Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 12, 2019 | |
Details | ||
Registrant CIK | 0001501268 | |
Fiscal Year End | --12-31 | |
Registrant Name | Bnet Media Group, Inc. | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2019 | |
Tax Identification Number (TIN) | 30-0523156 | |
Number of common stock shares outstanding | 35,015,000 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | No | |
Shell Company | true | |
Small Business | true | |
Emerging Growth Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-53316 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 352 South 200 West | |
Entity Address, City or Town | Farmington | |
Entity Address, State or Province | UT | |
Entity Address, Postal Zip Code | 84025 | |
Country Region | 801 | |
City Area Code | 928 | |
Local Phone Number | 8266 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash | $ 0 | $ 5 |
Total Current Assets | 0 | 5 |
TOTAL ASSETS | 0 | 5 |
CURRENT LIABILITIES | ||
Accounts payable | 88,403 | 89,042 |
Accounts payable - related parties | 223,625 | 203,831 |
Total Current Liabilities | 312,028 | 292,873 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock: $0.001 par value, 800,000,000 shares authorized, 35,015,000 shares issued and outstanding. | 35,015 | 35,015 |
Additional paid-in capital | 249,474 | 249,474 |
Accumulated deficit | (644,539) | (625,379) |
Total Stockholders' Equity (Deficit) | (312,028) | (292,868) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 0 | 5 |
Series A Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | 20,000 | 20,000 |
Series B Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | 8,022 | 8,022 |
Series C Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | 0 | 0 |
Series D Preferred Stock | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred stock | $ 20,000 | $ 20,000 |
Condensed Balance Sheets - Pare
Condensed Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 |
Common Stock, Shares, Issued | 35,015,000 | 35,015,000 |
Common Stock, Shares, Outstanding | 35,015,000 | 35,015,000 |
Series A Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding | 20,000,000 | 20,000,000 |
Series B Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 8,021,796 | 8,021,796 |
Preferred Stock, Shares Outstanding | 8,021,796 | 8,021,796 |
Series C Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Series D Preferred Stock | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding | 20,000,000 | 20,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Professional fees | 4,748 | 5,582 | 18,944 | 34,554 |
General and administrative | 0 | 22 | 216 | 2,566 |
Total Operating Expenses | 4,748 | 5,604 | 19,160 | 37,120 |
LOSS FROM OPERATIONS | (4,748) | (5,604) | (19,160) | (37,120) |
INCOME TAX EXPENSE | 0 | 0 | 0 | 0 |
Net loss | $ (4,748) | $ (5,604) | $ (19,160) | $ (37,120) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF BASIC AND DILUTED COMMON | 35,015,000 | 35,015,000 | 35,015,000 | 35,015,000 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) - USD ($) | Preferred StockSeries A Preferred Stock | Preferred StockSeries B Preferred Stock | Preferred StockSeries D Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2017 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | $ 249,474 | $ (579,657) | $ (247,146) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2017 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (37,120) | (37,120) |
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (616,778) | (284,266) |
Shares, Outstanding, Ending Balance at Sep. 30, 2018 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2018 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (611,174) | (278,663) |
Net loss | 0 | 0 | 0 | 0 | 0 | (5,604) | (5,604) |
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2018 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (616,778) | (284,266) |
Shares, Outstanding, Ending Balance at Sep. 30, 2018 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (625,379) | (292,868) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (19,160) | (19,160) |
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (644,539) | (312,028) |
Shares, Outstanding, Ending Balance at Sep. 30, 2019 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Jun. 30, 2019 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | 249,474 | (639,791) | (307,280) |
Shares, Outstanding, Beginning Balance at Jun. 30, 2019 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 | |||
Net loss | $ 0 | $ 0 | $ 0 | $ 0 | 0 | (4,748) | (4,748) |
Stockholders' Equity Attributable to Parent, Ending Balance at Sep. 30, 2019 | $ 20,000 | $ 8,022 | $ 20,000 | $ 35,015 | $ 249,474 | $ (644,539) | $ (312,028) |
Shares, Outstanding, Ending Balance at Sep. 30, 2019 | 20,000,000 | 8,021,796 | 20,000,000 | 35,015,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (19,160) | $ (37,120) |
Changes in operating assets and liabilities: | ||
Accounts payable | (639) | 255 |
Accounts payable - related parties | 19,794 | 36,816 |
Net Cash Provided by (used in) Operating Activities | (5) | (49) |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party payable | 0 | 25 |
Net Cash Provided by Financing Activities | 0 | 25 |
NET INCREASE (DECREASE) IN CASH | (5) | (24) |
CASH AT BEGINNING OF PERIOD | 5 | 29 |
CASH AT END OF PERIOD | 0 | 5 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest | 0 | 0 |
Income Taxes | 0 | 0 |
NON CASH FINANCING ACTIVITIES: | $ 0 | $ 0 |
NOTE 1 - CONDENSED FINANCIAL ST
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
