Bioxytran (BIXT) 10-Q 15 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 15, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	U.S. RARE EARTH MINERALS, INC
Entity Central Index Key	1,445,815
Amendment Flag	false
Trading Symbol	USMN
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,916,350

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash	$ 3,050	$ 11,092
Accounts Receivable		9,600
Inventory	5,832	6,272
Total current assets	8,882	26,964
Property and Equipment, Net of Accumulated Depreciation of $270,729 and $266,366 respectively	20,344	24,707
Total assets	29,226	51,671
CURRENT LIABILITIES:
Accounts payable and accrued expenses	34,591	37,165
Accounts payable - related party	211,091	168,325
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	28,725	26,776
Total current liabilities	384,407	342,266
Total liabilities	384,407	342,266
STOCKHOLDERS' DEFICIT:
Preferred stock: $0.001 par value; 50,000,000 authorized, 440,500 shares issued and outstanding as of March 31, 2017 and December 31, 2016	441	441
Common stock: $0.001 par value; 300,000,000 authorized, 23,816,350 and 28,166,350 shares issued and outstanding as of March 31, 2017 and December 31, 2016	23,816	28,166
Additional paid in capital	13,567,948	13,563,598
Accumulated deficit	(13,947,386)	(13,882,800)
Total stockholders' deficit	(355,181)	(290,595)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 29,226	$ 51,671

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 270,729	$ 266,366
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	23,816,350	28,166,350
Common stock, shares outstanding	23,816,350	28,166,350
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	440,500	440,500
Preferred stock, shares outstanding	440,500	440,500

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statements of Operations [Abstract]
REVENUES	$ 7,436	$ 31,525
Cost of goods sold	13,673	16,806
Gross Profit	(6,237)	14,719
OPERATING EXPENSES:
General, selling and administrative expenses	56,399	467,810
Total operating expenses	56,399	467,810
Operating Income (Loss)	(62,636)	(453,091)
Other income (expense):
Loss on Settlement of Accounts Payable
Interest expense	(1,950)	(1,950)
Total other expense	(1,950)	(1,950)
Net Income (Loss)	$ (64,586)	$ (455,041)
Net Income (Loss) per common share-basic and diluted	$ 0	$ (0.02)
Weighted average of common shares outstanding	24,438,017	19,890,614

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities:
Net Loss	$ (64,586)	$ (455,041)
Adjustments to reconcile net loss to net cash provided by operations:
Depreciation	4,363	11,593
Stock for services		399,000
Changes in assets and liabilities:
Decrease in accounts receivable	9,600
Decrease in accounts payable and accrued expenses	(2,574)
Increase in accounts payable and accrued expenses- related party	42,766	23,465
Increase in accrued interest	1,949	1,950
Decrease inventory	440
Net cash used in operating activities	(8,042)	(19,033)
Cash Flows From Investing Activities:
Cash Flows From Financing Activities:
Shares issued for cash		25,000
Net cash provided by financing activities		25,000
Net increase (decrease) in cash	(8,042)	5,967
Cash, beginning of period	11,092	3,481
Cash, end of period	3,050	9,448
Cash paid for:
Interest
Income Taxes

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016. 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 March 31, 2017 and the three months ended March 31, 2017 and 2016 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, 2016. 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, 2017. 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 $375,525 as of March 31, 2017. 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	3 Months Ended
	Mar. 31, 2017
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. There were 23,816,350 shares of common stock outstanding as of March 31, 2017. On February 27, 2015, the Company filed a Certificate of Change with the Nevada Secretary of State changing the number of authorized common shares from 6,000,000 to 300,000,000. The Company is currently 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. During 2016, at various times, an aggregate of 18,850,000 shares of common stock were issued in exchange for services and consideration. 2,500,000 shares were sold to investors at $0.02 per share; 800,000 shares valued at $0.05 per share were issued for settlement of accounts payable – related party of $24,003 and a loss on settlement of debt in the amount $17,677 was recorded related to this issuance; 6,000,000 shares, valued at $0.04 per share, 1,500,000 shares valued at $0.02 per share and 1,500,000 shares valued at $0.05 per share were issued to Board members; 3,000,000 shares valued at $0.04 per share and 550,000 valued at $0.05 per share were issued to consultants; 3,000,000 shares were issued in error on August 29, 2016, cancelled on November 29, 2016 and returned to the treasury on February 15, 2017. The Company formally filed a Certificate of Designation authorizing 500,000 of the 50,000,000 authorized preferred shares to be designated as $0.001 par value, Class “A” 6% Cumulative, Convertible Voting Preferred Stock with the Nevada Secretary of State on December 31, 2013. The preferred stock ranks senior to the common stock of the Company in each case with respect to dividend distribution and distributions of assets upon liquidation, dissolution or winding up of the Company whether voluntary or involuntary. These shares are issued as Class “A” 6% Cumulative, Convertible Voting Preferred Stock. Each share is valued at $1.00 per share for purposes of calculating interest and for conversion purposes and accrues interest at 6% per annum from the date of issue. Interest is cumulative for a maximum of two years and compounds annually. Interest accrued thereon shall become due and payable and shall be paid by the Company on or prior to thirty (30) days after the second anniversary of issue date and each consecutive two year period thereafter. As of March 31, 2017 and December 31, 2016, a total of $94,517 and $86,610 has not been declared by the Company, respectively. Each share is convertible at any time from date of issue into five (5) shares of Company common stock. Each share shall be entitled to five (5) votes that may be cast by the holder at any shareholder meeting or event requiring a shareholder vote. All interest accrued to date of conversion will be paid by Company to holder within sixty (60) days of date of conversion by holder. These shares are callable by the Company at any time after three (3) years from date of issue at $1.00 plus accrued but unpaid interest unless previously converted. As of March 31, 2017 and December 31, 2016, there were 440,500 and 440,500 shares of Class “A” 6% Cumulative, Convertible Voting Preferred Stock issued and outstanding, respectively. As of March 31, 2017 and December 31, 2016, there were 23,816,350 and 28,166,350 shares of common stock issued and outstanding, respectively. On January 13, 2017, 4,350,000 shares were cancelled.

