AXIM Biotechnologies (AXIM) 10-Q/A 25 Aug 16 2016 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 20, 2016
Document and Entity Information:
Entity Registrant Name	AXIM BIOTECHNOLOGIES, INC.
Entity Trading Symbol	axim
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Entity Central Index Key	1,514,946
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		46,802,659
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash	$ 18,612	$ 134,170
Inventory	231,704	200,784
Reservation fee deposit	65,170	65,170
Prepaid expenses	83,603	777,657
Loan receivable	5,000	5,000
Total current assets	404,089	1,182,781
Property and equipment, net of accumulated depreciation of $2,797 and $1,119, respectively.	13,983	15,661
Other Assets:
Acquired intangible asset - intellectual property licensing agreement, net	63,167	63,167
Total other assets	63,167	63,167
TOTAL ASSETS	481,239	1,261,609
Current liabilities:
Accounts payable and accrued liabilities	325,720	324,014
Due to shareholder	5,000	5,000
Convertible loan	0	50,000
Due to first insurance funding	68,000	22,964
Due to related party	1,515,910	1,085,910
Promissory note - related party (including accrued interest of $73,047 and $57,726 respectively)	1,073,047	1,057,726
Total current liabilities	2,987,677	2,545,614
Long-term liabilities:
Convertible note payable	45,000	0
Convertible note payable(including accrued interest of $0 and $11,197 respectively)	265,490	411,197
Total long-term liabilities	310,490	411,197
TOTAL LIABILITIES	3,298,167	2,956,811
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; Series A Convertible Preferred stock, $0.0001 par value, 1,000,000 shares designated, -0- and 1,000,000 shares issued and outstanding; respectively	0	100
Undesignated Preferred stock, $0.0001 par value, 4,000,000 shares authorized, 1,000,000 shares issued and outstanding	100	100
Common stock, $0.0001 par value, 300,000,000 shares authorized 41,802,659 and 39,633,706 shares issued and outstanding, respectively;	4,180	3,963
Additional paid in capital	10,632,371	9,032,865
Common stock to be issued	173,825	52,500
Accumulated deficit	(13,627,404)	(10,784,730)
TOTAL STOCKHOLDERS' DEFICIT	(2,816,928)	(1,695,202)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 481,239	$ 1,261,609

Consolidated Balance Sheets Par

Consolidated Balance Sheets Parentheticals - USD ($)	Jun. 30, 2016	Dec. 31, 2015
PARENTHETICALS
Property & Equipment, accumulated depreciation	$ 2,797	$ 1,119
Promissory note - related party , accrued interest	73,047	57,726
Convertible note payable, accrued interest	$ 0	$ 11,197
Preferred Stock, Par or Stated Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Series A Convertible Preferred stock,Par or Stated Value	$ 0.0001	$ 0.0001
Designated Preferred Stock Shares Authorized	1,000,000	1,000,000
Designated Preferred Stock Shares Issued	0	1,000,000
Designated Preferred Stock Shares Outstanding	0	1,000,000
Undesignated Preferred stock, Par or Stated Value	$ 0.0001	$ 0.0001
Undesignated Preferred stock Shares Authorized	4,000,000	4,000,000
Undesignated Preferred stock,Shares Issued	1,000,000	1,000,000
Undesignated Preferred stock,Shares Outstanding	1,000,000	1,000,000
Common Stock, Par or Stated Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares Issued	41,802,659	39,633,706
Common Stock, Shares Outstanding	41,802,659	39,633,706

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Revenues	$ 11,241	$ 12,112	$ 25,246	$ 12,112
Cost of goods sold	12,082	0	27,296	0
Gross loss	(841)	12,112	(2,050)	12,112
Expenses:
Research and development expenses	45,049	251,025	76,229	373,927
Selling, general and administrative	444,756	1,321,586	1,353,708	1,687,502
Depreciation	839	0	1,678	0
Total operating expenses	490,644	1,572,611	1,431,615	2,061,429
Loss from operations	(491,485)	(1,560,499)	(1,433,665)	(2,049,317)
Other (Income) expenses:
Loss on extinguishment of debt	1,385,000	0	1,385,000	0
Interest expense	12,087	188	24,009	18,316
Total other income and Expense	1,397,087	188	1,409,009	18,316
Loss before provision of income tax	(1,888,572)	(1,560,687)	(2,842,674)	(2,067,633)
Provision for income tax	0	0	0	0
NET LOSS	$ (1,888,572)	$ (1,560,687)	$ (2,842,674)	$ (2,067,633)
Loss per common share - basic and diluted	$ (0.05)	$ (0.04)	$ (0.07)	$ (0.06)
Weighted average common shares outstanding - basic and diluted	39,762,659	36,290,915	39,736,261	34,662,306

