Bioxytran (BIXT) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 07, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		34,916,350

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash	$ 23,448	$ 11,092
Accounts Receivable	36,269	9,600
Inventory	5,512	6,272
Total current assets	65,229	26,964
Property and Equipment, Net of Accumulated Depreciation of $279,538 and $266,366 respectively	11,535	24,707
Total assets	76,764	51,671
CURRENT LIABILITIES:
Bank overdraft
Accounts payable and accrued expenses	24,773	37,165
Accounts payable - related party	254,315	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	32,626	26,776
Total current liabilities	421,714	342,266
Total liabilities	421,714	342,266
STOCKHOLDERS' DEFICIT:
Preferred stock: $0.001 par value; 50,000,000 authorized, 440,500 shares issued and outstanding as of September 30, 2017 and December 31, 2016	441	441
Common stock: $0.001 par value; 300,000,000 authorized, 34,916,350 and 28,166,350 shares issued and outstanding as of September 30, 2017 and December 31, 2016 respectively	34,916	28,166
Additional paid in capital	13,778,848	13,563,598
Accumulated deficit	(14,159,155)	(13,882,800)
Total stockholders' deficit	(344,950)	(290,595)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 76,764	$ 51,671

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 279,538	$ 266,366
Series A senior (non subordinated) debentures	10.00%	10.00%
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
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	34,916,350	28,166,350
Common stock, shares outstanding	34,916,350	28,166,350

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
REVENUES	$ 111,979	$ 101,140	$ 158,887	$ 188,295
Cost of goods sold	31,889	38,200	65,194	73,835
Gross Profit	80,090	62,940	93,693	114,460
OPERATING EXPENSES:
General, selling and administrative expenses	29,256	274,980	364,198	922,968
Total operating expenses	292,563	274,980	364,198	922,968
Operating Income (Loss)	50,834	(212,040)	(270,505)	(808,508)
Other income (expense):
Other income Loss on debt settlement				(17,677)
Interest expense	(1,950)	(1,950)	(5,850)	(5,850)
Total other expense	(1,950)	(1,950)	(5,850)	(23,527)
Net Income (Loss)	$ 48,884	$ (213,990)	$ (276,355)	$ (832,035)
Net Income (Loss) per common share - basic and diluted	$ 0	$ (0.01)	$ (0.01)	$ (0.03)
Weighted average of common shares outstanding	31,866,899	26,209,916	27,863,864	25,347,551

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows From Operating Activities:
Net Loss	$ (276,355)	$ (832,035)
Adjustments to reconcile net loss to net cash provided by (used in) operations:
Depreciation	13,172	23,161
Stock for services	222,000	674,700
Loss on Settlement of Accounts Payable		17,677
Changes in assets and liabilities:
Increase in accounts receivable	(26,669)	(30,240)
Decrease in accounts payable and accrued expenses	(12,392)	109,821
Increase in accounts payable and accrued expenses- related party	85,990
Increase in accrued interest	5,850	5,850
Decrease in inventory	760
Net cash provided by (used in) operating activities	12,356	(34,708)
Cash Flows From Investing Activities:
Cash Flows From Financing Activities:
Shares issued for cash		50,000
Net cash provided by financing activities		50,000
Net increase (decrease) in cash	12,356	15,292
Cash, beginning of period	11,092	3,481
Cash, end of period	23,448	18,773
Cash paid for:
Interest
Income Taxes
Supplemental schedule of non-cash investing and financing activities:
Shares issued in settlement of payables- related party		$ 24,003

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [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 September 30, 2017 and the nine months ended September 30, 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 $356,485 as of September 30, 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	9 Months Ended
	Sep. 30, 2017
Equity [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. 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 September 30, 2017 and December 31, 2016, a total of $110,330 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 September 30, 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. 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 November 29, 2016, cancelled on November 29, 2016 and returned to the treasury on February 15, 2017. On January 13, 2017, 4,350,000 shares were cancelled. On April 25, 2017, the Company issued 8,100,000 shares of common stock to 3 directors and various consultants for past services rendered. The fair value of these shares is $0.02 per share based on the stock 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 stock price; thus $60,000 was recognized as stock based compensation. As of September 30, 2017 and December 31, 2016, there were 34,916,350 and 28,166,350 shares of common stock outstanding, respectively.

