UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: March 31, 2013 |
Commission File No. 333-178000
Bnet Media Group, Inc.
(Exact name of Registrant as specified in its charter)
Nevada |
| 30-0523156 |
(State or other jurisdiction of incorporation or organization) |
| (I.R.S. Employer Identification No.) |
122 West 26th Street, 5th Floor, New York, NY 10001
(Address of principal executive offices, Zip Code)
1 (917) 720-3541
(Registrants telephone number, including area code)
(Former Name, Former Address)
Indicate by check mark whether the Registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | [ ] | Accelerated filer | [ ] |
Non-accelerated filer | [ ] | Smaller reporting company | [X] |
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]
As of April 22, 2013, the Registrant had 8,800,000 shares of its $0.001 par value Common Stock outstanding.
i
TABLE OF CONTENTS
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PART I - FINANCIAL INFORMATION |
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Item 1. Financial Statements |
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Condensed consolidated Balance Sheets as of March 31, 2013 and December 31, 2012 |
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Condensed consolidated Statements of Operations for the three months ended March 31, 2013 and 2012 and from inception on December 29, 2008 through March 31, 2013 |
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Condensed consolidated Statements of Cash Flows for the three months ended March 31, 2013 and 2012 and from inception on December 29, 2008 through March 31, 2013 |
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Notes to the Condensed Consolidated Financial Statements |
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Item 2. Managements Discussion and Analysis of the Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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Item 4. Controls and Procedures |
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PART II - OTHER INFORMATION |
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Item 1. Legal Proceedings |
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Item 1A. Risk Factors |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3. Defaults Upon Senior Securities |
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Item 4. Mine Safety Disclosures |
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Item 5. Other Information |
| 10 |
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Item 6. Exhibits |
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Bnet Media Group, Inc. | ||||||||
(FKA BnetEFactor, Inc.) | ||||||||
(A Development Stage Company) | ||||||||
Consolidated Balance Sheets | ||||||||
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ASSETS | ||||||||
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| March 31, |
| December 31, | ||
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| 2013 |
| 2012 | ||
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CURRENT ASSETS |
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| Cash | $ | 534 |
| $ | 534 | ||
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| Total Current Assets |
| 534 |
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| 534 | |
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| TOTAL ASSETS | $ | 534 |
| $ | 534 | |
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LIABILITIES AND STOCKHOLDERS' DEFICIT | ||||||||
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CURRENT LIABILITIES |
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| Accounts payable | $ | 44,917 |
| $ | 32,010 | ||
| Accounts payable - related parties |
| 4,000 |
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| Total Current Liabilities |
| 48,917 |
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| 32,010 | |
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STOCKHOLDERS' EQUITY (DEFICIT) |
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| Preferred stock: $0.001 par value, 100,000,000 shares |
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| authorized, no shares issued and outstanding |
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| Common stock: $0.001 par value, 800,000,000 shares |
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| authorized, 8,800,000 and 8,800,000 shares |
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| issued and outstanding, respectively |
| 8,800 |
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| 8,800 | ||
| Additional paid-in capital |
| 115,200 |
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| 115,200 | ||
| Deficit accumulated during the development stage |
| (172,383) |
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| (155,476) | ||
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| Total Stockholders' Deficit |
| (48,383) |
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| (31,476) | |
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| TOTAL LIABILITIES AND STOCKHOLDERS' |
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| DEFICIT | $ | 534 |
| $ | 534 | |
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The accompanying notes are an integral part of these unaudited financial statements. |
2
Bnet Media Group, Inc. | |||||||||||
(FKA BnetEFactor, Inc.) | |||||||||||
(A Development Stage Company) | |||||||||||
Consolidated Statements of Operations | |||||||||||
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| From Inception of | |
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| the Development | |||
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| Stage on December | |||
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| For the Three Months Ended |
| 29, 2008 Through | |||||
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| March 31, |
| March 31, | |||||
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| 2013 |
| 2012 |
| 2013 | |||
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| (Unaudited) |
| (Unaudited) |
| (Unaudited) | |||
OPERATING EXPENSES |
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| Impairment of intangible assets |
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| - |
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| 25,000 | |
| Professional fees |
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| 16,205 |
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| 9,016 |
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| 131,046 | |