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Stockholders' Deficit - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock Shares	Common Stock Amount	Preferred Stock Shares	Preferred Stock Amount	Series A Convertible Shares	Series A ConvertiblePreferred Stock Amount	Common Stock to Be Issued	Additional Paid In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2015	39,633,706	3,963	1,000,000	100	1,000,000	100	52,500	9,032,865	(10,784,730)	(1,695,202)
Common stock to be issued for officer's compensation.	125,000	13					(52,500)	52,487
Common stock to be issued for officer's compensation;							115,625			115,625
Common stock issued for consulting services.	3,953							3,123		3,123
Common stock issued for consulting services;							58,200			58,200
Common stock issued in exchange for debt	2,040,000	204						158,796		159,000
Fair value of convertible note over the face value of note								$ 1,385,000		$ 1,385,000
Cancellation/Rescission of the Series "A" convertible preferred stock issued in 2015					(1,000,000)	(100)		100
Net Loss									$ (2,842,674)	$ (2,842,674)
Balance at. at Jun. 30, 2016	41,802,659	4,180	1,000,000	100			173,825	10,632,371	(13,627,404)	(2,816,928)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,842,674)	$ (2,067,633)
Loss from operations	(2,842,674)	(2,067,633)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,678	0
Amortization of prepaid services	736,438	460,274
Loss on extinguishment of debt.	1,385,000	0
Amortization of prepaid insurance	42,616	73,493
Stock based compensation	176,948	509,000
Inventory written off	9,753	0
Change in operating assets and liabilities:
Accounts payable and accrued expenses	1,706	209,057
Accrued Interest payable	23,614	17,618
Inventory	(40,673)	0
Reservation fee Deposit	0	(61,605)
Prepaid Insurance	(85,000)	(85,000)
Change in due to related party	0	301,240
Due to first insurance funding	45,036	13,980
NET CASH USED IN OPERATING ACTIVITIES	(545,558)	(629,576)
CASH FLOWS FROM INVESTING ACTIVITIES:	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from due to related party	430,000	0
NET CASH PROVIDED BY FINANCING ACTIVITIES	430,000	0
NET CHANGE IN CASH	(115,558)	(629,576)
CASH BALANCES
Beginning of period	134,170	661,128
End of period	18,612	31,552
CASH PAID DURING THE PERIOD FOR:
Interest	302	698
Income taxes-net of tax refund	0	651
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING TRANSACTIONS:
Excess fair value of convertible note issued for prepaid services	0	2,000,000
Convertible Note issued for services	0	400,000
Acquisition of Intellectual property through subsidiary acquisition	0	983,262
Common stock issued against common stock to be issued	52,500	0
Common stock issued against conversion of debt	159,000	0
Cancellation of Series A convertible preferred shares	$ 100	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2016
ORGANIZATION
ORGANIZATION	NOTE 1: ORGANIZATION The Company was originally incorporated in Nevada on November 18, 2010, as Axim International Inc. On July 24, 2014, the Company changed its name to AXIM Biotechnologies, Inc. to better reflect its business operations. The Company’s principal executive office is located at 18 East 50th Street, 5th Floor, New York, NY 10022. On August 7, 2014, the Company formed a wholly owned Nevada subsidiary named Axim Holdings, Inc. This subsidiary will be used to help facilitate the anticipated activities planned by the Company. On May 11, 2015 the Company acquired a 100% interest in Can Chew License Company a Nevada incorporated licensing Company, through the exchange of 5,826,706 shares of its common stock.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2016
BASIS OF PRESENTATION:
BASIS OF PRESENTATION	NOTE 2: BASIS OF PRESENTATION: The unaudited condensed consolidated financial statements of AXIM Biotechnologies, Inc. (formerly Axim International, Inc.) The following (a) balance sheets as of June 30, 2016 (unaudited) and December 31, 2015, which have been derived from audited financial statements, and (b) the unaudited interim statements of operations and cash flows of AXIM Biotechnologies, Inc. (the "Company") have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2016 are not necessarily indicative of results that may be expected for the year ending December 31, 2016. These unaudited financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) on April 14, 2016.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2016
SIGNIFICANT ACCOUNTING POLICIES:
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3: SIGNIFICANT ACCOUNTING POLICIES Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 as well as the reported amounts of revenue and expenses during reporting periods. Actual results could differ from these estimates. Cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Inventory Inventory consists of finished goods available for sale and raw materials owned by the Company and are stated at the lower of cost or market. During the three and six months ended June 30, 2016, the Company wrote off finished goods inventory worth $9,659 and $9,753; respectively. As of June 30, 2016 the finished goods inventory totaled $166,145 and the shelf life of the finished goods inventory is set to expire on April 6, 2017. As of June 30, 2016 the raw materials inventory totaled $65,559. Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using straight-line method over the estimated useful life. New assets and expenditures that extend the useful life of property or equipment are capitalized and depreciated. Expenditures for ordinary repairs and maintenance are charged to operations as incurred. For the three and six months ended June 30, 2016 the Company recorded $839 and $1,678; respectively, of depreciation expense. Intangible Assets As required by generally accepted accounting principles, trademarks and patents are not amortized since they have an indefinite life. Instead, they are tested annually for impairment. Intangible assets as of June 30, 2016 amounted to $63,167 net of accumulated impairment losses of $652,265. Revenue Recognition The Company recognizes revenue on four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees. Revenue is generally recognized upon shipment. Revenues from continuing operations recognized for the three months ended June 30, 2016 and 2015 amounted to $11,241 and $12,112, respectively. Revenues from continuing operations recognized for the six months ended June 30, 2016 and 2015 amounted to $25,246 and $12,112, respectively. Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Axim Biotechnologies, Inc. and its wholly owned subsidiaries Axim Holdings, Inc. and Can Chew License Company as of June 30, 2016 and 2015. All significant intercompany transactions and balances have been eliminated in consolidation. Fair value of financial instruments The Company follows paragraph 825-10-50-10 Fair Value Measurements and Disclosures of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("Paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value, and expands disclosures about fair value measurements. Income taxes The Company follows Section 740-10, Income tax (“ASC 740-10”) Fair Value Measurements and Disclosures of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including reversals of any existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. If the Company determines that it would be able to realize a deferred tax asset in the future in excess of any recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limit. The Company does not have accounts receivable and allowance for doubtful accounts at June 30, 2016 and December 31, 2015. Net loss per common share Net loss per common share is computed pursuant to section 260-10-45 Earnings Per Share (“ASC 260-10”) of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding and the member potentially outstanding during each period. In periods when a net loss is experienced, only basic net loss per share is calculated because to do otherwise would be anti-dilutive. There were 41,802,659 common share equivalents at June 30, 2016 and 39,364,706 at June 30, 2015. For the three and six months ended June 30, 2016 and 2015 these potential shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share. Stock Based Compensation All stock-based payments to employees and to nonemployee directors for their services as directors, including any grants of restricted stock and stock options, are measured at fair value on the grant date and recognized in the statements of operations as compensation or other expense over the relevant service period. Stock-based payments to nonemployees are recognized as an expense over the period of performance. Such payments are measured at fair value at the earlier of the date a performance commitment is reached or the date performance is completed. In addition, for awards that vest immediately and are non-forfeitable the measurement date is the date the award is issued. Cost of Sales Cost of sales includes the purchase cost of products sold and all costs associated with getting the products to the customers including buying and transportation costs. Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $76,229 and $373,927 for the six months ended June 30, 2016 and 2015. The Company incurred research and development expenses of $45,049 and $251,025 for the three months ended June 30, 2016 and 2015. Shipping Costs Shipping and handling costs billed to customers are recorded in sales. Shipping costs incurred by the company are recorded in general and administrative expenses. Recently issued accounting standards In April 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) “ASU 2016 – 10 Revenue from Contract with Customers: identifying Performance Obligations and Licensing”. The amendments in this Update clarify the two following aspects (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments in this Update are intended to reduce the degree of judgment necessary to comply with Topic 606. This guidance has no effective date as yet. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) “ASU 2016 – 09 Improvements to Employee Share-Based Payment Accounting” which is intended to improve the accounting for employee share-based payments. The ASU simplifies several aspects of the accounting for share-based payment award transactions, including; the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The new standard is effective for fiscal years and interim periods beginning after December 15, 2016, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-02, which amends the guidance in U.S. GAAP on accounting for operating leases, a lessee will be required to recognize assets and liabilities for operating leases with lease terms of more than 12 months on the balance sheet. The new standard is effective for fiscal years and interim periods beginning after December 15, 2018, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. Other recent accounting pronouncements issued by the FASB and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements

