Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'AXIM BIOTECHNOLOGIES, INC. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-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 | 'Q3 | ' |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Sep. 30, 2014 |
Current assets: | ' |
Cash | $949,810 |
Prepaid expenses | 112,369 |
Total current assets | 1,062,179 |
TOTAL ASSETS | 1,062,179 |
Current liabilities: | ' |
Accounts payable and accrued liabilities | 70,331 |
Due to shareholder | 5,000 |
Convertible shareholder loan | 50,000 |
Due to first insurance funding | 95,757 |
Due to related party | 30,000 |
Promissory note - related party | 1,000,000 |
Total current liabilities | 1,251,088 |
STOCKHOLDERS' DEFICIT | ' |
Preferred stock, $0.0001 par value, 5,000,000 shares authorized;1,000,000 issued and outstanding | 100 |
Common stock, $0.0001 par value, 300,000,000 shares authorized;33,000,000 issued and outstanding | 3,300 |
Additional paid in capital | 107,841 |
Accumulated deficit | -300,150 |
TOTAL STOCKHOLDERS' DEFICIT | -188,909 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $1,062,179 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parentheticals (USD $) | Sep. 30, 2014 |
Parentheticals | ' |
Preferred Stock, par value | $0.00 |
Preferred Stock, shares authorized | 5,000,000 |
Preferred Stock, shares issued | 1,000,000 |
Preferred Stock, shares outstanding | 1,000,000 |
Common Stock, par value | $0.00 |
Common Stock, shares authorized | 300,000,000 |
Common Stock, shares issued | 33,000,000 |
Common Stock, shares outstanding | 33,000,000 |
Consolidated_Statement_of_Oper
Consolidated Statement of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Sales | ' | $10,833 | ' | $21,667 |
Total revenues | ' | 10,833 | 10,000 | 21,667 |
General and administrative | 127,943 | 10,643 | 138,226 | 67,921 |
Impairment expenses | ' | ' | 52,103 | ' |
Total operating expenses | 127,943 | 10,643 | 190,329 | 67,921 |
(Loss) income from operations | -127,943 | 190 | -180,329 | -46,254 |
Interest expense | 10,804 | ' | 10,804 | ' |
NET (LOSS) INCOME | ($138,747) | $190 | ($191,133) | ($46,254) |
Basic loss per common share | $0 | $0 | ($0.01) | $0 |
Diluted loss per common share | $0 | $0 | ($0.01) | $0 |
Weighted average common shares outstanding - Basic | 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 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Deficit (USD $) | Common Stock Shares | Common Stock Amount | Preferred Stock Shares | Preferred Stock Amount | Additional Paid In Capital | Accumulated Deficit | Total |
USD ($) | USD ($) | USD ($) | |||||
Balance at Dec. 31, 2013 | 33,000,000 | 3,300 | 1,000,000 | 100 | 11,700 | -109,017 | -93,917 |
Forgiveness of debt | ' | ' | ' | ' | $96,141 | ' | $96,141 |
Net loss for the period | ' | ' | ' | ' | ' | ($191,133) | ($191,133) |
Balance at Sep. 30, 2014 | 33,000,000 | 3,300 | 1,000,000 | 100 | 107,841 | -300,150 | -188,909 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($191,133) | ($46,254) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Increase in allowance for doubtful accounts | -8,000 | 7,500 |
Amortization of intangible assets | 1,593 | 7,500 |
Impairment of intangible assets | 52,103 | ' |
Change in operating assets and liabilities: | ' | ' |
Decrease in license fee receivable | 11,000 | 9,000 |
Increase in accounts payable and accrued expenses | 73,482 | 14,156 |
Increase in prepaid expenses | -82,369 | ' |
Increase in due to first insurance funding | 95,757 | ' |
(Decrease) Increase in royalty fee payable | -2,750 | 450 |
Decrease in deferred revenue | ' | -21,667 |
NET CASH USED IN OPERATING ACTIVITIES | -50,317 | -29,315 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from shareholder loan | ' | 11,422 |
Proceeds from promissory note - related party | 1,000,000 | ' |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,000,000 | 11,422 |
NET CHANGE IN CASH | 949,683 | -17,893 |
CASH BALANCES | ' | ' |
Beginning of year | 127 | 19,128 |
End of period | 949,810 | 1,235 |
CASH PAID DURING THE YEAR FOR: | ' | ' |
Interest | 0 | ' |
Income taxes | ' | 0 |
SUPPLEMENTAL SCHEDULE OF NON-CASH FINANCING AND INVESTING TRANSACTIONS: | ' | ' |
Gain on settlement of debt transferred to additional paid in capital | '96141 | ' |
Prepaid insurance paid by related party | $30,000 | ' |
ORGANISATION
ORGANISATION | 9 Months Ended |
Sep. 30, 2014 | |
ORGANISATION | ' |
ORGANISATION | ' |
NOTE 1: ORGANISATION | |
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. | |
In early 2014, the Company discontinued its organic waste marketable by-product business to focus on its anticipated new business to become an innovative biotechnology company working on the treatment of pain, spasticity, anxiety and other medical disorders with the application of cannabinoids based products as well as focusing on research, development and production of pharmaceutical, nutriceutical and cosmetic products as well as procurement of genetically and nano-controlled active ingredients. |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2014 | |
