Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 14, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'AXIM BIOTECHNOLOGIES, INC. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001514946 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 33,000,000 |
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 | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash | $4,838 | $127 |
License fee receivable | 0 | 11,000 |
Allowance for doubtful accounts | 0 | -8,000 |
Total current assets | 4,838 | 3,127 |
Other assets: | ' | ' |
Intangible asset - net | 0 | 53,696 |
Total other assets | 0 | 53,696 |
TOTAL ASSETS | 4,838 | 56,823 |
Current liabilities: | ' | ' |
Accounts payable and accrued liabilities | 0 | 52,988 |
Due to shareholder | 5,000 | 45,002 |
Convertible shareholder loan | 50,000 | 50,000 |
Royalty fee payable | 0 | 2,750 |
Total current liabilities | 55,000 | 150,740 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; 1,000,000 issued and outstanding | 100 | 100 |
Common stock, $0.0001 par value, 195,000,000 shares authorized;33,000,000 issued and outstanding | 3,300 | 3,300 |
Capital in excess of par value | 107,841 | 11,700 |
Accumulated (deficit) during development stage | -161,403 | -109,017 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | -50,162 | -93,917 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Parentheticals | ' | ' |
Preferred Stock, par value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred Stock, shares issued | 1,000,000 | 1,000,000 |
Preferred Stock, shares outstanding | 1,000,000 | 1,000,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 195,000,000 | 195,000,000 |
Common Stock, shares issued | 33,000,000 | 33,000,000 |
Common Stock, shares outstanding | 33,000,000 | 33,000,000 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | 43 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Revenues: | ' | ' | ' | ' | ' |
Sales | $7,500 | $10,834 | $10,000 | $21,667 | $85,050 |
Total revenues | 7,500 | 10,834 | 10,000 | 21,667 | 85,050 |
Operating Expenses: | ' | ' | ' | ' | ' |
General and administrative | 52,265 | 40,627 | 62,386 | 57,278 | 246,453 |
Total operating expenses | 52,265 | 40,627 | 62,386 | 57,278 | 246,453 |
Loss from operations | -44,765 | -33,128 | -62,386 | -35,611 | -246,453 |
Other Income and Expense | ' | ' | ' | ' | ' |
Realized (loss) gain | 0 | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 | 0 |
Total other income and expenses | 0 | 0 | 0 | 0 | 0 |
NET LOSS | ($44,765) | ($22,294) | ($52,386) | ($35,611) | ($161,403) |
Basic loss per common share | $0 | $0 | $0 | $0 | $0 |
Diluted loss per common share | $0 | $0 | $0 | $0 | $0 |
Weighted average common shares outstanding - Basic | 33,000,000 | 33,000,000 | 33,000,000 | 33,000,000 | 33,000,000 |
Weighted average common shares outstanding - Diluted | 33,000,000 | 33,000,000 | 33,000,000 | 33,000,000 | 33,000,000 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Deficit (USD $) | Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Preferred Stock Shares | Preferred Stock Amount | Retained Deficit | Accumulated Deficit During Development Stage | Total Stockholder's Deficit |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Balance at Dec. 31, 2009 | ' | ' | ' | ' | ' | ' | ' | 0 |
Issuance of 20,000,000 shares on December 20, 2010 | 20,000,000 | 2,000 | 0 | 1,000,000 | 100 | 0 | 0 | 2,100 |
Net loss for the period January 1, 2010 through December 31, 2010 | ' | $0 | $0 | ' | $0 | ($2,932) | ($2,932) | ($2,932) |
Balance at Dec. 31, 2010 | 20,000,000 | 2,000 | 0 | 1,000,000 | 100 | -2,932 | -2,932 | -832 |
Issuance of 13,000,000 shares on September 30, 2011 | 13,000,000 | 1,300 | 11,700 | 0 | 0 | 0 | 0 | 13,000 |
Net loss for the period January 1, 2011 through December 31, 2011 | ' | 0 | 0 | ' | 0 | -1,962 | -1,962 | -1,962 |
Balance at Dec. 31, 2011 | 33,000,000 | 3,300 | 11,700 | 1,000,000 | 100 | -4,894 | -4,894 | 10,206 |
Net loss for the period January 1, 2012 through December 31, 2012 | ' | 0 | 0 | ' | 0 | -14,904 | -14,904 | -14,904 |
Balance at Dec. 31, 2012 | 33,000,000 | 3,300 | 11,700 | 1,000,000 | 100 | -19,798 | -19,798 | -4,698 |
Net loss for the period January 1, 2013 through December 31, 2013 | ' | 0 | 0 | ' | 0 | -89,219 | -89,219 | -89,219 |
Balance at Dec. 31, 2013 | 33,000,000 | 3,300 | 11,700 | 1,000,000 | 100 | -109,017 | -109,017 | -93,917 |
Net loss for the period January 1, 2014 through June 30, 2014 | ' | $0 | $96,141 | ' | $0 | ($52,386) | ($52,386) | $43,755 |
Balance at Jun. 30, 2014 | 33,000,000 | 3,300 | 107,841 | 1,000,000 | 100 | -161,403 | -161,403 | -50,162 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | 43 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
NET LOSS | ($52,386) | ($35,611) | ($161,403) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ' | ' | ' |
Bad Debts | 1,000 | 0 | 8,000 |
Amortization of intangible assets | 1,593 | 0 | 17,897 |
Impairment of intangible assets | 52,103 | 0 | 82,103 |
Share issuance for organization expense | 0 | 0 | 2,100 |
Decrease (increase) in license fee receivable and other assets, net | 2,000 | 5,000 | -8,000 |
(Decrease) Increase in accounts payable and accrued expenses | -4,599 | 11,628 | 48,389 |
