Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2013 | Feb. 11, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'BMB MUNAI INC | ' |
Entity Central Index Key | '0000924805 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Dec-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 55,787,554 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $8,665,136 | $10,463,531 |
Total current assets | 8,665,136 | 10,463,531 |
LONG TERM ASSETS | ' | ' |
Other fixed assets, net | 11,413 | 98,356 |
Total long term assets | 11,413 | 98,356 |
TOTAL ASSETS | 8,676,549 | 10,561,887 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 53,465 | 373,202 |
Taxes payable, accrued liabilities and other payables | 0 | 22,568 |
Deferred distribution payments | 8,607,365 | 8,613,665 |
Total current liabilities | 8,660,830 | 9,009,435 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock - $0.001 par value; 20,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock - $0.001 par value; 500,000,000 shares authorized; 55,787,554 and 55,787,554 shares outstanding, respectively | 55,788 | 55,788 |
Additional paid in capital | 89,363,319 | 89,363,319 |
Accumulated deficit | -89,403,388 | -87,866,655 |
Total shareholders' equity | 15,719 | 1,552,452 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $8,676,549 | $10,561,887 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Mar. 31, 2013 |
SHAREHOLDERS' EQUITY | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, authorized shares | 20,000,000 | 20,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, issued shares | 55,787,554 | 55,787,554 |
Common stock, outstanding shares | 55,787,554 | 55,787,554 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement [Abstract] | ' | ' | ' | ' |
REVENUES | $0 | $0 | $0 | $0 |
COSTS AND OPERATING EXPENSES | ' | ' | ' | ' |
General and administrative | 360,596 | 759,904 | 1,450,665 | 2,498,098 |
Amortization and depreciation | 28,982 | 28,982 | 86,946 | 86,944 |
Total costs and operating expenses | 389,578 | 788,886 | 1,537,611 | 2,585,042 |
LOSS FROM OPERATIONS | -389,578 | -788,886 | -1,537,611 | -2,585,042 |
OTHER INCOME | ' | ' | ' | ' |
Foreign exchange gain, net | 0 | 0 | 0 | 31 |
Interest income | 58 | 7,492 | 878 | 11,690 |
Other income, net | 0 | 0 | 0 | 6,845 |
Total other income | 58 | 7,492 | 878 | 18,566 |
NET LOSS | ($389,520) | ($781,394) | ($1,536,733) | ($2,566,476) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | ($0.01) | ($0.01) | ($0.03) | ($0.05) |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($1,536,733) | ($2,566,476) |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 86,946 | 86,944 |
Provision expense for notes receivable | 0 | 220,875 |
Changes in operating assets and liabilities | ' | ' |
Decrease in prepaid expenses and other assets | 0 | 1,616,915 |
Decrease in accounts payable | -319,740 | -4,963,585 |
Decrease in taxes payables and accrued liabilities | -22,568 | -5,836 |
Net cash used in operating activities | -1,792,095 | -5,611,163 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Net cash provided by investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Cash distribution | -6,300 | -22,971,657 |
Net cash used in financing activities | -6,300 | -22,971,657 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | -1,798,395 | -28,582,820 |
CASH AND CASH EQUIVALENTS at beginning of period | 10,463,531 | 39,372,278 |
CASH AND CASH EQUIVALENTS at end of period | $8,665,136 | $10,789,458 |
1_DESCRIPTION_OF_BUSINESS
1. DESCRIPTION OF BUSINESS | 9 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
DESCRIPTION OF BUSINESS | ' |
BMB Munai, Inc., (the “Company” or “BMB Munai”) is a Nevada corporation that originally incorporated in the State of Utah in 1981. From 2003 to 2011 the Company’s business activities focused on oil and natural gas exploration and production in the Republic of Kazakhstan (also referred to herein as the “ROK” or “Kazakhstan”) through its wholly-owned subsidiary Emir Oil LLP. | |
On September 19, 2011 the Company completed the sale of all of its interests in Emir Oil (the “Sale”). | |
Since September 2011 the Company’s principal business operations have been focused on satisfying its post-closing undertakings in connection with the Sale, which were completed in September 2012, winding down its operations in Kazakhstan and exploring opportunities to exploit the expertise of the Company’s management staff and return value to the Company’s stockholders. | |
The Company does not anticipate generating revenue until such time as it is able to identify and exploit new business opportunities. No assurance can be given that the Company will be able to identify or exploit any new business opportunity, or that the Company will have the funds then available to it that will enable it to seek to take advantage of any such opportunity. These factors raise substantial doubt about the Company’s ability to continue as a going concern. |
2_SIGNIFICANT_ACCOUNTING_POLIC
2. SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | |
Dec. 31, 2013 | ||
Notes to Financial Statements | ' | |
SIGNIFICANT ACCOUNTING POLICIES | ' | |
Going concern | ||
As a result of the Sale, the Company has no subsidiaries and no continuing operations that generate positive cash flow, which raises substantial doubt about its ability to continue as a going concern. | ||
Subsequent event | ||
The Company’s management has evaluated subsequent events through the date the financial statements were issued and has found no subsequent events to report. | ||
Use of estimates | ||