Notes and Debentures Payable

Notes and Debentures Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Notes and Debentures Payable	Note 3. Notes and Debentures Payable As of September 30, 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 November 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 September 30, 2017, the Company has recorded accrued interest of $12,672 related to the notes and debentures payable which is included in the $32,626 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	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Loans Payable	Note 4. Loans Payable We have two short-term loans totaling $25,000 at September 30, 2017. These loans were due in 2012 and as of September 30, 2017, are in default. These notes are accruing interest at a rate of 10% per annum. At September 30, 2017 and December 31, 2016, the Company has recorded accrued interest of $19,953 and $18,078, respectively, related to the loans payable which is included in the $32,626 and $26,776 accrued interest balance on the balance sheet, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 5. Related Party Transactions At September 30, 2017 and December 31, 2016, the Company has recorded accounts payable to related parties of $254,315 and $168,325, respectively. From July 11, 2017 through September 30, 2017 a Director of the Company has purchased and paid for $48,780 of the Company’s products for resale through his business.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. 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 but estimated to be approximately $4,000. 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 September 30, 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 7. Subsequent Events The Company's management has evaluated subsequent events through the date these financial statements were issued and determined there were no events to disclose.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [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 September 30, 2017 and the nine months ended September 30, 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 $356,485 as of September 30, 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)	Sep. 30, 2017USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 356,485

Capital Stock (Details)

Capital Stock (Details)	Jan. 13, 2017shares	Apr. 25, 2017USD ($)ConsultantsDirectors$ / sharesshares	Nov. 29, 2016shares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)$ / sharesshares
Class of Stock [Line Items]
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
Common stock, shares outstanding				34,916,350		34,916,350		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)	$ 17,677
Shares, cancelled	4,350,000		3,000,000
Preferred stock, shares issued				440,500		440,500		440,500
Preferred stock, shares outstanding				440,500		440,500		440,500
Accounts Payable [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								800,000
Stock issuance price per share | $ / shares								$ 0.05
Board members [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								6,000,000
Stock issuance price per share | $ / shares								$ 0.04
Board members one [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								1,500,000
Stock issuance price per share | $ / shares								$ 0.02
Board members two [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								1,500,000
Stock issuance price per share | $ / shares								$ 0.05
Consultant [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								3,000,000
Stock issuance price per share | $ / shares								$ 0.04
Consultant one [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								550,000
Stock issuance price per share | $ / shares								$ 0.05
Investor [Member]
Class of Stock [Line Items]
Shares issued in exchange for services								2,500,000
Stock issuance price per share | $ / shares								$ 0.02
Shareholder [Member]
Class of Stock [Line Items]
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.
Class ''A'' 6% Cumulative, Convertible Voting Preferred Stock [Member]
Class of Stock [Line Items]
Conversion of stock, description						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.
Total number of shares declared by company | $						$ 110,330		$ 86,610
Preferred stock, shares issued				440,500		440,500		440,500
Preferred stock, shares outstanding				440,500		440,500		440,500
Conversion purposes and accrues interest rate				6.00%		6.00%
Directors and various consultants [Member]
Class of Stock [Line Items]
Number of directors | Directors		3
Common stock shares, issued		8,100,000
Stock issuance price per share | $ / shares		$ 0.02
Recognized stock based compensation | $		$ 162,000
Consultants [Member]
Class of Stock [Line Items]
Number of consultants | Consultants		2
Common stock shares, issued		3,000,000
Stock issuance price per share | $ / shares		$ 0.02
Recognized stock based compensation | $		$ 60,000

Notes and Debentures Payable (D

Notes and Debentures Payable (Details)	12 Months Ended
	Dec. 31, 2013USD ($)	Sep. 30, 2017USD ($)Debenture	Dec. 31, 2016USD ($)Debenture	Dec. 31, 2009USD ($)
Debt Instrument [Line Items]
Number of debenture | Debenture		1	1
Debenture outstanding		$ 5,000	$ 5,000
Note payable outstanding		80,000	80,000
Accrued interest		32,626	26,776
Notes payable due, description	Payable on or before November 23, 2013.
Notes and debentures payable [Member]
Debt Instrument [Line Items]
Accrued interest		$ 12,672	$ 8,698
Note payable due upon demand [Member]
Debt Instrument [Line Items]
Note payable	$ 80,000			$ 5,000
Note bearing, interest rate	6.00%

Loans Payable (Details)

Loans Payable (Details)	9 Months Ended
	Sep. 30, 2017USD ($)Loans	Dec. 31, 2016USD ($)
Debt Disclosure [Abstract]
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 September 30, 2017.
Accrued interest percentage	10.00%
Accrued interest related to loans payable	$ 19,953	18,078
Accrued interest	$ 32,626	$ 26,776

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable to related parties	$ 254,315	$ 168,325
Director [Member]
Related Party Transaction [Line Items]
Products for resale through his business	$ 48,780

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
Estimated amount for commitments and contingencies	$ 4,000