Notes and Debentures Payable

Notes and Debentures Payable	3 Months Ended
	Mar. 31, 2017
Notes and Debentures Payable / Loans Payable [Abstract]
Notes and Debentures Payable	NOTE 3. Notes and Debentures Payable As of March 31, 2017 and December 31, 2016, the Company had one debenture of $5,000 and a note payable of $80,000 outstanding, respectively. In 2009, the Company received a $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 as they are both in default. At March 31, 2017, the Company has recorded accrued interest of $10,022 related to the notes and debentures payable which is included in the $28,725 accrued interest balance on the balance sheet. At December 31, 2016, the Company has recorded accrued interest of $8,698 related to the notes and debentures payable which is included in the $26,776 accrued interest balance on the balance sheet.

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2017
Notes and Debentures Payable / Loans Payable [Abstract]
Loans Payable	Note 4. Loans Payable We have two short-term loans totaling $25,000 at March 31, 2017. These loans were due in 2012 and as of March 31, 2017, are in default. These notes are accruing interest at a rate of 10% per annum. At March 31, 2017 and December 31, 2016, the Company has recorded accrued interest of $18,703 and $18,078, respectively, related to the loans payable which is included in the $28,725 and $26,776 accrued interest balance on the balance sheet, respectively.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions At March 31, 2017 and December 31, 2016, the Company has recorded accounts payable to related parties of $211,091 and $168,325, respectively. Included in the March 31, 2017 are two advances from two directors totaling $9,000 and $33,766 to M Strata.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 6. Subsequent Events On April 25, 2017, the Company issued 8,100,000 shares of common stock to 3 directors and various consultants for services rendered in 2017. The fair value of these shares is $0.02 per share based on the market price; thus $162,000 was recognized as stock based compensation. Also, on that date, the Company issued 3,000,000 shares of S-8 shares to two consultants. The fair market value of these shares is $0.02 per share based on the market price; thus $60,000 was recognized as stock based compensation.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	Note 7. Commitments and Contingencies The Company has been advised by the Bureau of Land Management that it must prepare and submit an amended plan of remediation for Eagle 4 and related areas where mining and related activities are being conducted and also will be required to submit an environmental assessment as well which will interrupt mining activities. The amended plan of remediation to be submitted may result in increasing the amount of the bond presently posted by the Company. In addition, the Company has been advised by the BLM that it owes the BLM for materials removed from the mine site in prior years. The amounts have not been determined. The Company and the BLM are waiting also for the Army Corps of Engineers to determine if a drainage ditch adjacent to the mine site is a stream, which is regulated by them. As of March 31, 2017 no determination has been made by the Army Corps of Engineers. No communication has been received from the Army Corps of Engineers since May 2014.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016. 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 March 31, 2017 and the three months ended March 31, 2017 and 2016 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, 2016. 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, 2017. 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 $375,525 as of March 31, 2017. 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 Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Details)	Mar. 31, 2017USD ($)
Basis of Presentation and Summary of Significant Accounting Policies (Textual)
Working capital deficiency	$ 375,525

Capital Stock (Details)

