Bioxytran (BIXT) 10-Q 22 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 22, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	U.S. RARE EARTH MINERALS, INC
Entity Central Index Key	1,445,815
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		28,166,438

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash	$ 22,710	$ 3,481
Total current assets	22,710	3,481
Property and Equipment, Net of Accumulated Depreciation of $257,212 and $238,738, respectively	33,861	52,335
Total assets	56,571	55,816
CURRENT LIABILITIES:
Accounts payable and accrued expenses	128,579	91,056
Accounts payable- related party		24,003
10% Series A Senior (non subordinated) debentures	5,000	5,000
Loans payable	25,000	25,000
Notes payable	80,000	80,000
Accrued interest	29,876	25,976
Total current liabilities	268,455	251,035
Total liabilities	268,455	251,035
STOCKHOLDERS' DEFICIT:
Common stock: $0.001 par value; 300,000,000 authorized, 28,166,438 and 12,316,438 shares issued and outstanding as of June 30, 2016 and December 31, 2015	28,166	12,316
Preferred stock: $0.001 par value; 50,000,000 authorized, 440,500 shares issued and outstanding as of June 30, 2016 and December 31, 2015	441	441
Additional paid in capital	13,563,598	12,978,068
Accumulated deficit	(13,804,089)	(13,186,044)
Total stockholders' deficit	(211,884)	(195,219)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 56,571	$ 55,816

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Balance Sheets [Abstract]
Accumulated depreciation	$ 257,212	$ 238,738
Series A Senior (non-subordinated) debentures	10.00%	10.00%
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	28,166,438	12,316,438
Common stock, shares outstanding	28,166,438	12,316,438
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issue	440,500	440,500
Preferred stock, shares outstanding	440,500	440,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statements of Operations [Abstract]
REVENUES	$ 55,630	$ 59,400	$ 87,155	$ 121,890
Cost of goods sold	18,829	14,724	35,635	29,272
Gross Profit	36,801	44,676	51,520	92,618
OPERATING EXPENSES:
General, selling and administrative expenses	180,178	1,958,736	647,988	2,043,887
Total operating expenses	180,178	1,958,736	647,988	2,043,887
Operating Income (Loss)	(143,377)	(1,914,060)	(596,468)	(1,951,269)
Other income (expense):
Other income				75
Loss on Settlement of Accounts Payable	(17,677)		(17,677)
Interest expense	(1,950)	(1,945)	(3,900)	(3,868)
Total other expense	(19,627)	(1,945)	(21,577)	(3,793)
Net Income (Loss)	$ (163,004)	$ (1,916,005)	$ (618,045)	$ (1,955,062)
Net Income (Loss) per common share - basic and diluted	$ (0.01)	$ (0.20)	$ (0.03)	$ (0.25)
Weighted average of common shares outstanding	26,760,943	9,783,471	23,325,779	7,810,913

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows From Operating Activities:
Net Loss	$ (618,045)	$ (1,955,062)
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation	18,474	29,095
Stock for services	509,700	1,890,000
Loss on Settlement of Accounts Payable	17,677
Changes in assets and liabilities:
Increase in accounts receivable		(40,342)
Decrease in accounts payable and accrued expenses	37,523	61,374
Increase in accrued interest	3,900	3,868
Net cash used in operating activities	(30,771)	(11,067)
Cash Flows From Financing Activities:
Proceeds from issuance of loans payable		7,175
Repayment of loans payable- related party		(1,500)
Shares issued for cash	50,000
Net cash provided by financing activities	50,000	5,675
Net increase (decrease) in cash	19,229	(5,392)
Cash, beginning of period	3,481	6,168
Cash, end of period	22,710	776
Cash paid for:
Interest
Supplemental schedule of non cash activities:
Settlement of Accounts Payable - related party	$ 24,003

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Basis of Presentation and Summary of Significant Accounting Policies[Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 1. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the financial statements as of June 30, 2016 and the six months ended June 30, 2016 and 2015 are unaudited and should be read in conjunction with the audited financial statements and the notes there to included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2016. U.S. Rare Earth Minerals, Inc. was incorporated in the state of Nevada on September 9, 2008. As used in these Notes to the Financial Statements, the terms the "Company", "we", "us", "our" and similar terms refer to U. S. Rare Earth Minerals, Inc. Going Concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. To date, the Company has generated minimal revenue and has a working capital deficiency of $245,745 as of June 30, 2016. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. We will need to raise funds or implement our business plan to continue operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital sufficient to meet its minimal operating expenses by seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon among other things; its ability to successfully accomplish the plans described in the preceding paragraph and eventually begin operations in accordance with its business plan. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Capital Stock