The preparation of unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the unaudited condensed financial statements and revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates and affect the results reported in these unaudited condensed financial statements. | ||
Concentration of credit risk | ||
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions. | ||
Functional currency | ||
The Company makes its principal investing and financing transactions in U.S. Dollars and the U.S. Dollar is therefore its functional currency. | ||
Foreign currency translation | ||
Transactions denominated in foreign currencies are reported at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to U.S. Dollars at the rates of exchange prevailing at the balance sheet dates. Any gains or losses arising from a change in exchange rates subsequent to the date of the transaction are included as an exchange gain or loss in the unaudited condensed statements of operations. | ||
Cash and cash equivalents | ||
The Company considers all demand deposits, money market accounts and marketable securities purchased with an original maturity of three months or less to be cash and cash equivalents. The fair value of cash and cash equivalents approximates their carrying amounts due to their short-term maturity. | ||
Other fixed assets | ||
Other fixed assets are valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical cost includes all direct costs associated with the acquisition of the fixed assets. | ||
Depreciation of other fixed assets is calculated using the straight-line method based upon the following estimated useful lives: | ||
Vehicles | 3-5 years | |
Office equipment | 3-5 years | |
Software | 3-4 years | |
Furniture and fixtures | 2-7 years | |
Maintenance and repairs are charged to expense as incurred. Renewals and betterments are capitalized as leasehold improvements, which are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. | ||
Other fixed assets of the Company are evaluated annually for impairment. If the sum of expected undiscounted cash flows is less than net book value, unamortized costs of other fixed assets will be reduced to a fair value. Based on the Company’s analysis at December 31, 2013 no impairment of other assets is necessary. | ||
Income (Loss) per common share | ||
Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. | ||
Recent accounting pronouncements | ||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations. |
3_CASH_AND_CASH_EQUIVALENTS
3. CASH AND CASH EQUIVALENTS | 9 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
CASH AND CASH EQUIVALENTS | ' |
As of December 31, 2013 and March 31, 2013 cash and cash equivalents included deposits in U.S. banks in the amount of $8,665,136 and $10,463,531, respectively. The Company’s deposits in U.S. banks are in non-FDIC insured accounts which means they are not insured to the $250,000 FDIC insurance limit. To mitigate this risk, the Company has placed all of its U.S. deposits in a money market account that invests in U.S. government backed securities. | |
As of December 31, 2013 the Company placed $6,508,588 in an investment account. The Company can convert this amount into cash in a short period of time not exceeding one week. |
4_SHAREHOLDERS_EQUITY
4. SHAREHOLDER'S EQUITY | 9 Months Ended |
Dec. 31, 2013 | |
Notes to Financial Statements | ' |
SHAREHOLDER'S EQUITY | ' |
Shareholder distributions | |
On October 24, 2011 the Company made an initial cash distribution of $1.04 per share to common stockholders of record on October 10, 2011 from the proceeds of the Sale. The total amount calculated for this distribution to common stockholders was $58,019,056. | |
On October 30, 2012 the Company declared and made a second cash distribution of $0.30 per share to common stockholders of record on October 15, 2012 following the completion of its post-closing obligations in connection with the Sale. The total amount calculated for this distribution to common stockholders was $16,736,266. | |
As of December 31, 2013 the amount paid from the first distribution was $51,346,433 with $6,672,623 payable, and the amount paid from the second distribution was $14,801,523 with $1,934,742 payable. These payables have been accrued and included in deferred distribution payments on the balance sheet. | |
5_EARNINGS_PER_SHARE_INFORMATI
5. EARNINGS PER SHARE INFORMATION | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Notes to Financial Statements | ' | ||||||||||||||||
EARNINGS PER SHARE INFORMATION | ' | ||||||||||||||||
The calculation of basic earnings per share is based on the following data: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss | $ | (389,520 | ) | $ | (781,394 | ) | $ | (1,536,733 | ) | $ | (2,566,476 | ) | |||||
Basic weighted-average common shares outstanding | 55,787,554 | 55,787,554 | 55,787,554 | 55,787,554 | |||||||||||||
Basic loss per common share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.05 | ) | |||||
As of December 31, 2013 and 2012 there were no options, warrants, or restricted stock grants outstanding. |
2_SIGNIFICANT_ACCOUNTING_POLIC1
2. SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | |
Dec. 31, 2013 | ||
Significant Accounting Policies Policies | ' | |
Going concern | ' | |
As a result of the Sale, the Company has no subsidiaries and no continuing operations that generate positive cash flow, which raises substantial doubt about its ability to continue as a going concern. | ||
Subsequent event | ' | |
The Company’s management has evaluated subsequent events through the date the financial statements were issued and has found no subsequent events to report. | ||