Capital Stock (Details) - USD ($)	Jan. 13, 2017	Nov. 29, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Feb. 27, 2015
Capital Stock (Textual)
Preferred stock, shares authorized			50,000,000	50,000,000
Preferred stock, par value			$ 0.001	$ 0.001
Common stock, shares authorized			300,000,000	300,000,000		6,000,000
Common stock, par value			$ 0.001	$ 0.001
Common stock, shares outstanding			23,816,350	28,166,350
Shares issued in exchange for services				18,850,000
Stock issued for settlement of accounts payable - related party				$ 24,003
Loss on settlement of debt				17,677
Shares, cancelled	4,350,000	3,000,000
Un-declared amount, total				$ 86,610	$ 56,774
Preferred stock, shares issued			440,500	440,500
Preferred stock, shares outstanding			440,500	440,500
Common stock, shares issued			23,816,350	28,166,350
Class ''A'' 6% Cumulative, Convertible Voting Preferred Stock [Member]
Capital Stock (Textual)
Description of convertible voting preferred stock			Company formally filed a Certificate of Designation authorizing 500,000 of the 50,000,000 authorized preferred shares to be designated as $0.001 par value, Class "A" 6% Cumulative, Convertible Voting Preferred Stock with the Nevada Secretary of State on December 31, 2013.
Conversion of stock, description			Each share is valued at $1.00 per share for purposes of calculating interest and for conversion purposes and accrues interest at 6% per annum from the date of issue. Interest is cumulative for a maximum of two years and compounds annually. Interest accrued thereon shall become due and payable and shall be paid by the Company on or prior to thirty (30) days after the second anniversary of issue date and each consecutive two year period thereafter.
Preferred stock, shares issued				440,500	440,500
Preferred stock, shares outstanding				440,500	440,500
Conversion purposes and accrues interest rate			6.00%
Total number of shares declared by company			$ 94,517	$ 86,610
Accounts Payable [Member]
Capital Stock (Textual)
Shares issued in exchange for services				800,000
Stock issuance price per share				$ 0.05
Board members [Member]
Capital Stock (Textual)
Shares issued in exchange for services				6,000,000
Stock issuance price per share				$ 0.04
Board members one [Member]
Capital Stock (Textual)
Shares issued in exchange for services				1,500,000
Stock issuance price per share				$ 0.02
Board members two [Member]
Capital Stock (Textual)
Shares issued in exchange for services				1,500,000
Stock issuance price per share				$ 0.05
Consultant [Member]
Capital Stock (Textual)
Shares issued in exchange for services				3,000,000
Stock issuance price per share				$ 0.04
Consultant one [Member]
Capital Stock (Textual)
Shares issued in exchange for services				550,000
Stock issuance price per share				$ 0.05
Investor [Member]
Capital Stock (Textual)
Shares issued in exchange for services				2,500,000
Stock issuance price per share				$ 0.02
Shareholder [Member]
Capital Stock (Textual)
Conversion of stock, description			Each share is convertible at any time from date of issue into five (5) shares of Company common stock. Each share shall be entitled to five (5) votes that may be cast by the holder at any shareholder meeting or event requiring a shareholder vote. All interest accrued to date of conversion will be paid by Company to holder within sixty (60) days of date of conversion by holder. These shares are callable by the Company at any time after three (3) years from date of issue at $1.00 plus accrued but unpaid interest unless previously converted.

Notes and Debentures Payable (D

Notes and Debentures Payable (Details)	12 Months Ended
	Dec. 31, 2013USD ($)	Mar. 31, 2017USD ($)Debenture	Dec. 31, 2016USD ($)Debenture	Dec. 31, 2009USD ($)
Notes and Debentures Payable (Textual)
Number of debenture | Debenture		1	1
Debenture outstanding		$ 5,000	$ 5,000
Note payable outstanding		80,000	80,000
Accrued interest		28,725	26,776
Notes payable due, description	Payable on or before August 23, 2013.
Notes and debentures payable [Member]
Notes and Debentures Payable (Textual)
Accrued interest		$ 10,022	$ 8,698
Note payable due upon demand [Member]
Notes and Debentures Payable (Textual)
Note payable	$ 80,000			$ 5,000
Note bearing, interest rate	6.00%

Loans Payable (Details)

Loans Payable (Details)	3 Months Ended
	Mar. 31, 2017USD ($)Loans	Dec. 31, 2016USD ($)
Loans Payable (Textual)
Number of loans | Loans	2
Two short-term loans totaling	$ 25,000	$ 25,000
Loans payable, description	These loans were due in 2012 and as of March 31, 2017.
Accrued interest percentage	10.00%
Accrued interest related to loans payable	$ 18,703	18,078
Accrued interest	$ 28,725	$ 26,776

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2017USD ($)AdvancesDirectors	Dec. 31, 2016USD ($)
Related Party Transactions (Textual)
Accounts payable to related parties	$ 211,091	$ 168,325
Number of advances | Advances	2
Number of individuals | Directors	2
Advances from two directors	$ 9,000
M Strata [Member]
Related Party Transactions (Textual)
Advances from two directors	$ 33,766

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events [Member]	Apr. 25, 2017USD ($)DirectorsConsultants$ / sharesshares
Directors and various consultants [Member]
Subsequent Events (Textual)
Common stock shares, issued | shares	8,100,000
Number of directors | Directors	3
Fair value of shares issued | $ / shares	$ 0.02
Stock based compensation | $	$ 162,000
Consultants [Member]
Subsequent Events (Textual)
Common stock shares, issued | shares	3,000,000
Number of consultants | Consultants	2
Fair value of shares issued | $ / shares	$ 0.02
Stock based compensation | $	$ 60,000