| General and administrative |
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| 702 |
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| 1,851 |
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| 16,337 | |
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| Total Operating Expenses |
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| 16,907 |
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| 10,867 |
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| 172,383 |
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LOSS FROM OPERATIONS |
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| (16,907) |
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| (10,867) |
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| (172,383) | ||
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INCOME TAX EXPENSE |
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| - |
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NET LOSS |
| $ | (16,907) |
| $ | (10,867) |
| $ | (172,383) | ||
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BASIC AND DILUTED LOSS |
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PER COMMON SHARE |
| $ | (0.00) |
| $ | (0.00) |
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WEIGHTED AVERAGE NUMBER OF |
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COMMON SHARES OUTSTANDING |
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| 8,800,000 |
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| 8,800,000 |
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The accompanying notes are an integral part of these unaudited financial statements |
3
Bnet Media Group, Inc. | |||||||||||
(FKA BnetEFactor, Inc.) | |||||||||||
(A Development Stage Company) | |||||||||||
Consolidated Statements of Cash Flows | |||||||||||
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| From Inception | ||
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| on December 29, | |||
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| For the Three Months Ended |
| 2008 Through | |||||
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| March 31, |
| March 31, | |||||
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| 2013 |
| 2012 |
| 2013 | |||
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| (Unaudited) |
| (Unaudited) |
| (Unaudited) | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
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| Net loss | $ | (16,907) |
| $ | (10,867) |
| $ | (172,383) | ||
| Adjustments to reconcile net loss to |
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| net cash used in operating activities: |
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| Common stock issued for services |
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| 3,000 | |
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| Impairment of intangible assets |
| - |
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| 25,000 | |
| Changes in operating assets and liabilities: |
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| Refundable deposits |
| - |
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| - |
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| Accounts payable |
| 12,907 |
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| 896 |
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| 44,917 | |
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| Accounts payable - related parties |
| 4,000 |
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| 6,516 |
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| 4,000 | |
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| Net Cash Used in Operating Activities |
| - |
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| (3,455) |
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| (95,466) |
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CASH FLOWS FROM INVESTING ACTIVITIES |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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| Common stock issued for cash |
| - |
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| 96,000 | |
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| Net Cash Provided by Financing Activities |
| - |
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| 96,000 |
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| NET INCREASE (DECREASE) IN CASH |
| - |
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| (3,455) |
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| 534 | |
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| CASH AT BEGINNING OF PERIOD |
| 534 |
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| 18,673 |
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| CASH AT END OF PERIOD | $ | 534 |
| $ | 15,218 |
| $ | 534 | |
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SUPPLEMENTAL DISCLOSURES OF |
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| CASH FLOW INFORMATION |
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| CASH PAID FOR: |
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| Interest | $ | - |
| $ | - |
| $ | - | |
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| Income Taxes | $ | - |
| $ | - |
| $ | - | |
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| NON CASH FINANCING ACTIVITIES: |
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| Common stock issued for subsidiary | $ | - |
| $ | - |
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| 25,000 | |
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The accompanying notes are an integral part of these unaudited financial statements. |
4
Bnet Media Group, Inc.
(fka BnetEFactor, Inc.)
(A Development Stage Company)
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2013 and December 31, 2012
NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
The accompanying condensed consolidated 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 at March 31, 2013, and for all periods presented herein, 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 condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 2012 audited consolidated financial statements. The results of operations for the periods ended March 31, 2013 and 2012 are not necessarily indicative of the operating results for the full years.
NOTE 2 - GOING CONCERN
The Company's consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
NOTE 3 SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements.
5
Bnet Media Group, Inc.