Capital Stock	6 Months Ended
	Jun. 30, 2016
Capital Stock [Abstract]
Capital Stock	Note 2. Capital Stock The Company is authorized to issue 50,000,000 shares of its $0.001 par value preferred stock and 300,000,000 shares of its $0.001 par value common shares. On January 20, 2016, the Company granted 6,000,000 shares to three board members – 2,000,000 shares each - for past and future services to be provided. These shares are granted as fully vested, but are restricted from sale or transfer for three years. The fair value of these shares is $0.041 per share based on the stock price; thus $246,000 was recognized as stock based compensation. On January 20, 2016, the Company granted 3,000,000 shares to two consultants – 1,500,000 shares each - for past and future services to be provided. These shares are granted as fully vested. The fair value of these shares is $0.041 per share based on the stock price; thus $123,000 was recognized as stock based compensation. On February 29, 2016, 1,500,000 shares of common stock were issued to another Director for services to be rendered to the Company during the next three years. These 1,500,000 shares are to be issued as fully vested but with an additional legend restricting the sale or transfer of said shares for three years from date of issue. The fair value of these shares is $0.02 per share based on the stock price; thus $30,000 was recognized as stock based compensation. In March 2016, the Company sold 1,125,000 and 125,000 shares to two individual investors for $22,500 and $2,500 respectfully. On April 14, 2016, the Company issued 1,250,000 shares to an investor for $0.02 per share for a total consideration of $25,000. On April 21, 2016, the Company issued 800,000 shares of common stock to a vendor for settlement of a payable owed to him in the amount of $24,003. The fair value of these shares is .05 per share, based on the stock price. As a result, the Company recognized a loss on settlement of accounts payable in the amount of $17,677. On May 16, 2016, he was elected a Director of the company. On May 12, 2016, 1,500,000 shares were issued to a Board member and 200,000 shares and 350,000 shares respectfully to two consultants for past and future services to be provided. These shares are granted as fully paid, but are restricted from sale or transfer for three years. The fair value of these shares is $0.054 per share based on the stock price; thus $110,700 was recognized as stock based compensation. There were 28,166,438 shares of common stock outstanding as of June 30, 2016.

Notes and Debentures Payable

Notes and Debentures Payable	6 Months Ended
	Jun. 30, 2016
Notes and Debentures Payable/ Loan Payable [Abstract]
Notes and Debentures Payable	NOTE 3. Notes and Debentures Payable As of June 30, 2016, the Company had one debenture of $5,000 outstanding. In 2009 the Company received multiple set of funds and the terms of each note payable are set forth: $5,000 note payable due upon demand and then in 2013 an $80,000 note bearing 6% per annum, simple interest, payable on or before August 23, 2013. The Company and note holders are in discussions with respect to the payoff of the notes. Said notes are in default. At June 30, 2016, the Company has recorded accrued interest of $13,048 related to the notes and debentures payable which is included in the $29,876 accrued interest balance on the balance sheet.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2016
Notes and Debentures Payable/ Loan Payable [Abstract]
Loans Payable	Note 4. Loans Payable We have two short-term loans totaling $25,000 at June 30, 2016. These loans were due in 2012 and as of June 30, 2016, are in default. These notes are accruing interest at a rate of 10% per annum. At June 30, 2016, the Company has recorded accrued interest of $16,828 related to the loans payable which is included in the $29,876 accrued interest balance on the balance sheet.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions On January 20, 2016, the Company granted 6,000,000 shares to three board members – 2,000,000 shares each - for past and future services to be provided. These shares are granted as fully vested, but are restricted from sale or transfer for three years. The fair value of these shares is $0.041 per share based on the stock price; thus $246,000 was recognized as stock based compensation. On February 29, 2016, 1,500,000 shares of common stock were issued to another Director for services to be rendered to the Company during the next three years. These 1,500,000 shares are to be issued as fully vested but with an additional legend restricting the sale or transfer of said shares for three years from date of issue. The fair value of these shares is $0.02 per share based on the stock price; thus $30,000 was recognized as stock based compensation. On April 21, 2016, the Company issued 800,000 shares of common stock to a vendor for settlement of a payable in the amount of $24,003. The fair market value of these shares is $.05 per share based on the stock price, creating an inadvertent overpayment of $17,677. This vendor was elected a Director of the company on May 16, 2016. On May 12, 2016, 1,500,000 shares were issued to a Director for services to be rendered to the Company during the next three years. These shares are to be issued as fully paid but with an additional legend restricting the sale or transfer of said shares for three years from date of issue. The fair value of these shares is $0.054 per share based on the stock price; thus $81,000 was recognized as stock based compensation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Note 6. Subsequent Events The Board of Directors, on July 23, 2016, accepted the resignation of President and Director Michael Herod. Refer to July 26, 2016 Form 8-K. On July 23, 2016 the Board of Directors elected D. Quincy Farber, President and CEO of the Company. Refer to July 26, 2016 Form 8-K.