PREPAID EXPENSES

PREPAID EXPENSES	6 Months Ended
	Jun. 30, 2016
PREPAID EXPENSES
PREPAID EXPENSES	NOTE 4: PREPAID EXPENSES Prepaid expenses consist of the following as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Prepaid service contract $ - $ 736,438 Prepaid insurance contract 83,603 41,219 $ 83,603 $ 777,657 For the three months ended June 30, 2016 and 2015 the Company recognized amortization expense of $159,506 and $497,260, respectively. For the six months ended June 30, 2016 and 2015 the Company recognized amortization expense of $779,054 and $533,767, respectively.

RESERVATION FEE DEPOSIT

RESERVATION FEE DEPOSIT	6 Months Ended
	Jun. 30, 2016
RESERVATION FEE DEPOSIT
RESERVATION FEE DEPOSIT	NOTE 5: RESERVATION FEE DEPOSIT The Company entered into a reservation agreement with the Municipality of Almere in the Netherlands. In October 2015 the Company paid the reservation fee in the amount of $65,170.The reservation fee deposit gives the company an exclusive right to purchase the building land for a purchase price of €1,110,000. Starting in October 2015 the second reservation period was extended for a period of twelve (12) months expiring September 2016.If the company proceeds to purchase the building land the reservation fee will be offset against the purchase price. The Company is not entitled to a refund of the reservation fee if the current agreement is terminated by the Company in the event of insolvency or a moratorium on the transfer or assignment of rights or in the event of a failure to notify or notify on time. The agreement is not transferable. The rights and obligations of this agreement cannot be assigned. The municipality is entitled to terminate the agreement by means of a registered letter if during the reservation period compelling objections exist or arise, or through the insolvency of the Company.

PROMISSORY NOTE - RELATED PARTY

PROMISSORY NOTE - RELATED PARTY	6 Months Ended
	Jun. 30, 2016
PROMISSORY NOTE - RELATED PARTY
PROMISSORY NOTE - RELATED PARTY	NOTE 6: PROMISSORY NOTE - RELATED PARTY On August 8, 2014 the Company entered into a Promissory Note Agreement with CanChew Biotechnologies, LLC (CCB), a related party (the owners of CCB also own a majority of the outstanding shares of the Company), under which it borrowed $1,000,000 to fund working capital. The original loan was a demand note bearing interest at the rate of 7% per annum, which amount, along with principal, was payable upon demand. The demand note was amended effective January 1, 2015 to reduce the annual interest rate to 3%. All other terms and conditions shall remain in full force and effect. The Company is in discussions to have the demand note modified or exchanged for a longer term, fixed maturity note. The following table summarizes promissory note payable as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Promissory note payable, due on demand, interest at 3% and 7%, respectively. $ 1,000,000 $ 1,000,000 Accrued interest 73,047 57,726 $ 1,073,047 $ 1,057,726 For the three months ended June 30, 2016 and 2015 the Company recognized interest expense of $7,704 and $(2,950), respectively. For the six months ended June 30, 2016 and 2015 the Company recognized interest expense of $15,321 and $14,550, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
RELATED PARTY TRANSACTIONS:
RELATED PARTY TRANSACTIONS	NOTE 7: RELATED PARTY TRANSACTIONS The Company has received working capital advances from CCB and Maxillofacial totaling $1,515,910 as of June 30, 2016, which includes $430,000 received during the six-month period ended June 30, 2016. The advances currently bear no interest and are payable on demand. The Company is in discussions to have the advances reduced to a longer term, fixed maturity note. The Company owes $5,000 to the president of the Company for a working capital advance of $5,000 made in May of 2014.

DUE TO FIRST INSURANCE FUNDING

DUE TO FIRST INSURANCE FUNDING	6 Months Ended
	Jun. 30, 2016
DUE TO FIRST INSURANCE FUNDING
DUE TO FIRST INSURANCE FUNDING	NOTE 8: DUE TO FIRST INSURANCE FUNDING The Company owes $68,000 to First Insurance Funding for financing of its D&O insurance policy. Under the terms of the insurance financing, payments of $7,730, which include interest at the rate of 5.5% per annum, are due each month for nine months commencing on July 25, 2016. The total outstanding due to First Insurance Funding as of June 30, 2016 and December 31, 2015 is $68,000 and $22,964; respectively.

CONVERTIBLE NOTE PAYABLE

CONVERTIBLE NOTE PAYABLE	6 Months Ended
	Jun. 30, 2016
CONVERTIBLE NOTE PAYABLE
CONVERTIBLE NOTE PAYABLE	NOTE 9: CONVERTIBLE NOTES PAYABLE On June 29, 2016 the Company entered into a Debt Exchange Agreement whereby it exchanged a convertible loan payable having a balance due of $50,000 as of December 31, 2015, which was convertible into the Company's common stock at a conversion price of $0.10 per share, interest free and had been in default for over four years, for a long-term convertible note in the amount of $50,000. The new Convertible Note bears interest at the rate of 3.5% per annum, payable annually beginning on July 1, 2017, and matures on July 1, 2028. The Note is convertible, in whole or in part at any time at the option of the holder, into the Company's common stock at a conversion price of $0.01, provided however, the holder of the Note is not permitted to convert an amount of the Note that would result in the holder and its affiliates owning more than 4.9% of the Company's outstanding common stock. The Company determined fair value of new debt $1,435,000 and as a result was recorded $1,385,000 as a loss on debt extinguishment during the period ended June 30, 2016. On June 30, 2016 the holder of the Note converted $5,000 face value into 500,000 shares of the Company's common stock. The balance on the Note as of June 30, 2016 is $45,000, including interest accrued thereon of $0 The Company has outstanding convertible note payable having a balance due of $265,490 and $400,000 as of June 30, 2016 and December 31, 2015 respectively. The Note bears interest at the rate of 4% per annum which accrues until maturity at April 21, 2025. The Note was issued in April of 2015 to a third-party as a non-refundable payment for consultancy services to be provided to the Company for a period of at least one year. The Note is convertible, in whole or in part at any time at the option of the holder, into "S-8" shares of the Company's common stock at a conversion price of $0.10, provided however, the holder of the Note is not permitted to convert an amount of the Note that would result in the holder and its affiliates owning more than 4.9% of the Company's outstanding common stock. On June 30, 2016 the holder of the Note converted $154,000 due under the Note, including interest of $19,490, into 1,540,000 S-8 shares of the Company's common stock. The balance on the Note as of June 30, 2016 is $265,490, including interest accrued thereon of $0.