Increase in royalty fee payable | 0 | 0 | 2,750 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | -289 | -18,983 | -8,164 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Acquisition of license | 0 | 0 | -100,000 |
NET CASH USED IN INVESTING ACTIVITIES | 0 | 0 | -100,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Issuance of Common Stock for Cash | 0 | 0 | 13,000 |
Proceeds from Shareholder | 5,000 | 0 | 50,002 |
Proceeds from convertible shareholder loan | 0 | 0 | 50,000 |
Total cash provided by (Used in) Financing activities | 5,000 | 0 | 113,002 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 0 | 0 | 113,002 |
NET CHANGE IN CASH | 4,711 | -18,983 | 4,838 |
CASH BALANCES | ' | ' | ' |
Beginning of period | 127 | 19,128 | 0 |
End of period | 4,838 | 145 | 4,838 |
CASH PAID DURING THE YEAR FOR: | ' | ' | ' |
Interest | 0 | 0 | 0 |
Income taxes | 0 | 0 | 0 |
SUPPLEMENTAL SCHEDULE OF NON-CASH TRANSACTIONS: | ' | ' | ' |
Settlement of Debt | $96,141 | $0 | $96,141 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2014 | |
BASIS OF PRESENTATION | ' |
BASIS OF PRESENTATION | ' |
NOTE 1: BASIS OF PRESENTATION: | |
The unaudited interim financial statements of AXIM Biotechnologies, Inc. as of June 30, 2014, and for the three month and six periods ended June 30, 2014 and 2013, have been prepared in accordance with United States generally accepted accounting principles. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of such periods. The results of operations of the six month period ended June 30, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. | |
Certain information and disclosures normally included in the notes to financial statements have been condensed or abbreviated as permitted by the rules and regulations of the Securities and Exchange Commission, although the Company believes the disclosure is adequate to make the information not misleading. The accompanying unaudited financial statements should be read in conjunction with the financial information of the fiscal year ended December 31, 2013. |
CHANGE_OF_CONTROL
CHANGE OF CONTROL | 6 Months Ended | |
Jun. 30, 2014 | ||
CHANGE OF CONTROL: | ' | |
CHANGE OF CONTROL | ' | |
NOTE 2: CHANGE OF CONTROL | ||
Two new owners purchased most of the Company common stock and all of the preferred stock on March 21, 2014. As a part of that sale specified receivables, payables and accrued expenses were consolidated and transferred to a third party. Because the “Debt Settlement Agreement” was a part of the stock transfer agreement the net assigned debt was credited to paid in capital. This was done with the consent of all creditors. | ||
Settlement of debt at point of sale: | ||
Accounts payable | -54,389 | |
Royalty payable | -2,750 | |
Shareholder loan | -45,002 | |
Allowance for doubtful accounts | -9,000 | |
License fee receivable | 15,000 | |
Paid in capital | 96,141 | |
The convertible loan in the amount of $50,000 was also transferred and remains outstanding. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2014 | |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 3: RELATED PARTY TRANSACTIONS | |
From inception to June 30, 2014, the Company president advanced a total of $ 45,002 to fund working capital needs. That amount was settled as a part of the “Debt Settlement Agreement.” | |
Effective November 26, 2012, the Company entered into a separate Convertible Loan Agreement with its President, under which it borrowed $50,000, and is due December 31, 2014, and does not bear interest. The loan is convertible into common stock at $.10 per share at the option of the lender any time after February 28, 2013. As of June 30, 2014 the loan has not been converted. The Company used the proceeds of this loan to fund the purchase of license rights under the November 26, 2012, agreement with Omega Research Corporation. The Convertible Loan was transferred to a third party. | |
On May 21, 2014, the Company President advanced an additional $5,000 to the Company to fund working capital needs. This brings the total amount due to shareholder to $55,000 as of June 30, 2014, including convertible loan. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2014 | |
GOING CONCERN | ' |
GOING CONCERN | ' |
NOTE 4. GOING CONCERN | |
The Company’s financial statements have been presented assuming that the Company will continue as a going concern. As shown in the financial statements, the Company has negative working capital, has an accumulated deficit of $ 161,403, 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 financial statements do not include any adjustments related to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation. |
CHANGE_OF_CONTROL_Details
CHANGE OF CONTROL (Details) (USD $) | Jun. 30, 2014 |
Settlement of debt at point of sale: | ' |
Accounts payable | ($54,389) |
Royalty payable | -2,750 |
Shareholder loan | -45,002 |
Allowance for doubtful accounts | -9,000 |
License fee receivable | 15,000 |
Paid in capital | $96,141 |
RELATED_PARTY_TRANSACTIONS_DET
RELATED PARTY TRANSACTIONS (DETAILS) (USD $) | Jun. 30, 2014 | 21-May-14 |
RELATED PARTY TRANSACTIONS DETAILS | ' | ' |
Due to related party | $45,002 | $5,000 |
Convertible loan agreement with President | 50,000 | ' |
Total amount due to shareholder | $55,000 | ' |
GOING_CONCERN_DETAILS
GOING CONCERN (DETAILS) (USD $) | Jun. 30, 2014 |
GOING CONCERN DETAILS | ' |
Accumulated deficit | $161,403 |