(fka BnetEFactor, Inc.)
(A Development Stage Company)
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2013 and December 31, 2012
NOTE 4- RELATED PARTY
As of March 31, 2013, the Company is indebted to a related party for the amount of $4,000. This amount is unsecured, non-interest bearing, and due on demand.
6
ITEM 2
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended, and Rule 3b-6 promulgated thereunder, The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and related notes to the financial statements included elsewhere in this periodic report. Some of the statements under Managements Discussion and Analysis, Description of Business and elsewhere herein may include forward-looking statements which reflect our current views with respect to future events and financial performance. These statements include forward-looking statements both with respect to us specifically Digital Publishing industry in general. Statements which include the words expect, intend, plan, believe, project, anticipate, "estimate" "continuing" "ongoing" "expect"will, and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. The safe harbor provisions of the federal securities laws do not apply to any forward-looking statements contained in this registration statement.
All forward-looking statements address such matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise.
If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements you read herein reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our written and oral forward-looking statements attributable to us or individuals acting on our behalf and such statements are expressly qualified in their entirety by this paragraph.
A.
Results of Operations
For the three months ended March 31, 2013 and 2012
The Company has not conducted any active operations for the years periods ended March 31, 2013 and 2012 except for its efforts to execute its business online publishing and to locate suitable acquisition candidates. No revenue has been generated by the Company for the periods ending March 31, 2013 and 2012. It is unlikely the Company will have any revenues unless it is able to complete the transactions contemplated by the Acquisition Agreement with bNET Communications, Inc. or, alternatively, effect an acquisition or merger with another operating company, of which there can be no assurance. It is management's assertion that these circumstances may hinder the Company's ability to continue as a going concern. The Companys plan of operation for the rest of 2013 shall be to consummate the transactions contemplated by the Acquisition Agreement.
Our operating expenses for three months ended March 31, 2013 were $16,907 compared to $10,867 in 2012, an increase of $6,040. The primary component of operating expenses during the three months ended March 31, 2013 was professional fees of $16,205. This compares to professional fees of $9,016 during 2012. In 2013 professional fees were higher by approximately $7,189 due to legal and accounting expenses incurred in connection with the Companys filings with the SEC.
Our net loss for the three months ended March 31, 2013 was $16,907, compared to a net loss of $10,867 in 2012. This translates to a loss per share of $0.00 in both periods.
B.
Managements Discussion and Analysis of Financial Condition and Results of Operations.
Cash Requirements
During the next 12 months we anticipate incurring costs related to filing of our quarterly, annual and other reports under the Securities Exchange Act of 1934, including legal, accounting and filing fees. Our operating expenses associated with maintaining our status as a public company and undertaking efforts are estimated at $30,000 annually. We do not believe that we will be able to meet these costs with our current cash on hand and will initially seek loans from our management and, if necessary attempt to obtain debt or equity funding in order to maintain operations.
7
Liquidity and Capital Resources
Overview
For the three months ended March 31, 2013 and 2012
We used $-0-, of cash for operating activities during the period ended March 31, 2013 compared to $3,455 during 2012. The cash was used to pay our operating expenses.
Financing Activities
We received $-0- of cash from financing activities during the three months ended March 31, 2013 compared with $-0- during the three months ended March 31, 2012. This left us with cash of $534, as of March 31, 2013.
Our ability to continue as a going concern in the next 12 months depends on our ability to obtain sources of capital to fund our continuing operations. As of March 31, 2013 our remaining cash balance is not sufficient to cover our current liabilities, obligations and working capital needs for the balance of 2013. Unless we are able to obtain the loans from our management we will need to raise additional capital through a debt or equity financing, to meet our general cash flow requirements. There are no assurances, however, that we will be able raise the necessary additional capital.