STOCK INCENTIVE PLAN

STOCK INCENTIVE PLAN	6 Months Ended
	Jun. 30, 2016
STOCK INCENTIVE PLAN:
STOCK INCENTIVE PLAN	NOTE 10: STOCK INCENTIVE PLAN On May 29, 2015 the Company adopted its 2015 Stock Incentive Plan. Under the Plan the Company may issue up to 10,000,000 S-8 shares to officers, employees, directors or consultants for services rendered to the Company or its affiliates or to incentivize such parties to continue to render services. S-8 shares are registered immediately upon the filing of the Plan and are unrestricted shares that are free-trading upon issuance. There were 8,460,000 and 10,000,000 shares available for issuance under the Plan as of June 30, 2016 and December 31, 2015 respectively.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	6 Months Ended
	Jun. 30, 2016
STOCKHOLDERS' DEFICIT {1}
STOCKHOLDERS' DEFICIT	NOTE 11: STOCKHOLDERS’ DEFICIT Preferred Stock The Company has authorized 5,000,000 shares of preferred stock, with a par value of $0.0001 per share. Of the 5,000,000 authorized preferred shares, 4,000,000 are undesignated "blank check" preferred stock. The Company may issue such preferred shares and designate the rights, privileges and preferences of such shares at the time of designation and issuance. As of June 30, 2016 and December 31, 2015 there are 4,000,000 shares of undesignated preferred shares issued and outstanding. Series A Convertible Preferred Stock The Company has designated authorized 1,000,000 shares of Series A Convertible Preferred Stock, which had been previously issued to Sanammad Foundation and subsequently assigned and transferred by Sanammad to Treo Holdings, LLC ("Treo"). On June 28, 2016 the Company, Sanammad and Treo agreed that the issuance of the Series A Convertible Preferred be rescinded and that such share issuance be cancelled. The Company accounted this cancelation of preferred stock as equity transaction and accordingly the par value of preferred stock adjusted against additional paid in capital account. Each share of the Series A Convertible Preferred Stock is convertible into five (5) shares of the Company's common stock at any time at the discretion of the holder. The Series A Convertible Preferred Stock provides for a liquidation preference as follows; In the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary (a "Liquidation"), the assets of the Company available for distribution to its stockholders shall be distributed as follows. The holders of the Series A Convertible Preferred Stock shall be entitled to receive, prior to the holders of the other series of preferred stock, if any, and prior and in preference to any distribution of the assets or surplus funds of the Company to the holders of any other shares of stock of the Company by reason of their ownership of such stock: (i) all shares of common stock of any subsidiary of the Company which are held by the Company: and (ii) an amount equal to $1.00 per share with respect to each share of Series A Convertible Preferred stock, plus all declared but unpaid dividends with respect to such share. The Series A Convertible Preferred Stock also contains super-majority voting rights and a number of protective covenants. As of June 30, 2016 and December 31, 2015 there are 0 and 1,000,000 Series A Convertible Preferred shares issued and outstanding; respectively. Common Stock The Company has authorized 300,000,000 shares of common stock, with a par value of $0.0001 per share. As of June 30, 2016 and December 31, 2015, the Company had 41,802,659 and 39,633,706 shares of common stock issued and outstanding, respectively. On June 13, 2014, the Company entered into an employment agreement with Dr. George Anastassov, its Chief Executive Officer, Chief Financial Officer and Secretary. On September 13, 2015 following fifteen (15) months of continuous employment, and every three months thereafter, the Company was obligated to issue 125,000 restricted shares of the Company’s common stock based upon the average ten (10) day closing price immediately preceding the grant date, as quoted on Yahoo.com. During the period ended March 31, 2016, the Company issued 125,000 shares of common stock towards common stock to be issued against expenses incurred worth $52,500 in prior year. On March 13, 2016 and June 13, 2016, the Company was obligated to issue 125,000 restricted shares; respectively, of the Company’s common stock based upon the average ten (10) day closing price immediately preceding the grant date, as quoted on Yahoo.com. As of June 30, 2016, the Company have not issues these shares. During the three and six months ended June 30, 2016 the Company accrued $67,375 and $48,250; respectively, of compensation expense in the accompanying unaudited condensed consolidated financial statements, to record for the required issuance of the incentive shares. On January 1, 2016, the Company entered into an employment agreement with Mr. Lekhram Changoer, its Chief Technology Officer. The agreement has an initial term of one-year and renews each year until terminated by the Company or Mr. Changoer. Under the agreement Mr. Changoer receives an annual base compensation of $126,000 and quarterly incentive payments of either 120,000 shares of the Company's common stock or, in the discretion of the Company, an amount of cash equal to the fair market value of 120,000 shares of stock. On April 1, 2016 the Company was obligated to issue 120,000 restricted shares of the Company’s common stock pursuant to the terms of the employment agreement. As of June 30, 2016 the Company accrued $58,200 of compensation expense in the accompanying unaudited condensed consolidated financial statements to account for the required issuance of the incentive shares. On March 17, 2016, the Company issued 3,953 restricted shares of common stock as payment for consultant services performed for the Company. The Company recorded $3,123 of compensation expense in the accompanying unaudited condensed consolidated financial statements as a result of the issuance. On June 30, 2016 the Company issued 500,000 restricted shares of its common stock in exchange for the conversion of $5,000 of a convertible note payable, On June 30, 2016 the Company issued 1,540,000 unrestricted S-8 shares in exchange for the conversion of $134,510 of a convertible note payable and $19,490 of accrued interest.

