Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | BIOETHICS LTD | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Trading Symbol | bioe | |
Amendment Flag | false | |
Entity Central Index Key | 894,560 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 11,000,000 | |
Entity Public Float | $ 11,000,000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,652 | $ 1,724 |
Prepaid expenses | 2,000 | |
Total Current Assets | 1,652 | 3,724 |
FIXED ASSETS, NET | 1,012 | 1,083 |
TOTAL ASSETS | 2,664 | 4,807 |
CURRENT LIABILITIES | ||
Accounts payable | 17,320 | 8,340 |
Accounts payable - related party | 2,000 | 500 |
Accrued interest - related party | 4,053 | 8,918 |
Accrued interest | 5,024 | 4,334 |
Notes payable | 35,000 | 35,000 |
Notes payable - related party | 150,500 | 132,000 |
Total Current Liabilities | 213,897 | 189,092 |
TOTAL LIABILITIES | 213,897 | 189,092 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock value | 11,000 | 116,000 |
Additional paid-in capital | 480,414 | 385,414 |
Accumulated deficit | (702,647) | (685,699) |
Total Stockholders' Equity (Deficit) | (211,233) | (184,285) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 2,664 | $ 4,807 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING EXPENSES | ||
General and administrative | $ 12,873 | $ 7,032 |
Total Operating Expenses | 12,873 | 7,032 |
LOSS FROM OPERATIONS | (12,873) | (7,032) |
OTHER INCOME (EXPENSES) | ||
Interest expense | (4,075) | (3,906) |
Total Other Income (Expenses) | (4,075) | (3,906) |
NET LOSS BEFORE INCOME TAXES | (16,948) | (10,938) |
NET INCOME (LOSS) | $ (16,948) | $ (10,938) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 89,166,667 | 116,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (16,948) | $ (10,938) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation | 71 | 71 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,000 | (4,500) |
Accounts payable | 8,980 | (2,755) |
Accounts payable - related party | 1,500 | |
Accrued interest - related party | (4,865) | 750 |
Accrued interest | 690 | 3,156 |
Net Cash Used by Operating Activities | (8,572) | (14,216) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from note payable - related party | 43,500 | |
Repayment of note payable - related party | (25,000) | |
Repurchase of common stock | (10,000) | |
Net Cash Provided by Financing Activities | 8,500 | |
DECREASE IN CASH AND CASH EQUIVALENTS | (72) | (14,216) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,724 | 65,900 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,652 | $ 51,684 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for interest | 8,250 | |
NON-CASH INVESTING AND FINANCING: | ||
Cancellation of common stock | $ 105,000 |
Note 1 Summary of Significant A
Note 1 Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 and 2017 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, 2017 audited financial statements. The results of operations for the periods ended March 31, 2018 and 2017 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, 2018 | |
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. In July 2017, the Company paid $6,000 in professional service fees to be rendered through February 2018, resulting in an expense of $2,000 during the three months ended March 31, 2018 and prepaid expense balances of $-0- and $2,000 at March 31, 2018 and December 31, 2017, respectively. |
Note 3 Related Party Transactio
Note 3 Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 3 Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS Management Compensation - During the three months ended March 31, 2018 and 2017, the Company did not pay any compensation to its officers and directors. 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 $1,500 during the three months ended March 31, 2018 which is included in the general and administrative expenses on the statements of operations, resulting in $2,000 and $500 payable at March 31, 2018 and December 31, 2017, respectively. In December 2014, the Company borrowed $25,000 from the majority shareholder pursuant to an unsecured promissory note, which was due on demand and accrued interest at 12% per annum, or $750 per quarter. On March 9, 2018 the Company paid the outstanding principal amount of $25,000 and accrued interest of $8,250. On March 8, 2018 the Company entered into a promissory note with a newly-affiliated party in the amount of $43,250. The note is payable on demand and carries interest at 10% per annum. Accrued interest and interest expense as of and for the three months ended March 31, 2018 was $218 and $218 respectively. On December 12, 2017, the Company entered into a promissory note with its sole officer and director in the amount of $107,000. The note is payable on demand and carries interest at 12% per annum. Interest expense on the note for the three months ended March 31, 2018 totaled $3,176, resulting in accrued interest of $3,835 and $668 at March 31, 2018 and December 31, 2017, respectively. On March 26, 2018, the Companys sole officer and director advanced the Company an additional $250 that is due on demand and carries interest at 12% per annum. |
Note 4 - Equity Transactions
Note 4 - Equity Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 4 - Equity Transactions | NOTE 4 EQUITY TRANSACTIONS On February 20, 2018, the company filed a designation statement with the State of Nevada designating the 2017 Series A Preferred Stock, authorized December 12, 2017, consisting of 12,500,000 shares of the Companys previously authorized but unissued shares of Preferred Stock. The designation statement was withdrawn the next day. The authorization and issuance of the 10,700,000 shares of the Companys Series A Preferred Stock which was previously reported in a Form 8-K dated December 12, 2017, was withdrawn. As a result, $107,000 in shareholder loans that were cancelled in exchange for the issuance of the Series A Preferred Stock were reinstated at December 31, 2017. On March 9, 2018, the Company repurchased 105,000,000 shares of its outstanding common stock (the Control Shares) held by Bradly Petersen (Mr. Petersen), for cash of $10,000. As a result of this transaction, Mr. Petersen no longer holds any interest in the Company, and the Control shares have been cancelled so that there are now 11,000,000 issued and outstanding shares of Common Stock. |
Note 5 - Note Payable
Note 5 - Note Payable | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 totaled $690, resulting in accrued interest at March 31, 2018 of $5,024. |
Note 6 - Going Concern
Note 6 - Going Concern | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 6 - Going Concern | NOTE 6 - 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 $702,647 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 7 - Loss Per Share
Note 7 - Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 7 - Loss Per Share | NOTE 7 - 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, 2018 March 31, 2017 Loss from continuing operations applicable to common stockholders (numerator) $ (16,948) $ (10,938) Weighted average number of common shares outstanding used in loss per share calculation during the period (denominator) 89,166,667 116,000,000 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 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 8 - Subsequent Events | NOTE 8 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. |