Our independent auditors have qualified their opinion for the year ended December 31, 2012 and 2011 to indicate that substantial doubt exists regarding our ability to continue as a going concern. If we are unable to commence revenue producing activities during the next 12 months we may be required to raise additional operating capital through loans from our management or the sale of our common stock.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Critical Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries, Quiet Star, Inc. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Fair Value of Financial Instruments
Financial instruments, including cash and accrued expenses and other liabilities are carried at amounts, which reasonably approximate their fair value due to the short-term nature of these amounts or due to variable rates of interest, which are consistent with market rates.
Revenue Recognition
The Company will determine its revenue recognition policies upon commencement of principle operations.
Stock-based compensation
8
The Company has adopted ASC 718 effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 718.
Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements.
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM 4.
CONTROLS AND PROCEDURES
The term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Exchange Act (15 U.S.C. 78a, et seq.) is recorded, processed, summarized and reported, within the time periods specified in the Commissions rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuers management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
The term internal control over financial reporting is defined as a process designed by, or under the supervision of, the issuers principal executive and principal financial officers, or persons performing similar functions, and effected by the issuers board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:
·
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the issuer;
·
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the issuer are being made only in accordance with authorizations of management and directors of the issuer; and
·
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the issuers assets that could have a material effect on the financial statements.
Our management, including our chief executive officer and chief financial officer, does not expect that our disclosure controls and procedures or our internal controls over financial reporting will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, internal control over financial reporting may not prevent or detect misstatements, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the registrant have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Evaluation of Disclosure and Controls and Procedures.
9
Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. The evaluation was undertaken in consultation with our accounting personnel. Based on that evaluation, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures are not effective. Each of the factors identified in the 10-K filed with the Securities and Exchange Commission on April 12, 2013 have remained unresolved and have been considered to be material weaknesses in our controls.
Changes in Internal Controls over Financial Reporting.
Evaluation of disclosure controls and procedures. Our Chief Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q (the "Evaluation Date"), has concluded that as of the Evaluation Date, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Based on our evaluation, management has identified the following material weaknesses that have caused management to conclude that, as of March 31, 2013, our internal control over financial reporting, were not effective at the reasonable assurance level:
We do not have sufficient segregation of duties within accounting functions, which is a basic internal control. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions should be performed by separate individuals. Management evaluated the impact of our failure to have segregation of duties on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.
We have not documented our internal controls. We have limited policies and procedures that cover the recording and reporting of financial transactions and accounting provisions. As a result we may be delayed in our ability to calculate certain accounting provisions. While we believe these provisions are accounted for correctly in the attached audited financial statements our lack of internal controls could lead to a delay in our reporting obligations. Reporting companies have been required to provide written documentation of key internal controls over financial reporting beginning with fiscal years ended on or after December 31, 2009. Management evaluated the impact of our failure to have written documentation of our internal controls and procedures on our assessment of our disclosure controls and procedures and has concluded that the control deficiency that resulted represented a material weakness.
To address these material weaknesses, management performed additional analyses and other procedures to ensure that the financial statements included herein fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.
PART II - OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
We are not a party to any pending legal proceeding. No federal, state or local governmental agency is presently contemplating any proceeding against the Company. No director, executive officer or affiliate of the
10
Company or owner of record or beneficially of more than five percent of the Company's common stock is a party adverse to the Company or has a material interest adverse to the Company in any proceeding.
ITEM 1A.
RISK FACTORS
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM 2.
UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS
None
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
None
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable to our Company.
ITEM 5.
OTHER INFORMATION
None.
11
ITEM 6.