COMMITMENT AND CONTINGENCIES

COMMITMENT AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2016
COMMITMENT AND CONTINGENCIES
COMMITMENT AND CONTINGENCIES	NOTE 12: COMMITMENT AND CONTINGENCIES On June 13, 2014, the Company entered into an employment agreement with Dr. George Anastassov, its Chief Executive Officer. The agreement has an initial term of one-year and renews each year until terminated by the Company or Dr. Anastassov. Under the agreement Dr. Anastassov receives an annual base compensation of $240,000 and received a one-time incentive payment of 500,000 restricted shares of the Company's common stock (after one-year of continuous employment) and thereafter is entitled to quarterly incentive payments of either 125,000 shares of the Company's common stock or, in the discretion of the Company, an amount of cash equal to the fair market value of 125,000 shares of stock. On March 13, 2016 and June 13, 2016 the Company was obligated to issue 125,000 restricted shares, respectively, of the Company’s common stock pursuant to the terms of the employment agreement. As of June 30, 2016 the Company accrued $115,625 of compensation expense in the accompanying unaudited condensed consolidated financial statements to account for the required issuance of the incentive shares. On January 1, 2016, the Company entered into an employment agreement with Mr. Lekhram Changoer, its Chief Technology Officer. The agreement has an initial term of one-year and renews each year until terminated by the Company or Mr. Changoer. Under the agreement Mr. Changoer receives an annual base compensation of $126,000 and quarterly incentive payments of either 120,000 shares of the Company's common stock or, in the discretion of the Company, an amount of cash equal to the fair market value of 120,000 shares of stock. On April 1, 2016 the Company was obligated to issue 120,000 restricted shares of the Company’s common stock pursuant to the terms of the employment agreement. As of June 30, 2016 the Company accrued $58,200 of compensation expense in the accompanying unaudited condensed consolidated financial statements to account for the required issuance of the incentive shares. The Company entered into a reservation agreement with the Municipality of Almere in the Netherlands. In October 2015 the Company paid the reservation fee in the amount of $65,170.The reservation fee deposit gives the company an exclusive right to purchase the building land for a purchase price of €1,110,000. Starting in October 2015 the second reservation period was extended for a period of twelve (12) months expiring September 2016. The Company does not have the ability to acquire the land prior to the expiration of the extended reservation term. Therefore the Company intends to seek another extension of the reservation period, however, there can be no assurance that the municipality will agree to such an extension in which case the reservation fee would be forfeited.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2016
GOING CONCERN:
GOING CONCERN	NOTE 13; GOING CONCERN The Company’s unaudited condensed consolidated financial statements have been presented assuming that the Company will continue as a going concern. As shown in the unaudited condensed consolidated financial statements, the Company has negative working capital of $2,583,588, has an accumulated deficit of $13,627,404, has cash used in operating activities of continuing operations $545,558 and presently does not have the resources to accomplish its objectives during the next twelve months. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. The unaudited condensed consolidated The Company intends to raise additional capital through private placements of debt and equity securities, but there can be no assurance that these funds will be available on terms acceptable to the Company, or will be sufficient to enable the Company to fully complete its development activities or sustain operations. If the Company is unable to raise sufficient additional funds, it will have to develop and implement a plan to further extend payables, reduce overhead, or scale back its current business plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan will be successful.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	6 Months Ended
	Jun. 30, 2016
SUBSEQUENT EVENT
SUBSEQUENT EVENT	NOTE 14: SUBSEQUENT EVENTS On August 15, 2016 the Company issued 1 ,000,000 shares of its Series A Convertible Preferred Stock in exchange for 1,000,000 shares of its Undesignated Preferred Stock (see Footnote 10 - "Preferred Stock" for a discussion of the Company's preferred stock). The Undesignated Preferred Stock was held by Sanammad Foundation and MJNA Investment Holdings, LLC (500,000 shares each), which parties together own a majority of the common stock of the Company. Under the terms of the exchange, the 1,000,000 shares of Series A Convertible Preferred received in the exchange were immediately converted into 5,000,000 restricted shares of the Company's common stock (2,500,000 shares for each of Sanammad Foundation and MJNA Investment Holdings, LLC). As a result, the Series A Convertible Preferred Stock is retired and no longer available for future issuance. The three members of the Sanammad Foundation also serve as the current three directors of the Company and Sanammad, along with MJNA Investment Holdings, LLC, hold a majority of the outstanding stock of the Company On August 17, 2016 the Company designated up to 500,000 shares of a new Series B Convertible Preferred Stock. The holders of the Series B Preferred are entitled to elect three members to the Company's board of directors and are entitled to cast 100 votes per share on all other matters presented to the shareholders for a vote. Each share of Series B Convertible Preferred is convertible into one share of the Company's common stock. The Series B Convertible Preferred designation contains a number of protective and restrictive covenants that restrict the Company from taking a number of actions without the prior approval of the holders of the Series B Preferred or the unanimous vote of all three Series B Directors. On August 17, 2016 the Company designated up to 500,000 shares of a new Series C Convertible Preferred Stock. The holders of the Series C Preferred are entitled to elect four members to the Company's board of directors and are entitled to cast 100 votes per share on all other matters presented to the shareholders for a vote. Each share of Series C Convertible Preferred is convertible into one share of the Company's common stock. The Series C Convertible Preferred designation contains a number of protective and restrictive covenants that restrict the Company from taking a number of actions without the prior approval of the holders of the Series C Preferred or the unanimous vote of all four Series C Directors. If at any time there are four Series C Directors, one such director must be independent as that term is defined in the Series C designation. Any challenge to the independence of a Series C Director is a right conferred only upon the holders of the Series B Convertible Preferred Stock and may only be made by the holders of the Series B Convertible Preferred Stock. On August 17, 2016 the Company amended its Bylaws to achieve the following: (i) to fix the number of authorized directors at seven (7), comprised of three (3) seats authorized for Series B Directors and four (4) seats authorized for Series C Directors, (ii) ) to set forth that upon there being four Series C Directors, one such director shall be independent as such term is defined in the certificate of designation for the Series C Convertible Preferred Stock and to set forth that the term, conditions and procedures for electing, determining and challenging such director independence are governed by the certificate of designation for the Series C Convertible Preferred Stock, (iii) to set forth that the holders of the Series B Convertible Preferred Stock and the holders of the Series C Convertible Preferred Stock have the right at any time without a meeting and without prior notice to elect their respective Series B and Series C Directors, (iv) that the holders of two-thirds (2/3) of the Series B or Series C Convertible Preferred Stock have the right at any time without a meeting and without prior notice to remove their respective Series B and Series C Directors, (v) to reduce the number of directors needed to constitute a quorum to a majority of the directors then in office, (vi) to subject the right of the board of directors to form a committee to the rights of the holders of the Series B and Series C Convertible Preferred Stock (and to eliminate any committee related provision that might conflict with the rights of the Series B and Series C holders), and (vii) to clarify and set forth that neither the stockholders (other than the holders of the Series B and Series C Convertible Preferred Stock) nor the board of directors has the right to repeal, amend or adopt bylaws without the prior consent of the holders of both the Series B Convertible Preferred Stock and the holders of the Series C Convertible Preferred Stock. On August 18, 2016 the Company issued all 500,000 shares of its newly designated Series B Preferred Stock to Sanammad Foundation in exchange for cash of $50,000. As the holders of the Series B Preferred Stock, Sanammad has designated the current directors, Dr. George E. Anastassov, Dr. Philip A. Van Damme and Mr. Lekhram Changoer as their three Series B Directors. On August 18, 2016 the Company issued all 500,000 shares of its newly designated Series C Preferred Stock to MJNA Investment Holdings, LLC in exchange for cash of $65,000. At this time the holders of the Series C Preferred Stock have decided not to elect any Series C Directors.

