30, 2007, a related party (shareholder) of the Company, paid expenses on behalf of the Company in the amount of $4,295. The advance is non-interest bearing and repayment terms have not been determined. In addition, the shareholder billed legal expenses to the Company in the amount of $2,070.

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Item 2. Plan of Operation

The following discussion and analysis of our financial condition and results of our operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. The actual results may differ materially from those anticipated in these forward-looking statements.

Overview

Although Conscious Intention was originally incorporated for the purposes of developing internet based software products for the executive coaching market, the company was never successful in completing a product or attracting customers and abandoned this business in early 2005. In November of 2005, Mr. Andrew Hamilton replaced CEO Sylva Leduc and began to implement a plan to have the Company function in the area of management consulting. The Company intended to provide management consulting services to corporations through the efforts of Mr. Hamilton and other consultants he intended to hire through recruiting or acquisition. As Mr. Hamilton has not had success to date in finding any consulting clients or in building a consulting business, he is now seeking a business combination that will add value to shareholders.

Conscious Intention's principal products and services

The Company currently has no products or services.  The Company does not currently have any clients.

Distribution and marketing methods

The Company has no current products or services being distributed.

Status of products and services

The Company intends to seek a business combination.

Business Combination

We are actively evaluating opportunities for growth through a business combination. There can be no assurance that, even if we desired such a business combination, it would be available under suitable terms and conditions.

Revenues

Conscious Intention has derived no revenue to date. The Company has plans to develop revenues through a business combination, though no such business combination targets have been identified.

Sales and marketing.

We do not expect to spend any money on sales and marketing in the next three months.   We did not spend any money on sales and marketing during the three months ended June 30, 2007.

General and administrative.

General and administrative expenses were $6,161 during the three months ending June 30, 2007 and $7,608 during the three months ending June 30, 2006.

Financial Condition

For the three-month period ended June 30, 2007, Conscious Intention had a net loss of $6,201 while for the same period ended June 30, 2006, the Company had a net loss of $7,810. Also, at June 30, 2007, the Company had accumulated deficits of $79,754 while at December 31, 2006, the Company had accumulated deficits of $71,526.

Conscious Intention's current financial condition means it is critical to acquire revenue through consulting engagements.

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Liquidity and capital resources

Net cash used in operating activities for the six-month period ended June 30, 2007 and 2006 was $39 and $23,738 respectively. As of June 30, 2007, we had $2,104 in cash.

Net cash provided by financing activities was $0 for the six-month period ended June 30, 2007. Net cash provided by financing activities was $0 for the six months ended June 30, 2006.

As of June 30, 2007 our principal commitments consisted of our obligations outstanding under accounts payable and a related party payable. We have no material commitments for capital expenditures. We expect no significant capital expenditures or lease commitments during the next fiscal quarter.

We believe that our current cash balances are insufficient to meet our working capital and capital expenditure requirements. We have limited working capital. We will need to receive an infusion of capital from our chief executive officer, revenue from consulting or receive funding from another source in order to continue to seek a business combination.

We need to secure additional cash as soon as possible. We have no current plan to find such cash other than through consulting revenue, a business combination or loans from our chief executive officer or shareholders, which cannot be assured.

Conscious Intention's short-term prospects are challenging considering our lack of financial resources, however, as we have relatively low monthly operating expenses and anticipate revenues from consulting services during the next quarter, our short-term prospects should improve significantly if such revenue is received.

Cash requirements

Presently, without additional cash, we will not be able to grow our operations significantly, however we have commenced seeking consulting revenue and believe we have sufficient cash to last until we receive consulting revenue. We have limited working capital. Our continued operation is therefore dependent upon our ability to secure additional cash through revenue or financing. We presently have no arrangements or understandings with any investors or potential investors with respect to an investment in Conscious Intention. We have not decided at what price or under what terms we will raise such additional funds. We are actively seeking a business combination as a source of funds, though no assurance can be given that we will be successful in finding such a combination.

Research and development

We have no present intention to spend any money on research and development over the next 12 months.

Plant and equipment

We currently have an office in the home of our chief executive officer, Andrew Hamilton, in Vancouver, British Columbia. We do not have any other lease or lease commitments.

Employees

We have one full-time employee currently, Andrew Hamilton and we have no plans to hire any additional employees.

The Company’s executive offices are currently located in the residence of our chief executive officer in Vancouver, British Columbia. The company’s telephone number is (604)505-1085.

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ITEM 3. Controls and Procedures

(a) Evaluation of disclosure controls and procedures.

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 as of the end of the period covered by this Quarterly Report on Form 10-Q. The evaluation included certain internal control areas in which we have made and are continuing to make changes to improve and enhance controls. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

(b) Changes in internal control over financial reporting.

There were no changes in our internal control over financial reporting that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Part II - OTHER INFORMATION

Item 1. Legal Proceedings

Not Applicable

Item 2. Changes in Securities and Small Business Issuer Purchases of Equity Securities

Recent Sales of Unregistered Securities

None.

Item 3. Defaults Upon Senior Securities

Not Applicable

Item 4. Submission of Matters to a Vote of Security Holders

Not Applicable

Item 5. Other Information

Not Applicable

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Item 6. Exhibits and Reports on Form 8-K

None during the quarter ended June 30, 2007.

(a) LIST OF EXHIBITS  

List of Exhibits

3.1 Articles of Incorporation of registrant as filed previously with the Commission on Form SB-2, dated April 12, 2002.

3.2 Bylaws of registrant as filed previously with the Commission on Form SB-2, dated April 12, 2002.

31.1 Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002

31.2 Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002

32.1 Certification of the Company's Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2 Certification of the Company's Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(b) REPORTS ON FORM 8-K

The following reports on Form 8-K were filed by the Company during the fiscal quarter ended June 30, 2007:

None

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SIGNATURE

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Conscious Intention, Inc.
Dated:   August 10, 2007	/s/ Andrew Hamilton
	Andrew Hamilton
	Chief Executive Officer
	(Duly Authorized Officer and Principal Financial  and Accounting Officer)

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