MJ Biotech (MJTV) 10-Q 15 Oct 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2015	May. 15, 2015	Jun. 30, 2014
Document and Entity Information:
Entity Registrant Name	BullsNBears.com, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Entity Central Index Key	1,543,272
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		12,803,270
Entity Public Float			$ 188,900
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	2,015
Document Fiscal Period Focus	Q2

Statement of Financial Position

Statement of Financial Position - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 26
Other Assets, Current	596	$ 593
Assets, Current	622	593
Assets, Noncurrent
PropertyPlantAndEquipmentNet	8,077	11,767
Finite-Lived Intangible Assets, Net	68,750	83,750
Assets, Noncurrent	76,827	95,517
Assets	77,449	96,110
Liabilities, Current
AccountsPayableAndAccruedLiabilities	39,165	33,676
AccountsPayableRelatedPartiesCurrent	414,399	375,799
NotesPayableRelatedPartiesCurrent	179,296	180,927
Convertible Notes payable related party	21,716	21,716
Accrued Interest Related Parties	18,542	12,492
ConvertibleNotesPayable	360,000	659,200
Accrued Liabilities, Current	38,097	39,643
Notes Payable, Current	17,500
Liabilities, Current	1,088,715	1,323,453
Liabilities	1,088,715	1,323,453
Preferred Stock, Value, Issued	1	1
Common Stock, Value, Issued	1,280	1,223
AdditionalPaidInCapital	1,224,241	882,313
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,236,788)	(2,110,880)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,011,266)	(1,227,343)
Liabilities and Equity	$ 77,449	$ 96,110

Statement of Financial Positio3

Statement of Financial Position - Parenthetical - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Balance Sheets
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Issued	12,803,270	12,228,650
Common Stock, Shares Outstanding	12,803,270	12,228,650

Statement of Income

Statement of Income - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Sales Revenue, Services, Net	$ 10,000	$ 40,780	$ 12,610	$ 44,183
Revenues	10,000	40,780	12,610	44,183
Cost of Revenue
Gross Profit	10,000	40,780	12,610	44,183
Operating Expenses
DepreciationAndAmortization	9,344	9,343	18,688	18,686
Amortization of Deferred Charges
General and Administrative Expense	47,468	130,789	95,043	368,459
Operating Expenses	56,812	140,132	113,731	387,145
Operating Income (Loss)	(46,812)	(99,352)	(101,121)	(342,962)
Interest and Debt Expense
Interest Expense	12,265	115,232	29,922	142,018
Gains (Losses) on Extinguishment of Debt	12,160		17,296
Interest and Debt Expense	105	115,232	12,626	142,018
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(46,917)	(214,584)	(113,747)	(484,980)
Income Tax Expense (Benefit)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (46,917)	$ (214,584)	(113,747)	(484,980)
Net Income (Loss) Attributable to Parent			$ (113,747)	$ (484,980)
Earnings Per Share
Earnings Per Share, Basic	$ 0	$ (0.02)	$ (0.01)	$ (0.04)
Weighted Average Number of Shares Outstanding, Basic	12,500,007	11,680,000	12,384,165	11,680,000
Earnings Per Share, Diluted	$ 0	$ (0.02)	$ (0.01)	$ (0.04)
Weighted Average Number of Shares Outstanding, Diluted	12,500,007	11,680,000	12,384,165	11,680,000

Statement of Cash Flows

Statement of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss) Attributable to Parent	$ (113,747)	$ (484,980)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation	18,688	18,688
Amortization Of Debt Discount Premium	(17,296)	80,600
Increase (Decrease) in Operating Capital
Increase (Decrease) in Other Operating Assets and Liabilities, Net	(3)	139
Increase (Decrease) in Accounts Payable and Accrued Liabilities	29,365	60,043
IncreaseDecreaseInAccountsPayableRelatedParties	67,150	97,074
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	97,904	256,544
Net Cash Provided by (Used in) Operating Activities	(15,843)	(228,436)
Net Cash Provided by (Used in) Financing Activities
Proceeds from (Repayments of) Notes Payable	17,500	215,000
Proceeds from (Repayments of) Related Party Debt	(1,631)	12,607
Net Cash Provided by (Used in) Financing Activities	15,869	227,607
Cash and Cash Equivalents, Period Increase (Decrease)	26	(829)
Cash and Cash Equivalents, at Carrying Value		$ 829
Cash and Cash Equivalents, at Carrying Value	$ 26

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements Disclosure	6 Months Ended
	Jun. 30, 2015
Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure	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, 2014, 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 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 June 30, 2015, the Company has generated minimal revenues and has an accumulated deficit of ($2,236,788). The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to generate profits from the Company’s future operations, identify future investment opportunities and obtain the necessary debt or equity financing. 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.