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies:
Use of Estimates, Policy	Use of estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 as well as the reported amounts of revenue and expenses during reporting periods. Actual results could differ from these estimates.
Cash Equivalents, Policy	Cash equivalents The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents.
Inventory, Policy	Inventory Inventory consists of finished goods available for sale and raw materials owned by the Company and are stated at the lower of cost or market. During the three and six months ended June 30, 2016, the Company wrote off finished goods inventory worth $9,659 and $9,753; respectively. As of June 30, 2016 the finished goods inventory totaled $166,145 and the shelf life of the finished goods inventory is set to expire on April 6, 2017. As of June 30, 2016 the raw materials inventory totaled $65,559.
Property and equipment	Property and equipment Property and equipment are carried at cost less accumulated depreciation. Depreciation is computed using straight-line method over the estimated useful life. New assets and expenditures that extend the useful life of property or equipment are capitalized and depreciated. Expenditures for ordinary repairs and maintenance are charged to operations as incurred. For the three and six months ended June 30, 2016 the Company recorded $839 and $1,678; respectively, of depreciation expense.
Intangible Assets, Policy	Intangible Assets As required by generally accepted accounting principles, trademarks and patents are not amortized since they have an indefinite life. Instead, they are tested annually for impairment. Intangible assets as of June 30, 2016 amounted to $63,167 net of accumulated impairment losses of $652,265.
Revenue Recognition, Policy	Revenue Recognition The Company recognizes revenue on four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees. Revenue is generally recognized upon shipment. Revenues from continuing operations recognized for the three months ended June 30, 2016 and 2015 amounted to $11,241 and $12,112, respectively. Revenues from continuing operations recognized for the six months ended June 30, 2016 and 2015 amounted to $25,246 and $12,112, respectively.
Principles of consolidation	Principles of consolidation The unaudited condensed consolidated financial statements include the accounts of Axim Biotechnologies, Inc. and its wholly owned subsidiaries Axim Holdings, Inc. and Can Chew License Company as of June 30, 2016 and 2015. All significant intercompany transactions and balances have been eliminated in consolidation.
Fair Value of Financial Instruments, Policy	Fair value of financial instruments The Company follows paragraph 825-10-50-10 Fair Value Measurements and Disclosures of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification ("Paragraph 820-10-35-37") to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value, and expands disclosures about fair value measurements.
Income Taxes, Policy	Income taxes The Company follows Section 740-10, Income tax (“ASC 740-10”) Fair Value Measurements and Disclosures of the FASB Accounting Standards Codification, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Statements of Operations in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including reversals of any existing taxable temporary differences, projected future taxable income, tax planning strategies, and the results of recent operations. If the Company determines that it would be able to realize a deferred tax asset in the future in excess of any recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments and related items, which potentially subject the Company to concentrations of credit risk, consist primarily of cash and cash equivalents. The Company places its cash and temporary cash investments with credit quality institutions. At times, such amounts may be in excess of the FDIC insurance limit. The Company does not have accounts receivable and allowance for doubtful accounts at June 30, 2016 and December 31, 2015.
Net loss per common share	Net loss per common share Net loss per common share is computed pursuant to section 260-10-45 Earnings Per Share (“ASC 260-10”) of the FASB Accounting Standards Codification. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding and the member potentially outstanding during each period. In periods when a net loss is experienced, only basic net loss per share is calculated because to do otherwise would be anti-dilutive. There were 41,802,659 common share equivalents at June 30, 2016 and 39,364,706 at June 30, 2015. For the three and six months ended June 30, 2016 and 2015 these potential shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would reduce net loss per share.
Stock Based Compensation	Stock Based Compensation All stock-based payments to employees and to nonemployee directors for their services as directors, including any grants of restricted stock and stock options, are measured at fair value on the grant date and recognized in the statements of operations as compensation or other expense over the relevant service period. Stock-based payments to nonemployees are recognized as an expense over the period of performance. Such payments are measured at fair value at the earlier of the date a performance commitment is reached or the date performance is completed. In addition, for awards that vest immediately and are non-forfeitable the measurement date is the date the award is issued.
Cost of Sales, Policy	Cost of Sales Cost of sales includes the purchase cost of products sold and all costs associated with getting the products to the customers including buying and transportation costs.
Research and Development	Research and Development The Company accounts for research and development costs in accordance with the Accounting Standards Codification subtopic 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, all research and development costs must be charged to expense as incurred. Accordingly, internal research and development costs are expensed as incurred. Third-party research and development costs are expensed when the contracted work has been performed or as milestone results have been achieved. Company-sponsored research and development costs related to both present and future products are expensed in the period incurred. The Company incurred research and development expenses of $76,229 and $373,927 for the six months ended June 30, 2016 and 2015. The Company incurred research and development expenses of $45,049 and $251,025 for the three months ended June 30, 2016 and 2015.
Shipping Costs	Shipping Costs Shipping and handling costs billed to customers are recorded in sales. Shipping costs incurred by the company are recorded in general and administrative expenses.
Recently issued accounting standards	Recently issued accounting standards In April 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) “ASU 2016 – 10 Revenue from Contract with Customers: identifying Performance Obligations and Licensing”. The amendments in this Update clarify the two following aspects (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which is satisfied over time). The amendments in this Update are intended to reduce the degree of judgment necessary to comply with Topic 606. This guidance has no effective date as yet. The Company is currently evaluating the impact of adopting this guidance. In March 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) “ASU 2016 – 09 Improvements to Employee Share-Based Payment Accounting” which is intended to improve the accounting for employee share-based payments. The ASU simplifies several aspects of the accounting for share-based payment award transactions, including; the income tax consequences, classification of awards as either equity or liabilities, and the classification on the statement of cash flows. The new standard is effective for fiscal years and interim periods beginning after December 15, 2016, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-02, which amends the guidance in U.S. GAAP on accounting for operating leases, a lessee will be required to recognize assets and liabilities for operating leases with lease terms of more than 12 months on the balance sheet. The new standard is effective for fiscal years and interim periods beginning after December 15, 2018, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (ASU) 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. Other recent accounting pronouncements issued by the FASB and the SEC did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements

