Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'Bnet Media Group, Inc. |
Document Type | '10-Q |
Document Period End Date | 31-Mar-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0001501268 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 16,208,000 |
Entity Public Float | $16,208,000 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Cash | $664 | $529 |
TOTAL ASSETS | 664 | 529 |
Accounts payable | 60,430 | 48,667 |
Accounts payable - related parties | 40,132 | ' |
Total Current Liabilities | 100,562 | 87,799 |
Preferred stock series A: $0.001 par value, 100,000,000 shares authorized, 7,787,000 and -0- shares issued and outstanding issued and outstanding, respectively | 7,787 | 7,787 |
Common stock: $0.001 par value, 800,000,000 shares authorized, 16,208,000 shares issued and outstanding, respectively | 16,208 | 16,208 |
Additional paid-in capital | 107,792 | 107,792 |
Deficit accumulated during the development stage | -231,685 | -219,057 |
Total Stockholders' Deficit | -99,898 | -87,270 |
TOTAL LIABILITIES AND STOCKHOLDERS 'DEFICIT | $664 | $529 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 63 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Revenues {1} | ' | ' | ' |
Impairment of intangible assets | ' | ' | $25,000 |
Professional fees | 12,513 | 16,205 | 186,760 |
General and administrative | 115 | 702 | 19,925 |
Total Operating Expenses | 12,628 | 16,907 | 231,685 |
LOSS FROM OPERATIONS | -12,628 | -16,907 | -231,685 |
Profit (loss) | ($12,628) | ($16,907) | ($231,685) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $0 | $0 | ' |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | ' | 140,800,000 | ' |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 63 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Common stock issued for services | 3,000 | ' | 3,000 |
Impairment of intangible assets | ' | ' | $25,000 |
Accounts payable | 11,763 | 12,907 | 60,430 |
Accounts payable - related parties | 1,000 | 4,000 | 47,919 |
Net Cash Used in Operating Activities | 135 | ' | -95,336 |
Common stock issued for cash | ' | ' | 96,000 |
Net Cash Provided by Financing Activities | ' | ' | 96,000 |
NET INCREASE (DECREASE) IN CASH | 135 | ' | 664 |
CASH AT BEGINNING OF PERIOD | 529 | 534 | ' |
CASH AT END OF PERIOD | 664 | 534 | 664 |
Common stock issued for subsidiary | 25,000 | ' | 25,000 |
Cancellation of common stock Issuance of series A | ' | ' | 124,592 |
Preferred stock for settlement of accounts payable to related parties | ' | ' | $7,787 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 1 - Basis of Presentation | ' |
NOTE 1 - BASIS OF PRESENTATION | |
The accompanying condensed consolidated financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2014 and for all periods presented herein, have been made. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 2013 audited consolidated financial statements. The results of operations for the period ended March 31, 2014 are not necessarily indicative of the operating results for the full year. | |
Note_2_Going_Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 2 - Going Concern | ' |
NOTE 2 - GOING CONCERN | |
The Company's condensed consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease 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 from management and significant shareholders sufficient to meet its minimal operating expenses and 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 its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
Note_3_Related_Party
Note 3- Related Party | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 3- Related Party | ' |
NOTE 3- RELATED PARTY | |
As of March 31, 2014 the Company is indebted to a related party for the amount of $37,632. This amount is unsecured, non-interest bearing, and due on demand. |
Note_4_Subsequent_Event
Note 4- Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Notes | ' |
Note 4- Subsequent Event | ' |
NOTE 4- SUBSEQUENT EVENT | |
Issuance of Series B Convertible Preferred Stock to Acquire Certain Assets | |
Effective April 8, 2014, the Company entered into an Asset Purchase Agreements (the “Agreement”) with a non-affiliate to issue 8,021,800 shares of the Company’s Series B Convertible Preferred Stock (the “Series B Convertible Preferred Stock”) in exchange for certain precious stones known as the “Ruby Art Carvings” (the “Assets”). The Series B Convertible Preferred Stock is convertible into an equivalent number of shares of the Company’s common stock at a conversion price of $40.00 per share. In connection with the transaction, the purchaser provided the Company with an independent appraisal valuing the Assets at approximately $320 Million. Currently, there is no trading market for the Series B Convertible Preferred Stock for purposes of valuing the securities issued in exchange for the Assets. Nor is there a trading market for the Company’s common stock that would be issued in the event of conversion of the Series B Convertible Preferred Stock. As a result, the Company is assessing the proper accounting treatment for purposes of valuing the Assets acquired in the transaction. | |
Recent Issuances of Unregistered Securities | |
Effective April 8, 2014, the Company issued 8,021,800 shares of its Series B Convertible Preferred Stock in exchanged for certain precious stones known as the “Ruby Art Carvings.” Each share of Series B Convertible Preferred Stock carried a 2% annual dividend and is convertible into shares of the Company’s Common Stock, par value $0.001 (the “Common Stock”) at a conversion price of $40.00 per share of Common Stock, subject to the rights, preferences and privileges of the Series B Convertible Preferred. The Series B Preferred Stock is also entitled to receive a two percent (2%) Annual Interest, beginning from the date of issuance but may not be paid until twelve months (12) from the date on which the Company’s Common Stock begins trading on a recognized securities exchange, or until such time as the Series B Preferred Stock is either converted or redeemed. Interest may be paid, at our option, in cash or restricted shares of our Common Stock. Interest will be paid by the issuance of our Common Stock, and the value of the our Common Stock will be determined based on the “20-day volume-weighted average” of the bid price as quoted on a recognized securities exchange. | |
The Company made the offer and sale of the securities described above pursuant to an exempt from the registration requirements of the Securities Act of 1933, as amended, for the private placement of these securities pursuant to Section 4(2) of thereunder. | |
Appointment of Additional Director | |
Effective April 9, 2014, the Company’s Board of Directors appointed Søren Søholt Christensen to serve until the next annual meeting of shareholders and until his successor is duly appointed. Prior to accepting his appointment to the Company’s Board of Directors, Mr. Christensen has no prior affiliation with Company. |