EXHIBITS
3.1 | Articles of Incorporation (1) |
3.2 | Bylaws (1) |
3.3 | Amended and Restated Articles of Incorporation (2) |
3.4 | Amended Bylaws (2) |
3.5 | Certificate of Amendment to Articles of Incorporation (3) |
10.1 | Asset Purchase Agreement between bNET Communications, Inc. and BnetEFactor, Inc. (3) |
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 * |
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 * |
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 * |
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 * |
101.INS | XBRL INSTANCE DOCUMENT ** |
101.SCH | XBRL TAXONOMY EXTENSION SCHEMA ** |
101.CAL | XBRL TAXONOMY EXTENSION CALCULATION LINKBASE ** |
101.DEF | XBRL TAXONOMY EXTENSION DEFINITION LINKBASE ** |
101.LAB | XBRL TAXONOMY EXTENSION LABEL LINKBASE ** |
101.PRE | XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE ** |
* | filed herewith. |
** | In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this Annual Report on Form 10-K shall be deemed furnished and not filed. |
(1) | Incorporated by reference to the Registration Statement on Form S-1 as filed with the Securities and Exchange Commission on November 16, 2011. |
(2) | Incorporated by reference to the Current Report on Form 8-K as filed with the Securities and Exchange Commission on September 27, 2012. |
(3) | Incorporated by reference to the Current Report on Form 8-K as filed with the Securities and Exchange Commission on March 21, 2013. |
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BNET MEDIA GROUP, INC. | ||
Dated: April 30, 2013 |
| /s/ Gerald E. Sklar |
|
|
| By: Gerald E. Sklar |
|
|
| Its: Chief Executive Officer and Principal Executive Officer |
|
| |||
Dated: April 30, 2013 |
| /s/ Robert Nickolas Jones |
|
|
| By: Robert Nickolas Jones |
|
|
| Its: Chief Financial Officer and Principal Accounting Officer |
|
12
Exhibit 31.01
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14
I, Gerald E. Sklar, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Bnet Media Group, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The small business issuers other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have, for the small business issuer and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under my supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the small business issuers disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)
Disclosed in this report any change in the small business issuers internal control over financial
reporting that occurred during the small business issuers most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuers internal control over financial reporting; and
5.
The small business issuers other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuers auditors and the audit committee of the small business issuers board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the small business issuers ability to record, process, summarize and report financial information; and
(b)
Any fraud, whether or not material, that involves management or other employees who have a
significant role in the small business issuers internal control over financial reporting.
Dated: April 30, 2013
/s/ Gerald E. Sklar
___________________________
By: Gerald E. Sklar
Its: Chief Executive Officer and Principal Executive Officer
Exhibit 31.02
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14
I, Robert Nickolas Jones, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of Bnet Media Group, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
The small business issuers other certifying officer and I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer and have, for the small business issuer and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under my supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiary, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the small business issuers disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and,
(d)
Disclosed in this report any change in the small business issuers internal control over financial
reporting that occurred during the small business issuers most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the small business issuers internal control over financial reporting; and,
5.
The small business issuers other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the small business issuers auditors and the audit committee of the small business issuers board of directors (or persons performing the equivalent functions):
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the small business issuers ability to record, process, summarize and report financial information; and,
(b)
Any fraud, whether or not material, that involves management or other employees who have a
significant role in the small business issuers internal control over financial reporting.
Date: April
Dated: April 30, 2013
/s/ Robert Nickolas Jones
___________________________
By: Robert Nickolas Jones
Its: Chief Financial Officer and Principal Accounting Officer
EXHIBIT 32.1
Section 1350 Certification
In connection with the Quarterly Report of Bnet Media Group, Inc. (the “Company”) on Form 1Q-K for the period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Gerald E. Sklar, Chief Executive Officer and Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and |
2. | The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company. | ||
|
| ||
April 30, 2013 |
| /s/Gerald E. Sklar Gerald E. Sklar, Chief Executive Officer and Principal Executive Officer
|
EXHIBIT 32.2
Section 1350 Certification
In connection with the Quarterly Report of Bnet Media Group, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2013 as filed with the Securities and Exchange Commission (the “Report”), I, Robert Nickolas Jones, Financial Officer and Principal Accounting Officer of the Company, certify, pursuant to 18 U.S.C. SS. 1350, as adopted pursuant to SS. 906 of the Sarbanes-Oxley Act of 2002, that:
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and |
2. | The information contained in the Report fairly presents, in all material respects, the financial conditions and results of operations of the Company. | ||
|
| ||
April 30, 2013 |
| /s/Robert Nickolas Jones Robert Nickolas Jones, Chief Financial Officer and Principal Accounting Officer
|
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Significant Accounting Policies: Use of Estimates (Policies)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Policies | |
Use of Estimates | Use of Estimates |
Related Party
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Notes | |
Related Party | NOTE 4- RELATED PARTY
As of March 31, 2013, the Company is indebted to a related party for the amount of $4,000. This amount is unsecured, non-interest bearing, and due on demand.