BASIS OF PRESENTATION: | ' |
BASIS OF PRESENTATION | ' |
NOTE 2: BASIS OF PRESENTATION: | |
The unaudited interim financial statements of AXIM Biotechnologies, Inc. (formerly Axim International, Inc.) as of September 30, 2014, and for the three and nine months periods ended September 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 Nine month period ended September 30, 2014 are not necessarily indicative of the results to be expected for the full year ending December 31, 2014. The Company has adopted ASU 2014-10, and as a result, these financials will no longer incorporate the wording “Development Stage Company”. Also, the “Since inception till date” column is no longer used. | |
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 condensed consolidated financial statements should be read in conjunction with the financial information of the fiscal year ended December 31, 2013. | |
On June 9, 2014, the board of directors of the Company adopted a resolution approving a certificate of amendment to the Company’s Articles of Incorporation to: (i) change the name of the Company to “AXIM Biotechnologies, Inc.;” and (ii) increase in the number of authorized shares of common stock of the Company from one hundred ninety five million (195,000,000) shares of common stock, par value $0.0001 per share, to three hundred million (300,000,000) shares of common stock, par value $0.0001 per share. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
SIGNIFICANT ACCOUNTING POLICIES: | ' |
SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | |
The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |
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. | |
Fair value of financial instruments | |
The Company follows paragraph 825-10-50-10 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 740-10-30 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 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. | |
Net loss per common share | |
Net loss per common share is computed pursuant to section 260-10-45 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 antidilutive. | |
Recently issued accounting standards | |
In June of 2014 the Financial Accounting Standards Board issued Accounting Standards Update ASU 2014-10, “Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the master glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | |
The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. | |
The Company has elected to adopt the provisions of ASU 2014-10 for the current fiscal period ending September 30, 2014. The adoption of ASU 2014-10 did not have a significant impact on our results of operations, financial condition or cash flow. | |
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 unaudited condensed consolidated financial statements |
CHANGE_OF_CONTROL
CHANGE OF CONTROL | 9 Months Ended | ||
Sep. 30, 2014 | |||
CHANGE OF CONTROL: | ' | ||
CHANGE OF CONTROL | ' | ||
NOTE 4: 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 additional paid in capital. This was done with the consent of all creditors. | |||
Settlement of debt at point of sale: | Amount | ||
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 |
PROMISSORY_NOTE_RELATED_PARTY
PROMISSORY NOTE - RELATED PARTY | 9 Months Ended | ||
Sep. 30, 2014 | |||
PROMISSORY NOTE - RELATED PARTY | ' | ||
PROMISSORY NOTE - RELATED PARTY | ' | ||
NOTE 5: 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 90% of the outstanding shares of the Company), under which it borrowed $1,000,000 to fund working capital. The loan is a demand note which bears interest at a rate of 7% annually. | |||
The following table summarizes promissory note payable as of September 30, 2014: | |||
September 30, | |||
2014 | |||
Promissory note payable, due on demand, interest at 7% | $ | 1,000,000 | |
Accrued interest | 10,331 | ||
$ | 1,010,331 | ||
The Company recognized interest expense of $10,331 and $0 for the three and nine months ended September 30, 2014, respectively; and $0 and $0 for the three and nine months ended September 30, 2013, respectively |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2014 | |
RELATED PARTY TRANSACTIONS: | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 6: RELATED PARTY TRANSACTIONS | |
From inception to September 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 $0.10 per share at the option of the lender any time after February 28, 2013. As of September 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 September 30, 2014, including convertible loan. | |