Notes | |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | NOTE 1 - CONDENSED FINANCIAL STATEMENTS The accompanying condensed 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 September 30, 2019, 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 financial statements be read in conjunction with the financial statements and notes thereto included in the Company's December 31, 2018 audited financial statements. The results of operations for the periods ended September 30, 2019 and 2018 are not necessarily indicative of the operating results for the full years. |
NOTE 2 - GOING CONCERN
NOTE 2 - GOING CONCERN | 9 Months Ended |
Sep. 30, 2019 | |
Notes | |
NOTE 2 - GOING CONCERN | NOTE 2 - GOING CONCERN The Company's 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 - SIGNIFICANT ACCOUNTING
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
Notes | |
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE 3 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Loss per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share include the dilutive effect, if any, from the potential exercise of stock options using the treasury stock method. At September 30, 2019 and September 30, 2018, the Company had no dilutive common equivalent shares. For the nine months ended September 30, 2019, and for the period ended September 30, 2018, convertible preferred stock in the amount of 28,021,796 shares, were excluded from loss per share because their effect would be anti-dilutive. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet and requires expanded disclosures about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 provides entities another option for transition, allowing entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. Effective January 1, 2019, we adopted ASU 2016-02 using the modified retrospective approach provided by ASU 2018-11. We elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification. We also elected the short-term lease practical expedient, which allowed us to not recognize leases with a term of less than twelve months on our consolidated balance sheets. In addition, we elected the lease and non-lease components practical expedient, which allowed us to calculate the present value of the fixed payments without performing an allocation of lease and non-lease components. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of approximately $0, on our balance sheets as of September 30, 2019. The standard did not have an impact on the statements of operations or cash flows. The FASB established the Accounting Standards Codification (Codification or ASC) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (GAAP). Rules and interpretative releases of the Securities and Exchange Commission (SEC) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements. |
NOTE 4- RELATED PARTY
NOTE 4- RELATED PARTY | 9 Months Ended |
Sep. 30, 2019 | |
Notes | |
NOTE 4- RELATED PARTY | NOTE 4- RELATED PARTY As of September 30, 2019, the Company is indebted to relates parties in the amount of $223,625. This amount represents periodic expenses paid on behalf of the Company and advances made to the Company by officers. These amounts are unsecured, non-interest bearing, and due on demand. |
NOTE 5 - SUBSEQUENT EVENTS
NOTE 5 - SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
Notes | |
NOTE 5 - SUBSEQUENT EVENTS | NOTE 5 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were issued. There have been no events that would require disclosure or adjustments to the financial statements. |
NOTE 3 - SIGNIFICANT ACCOUNTI_2
NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Loss per Common Share | Loss per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share include the dilutive effect, if any, from the potential exercise of stock options using the treasury stock method. At September 30, 2019 and September 30, 2018, the Company had no dilutive common equivalent shares. For the nine months ended September 30, 2019, and for the period ended September 30, 2018, convertible preferred stock in the amount of 28,021,796 shares, were excluded from loss per share because their effect would be anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires lessees to recognize lease assets and lease liabilities on the balance sheet and requires expanded disclosures about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements. ASU 2018-11 provides entities another option for transition, allowing entities to not apply the new standard in the comparative periods they present in their financial statements in the year of adoption. Effective January 1, 2019, we adopted ASU 2016-02 using the modified retrospective approach provided by ASU 2018-11. We elected certain practical expedients permitted under the transition guidance, including the election to carryforward historical lease classification. We also elected the short-term lease practical expedient, which allowed us to not recognize leases with a term of less than twelve months on our consolidated balance sheets. In addition, we elected the lease and non-lease components practical expedient, which allowed us to calculate the present value of the fixed payments without performing an allocation of lease and non-lease components. Adoption of the new standard resulted in recording operating lease right-of-use assets and operating lease liabilities of approximately $0, on our balance sheets as of September 30, 2019. The standard did not have an impact on the statements of operations or cash flows. The FASB established the Accounting Standards Codification (Codification or ASC) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (GAAP). Rules and interpretative releases of the Securities and Exchange Commission (SEC) issued under authority of federal securities laws are also sources of GAAP for SEC registrants. The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements. |
NOTE 4- RELATED PARTY (Details)
NOTE 4- RELATED PARTY (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Details | ||
Accounts payable - related parties | $ 223,625 | $ 203,831 |