Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document and Entity Information: | ||
Entity Registrant Name | BullsNBears.com, Inc. | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-13 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1543272 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 11,680,000 | |
Entity Public Float | $1,168,000 | |
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 | 2013 | |
Document Fiscal Period Focus | Q3 |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheets | ||
Cash and Cash Equivalents, at Carrying Value | $10,673 | |
Other Assets, Current | 1,153 | 96 |
Assets, Current | 1,153 | 10,769 |
PropertyPlantAndEquipmentNet | 20,982 | 20,023 |
Finite-Lived Intangible Assets, Net | 121,250 | 143,750 |
Assets, Noncurrent | 142,232 | 163,773 |
Assets | 143,385 | 174,542 |
Accrued Liabilities, Current | 18,773 | 2,138 |
AccountsPayableAndAccruedLiabilities | 20,557 | 21,536 |
AccountsPayableRelatedPartiesCurrent | 144,231 | 87,932 |
NotesPayableRelatedPartiesCurrent | 45,500 | 150,000 |
Convertible Notes payable related party | 21,716 | 51,924 |
ConvertibleNotesPayable | 893,000 | |
Liabilities, Current | 1,143,777 | 313,530 |
Liabilities | 1,143,777 | 313,530 |
Common Stock, Value, Issued | 1,168 | 1,168 |
AdditionalPaidInCapital | 218,458 | 218,458 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -1,220,018 | -358,614 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,000,392 | -138,988 |
Liabilities and Equity | $143,385 | $174,542 |
Statement_of_Financial_Positio1
Statement of Financial Position - Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Balance Sheets | ||
Preferred Stock, Par Value | $0.00 | $0.00 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 11,680,000 | 11,680,000 |
Common Stock, Shares Outstanding | 11,680,000 | 11,680,000 |
Statement_of_Income
Statement of Income (USD $) | 3 Months Ended | 9 Months Ended | 33 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement | |||||
DepreciationAndAmortization | $9,343 | $27,905 | $35,087 | ||
Other Cost and Expense, Operating | 21,742 | 21,742 | 21,742 | ||
General and Administrative Expense | 238,520 | 500 | 765,612 | 4,000 | 950,398 |
Other General Expense | 164,508 | ||||
Operating Expenses | 269,605 | 500 | 815,259 | 4,000 | 1,171,735 |
Operating Income (Loss) | -269,605 | -500 | -815,259 | -4,000 | -1,171,735 |
Interest Expense | 14,314 | 46,145 | 48,283 | ||
Interest and Debt Expense | 14,314 | 46,145 | 48,283 | ||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -283,919 | -500 | -861,404 | -4,000 | -1,220,018 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | -283,919 | -500 | -861,404 | -4,000 | -1,220,018 |
Net Income (Loss) Attributable to Parent | ($283,919) | ($500) | ($861,404) | ($4,000) | ($1,220,018) |
Earnings Per Share, Basic | ($0.02) | $0 | ($0.07) | $0 | |
Weighted Average Number of Shares Outstanding, Basic | 11,680,000 | 11,180,000 | 11,680,000 | 11,180,000 | |
Earnings Per Share, Diluted | ($0.02) | $0 | ($0.07) | $0 | |
Weighted Average Number of Shares Outstanding, Diluted | 11,680,000 | 11,180,000 | 11,680,000 | 11,180,000 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 9 Months Ended | 33 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statement of Cash Flows | |||
Net Income (Loss) Attributable to Parent | ($861,404) | ($4,000) | ($1,220,018) |
Depreciation | 27,905 | 35,087 | |
Issuance of Stock and Warrants for Services or Claims | 118 | ||
Adjustment of Warrants Granted for Services | 164,508 | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | -979 | 20,557 | |
IncreaseDecreaseInAccountsPayableRelatedParties | 72,934 | 163,004 | |
Other Operating Activities, Cash Flow Statement | -1,057 | -1,153 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 98,803 | 382,121 | |
Net Cash Provided by (Used in) Operating Activities | -762,601 | -4,000 | -837,897 |
Proceeds from Sale of Property, Plant, and Equipment | -6,364 | -6,364 | |
Net Cash Provided by (Used in) Investing Activities | -6,364 | -6,364 | |
Proceeds from (Repayments of) Notes Payable | 893,000 | 893,000 | |
Proceeds from (Repayments of) Related Party Debt | -134,708 | -103,739 | |
Proceeds from Issuance of Common Stock | 55,000 | ||
Net Cash Provided by (Used in) Financing Activities | 758,292 | 844,261 | |
Cash and Cash Equivalents, Period Increase (Decrease) | -10,673 | -4,000 | |
Cash and Cash Equivalents, at Carrying Value | 10,673 | 5,000 | |
Cash and Cash Equivalents, at Carrying Value | $1,000 |
Nature_of_Operations
Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Notes | |
Nature of Operations | |
1. Nature of Operations and Continuance of Business | |
The unaudited interim financial statements included herein have been prepared by BullsnBears.com, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (the “SEC”). We suggest that these interim financial statements be read in conjunction with the audited financial statements and notes thereto included in our Form 10-K for the year ended December 31, 2012, as amended, as filed with the SEC. We believe that all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein and that the disclosures made are adequate to make the information not misleading. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year as reported in Form 10-K have been omitted. | |
2_Going_Concern
2. Going Concern | 9 Months Ended |
Sep. 30, 2013 | |
Notes | |
2. Going Concern | 2. Going Concern |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the period from inception through September 30, 2013, the Company has generated no revenues and has an accumulated deficit of $1,220,018. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to identify future investment opportunities and obtain the necessary debt or equity financing and generating profits from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. | |
3_Related_Party_Transactions
3. Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Notes | |
3. Related Party Transactions | 3. Related Party Transactions |