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 90% of the outstanding shares of the Company), under which it borrowed $1,000,000 to fund working capital. The loan is a demand note which bears interest at a rate of 7% annually. For the three and nine months ended September 30, 2014 the Company charges $10,331 as interest expenses to operation (refer note 5). | |
On June 25, 2014, the Company received a non interest bearing advance from CCB of $30,000 to pay the down payment on its D & O liability insurance. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2014 | |
GOING CONCERN: | ' |
GOING CONCERN | ' |
NOTE 7: 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 $188,909, has an accumulated deficit of $300,150, 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 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. |
AMORTIZATION_AND_IMPAIRMENT
AMORTIZATION AND IMPAIRMENT | 9 Months Ended |
Sep. 30, 2014 | |
AMORTIZATION AND IMPAIRMENT | ' |
AMORTIZATION AND IMPAIRMENT | ' |
NOTE 8: AMORTIZATION AND IMPAIRMENT | |
The Company has determined that it is more likely than not that the value of the licenses has diminished. There is no open market for this type of asset and no comparable assets have recently traded. Therefore, the Company reduced the value of its intangible asset to nil. The Company during the three and nine months ended September 30, 2014, charged as impairment expenses of $0 and $52,103, respectively and for the three and nine months ended September 30, 2013 of $0 and $0, respectively, based on probable future cash flows. | |
The Company during the three and nine months ended September 30, 2014 charged amortization expenses of $0 and $1,593, respectively and for the three and nine months ended September 30, 2013 of $2,500 and $7,500, respectively |
DUE_TO_FIRST_INSURANCE_FUNDING
DUE TO FIRST INSURANCE FUNDING | 9 Months Ended |
Sep. 30, 2014 | |
DUE TO FIRST INSURANCE FUNDING | ' |
DUE TO FIRST INSURANCE FUNDING | ' |
NOTE 9: DUE TO FIRST INSURANCE FUNDING | |
The Company financed the purchase of its D & O insurance with a note due to First Insurance Funding. The principle amount financed was $120,000. Interest is due on the unpaid balance at a rate of 5.15 % per annum. The total amount of interest due under the terms of the note is $3,116. The term of the note is nine months commencing August 25, 2014. Payments are due for nine installments in the amount of $13,680, which includes principle and interest, commencing August 25, 2014. |
COMMITMENT_AND_CONTINGENCIES
COMMITMENT AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
COMMITMENT AND CONTINGENCIES | ' |
COMMITMENT AND CONTINGENCIES | ' |
NOTE 10: COMMITMENT AND CONTINGENCIES | |
On June 13, 2014, the Company entered into an employment agreement with Dr. George Anastassov, its Chief Executive Officer, Chief Financial Officer and Secretary. The agreement’s effective date is June 1, 2014. The initial term of the agreement is one year. The agreement renews each year until terminated by the Company or Dr. Anastassov. Cash remuneration is $20,000 per month payable bi-monthly. Following 12 months of continuous employment the agreement calls for a 500,000 share restricted stock grant of the Company’s common shares, or at the sole option of the Company, its cash equivalent based on the ten day average closing price of the company’s common stock immediately preceding the grant date, as quoted on Yahoo Finance.com. Following 15 months of continuous employment and every three months thereafter the agreement calls for a 125,000 share restricted stock grant of the Company’s common shares, or at the sole option of the Company, its cash equivalent based on the ten day average closing price of the company’s common stock immediately preceding the grant date, as quoted on Yahoo Finance.com |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2014 | |
SUBSEQUENT EVENT | ' |
SUBSEQUENT EVENT | ' |
NOTE 11: SUBSEQUENT EVENT | |
Management evaluated all activities of the Company through the issuance date of the Company’s interim unaudited condensed consolidated financial statements and concluded that no subsequent events have occurred that would require adjustments or disclosure into the interim unaudited condensed consolidated financial statements |
ACCOUNTING_POLICIES_POLICIES
ACCOUNTING POLICIES (POLICIES) | 9 Months Ended |
Sep. 30, 2014 | |
ACCOUNTING POLICIES (POLICIES): | ' |
Basis of presentation | ' |
Basis of presentation | |
The Company's financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). | |
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. | |
Fair Value of Financial Instruments, Policy | ' |
Fair value of financial instruments | |
The Company follows paragraph 825-10-50-10 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 740-10-30 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 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. | |
Net loss per common share | ' |
Net loss per common share | |
