Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | BIOETHICS LTD | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Trading Symbol | bioe | |
Amendment Flag | false | |
Entity Central Index Key | 894,560 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 116,000,000 | |
Entity Public Float | $ 116,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 51,684 | $ 65,900 |
Prepaid expenses | 4,500 | |
Total Current Assets | 56,184 | 65,900 |
FIXED ASSETS, NET | 1,298 | 1,369 |
TOTAL ASSETS | 57,482 | 67,269 |
CURRENT LIABILITIES | ||
Accounts payable | 3,436 | 6,191 |
Accrued interest - related party | 6,000 | 5,250 |
Accrued interest | 19,046 | 15,890 |
Notes payable | 35,000 | 35,000 |
Notes payable - related party | 25,000 | 25,000 |
Convertible notes payable | 100,000 | 100,000 |
Total Current Liabilities | 188,482 | 187,331 |
TOTAL LIABILITIES | 188,482 | 187,331 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, $0.001 par value; 150,000,000 shares authorized, 116,000,000 shares issued and outstanding | 116,000 | 116,000 |
Additional paid-in capital | 385,414 | 385,414 |
Accumulated deficit | (632,414) | (621,476) |
Total Stockholders' Equity (Deficit) | (131,000) | (120,062) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 57,482 | $ 67,269 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING EXPENSES | ||
General and administrative | $ 7,032 | $ 9,449 |
Total Operating Expenses | 7,032 | 9,449 |
LOSS FROM OPERATIONS | (7,032) | (9,449) |
OTHER INCOME (EXPENSES) | ||
Interest income | 1,858 | |
Interest expense | (3,906) | (28,216) |
Total Other Income (Expenses) | (3,906) | (26,358) |
NET LOSS BEFORE INCOME TAXES | (10,938) | (35,807) |
NET INCOME (LOSS) | $ (10,938) | $ (35,807) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 116,000,000 | 116,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Profit (loss) | $ (10,938) | $ (35,807) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Amortization of debt discounts | 25,000 | |
Depreciation | 71 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (4,500) | (5,625) |
Interest receivable | (1,858) | |
Accounts payable | (2,755) | 2,009 |
Accrued interest - related party | 750 | 750 |
Accrued interest | 3,156 | 2,466 |
Net Cash Used by Operating Activities | (14,216) | (13,065) |
DECREASE IN CASH AND CASH EQUIVALENTS | (14,216) | (13,065) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 65,900 | 24,653 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 51,684 | $ 11,588 |
Note 1 Summary of Significant A
Note 1 Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 1 Summary of Significant Accounting Policies | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization - Bioethics, Ltd. (the Company) was organized under the laws of the State of Nevada on July 26, 1990. The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Companys officers and directors. The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors. The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the three months ended March 31, 2017 and 2016 have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Companys December 31, 2016 audited financial statements. The results of operations for the periods ended March 31, 2017 and 2016 are not necessarily indicative of the operating results for the full year. |
Note 2 - Prepaid Expenses
Note 2 - Prepaid Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 2 - Prepaid Expenses | NOTE 2 - PREPAID EXPENSES In January 2017, the Company paid $6,000 in professional service fees to be rendered through August 2017, resulting in an expense of $1,500 during the three months ended March 31, 2017 and a prepaid expense balance of $4,500 at March 31, 2017. |
Note 3 Related Party Transactio
Note 3 Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 3 Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS Management Compensation - During the three months ended March 31, 2017 and 2016, the Company did not pay any compensation to its officers and directors. Office Space - The Company has not had a need to rent office space. An officer/shareholder of the Company is allowing the Company to use his home as a mailing address, as needed, at no expense to the Company. Notes Payable - In December 2014, the Company borrowed $25,000 from the majority shareholder pursuant to an unsecured promissory note, which is due on demand and accrues interest at 12% per annum, or $750 per quarter. The note has accrued $6,750 in interest since its inception, of which $6,000 remains payable at March 31, 2017. |
Note 4 - Note Receivable
Note 4 - Note Receivable | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 4 - Note Receivable | NOTE 4 NOTE RECEIVABLE On November 16, 2015, the Company paid $50,000 for a secured promissory note. The note bore interest at 10% per annum and was due on or before May 16, 2016. Any amount of principal and interest on the note that was not paid when due was subject to default interest at the rate of 18% per annum until paid in full. The note was secured by 500,000 shares of the borrowers common stock, and earned $1,858 in interest income during the three months ended March 31, 2016. On August 5, 2016, the Company received payment in full of $54,484 which consisted of $50,000 principal and $4,484 in accrued interest income. |
Note 5 - Note Payable
Note 5 - Note Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 5 - Note Payable | NOTE 5 - NOTE PAYABLE On June 14, 2016, the Company issued a promissory note in the original principal amount of $35,000 to an unaffiliated lender. The Note is due on June 14, 2017 and carries an interest rate of 8% per annum. Interest expense for the three months ended March 31, 2017 totaled $690, resulting in accrued interest at March 31, 2017 of $2,224. |
Note 6 - Convertible Note Payab
Note 6 - Convertible Note Payable | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 6 - Convertible Note Payable | NOTE 6 - CONVERTIBLE NOTE PAYABLE On July 25, 2015, the Company issued a promissory note in the original principal amount of $100,000 to an unaffiliated lender. The Note is due on demand at any time after July 31, 2016 and carries an interest rate of 10% per annum. The Note shall be due and payable in full unless converted partially or in its entirety upon the election of the lender into fully paid and non-assessable shares of common stock of the Company at a conversion rate of $0.25 per share. The Company recognized a beneficial conversion feature and recorded a debt discount in the amount of $100,000, which was amortized over the life of the promissory note. During the three months ended March 31, 2016, the Company recorded $25,000 as amortization of debt discount on the statements of operations, resulting in an unamortized debt discount of $-0- and net convertible note balance of $100,000 at March 31, 2017 and December 31, 2016. Interest expense for each of the three months ended March 31, 2017 and 2016 totaled $2,466, resulting in accrued interest at March 31, 2017 and December 31, 2016 of $16,822 and $14,356, respectively. |
Note 7 - Going Concern
Note 7 - Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 7 - Going Concern | NOTE 7 - GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has incurred losses since its inception and has no on-going operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans, additional sales of its common stock or through a possible business combination. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Note 8 - Loss Per Share
Note 8 - Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 8 - Loss Per Share | NOTE 8 - LOSS PER SHARE The following data show the amounts used in computing loss per share: For the For the Three Months Three Months Ended Ended March 31, March 31, 2017 2016 Loss from continuing operations applicable to common stockholders (numerator) $ (10,938) $ (35,807) Weighted average number of common shares outstanding used in loss per share calculation during the period (denominator) 116,000,000 116,000,000 Dilutive loss per share was not presented, as the Company had no common share equivalents for all periods presented that would affect the computation of diluted loss per share. In addition, the Company has experienced continuing losses, so inclusion of any common share equivalents would result in an anti-dilutive effect. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes | |
Note 9 - Subsequent Events | NOTE 9 SUBSEQUENT EVENTS The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional events to disclose. |