Basis of Presentation and Sum12

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Basis of Presentation and Summary of Significant Accounting Policies[Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared on substantially the same basis as the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission (SEC) rules and regulations regarding interim financial statements. All amounts included herein related to the financial statements as of June 30, 2016 and the six months ended June 30, 2016 and 2015 are unaudited and should be read in conjunction with the audited financial statements and the notes there to included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. In the opinion of management, the accompanying financial statements include all necessary adjustments for the fair presentation of the Company’s financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the full fiscal year ending December 31, 2016. U.S. Rare Earth Minerals, Inc. was incorporated in the state of Nevada on September 9, 2008. As used in these Notes to the Financial Statements, the terms the "Company", "we", "us", "our" and similar terms refer to U. S. Rare Earth Minerals, Inc.
Going Concern	Going Concern The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. To date, the Company has generated minimal revenue and has a working capital deficiency of $245,745 as of June 30, 2016. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. We will need to raise funds or implement our business plan to continue operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital sufficient to meet its minimal operating expenses by seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon among other things; its ability to successfully accomplish the plans described in the preceding paragraph and eventually begin operations in accordance with its business plan. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Details)	Jun. 30, 2016USD ($)
Basis of Presentation and Summary of Significant Accounting Policies (Textual)
Working capital deficiency amount	$ 245,745

Capital Stock (Details)

Capital Stock (Details)	May 12, 2016USD ($)$ / sharesshares	Apr. 14, 2016USD ($)$ / sharesshares	Apr. 21, 2016USD ($)$ / sharesshares	Mar. 31, 2016USD ($)Investorsshares	Feb. 29, 2016USD ($)$ / sharesshares	Jan. 20, 2016USD ($)BoardmembersConsultants$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)	Dec. 31, 2015$ / sharesshares
Capital Stock (Textual)
Preferred stock, shares authorized							50,000,000		50,000,000		50,000,000
Preferred stock, par value | $ / shares							$ 0.001		$ 0.001		$ 0.001
Common stock, shares authorized							300,000,000		300,000,000		300,000,000
Common stock, par value | $ / shares							$ 0.001		$ 0.001		$ 0.001
Stock issuance price per share | $ / shares	$ 0.054		$ 0.05
Shares granted						6,000,000
Common stock, shares outstanding							28,166,438		28,166,438		12,316,438
Common stock, shares issued			800,000
Accounts payable related party | $			$ 24,003
Number of individual investors | Investors				2
Loss on settlement of accounts payable | $							$ 17,677		$ 17,677
Board members [Member]
Capital Stock (Textual)
Stock issuance price per share | $ / shares						$ 0.041
Stock based compensation | $	$ 110,700					$ 246,000
Shares granted						2,000,000
Number of board members | Boardmembers						3
Shares issued, Shares	1,500,000
Consultant [Member]
Capital Stock (Textual)
Stock issuance price per share | $ / shares						$ 0.041
Stock based compensation | $						$ 123,000
Shares granted						3,000,000
Number of consultants | Consultants						2
Consultant one [Member]
Capital Stock (Textual)
Shares granted						1,500,000
Shares issued, Shares	200,000
Consultant two [Member]
Capital Stock (Textual)
Shares granted						1,500,000
Shares issued, Shares	350,000
Director [Member]
Capital Stock (Textual)
Issuance of stock for services, shares	1,500,000				1,500,000
Stock issuance price per share | $ / shares					$ 0.02
Stock based compensation | $	$ 81,000				$ 30,000
Vested shares issued					1,500,000
Investor one [Member]
Capital Stock (Textual)
Stock issuance price per share | $ / shares		$ 0.02
Shares sold to investors				1,125,000
Sold to investor amount | $				$ 22,500
Shares issued, Shares		1,250,000
Shares issued, Value | $		$ 25,000
Investor two [Member]
Capital Stock (Textual)
Shares sold to investors				125,000
Sold to investor amount | $				$ 2,500

Notes and Debentures Payable (D

Notes and Debentures Payable (Details)	Jun. 30, 2016USD ($)Debenture	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2009USD ($)
Notes and Debentures Payable (Textual)
Number of debentures issued | Debenture	1
Debenture outstanding	$ 5,000
Accrued interest	29,876	$ 25,976
Accrued interest related to notes	$ 13,048
Note payable upon demand [Member]
Notes and Debentures Payable (Textual)
Note payable				$ 5,000
Note payable upon demand 1[Member]
Notes and Debentures Payable (Textual)
Note payable			$ 80,000
Note bearing, interest rate			6.00%

Loans Payable (Details)

Loans Payable (Details)	6 Months Ended
	Jun. 30, 2016USD ($)Loans	Dec. 31, 2015USD ($)
Loan Payable (Textual)
Two short-term loans totaling	$ 25,000	$ 25,000
Accrued interest related to loans payable	$ 16,828
Accrued interest percentage	10.00%
Accrued interest	$ 29,876	$ 25,976
Number of loans | Loans	2

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	May 12, 2016	Apr. 21, 2016	Feb. 29, 2016	Jan. 20, 2016
Related Party Transactions (Textual)
Shares granted				6,000,000
Granted shares per share		$ 0.05
Common stock, shares issued		800,000
Accounts payable related party		$ 24,003
Inadvertent overpayment		$ 17,677
Directors [Member]
Related Party Transactions (Textual)
Granted shares per share	$ 0.054		$ 0.02
Fair value of granted shares			$ 30,000
Common shares issued for services, shares	1,500,000		1,500,000
Stock based compensation	$ 81,000		$ 30,000
Expire term			3 years
Board members [Member]
Related Party Transactions (Textual)
Shares granted				2,000,000
Granted shares per share				$ 0.041
Stock based compensation	$ 110,700			$ 246,000
Expire term				3 years