PREPAID EXPENSES (TABLES)

PREPAID EXPENSES (TABLES)	6 Months Ended
	Jun. 30, 2016
PREPAID EXPENSES (TABLES):
PREPAID EXPENSES (TABLES)	Prepaid expenses consist of the following as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Prepaid service contract $ - $ 736,438 Prepaid insurance contract 83,603 41,219 $ 83,603 $ 777,657

Schedule of Summary of Promisso

Schedule of Summary of Promissory Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Summary of Promissory Notes Payable:
Schedule of Summary of Promissory Notes Payable	The following table summarizes promissory note payable as of June 30, 2016 and December 31, 2015: June 30, 2016 December 31, 2015 Promissory note payable, due on demand, interest at 3% and 7%, respectively. $ 1,000,000 $ 1,000,000 Accrued interest 73,047 57,726 $ 1,073,047 $ 1,057,726

ORGANIZATION (Details)

ORGANIZATION (Details)	May 11, 2015shares
ORGANIZATION Details
Acquired interest in Can Chew License Company	100.00%
Acquired interest in Can Chew License Company through the exchange of shares of common stock	5,826,706

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Inventory {2}
Company written off inventory			$ 9,659	$ 9,753
Inventory totaled			166,145
Raw materials invent totaled			65,559
Depreciation Details
Depreciation expense			839	1,678
Intangible Assets Details
Impairment loss			652,265
Intangible assets			63,167
Revenue Recognition
Revenues from continuing operations recognized	$ 11,241	$ 12,112	$ 25,246	$ 12,112
Net loss per common share
Potential shares were excluded from the shares used to calculate diluted earnings per share .	41,802,659	39,364,706	41,802,659	39,364,706
Research and Development
The Company incurred research and development expenses	$ 45,049	$ 251,025	$ 76,229	$ 7,927

Prepaid expenses consist of the

Prepaid expenses consist of the following (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Prepaid expenses consist of the following
Prepaid service contract	$ 0	$ 736,438
Prepaid insurance contract	83,603	41,219
Total prepaid expense	$ 83,603	$ 777,657

Amortization expense (Details)

Amortization expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Amortization expense Details
Company recognized amortization expense	$ 159,506	$ 497,260	$ 779,054	$ 533,767

RESERVATION FEE DEPOSIT (Detail

RESERVATION FEE DEPOSIT (Details)	Oct. 31, 2015USD ($)
RESERVATION FEE DEPOSIT Details
Company paid the reservation fee	$ 65,170
Building and land purchase price in Euro(€)	$ 1,110,000

RELATED PARTY PROMISSORY NOTE (

RELATED PARTY PROMISSORY NOTE (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015	Jan. 02, 2015	Aug. 08, 2014
Related party Promissory note
Promissory note payable, due on demand, interest at 3% and 7%, respectively	$ 1,000,000	$ 1,000,000
Accrued interest on note	73,047	57,726
Total amount of note payable	$ 1,073,047	$ 1,057,726
Working capital fund				$ 1,000,000
Interest rate annually				7.00%
Reduced Annual interest rate			3.00%

Interest Expense ( Details)

Interest Expense ( Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Interest Expense Details
Company recognized interest expense	$ 7,704	$ (2,950)	$ 15,321	$ 14,550

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2016	May 31, 2014
RELATED PARTY TRANSACTIONS Details
Company has received working capital advances from CCB and Maxillofacial totaling (included an amount of 430,000)	$ 1,515,910
The Company owes to the president	$ 5,000
Working capital advance made		$ 5,000

INSURANCE FUNDING (Details)

INSURANCE FUNDING (Details) - USD ($)	Jul. 25, 2016	Jun. 30, 2016	Dec. 31, 2015
iNSURANCE FUNDING Details
The Company owes to First Insurance Funding for financing of its D&O insurance policy	$ 68,000
Under the terms of the insurance financing, payments	$ 7,730
Insurance funding interest rate	5.50%
The total outstanding due to First Insurance Funding		$ 68,000	$ 22,964

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details)	Jun. 30, 2016USD ($)shares	Dec. 31, 2015USD ($)$ / shares
CONVERTIBLE NOTES PAYABLE Details
Convertible loan payable having a balance due		$ 50,000
Common stock at a conversion price per share | $ / shares		$ 0.10
Interest free for number of years for a long term convertible note		4
Long term convertible note amount		$ 50,000
The new Convertible Note bears interest at the rate		3.50%
Holder and its affiliates owes more than the Company's outstanding common stock.	4.90%	4.90%
Company determined fair value of new debt		$ 1,435,000
Company recorded a loss on debt extinguishment	$ 1,385,000
The holder of the Note converted face value	$ 5,000
Holder of note converted note 5,000 face value into shares | shares	500,000
The balance of note	$ 45,000
Interest accured there on	0
Outstanding convertible note payable having a balance due	$ 265,490	$ 400,000
Note bears interest rate per annum	4.00%
Holder of the Note converted due under the note	$ 154,000
Converted note interest includes	$ 19,490
S-8 shares of the Company's common stock. | shares	1,540,000
Balance on the note amounted	$ 265,490
Accured interest there on	$ 0

