Viewbix (VBIX) 10-Q 11 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2014
Document and Entity Information:	'
Entity Registrant Name	'Zaxis International Inc.
Document Type	'10-Q
Document Period End Date	30-Jun-14
Amendment Flag	'false
Entity Central Index Key	'0000797542
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	1,695,126
Entity Public Float	$42,000
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

Zaxis_International_Inc_Balanc

Zaxis International, Inc. - Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Balance Sheets	'	'
Cash	$0	$0
Total current assets	0	0
Total Assets	0	0
Accounts payable - trade	6,500	0
Accrued interest	34,728	32,050
Convertible notes - related parties	0	85,000
Advances from and accruals due to unrelated party	129,479	0
Advances from and accruals due to related party	0	161,729
Total current liabilities	170,707	278,779
Convertible notes - unrelated parties	125,000	0
Total long-term liabilities	125,000	0
Total liabilities	295,707	278,779
Preferred stock	'	'	[1]
Common stock	169	169	[2]
Additional paid in capital	121,246	121,246
Accumulated deficit	-417,122	-400,194
Total Stockholders' Deficiency	-295,707	-278,779
Total Liabilities and Stockholders' Deficiency	$0	$0
[1]	$0.0001 par value; 10,000,000 shares authorized; none issued
[2]	$0.0001 par value; 100,000,000 shares authorized; 1,695,126 issued and outstanding at June 30, 2014 and December 31, 2013

Zaxis_International_Inc_Statem

Zaxis International Inc. - Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statements of Operations	'	'	'	'
Revenue	$0	$0	$0	$0
General and administrative	6,500	9,750	14,250	21,700
Interest expenses	307	2,550	2,678	5,100
Total costs and expenses	6,807	12,300	16,928	26,800
NET LOSS	($6,807)	($12,300)	($16,928)	($26,800)
Basic and diluted net loss	$0	($0.01)	($0.01)	($0.02)
Basic and diluted	1,695,126	1,695,126	1,695,126	1,695,126

Zaxis_International_Inc_Statem1

Zaxis International Inc. - Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statements of Cash Flows	'	'
Net loss	($16,928)	($26,800)
Non-cash expense for services provided by related party	0	18,000
Increase in accrued expenses	9,178	4,350
Cash flows used by operating activities	-7,750	-4,450
Cash used in investing activities	0	0
Advances from related parties	7,750	4,450
Cash generated by financing activities	7,750	4,450
Change in cash	0	0
Cash - beginning of period	0	0
Cash - end of period	0	0
Transfer of convertible note from related party to unrelated parties	85,000	0
Transfer of advances from related party to unrelated party	$40,000	$0

Note_1_The_Company

Note 1. The Company	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 1. The Company	'
	Note 1. The Company
	Zaxis International Inc. ("the Company") was incorporated in Ohio in 1989. On August 25, 1995, Zaxis merged with a subsidiary of The InFerGene Company ("InFerGene") and InFerGene changed its name to Zaxis International Inc. InFerGene was incorporated in California in 1984 and subsequently changed its domicile in connection with the merger into Zaxis to Delaware in 1985. Prior to ceasing its operations in 2002, Zaxis manufactured and distributed products used in a molecular separation process known as electrophoresis, a procedure used in research, industrial and clinical laboratories worldwide. In November 2002, the Company and its subsidiaries filed a petition for bankruptcy in the U.S. Bankruptcy Court Northern District of Ohio. On October 13, 2004, the Company emerged from bankruptcy. At present, the Company has no business operations and is deemed to be a shell company.
	The Company has evaluated its subsequent event through August 8, 2014, which is the date the financial statements were available.

Note_2_Going_Concern

Note 2. Going Concern	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 2. Going Concern	'
	Note 2. Going Concern
	The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management success in its efforts and limited resources to pursue and effect a business combination.
	These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.

Note_3_Basis_of_Presentation

Note 3. Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 3. Basis of Presentation	'
	Note 3. Basis of Presentation
	The Financial Statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America ("US GAAP"). In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. The accounting policies are described in the “Notes to Financial Statements” in the 2013 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by US GAAP. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.
	Accounting Policies
	Use of Estimates: The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.
	Fair Value of Financial Instruments: Accounting Standard Codification ("ASC") #825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented.
	Income Taxes: The Company accounts for income taxes in accordance with ASC #740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC #740 requires that the Company recognize in its financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. Tax years subsequent to 2005 remain open to examination by US federal and state tax jurisdictions.
	Impact of recently issued accounting standards
	There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.