Net loss per common share is computed pursuant to section 260-10-45 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 antidilutive. | |
Recently issued accounting standards | ' |
Recently issued accounting standards | |
In June of 2014 the Financial Accounting Standards Board issued Accounting Standards Update ASU 2014-10, “Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation” (“ASU 2014-10”). The amendments in ASU 2014-10 remove the definition of a development stage entity from the master glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. | |
The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. | |
The Company has elected to adopt the provisions of ASU 2014-10 for the current fiscal period ending September 30, 2014. The adoption of ASU 2014-10 did not have a significant impact on our results of operations, financial condition or cash flow. | |
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 unaudited condensed consolidated financial statements. |
CHANGE_OF_CONTROL_TABLES
CHANGE OF CONTROL (TABLES) | 9 Months Ended | ||
Sep. 30, 2014 | |||
CHANGE OF CONTROL (TABLES) | ' | ||
CHANGE OF CONTROL (TABLES) | ' | ||
This was done with the consent of all creditors. | |||
Settlement of debt at point of sale: | Amount | ||
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 |
PROMISSORY_NOTE_RELATED_PARTY_
PROMISSORY NOTE - RELATED PARTY (TABLES) | 9 Months Ended | ||
Sep. 30, 2014 | |||
PROMISSORY NOTE - RELATED PARTY (TABLES) | ' | ||
PROMISSORY NOTE - RELATED PARTY (TABLES) | ' | ||
The following table summarizes promissory note payable as of September 30, 2014: | |||
September 30, | |||
2014 | |||
Promissory note payable, due on demand, interest at 7% | $ | 1,000,000 | |
Accrued interest | 10,331 | ||
$ | 1,010,331 |
BASIS_OF_PRESENTATION_DETAILS
BASIS OF PRESENTATION (DETAILS) (USD $) | Jun. 09, 2014 |
BASIS OF PRESENTATION DETAILS | ' |
Number of authorized shares of common stock of the Company before increase | 195,000,000 |
Number of authorized shares of common stock of the Company after increase | 300,000,000 |
Common stock, per share value | $0.00 |
CHANGE_OF_CONTROL_Details
CHANGE OF CONTROL (Details) (USD $) | Mar. 21, 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 |
Convertible loan transferred and outstanding | $50,000 |
Related_party_Promissory_note_
Related party Promissory note (Details) (USD $) | Sep. 30, 2014 |
Related party Promissory note | ' |
Promissory note payable, due on demand, interest at 7% | $1,000,000 |
Accrued interest on note | 10,331 |
Total amount of note payable | $1,010,331 |
Interest_expense_Details
Interest expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Interest expense {1} | ' | ' | ' | ' |
Company recognized interest expense | $10,331 | $0 | $0 | $0 |
Related_party_agreements_Detai
Related party agreements (Details) (USD $) | Sep. 30, 2014 | Aug. 08, 2014 | Jun. 25, 2014 | 21-May-14 |
Related party agreements | ' | ' | ' | ' |
Company president advanced to fund working capital needs | $45,002 | ' | ' | $5,000 |
Total amount due to shareholder including convertible loan | 55,000 | ' | ' | ' |
Company entered into a separate Convertible Loan Agreement with its President and borrowed | 50,000 | ' | ' | ' |
The loan is convertible into common stock at a price per share | $0.10 | ' | ' | ' |
Company entered into a Promissory Note Agreement with CanChew Biotechnologies, LLC and borrowed to fund working capital | ' | 1,000,000 | ' | ' |
Interest expense charged by the company in the period | 10,331 | ' | ' | ' |
Company received a non interest bearing advance from CCB | ' | ' | $30,000 | ' |
GOING_CONCERN_DETAILS
GOING CONCERN (DETAILS) (USD $) | Sep. 30, 2014 |
GOING CONCERN DETAILS | ' |
Company has negative working capital | $188,909 |
Incurred accumulated deficit in the period | $300,150 |
Impairment_expenses_of_Intangi
Impairment expenses of Intangible assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Impairment expenses of Intangible assets | ' | ' | ' | ' |
Company charged as impairment expenses | $0 | $0 | $52,103 | $0 |
First_Insurance_Funding_Detail
First Insurance Funding (Details) (USD $) | Sep. 30, 2014 |
First Insurance Funding | ' |
The principle amount financed | $120,000 |
Interest due on the unpaid balance at a rate per annum | 5.15% |
The total amount of interest due under the terms of the note | 3,116 |
Payments are due for nine installments in the amount and includes principle and interest | $13,680 |
Employment_agreement_and_commi
Employment agreement and commitments (Details) (USD $) | Jun. 13, 2014 |
Employment agreement and commitments | ' |
Cash remuneration in the amount per month payable bi-monthly | $20,000 |
Restricted stock grant of the Company's common shares granted employment the agreement | 500,000 |
Following 15 months of continuous employment and every three months thereafter the agreement Restricted stock granted | 125,000 |