STOCK INCENTIVE PLAN (Details)

STOCK INCENTIVE PLAN (Details) - shares	Jun. 30, 2016	Dec. 31, 2015	May 29, 2015
STOCK INCENTIVE PLAN Details
Company may issue up to S-8 shares to officers, employees , directors or consultants			10,000,000
Shares available for issuance under the plan	8,460,000	10,000,000

PREFERRED STOCK (Details)

PREFERRED STOCK (Details)	Jun. 30, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares
Preferred stock
Total authorized shares of preferred stock	5,000,000	5,000,000
Per share value of Preferred stock | $ / shares	$ 0.0001	$ 0.0001
Shares designated as Series A Convertible Preferred Stock.	1,000,000	1,000,000
Undesignated shares of Preferred Stock.	4,000,000	4,000,000
Shares of Series A convertible preferred stock issued and outstanding	1,000,000	0
Conversion rights of every share of Series A Convertible preferred stock in to common shares	5
Liquidation Preference of every share of Series A Convertible preferred stock | $ / shares	$ 1
Votes per share of preferred stock held.	100

COMMON STOCK (Details)

COMMON STOCK (Details) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common stock
Company has authorized shares of common stock	300,000,000	300,000,000
Company had shares of common stock issued and outstanding	41,802,659	39,633,706
Per share value of common stock	$ 0.0001	$ 0.0001

Common stock - Employment agree

Common stock - Employment agreement CEO (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 13, 2015
Common stock - Employment agreement CEO
Company issued restricted shares of the Company's common stock based upon the average ten (10) day closing price immediately preceding the grant date			125,000	125,000
Company recorded compensation expense in the accompanying consolidated statement of operations			$ 52,500
Company recorded accrued compensation expense in the accompanying consolidated financial statements	$ 67,375	$ 48,250
Company was obligated to issue restricted shares of the Company's common stock to CEO		125,000

Common stock - Employment agr38

Common stock - Employment agreement CTO (Details) - USD ($)	Jun. 30, 2016	Apr. 01, 2016	Jan. 01, 2016
Common stock - Employment agreement CTO
Annual base compensation payable to Mr. Changoer			$ 126,000
Quarterly incentive payments of either cash or shares of the Company's common stock			120,000
Company was obligated to issue restricted shares of the Company's common stock to Mr. Changoer		120,000
Accrued compensation expense in the accompanying unaudited condensed consolidated financial statements to account for the required issuance of the incentive shares	$ 58,200

Common stock issues for service

Common stock issues for services and conversions (Details) - USD ($)	Jun. 30, 2016	Mar. 17, 2016
Common stock issues for services and conversions
Company issued restricted shares of common stock as payment for consultant services		3,953
Company recorded compensation expense in the accompanying unaudited condensed consolidated financial statements as a result of the issuance		$ 3,123
Company issued restricted shares of its common stock in exchange for the conversion of a convertible note payable,	500,000
Amount of convertible note payable converted for shares	$ 5,000
Company issued unrestricted S-8 shares of its common stock in exchange for the conversion of a convertible note payable,	1,540,000
Principal amount of convertible note payable converted for shares	$ 134,510
Accrued interest on convertible note payable converted for shares	$ 19,490

EMPLOYMENT AGREEMENT AND COMMIT

EMPLOYMENT AGREEMENT AND COMMITMENTS (Details) - USD ($)	Jun. 30, 2016	Jun. 13, 2016	Apr. 01, 2016	Mar. 13, 2016	Jan. 01, 2016	Jun. 13, 2014
EMPLOYMENT AGREEMENT AND COMMITMENTS
Annual base compensation payable under the agreement					$ 126,000	$ 240,000
One-time incentive payment payable in restricted shares of the Company's common stock						500,000
Quarterly incentive payments of either shares of the Company's common stock or cash equal to fair market value of shares					120,000	125,000
Company was obligated to issue restricted shares of common stock		125,000	120,000	125,000
Accrued compensation expense recorded to account for the required issuance of the incentive shares to CEO	$ 115,625
Accrued compensation expense recorded to account for the required issuance of the incentive shares to CTO	$ 58,200

Commitments and reservation agr

Commitments and reservation agreement (Details)	Oct. 01, 2015USD ($)
Commitments and reservation agreement
Company paid the reservation fee in the amount as per the agreement	$ 65,170
Reservation fee deposit gives the company an exclusive right to purchase the building land for a purchase price in (Euros)	$ 1,110,000
Company extended reservation for a period in months	12

GOING CONCERN (Details)

GOING CONCERN (Details)	Jun. 30, 2016USD ($)
GOING CONCERN DETAILS
Company has negative working capital	$ 2,583,588
Incurred accumulated deficit in the period	13,627,404
Cash used in operating activities of continuing operations	$ 545,588

Subsequent transactions (Detail

Subsequent transactions (Details)	Aug. 18, 2016USD ($)shares	Aug. 17, 2016shares	Aug. 15, 2016shares
Subsequent transactions
Company issued shares of its Series A Convertible Preferred Stock in exchange of its Undesignated Preferred Stock			1,000,000
Undesignated Preferred Stock exchanged for Series A Convertible Preferred Stock			1,000,000
Under the terms of the exchange Series A Convertible Preferred Stock received in exchange converted in to restricted shares			5,000,000
Company designated shares of a new Series B Convertible Preferred Stock		500,000
Company designated shares of a new Series C Convertible Preferred Stock		500,000
Voting rights per share		100
Each share of Series B and C Convertible Preferred stock is convertible into shares of the Company's common stock		1
Company issued all shares of its newly designated Series B Preferred Stock to Sanammad Foundation	500,000
Cash received on issue of Series B Preferred Stock to Sanammad Foundation | $	$ 50,000
Company issued all shares of its newly designated Series C Preferred Stock to MJNA Investment Holdings, LLC	500,000
Cash received on issue of Series C Preferred Stock to MJNA Investment Holdings, LLC | $	$ 65,000