Use of estimates | ' | |
The preparation of unaudited condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the unaudited condensed financial statements and revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates and affect the results reported in these unaudited condensed financial statements. | ||
Concentration of credit risk | ' | |
Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash. The Company places its cash with high credit quality financial institutions. | ||
Functional Currency | ' | |
The Company makes its principal investing and financing transactions in U.S. Dollars and the U.S. Dollar is therefore its functional currency. | ||
Foreign currency translation | ' | |
Transactions denominated in foreign currencies are reported at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated to U.S. Dollars at the rates of exchange prevailing at the balance sheet dates. Any gains or losses arising from a change in exchange rates subsequent to the date of the transaction are included as an exchange gain or loss in the unaudited condensed statements of operations. | ||
Cash and cash equivalents | ' | |
The Company considers all demand deposits, money market accounts and marketable securities purchased with an original maturity of three months or less to be cash and cash equivalents. The fair value of cash and cash equivalents approximates their carrying amounts due to their short-term maturity. | ||
Other fixed assets | ' | |
Other fixed assets are valued at historical cost adjusted for impairment loss less accumulated depreciation. Historical cost includes all direct costs associated with the acquisition of the fixed assets. | ||
Depreciation of other fixed assets is calculated using the straight-line method based upon the following estimated useful lives: | ||
Vehicles | 3-5 years | |
Office equipment | 3-5 years | |
Software | 3-4 years | |
Furniture and fixtures | 2-7 years | |
Maintenance and repairs are charged to expense as incurred. Renewals and betterments are capitalized as leasehold improvements, which are amortized on a straight-line basis over the shorter of their estimated useful lives or the term of the lease. | ||
Other fixed assets of the Company are evaluated annually for impairment. If the sum of expected undiscounted cash flows is less than net book value, unamortized costs of other fixed assets will be reduced to a fair value. Based on the Company’s analysis at December 31, 2013 no impairment of other assets is necessary. | ||
Income (Loss) per common share | ' | |
Basic income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if all contracts to issue common stock were converted into common stock, except for those that are anti-dilutive. | ||
Recent accounting pronouncements | ' | |
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoptions of any such pronouncements are expected to cause a material impact on the Company’s financial condition or the results of operations. |
2_SIGNIFICANT_ACCOUNTING_POLIC2
2. SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended | |
Dec. 31, 2013 | ||
Notes to Financial Statements | ' | |
Depreciation of other fixed assets | ' | |
Vehicles | 3-5 years | |
Office equipment | 3-5 years | |
Software | 3-4 years | |
Furniture and fixtures | 2-7 years |
5_EARNINGS_PER_SHARE_INFORMATI1
5. EARNINGS PER SHARE INFORMATION (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Earnings Per Share Information Tables | ' | ||||||||||||||||
Calculation Of The Basic Earnings Per Share | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net loss | $ | (389,520 | ) | $ | (781,394 | ) | $ | (1,536,733 | ) | $ | (2,566,476 | ) | |||||
Basic weighted-average common shares outstanding | 55,787,554 | 55,787,554 | 55,787,554 | 55,787,554 | |||||||||||||
Basic loss per common share | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.05 | ) |
2_SIGNIFICANT_ACCOUNTING_POLIC3
2. SIGNIFICANT ACCOUNTING POLICIES (Details) | 9 Months Ended |
Dec. 31, 2013 | |
VehiclesMember | MinimumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '3 years |
VehiclesMember | MaximumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '5 years |
OfficeEquipmentMember | MinimumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '3 years |
OfficeEquipmentMember | MaximumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '5 years |
Software | MinimumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '3 years |
Software | MaximumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '4 years |
FurnitureAndFixturesMember | MinimumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '2 years |
FurnitureAndFixturesMember | MaximumMember | ' |
Property Plant And Equipment Useful Life | ' |
Property Plant And Equipment Useful Life | '7 years |
5_EARNINGS_PER_SHARE_INFORMATI2
5. EARNINGS PER SHARE INFORMATION (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
EARNINGS PER SHARE INFORMATION | ' | ' | ' | ' |
Net Loss | ($389,520) | ($781,394) | ($1,536,733) | ($2,566,476) |
Basic weighted-average common shares outstanding | 55,787,554 | 55,787,554 | 55,787,554 | 55,787,554 |
Basic loss per common share | ($0.01) | ($0.01) | ($0.03) | ($0.05) |
4_SHAREHOLDERS_EQUITY_Details_
4. SHAREHOLDERS' EQUITY (Details Narrative) (USD $) | Dec. 31, 2013 |
Notes to Financial Statements | ' |
Amount paid from the first distribution | $51,346,433 |
Amount payable from the first distribution | 6,672,623 |
Amount paid from the second distribution | 14,801,523 |
Amount payable from the second distribution | $1,934,742 |