Related Party Transactions Disc

Related Party Transactions Disclosure	6 Months Ended
	Jun. 30, 2015
Notes
Related Party Transactions Disclosure	3. Related Party Transactions Notes and Convertible Notes Payable 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. The company borrows funds from an officer and director as needed, they are unsecured and there are no defined terms of repayment at this time, the loans are to be considered Senior convertible debt. 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 During the year ended December 31, 2014, the Company borrowed a total of $63,062 in unsecured short-term loans from an officer and director of the Company and repaid $2,925. At December 31, 2014 and June 30, 2015, $180,927 and 179, 296 of the short-term loans was outstanding and are accruing interest at 6% per annum. Accrued interest on unsecured short term loans totaled $18,542 and 12,492 at June 30, 2015 and December 31, 2014, respectively In April, 2015, an affiliate of the Company assigned a Note in the principal amount of $22,500 to an unrelated party. The Note is due in June, 2015, and is convertible at the option of the holder into shares of Common Stock at market price. The note was converted in June of 2015 into 250,000 shares of common stock Consulting Expense At June 30, 2015 and December 31, 2014, the Company owes an officer $414,399 and $375,799, respectively, for consulting expense which is included in accounts payable, related party. Consulting expense for the year ended December 31, 2014 was $168,000. Consulting expenses for the three and six months ended June 30, 2015 were $24,000 and 30,860 respectively.

Debt Disclosure

Debt Disclosure	6 Months Ended
	Jun. 30, 2015
Notes
Debt Disclosure	4. Convertible Notes Payable During the year ended December 31, 2013, the Company issued Convertible Promissory Notes (the “Notes”) for cash totaling $977,200. 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 $32,199 at December 31, 2013. During the year ended December 31, 2014, we sold an additional $210,000 principal amount of one-year notes, bearing an interest rate of 10% per annum and convertible at any time following issuance until maturity into Shares of Common Stock of the Company at a price of $1.00 per Share. During the year ended December 31, 2014, Convertible Promissory Notes became due and convertible at a discount to the then current market price in accordance with terms of the Notes. As a result, the Company recorded a total of $127,400 in debt discount to interest expense related to the beneficial conversion feature during the year ended December 31, 2014. At December 31, 2014, the Company had no unamortized debt discount on Convertible Promissory Notes. In February, 2015, the Company converted an aggregate of $84,200 of principal and $ 6,420 in accrued interest on 10% convertible notes into 90,620 shares of Common Stock. The Company realized a net gain of $5,136 in interest conversion . The balance of the notes matured between January 2015 and March 2015 and are now presently due. In the event one or more of the holders should elect to convert the notes, the issuance of shares of our common stock in satisfaction of the notes will be dilutive to our current stockholders. If the notes are not converted, we will be required to satisfy the notes in cash. We do not have sufficient cash to satisfy the presently due notes, nor the balance of these notes when they become due and there are no assurances we will be able to raise the funds if necessary. Accrued interest on the Notes and Preferred Stock was $38,097 and $39,643 at June 30, 2015 and June 30, 2014, respectively. As of June 30, 2015, $360,000 worth of Notes have matured and have not converted into common shares. If Note holders do not elect to convert their debt into common stock, the Company may need to raise additional capital to retire the Notes During the three months ended June 30, 2015, the Company received proceeds of $17,500 from the issuance of three promissory bridge notes. The notes bear interest at 15% per annum, are unsecured, and are due six months from the date of issuance. At maturity the notes become convertible at $0.20 subject to certain reset provisions. In addition the notes become convertible upon an equity financing transaction of at least $500,000. At Maturity the note holders will also receive two shares of restricted common stock for every dollar loaned to the company.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Notes
Subsequent Events	5. Subsequent Events On July 24, 2015, the Company extended the expiration of its 5,000,000 issued and outstanding Common Stock Purchase Warrants by an additional two years. All of the Warrants are exercisable at a price of $.25 per Share. On September 30, 2015, the Company formed a new wholly-owned corporation, BullsnBears Holdings, Inc., for the purpose of holding the Company’s intellectual property assets.

Organization, Consolidation a10

Organization, Consolidation and Presentation of Financial Statements Disclosure: Nature of Operations (Policies)	6 Months Ended
	Jun. 30, 2015
Policies
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, 2014, 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.

Organization, Consolidation a11

Organization, Consolidation and Presentation of Financial Statements Disclosure: Liquidity Disclosure (Policies)	6 Months Ended
	Jun. 30, 2015
Policies
Liquidity Disclosure	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 June 30, 2015, the Company has generated minimal revenues and has an accumulated deficit of ($2,236,788). The continuation of the Company as a going concern is dependent upon the continued financial support from its management, its ability to generate profits from the Company’s future operations, identify future investment opportunities and obtain the necessary debt or equity financing. 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.