Note_4_Convertible_Notes_To_Un

Note 4. Convertible Notes To Unrelated Parties	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 4. Convertible Notes To Unrelated Parties	'
	Note 4. Convertible Notes to Unrelated Parties
	On October 2, 2009, we issued to our President and principal shareholder a convertible promissory note in the principal amount of $35,000 bearing interest of 12% per annum (the "2009 Note") in consideration of cash advances made and for services provided to the Company. The 2009 Note provided for an initial conversion price of $0.10 per share. On March 24, 2014, the board authorized a reduction of the interest rate from 12% per annum to 1% per annum and an adjustment of the conversion rate from $0.10 per share to $0.01 per share. The maturity date was extended from December 31, 2014 to July 1, 2015. On March 24, 2014, our President and principal shareholder transferred and assigned the 2009 Note and its related accrued interest to five unaffiliated parties each of which have the same interest rate and conversion price.
	On August 1, 2011, we issued to our President and principal shareholder a convertible promissory note in the principal amount of $50,000 bearing interest of 12% per annum (the "2011 Note") in consideration of cash advances made and for services provided to the Company. The 2011 Note provided for an initial conversion price of $0.03 per share. On March 24, 2014, the board authorized a reduction of the interest rate from 12% per annum to 1% per annum and an adjustment of the conversion price from $0.03 per share to $0.01 per share. The maturity date was extended from December 31, 2014 to July 1, 2015. On March 24, 2014, our President and principal shareholder transferred and assigned the 2011 Note and its related accrued interest to five unaffiliated parties, each of which have the same interest rate and conversion price.
	On March 24, 2014, we issued a convertible promissory note in the amount of $40,000 to an unaffiliated party in consideration for services provided to the Company by an unaffiliated party (the "2014 Note"). The 2014 Note bears interest at the rate of 1% per annum, is due and payable on March 24, 2015 and is convertible at a price of $0.005 per share. On March 24, 2014, the holder of the 2014 Note transferred and assigned this 2014 Note to five unaffiliated parties bearing the same interest rate and conversion price. In connection with the transfer and assignment of the 2014 Note, the Company agreed to extend the maturity date from March 24, 2015 to July 1, 2015. As a result of the above, at June 30, 2014, we have outstanding fifteen convertible promissory notes in the aggregate principal amount of $125,000, each bearing interest at the rate of 1% per annum.
	In accordance to ASC #815, Accounting for Derivative Instruments and Hedging Activities, we evaluated the holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted for as derivative financial instruments. Additionally, since the conversion price of the two notes represented the fair market value of the Company’s common stock at the time of issuance, no beneficial conversion feature exists. We believe that the Company's shares of common stock is and has been very thinly traded during the last 3 years and that the fair value of the stock price was deemed not to be a fair value. Management decided that because the Company’s ability to continue as a going concern was in question and that it has no revenue sources that the conversion price was a better measure of fair market value. Based on that decision, no beneficial conversion feature was reflected in the financial statements.

Note_5_Related_Party_Transacti

Note 5. Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Notes	'
Note 5. Related Party Transactions	'
	Note 5. Related Party Transactions
	On March 25, 2014, our President and principal shareholder assigned advances and accruals totaling $124,229, which are due on demand and owed to him by the Company for cash advances made and for services provided to the Company to an unaffiliated third party.

Note_3_Basis_of_Presentation_U

Note 3. Basis of Presentation: Use of Estimates, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Use of Estimates, Policy	'
	Use of Estimates: The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

Note_3_Basis_of_Presentation_C

Note 3. Basis of Presentation: Cash and Cash Equivalents, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Cash and Cash Equivalents, Policy	'
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.

Note_3_Basis_of_Presentation_F

Note 3. Basis of Presentation: Fair Value of Financial Instruments, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Fair Value of Financial Instruments, Policy	'
	Fair Value of Financial Instruments: Accounting Standard Codification ("ASC") #825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.

Note_3_Basis_of_Presentation_E

Note 3. Basis of Presentation: Earnings Per Share, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Earnings Per Share, Policy	'
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented.

Note_3_Basis_of_Presentation_I

Note 3. Basis of Presentation: Income Tax, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Income Tax, Policy	'
	Income Taxes: The Company accounts for income taxes in accordance with ASC #740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC #740 requires that the Company recognize in its financial statements the impact of a tax position, if that position is more likely than not of being sustained on audit, based on the technical merits of the position. Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. Tax years subsequent to 2005 remain open to examination by US federal and state tax jurisdictions.

Note_3_Basis_of_Presentation_I1

Note 3. Basis of Presentation: Impact of Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 30, 2014
Policies	'
Impact of Recently Issued Accounting Standards	'
	Impact of recently issued accounting standards
	There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.