|
Consolidated Balance Sheets (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Cash | $ 534 | $ 534 |
Total Current Assets | 534 | 534 |
TOTAL ASSETS | 534 | 534 |
Accounts payable | 44,917 | 32,010 |
Accounts payable - related parties | 4,000 | |
Total Current Liabilities | 48,917 | 32,010 |
Common stock: $0.001 par value, 800,000,000 shares authorized, 8,800,000 and 8,800,000 shares issued and outstanding, respectively | 8,800 | 8,800 |
Additional paid-in capital | 115,200 | 115,200 |
Deficit accumulated during the development stage | (172,383) | (155,476) |
Total Stockholders' Deficit | (48,383) | (31,476) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 534 | $ 534 |
Going Concern
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Notes | |
Going Concern | NOTE 2 - GOING CONCERN The Company's consolidated financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
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Significant Accounting Policies
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Notes | |
Significant Accounting Policies | NOTE 3 SIGNIFICANT ACCOUNTING POLICIES Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Companys financial position, or statements.
|
Consolidated Statements of Operations (USD $)
|
3 Months Ended | 51 Months Ended | |
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
|
Impairment of intangible assets | $ 25,000 | ||
Professional fees | 16,205 | 9,016 | 131,046 |
General and administrative | 702 | 1,851 | 16,337 |
Total Operating Expenses | 16,907 | 10,867 | 172,383 |
LOSS FROM OPERATIONS | (16,907) | (10,867) | (172,383) |
NET INCOME (LOSS) | $ (16,907) | $ (10,867) | $ (172,383) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0.00 | $ 0.00 | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 8,800,000 | 8,800,000 | 8,800,000 |
Document and Entity Information (USD $)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Document and Entity Information: | |
Entity Registrant Name | Bnet Media Group, Inc. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2013 |
Amendment Flag | false |
Entity Central Index Key | 0001501268 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 8,800,000 |
Entity Public Float | $ 8,800,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | Yes |
Entity Well-known Seasoned Issuer | Yes |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Cash Flows (USD $)
|
3 Months Ended | 51 Months Ended | |
---|---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
Mar. 31, 2013
|
|
Net loss | $ (16,907) | $ (10,867) | $ (172,383) |
Common stock issued for services | 3,000 | 3,000 | |
Impairment of intangible assets | 25,000 | ||
Change in accounts payable | 12,907 | 896 | 44,917 |
Change in accounts payable - related parties | 4,000 | 6,516 | 4,000 |
Net Cash Used in Operating Activities | (3,455) | (95,466) | |
Common stock issued for cash | 96,000 | ||
Net Cash Provided by Financing Activities | 96,000 | ||
NET INCREASE (DECREASE) IN CASH | (3,455) | 534 | |
CASH AT BEGINNING OF PERIOD | 534 | 18,673 | |
CASH AT END OF PERIOD | 534 | 15,218 | 534 |
Common stock issued for subsidiary | $ 25,000 |
Condensed Consolidated Financial Statements
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Notes | |
Condensed Consolidated Financial Statements | NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying condensed consolidated 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 at March 31, 2013, and for all periods presented herein, 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 condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's December 31, 2012 audited consolidated financial statements. The results of operations for the periods ended March 31, 2013 and 2012 are not necessarily indicative of the operating results for the full years. |
Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements
The Company has evaluated recent accounting pronouncements and their adoption has |