Notes and Convertible Notes Payable | |
On October 20, 2012, in accordance with an Asset Purchase Agreement, the Company and a current officer and director of the Company entered into a one year, 6% Promissory Note for $150,000, prior to him joining the Company. Accrued interest on the Promissory Note totaled $1,775 at December 31, 2012. During the nine months ended September 30, 2013, the Company repaid the note and a total of $2,405 in accrued interest. | |
On October 31, 2012, the Company and an officer and director of the Company entered into a one year, 10% Senior Convertible Note for office equipment totaling $20,955 and supplies totaling $761, or a total of $21,716. The principal amount of the Senior Convertible Note can be convertible, at the sole option of the holder and in whole or in part, into shares of common stock of the Company at a conversion price to be determined by the Board of Directors of the Company at or prior to the maturity date. The Senior Convertible Note and the payment of the principal thereof and interest thereon shall at all times and in all respects constitute the Senior Indebtedness of the Company and shall not be junior or subordinate in right of payment to any other indebtedness of the Company. Accrued interest on the Senior Convertible Note totaled $1,987 and $363 at September 30, 2013 and December 31, 2012, respectively. | |
On December 31, 2012, the Company and an officer and director of the Company entered into a one-year, 10% Senior Convertible Note for cash advances totaling $20,700 and expenses paid on behalf of the company totaling $9,508, or a total of $30,208. During the nine months ended September 30, 2013, the Company repaid the note and a total of $375 in accrued interest. | |
From May through September 2013, the Company borrowed a total of $60,500 in unsecured short-term loans from an officer and director of the Company. During July, 2013 $15,000 of the short-term loans was repaid. At September 30, 2013, $45,500 of the short-term loans was outstanding and is accruing interest at 6% per annum. Accrued interest on these short term loans totals $407 at September 30, 2013. | |
3. Related Party Transactions (Continued) | |
Office Space | |
The Company pays an officer $3,114 per month for rent of office space on a month-to-month basis. | |
Consulting Expense | |
The Company owes an officer $144,231 for consulting expense which is included in accounts payable, related party. | |
4_Convertible_Promissory_Notes
4. Convertible Promissory Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Notes | |
4. Convertible Promissory Notes Payable | 4. Convertible Promissory Notes Payable |
During January through September 30, 2013, the Company issued Convertible Promissory Notes (the “Notes”) for cash totaling $893,000. The Notes bear interest at 10% per annum, are unsecured and due in one year from the date of issuance. At the maturity date, the holders of the Notes have the right to convert the unpaid principal and accrued interest into shares of common stock of the Company at a price of $1.00 per share. Accrued interest on the Notes was $16,939 at September 30, 2013. | |
5_Common_Stock_Warrants
5. Common Stock Warrants | 9 Months Ended | |
Sep. 30, 2013 | ||
Notes | ||
5. Common Stock Warrants | 5. Common Stock Warrants | |
On December 30, 2010, pursuant to the Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court (the Court) in the matter of Spicy Gourmet Organics, Inc. ("SGO"), the Court ordered the distribution of warrants to purchase common stock of the Company to all administrative creditors of SGO. The creditors received five warrants in the company for each $0.05 of SGO's administrative debt held, or an aggregate of 5,000,000 warrants consisting of 1,000,000 "A Warrants" each convertible into one share of common stock at an exercise price of $3.00; 1,000,000 "B Warrants" each convertible into one share of common stock at an exercise price of $4.00; 1,000,000 "C Warrants" each convertible into one share of common stock at an exercise price of $5.00; 1,000,000 "D Warrants" each convertible into one share of common stock at an exercise price of $6.00; and 1,000,000 "E Warrants" each convertible into one share of common stock at an exercise price of $7.00. All warrants are exercisable at any time prior to November 19, 2015. | ||
During October 2012, the Company agreed to reduce the exercise price of the outstanding warrants to $0.25 per share. As a result, the reduction of exercise price was considered a modification in accordance with ASC 718, whereby the difference in the fair value of the warrants measured immediate preceding and at the modification date of $164,508 was recognized as expense upon modification. | ||
The fair value of the warrants was computed using the Black-Scholes pricing model with the following assumptions: | ||
Expected Term | 3 years | |
Expected volatility | 255.30% | |
Risk free interest rate | 0.39% | |
Expected dividend yield | 0.00% | |
The following table summarizes the outstanding warrants and associated activity for the nine months ended September 30, 2013 and the year ended December 31, 2012: | ||
5_Common_Stock_Warrants_Fair_V
5. Common Stock Warrants: Fair Value of Warrants (Tables) | 9 Months Ended | |
Sep. 30, 2013 | ||
Tables/Schedules | ||
Fair Value of Warrants | The fair value of the warrants was computed using the Black-Scholes pricing model with the following assumptions: | |
Expected Term | 3 years | |
Expected volatility | 255.30% | |
Risk free interest rate | 0.39% | |
Expected dividend yield | 0.00% |
3_Related_Party_Transactions_D
3. Related Party Transactions (Details) (USD $) | Sep. 30, 2013 |
Details | |
Monthly Rent Paid To Officer | 3,114 |
DueToOffficerForConsultingExpense | $144,231 |
4_Convertible_Promissory_Notes1
4. Convertible Promissory Notes Payable (Details) (USD $) | Sep. 30, 2013 |
Details | |
Convertible Promisory Notes | $893,000 |
Convertible Promisory Notes Interest Rate | 10.00% |
Convertible Promisory Notes Accrued Interest | $16,939 |