0001551163-15-000181.txt : 20150814 0001551163-15-000181.hdr.sgml : 20150814 20150814120840 ACCESSION NUMBER: 0001551163-15-000181 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20150630 FILED AS OF DATE: 20150814 DATE AS OF CHANGE: 20150814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bnet Media Group, Inc. CENTRAL INDEX KEY: 0001501268 STANDARD INDUSTRIAL CLASSIFICATION: BOOKS: PUBLISHING OR PUBLISHING AND PRINTING [2731] IRS NUMBER: 300523156 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-178000 FILM NUMBER: 151053949 BUSINESS ADDRESS: STREET 1: 291 S 200 W CITY: FARMINGTON STATE: UT ZIP: 84025 BUSINESS PHONE: 8019288266 MAIL ADDRESS: STREET 1: 291 S 200 W CITY: FARMINGTON STATE: UT ZIP: 84025 FORMER COMPANY: FORMER CONFORMED NAME: BnetEFactor, Inc. DATE OF NAME CHANGE: 20121003 FORMER COMPANY: FORMER CONFORMED NAME: Horizontal Marketing Corp. DATE OF NAME CHANGE: 20100914 10-Q 1 bnetmediagroup10qjune302015v.htm Converted by EDGARwiz

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:   June 30, 2015


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.)

 

352 South 200 West, Suite 3, Farmington, UT 84025


 (Address of principal executive offices, Zip Code)


 (801) 928-8266

 ___________________________________________

(Registrants telephone number, including area code)

N/A

 (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 [  ]


Indicate the number of shares outstanding of each of the issuer's classes of Common Stock, as of the latest practicable date.


Class

Number of Shares Outstanding

Common Stock $0.001 par value.

35,015,000 shares outstanding as of August __, 2015




1



TABLE OF CONTENTS

 


Page

PART I - FINANCIAL INFORMATION



Item 1.     Financial Statements

1



Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 (unaudited)

2



Consolidated Statements of Operations for the three and six month periods ended June 30, 2015 and 2014 (unaudited)

3



Consolidated Statements of Cash Flows for the six month periods ended June 30, 2015 and 2014 (unaudited)

4



Notes to the Consolidated Financial Statements (unaudited)

5



Item 2.     Managements Discussion and Analysis of the Financial Condition and Results of Operations

7



Item 3.     Quantitative and Qualitative Disclosures About Market Risk

10



Item 4.     Controls and Procedures

10

PART II - OTHER INFORMATION

Item 1.     Legal Proceedings

12



Item 1A.  Risk Factors

12



Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

12



Item 3.     Defaults Upon Senior Securities

12



Item 4.     Mine Safety Disclosures

12



Item 5.     Other Information

12



Item 6.     Exhibits

13





2




PART I

FINANCIAL INFORMATION



This Quarterly Report includes forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the Exchange Act).  These statements are based on managements beliefs and assumptions, and on information currently available to management.  Forward-looking statements include the information concerning our possible or assumed future results of operations set forth under the heading Managements Discussion and Analysis of Financial Condition and Results of Operations.  Forward-looking statements also include statements in which words such as expect, anticipate, intend, plan, believe, estimate, consider, or similar expressions are used.


Forward-looking statements are not guarantees of future performance.  They involve risks, uncertainties, and assumptions.  Our future results and shareholder values may differ materially from those expressed in these forward-looking statements.  Readers are cautioned not to put undue reliance on any forward-looking statements.  


ITEM 1. -- FINANCIAL STATEMENTS


As used herein, the terms Bnet, the Company, we, our, and us refer to Bnet Media Group, Inc., a Nevada corporation, unless otherwise indicated.  The unaudited financial statements of registrant for the three and six months ended June 30, 2015 and 2014 follow. The financial statements reflect all adjustments that are, in the opinion of management, necessary to a fair statement of the results for the periods presented.  All such adjustments are of a normal and recurring nature



Bnet Media Group, Inc.

Consolidated Balance Sheets










ASSETS












June 30,


December 31,





2015


2014





(unaudited)


 

 

CURRENT ASSETS
















Cash

$

2,538


$

                529












Total Current Assets


                2,538



                529











Other Assets


              18,866



                    18,866









 



TOTAL ASSETS

$

              21,404


$

                19,462










LIABILITIES AND STOCKHOLDERS' DEFICIT










CURRENT LIABILITIES
















Accounts payable    

$

              87,138


$

73,550


Customer Deposits


                3,000



                    -


Accounts payable - related parties

 

                   100


 

48,268












Total Current Liabilities

 

              90,238


 

           121,818










STOCKHOLDERS' EQUITY (DEFICIT)
















Preferred stock








Series A:  $0.001 par value, 100,000,000 shares authorized, 13,587,000 and 7,787,000 shares issued and outstanding, respectively


              13,587



             7,787



Series B:  .001 par value, 20,000,000 shares authorized, 8,021,796 and -0- shares issued and outstanding respectively


                8,022



8,022



Series C:  .001 par value, 20,000,000 shares authorized, -0- and -0- shares issued and outstanding respectively


-



-



Series D:  .001 par value, 20,000,000 shares authorized, -0- and -0- shares issued and outstanding respectively


-



-


Common stock: $0.001 par value, 800,000,000 shares







   authorized, 21,428,000 and 16,208,000 shares







   issued and outstanding, respectively


21,428



16,208


Additional paid-in capital


165,616



         118,636


Deficit accumulated during the development stage

 

            (277,487)


 

        (253,009)


   









Total Stockholders' Deficit

 

             (68,834)


 

          (102,356)












TOTAL LIABILITIES AND STOCKHOLDERS'

 



 




  DEFICIT

$

              21,404


$

                19,462










The accompanying notes are an integral part of these unaudited consolidated financial statements.



