Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | BIOETHICS LTD | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 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 | Yes | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 26,675 | $ 65,900 |
Prepaid expenses | 5,000 | |
Total Current Assets | 31,675 | 65,900 |
FIXED ASSETS, NET | 1,155 | 1,369 |
TOTAL ASSETS | 32,830 | 67,269 |
CURRENT LIABILITIES | ||
Accounts payable | 7,280 | 6,191 |
Accounts payable - related party | 500 | |
Accrued interest - related party | 7,500 | 5,250 |
Accrued interest | 25,464 | 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 | 200,744 | 187,331 |
TOTAL LIABILITIES | 200,744 | 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 | (669,328) | (621,476) |
Total Stockholders' Equity (Deficit) | (167,914) | (120,062) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 32,830 | $ 67,269 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
OPERATING EXPENSES | ||||
General and administrative | $ 13,172 | $ 18,898 | $ 36,028 | $ 42,185 |
Total Operating Expenses | 13,172 | 18,898 | 36,028 | 42,185 |
LOSS FROM OPERATIONS | (13,172) | (18,898) | (36,028) | (42,185) |
OTHER INCOME (EXPENSES) | ||||
Interest income | 1,383 | 4,484 | ||
Interest expense | (3,977) | (12,310) | (11,824) | (68,892) |
Total Other Income (Expenses) | (3,977) | (10,927) | (11,824) | (64,408) |
NET LOSS BEFORE INCOME TAXES | (17,149) | (29,825) | (47,852) | (106,593) |
NET INCOME (LOSS) | $ (17,149) | $ (29,825) | $ (47,852) | $ (106,593) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
NUMBER OF WEIGHTED AVERAGE SHARES OUTSTANDING | 116,000,000 | 116,000,000 | 116,000,000 | 116,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (47,852) | $ (106,593) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Amortization of debt discount | 58,334 | |
Depreciation | 214 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (5,000) | (1,875) |
Accounts payable | 1,089 | (158) |
Accounts payable - related party | 500 | |
Accrued interest - related party | 2,250 | 2,250 |
Accrued interest | 9,574 | 8,308 |
Net Cash Used by Operating Activities | (39,225) | (39,734) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from payments on notes receivable | 50,000 | |
Net Cash Provided by Investing Activities | 50,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 35,000 | |
Net Cash Provided by Financing Activities | 35,000 | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (39,225) | 45,266 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 65,900 | 24,653 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 26,675 | $ 69,919 |
Note 1 Summary of Significant A
Note 1 Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 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, 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 nine months ended September 30, 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 September 30, 2017 and 2016 are not necessarily indicative of the operating results for the full year. |
Note 2 - Prepaid Expenses
Note 2 - Prepaid Expenses | 12 Months Ended |
Sep. 30, 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 $6,000 during the nine months ended September 30, 2017 and a prepaid expense balance of $-0- at September 30, 2017. In July 2017, the Company paid $6,000 in professional service fees to be rendered through February 2018, resulting in an expense of $1,000 during the nine months ended September 30, 2017 and a prepaid expense balance of $5,000 at September 30, 2017. |
Note 3 Related Party Transactio
Note 3 Related Party Transactions | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 3 Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS Management Compensation - During the nine months ended September 30, 2017 and 2016, the Company did not pay any compensation to its officers and directors. Office Space Beginning August 2017, the Company entered into an oral agreement to pay the Companys sole director $500 per month as payment for use of his personal residence as the Companys office and mailing address. The Company has recorded rent expense of $1,000 during the three and nine months ended September 30, 2017 which is included in the general and administrative expenses on the statements of operations, of which $500 remains payable at September 30, 2017. 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 $8,250 in interest since its inception, of which $7,500 remains payable at September 30, 2017. |
Note 4 - Note Receivable
Note 4 - Note Receivable | 12 Months Ended |
Sep. 30, 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 $3,101 in interest income during the six months ended June 30, 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 | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 5 - Note Payable | NOTE 5 - NOTE PAYABLE On June 14, 2016, the Company issued a promissory note in the principal amount of $35,000 to an unaffiliated lender. The Note is due on demand at any time after its original maturity date of June 14, 2017, and carries an interest rate of 8% per annum. Interest expense for the nine months ended September 30, 2017 totaled $2,094, resulting in accrued interest at September 30, 2017 of $3,628. |
Note 6 - Convertible Note Payab
Note 6 - Convertible Note Payable | 12 Months Ended |
Sep. 30, 2017 | |
Notes | |
Note 6 - Convertible Note Payable | NOTE 6 - CONVERTIBLE NOTE PAYABLE On July 25, 2015, the Company issued a promissory note in the principal amount of $100,000 to an unaffiliated lender. The Note is due on demand at any time after its original maturity date of July 31, 2016, and carries an interest rate of 10% per annum. The Note is convertible 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 six months ended June 30, 2016, the Company recorded $50,000 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 September 30, 2017 and December 31, 2016. Interest expense for the nine months ended September 30, 2017 totaled $7,480, resulting in accrued interest at September 30, 2017 and December 31, 2016 of $21,836 and $14,356, respectively. |
Note 7 - Going Concern
Note 7 - Going Concern | 12 Months Ended |
Sep. 30, 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 totaling $669,328 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 | 12 Months Ended |
Sep. 30, 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 Nine Months Nine Months Ended Ended September 30, September 30, 2017 2016 Loss from continuing operations applicable to common stockholders (numerator) $ (47,852) $ (106,593) 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 | 12 Months Ended |
Sep. 30, 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. |