Bnet Media Group, Inc.

Consolidated Statements of Operations






For the Three Months Ended


For the Six Months Ended





June 30,


June 30,





2015


2014


2015


2014






(Unaudited)



(Unaudited)



(Unaudited)



(Unaudited)

OPERATING EXPENSES





























Professional fees



             15,325



               7,410



21,410



19,923


General and administrative


 

               1,643


 

                   42


 

3,068


 

157


















Total Operating Expenses


 

             16,968


 

               7,452


 

           24,478


 

              20,080
















LOSS FROM OPERATIONS



            (16,968)



              (7,452)



          (24,478)



             (20,080)
















INCOME TAX EXPENSE


 

                      -


 

                      -


 

                    -


 

                       -
















NET LOSS


$

            (16,968)


$

              (7,452)


$

          (24,478)


$

             (20,080)
















BASIC AND DILUTED LOSS













  PER COMMON SHARE


$

(0.00)


$

(0.00)


$

(0.00)


$

(0.00)
















WEIGHTED AVERAGE NUMBER OF













   COMMON SHARES OUTSTANDING


 

20,969,099


 

       16,208,000


 

18,601,702


 

        16,208,000
















The accompanying notes are an integral part of these unaudited consolidated financial statements



Bnet Media Group, Inc.

Consolidated Statements of Cash Flows






For the Six Months Ended





June 30,





2015


2014






(Unaudited)



(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES
















Net loss

 $

       (24,478)


 $

       (20,080)


Adjustments to reconcile net loss to







  net cash used in operating activities:








Common stock issued for services


                -



                -



Impairment of intangible assets


                -



                -


Changes in operating assets and liabilities:








Customer deposits


         3,000



                -



Accounts payable


        13,588



        19,173



Accounts payable - related parties


         9,832



         1,000













Net Cash Provided by Operating Activities


         1,942



              93










CASH FLOWS FROM INVESTING ACTIVITIES


                -



                -










CASH FLOWS FROM FINANCING ACTIVITIES


                -



                -




 








NET INCREASE (DECREASE) IN CASH


         1,942



              93












CASH AT BEGINNING OF PERIOD


            596



            534












CASH AT END OF PERIOD

$

         2,538


$

            627










SUPPLEMENTAL DISCLOSURES OF






 

CASH FLOW INFORMATION
















CASH PAID FOR:

















Interest

$

                -


$

                -



Income Taxes

$

                -


$

                -











NON CASH FINANCING ACTIVITIES:

















Preferred stock issued for other investment

 $

                -


 $

        18,866



Preferred stock -"Series A" issued for debt - related party

 $

         5,800


 $

                -



Common stock issued for debt - related party

 $

        52,200


 $

                -










The accompanying notes are an integral part of these unaudited 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 June 30, 2015, 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, 2014 audited consolidated financial statements.  The results of operations for the periods ended June 30, 2015 and 2014 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.




NOTE 3 SIGNIFICANT ACCOUNTING POLICIES (Continued)


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.


NOTE 4- RELATED PARTY


As of June 30, 2015, the Company is indebted to a related party for the amount of $100. This amount is unsecured, non-interest bearing, and due on demand.


On April 8, 2015, our board approved the issuance of  the following securities in satisfaction of $58,000 of debt as follows:


(1)           5,800,000 shares of Series A Non-convertible Preferred Stock at a price of $0.001 per share, for a total of $5,800; and


(2)           5,220,000 shares of common stock at a price of $0.01 per shares for a total of $52,200.


 The securities were issued to our Chief Executive Officer, Gerald Sklar in lieu of cash as full payment for $58,000 in funds advanced to pay the registrations operations expenses, Arnold Sopzek, one of our directors. Our securities were issued in reliance on an exemption from registration available under Section 4(2) of the Securities Act of 1933, as amended.


On April 8, 2015, our directors approved the appointment of Robert Nickolas Jones, our Chief Financial Officer, to serve as our secretary and treasurer and to fill the vacancy created by the death of David M. Young, a director who was also serving as our secretary. Mr. Jones was appointed to serve as the secretary and treasurer until the next annual meeting and until such time as his successor is duly appointed.


NOTE 5 SUBSEQUENT EVENTS


On July 20, 2015, the Companys board of directors approved the issuance of 40,000,000 shares of the Companys securities in satisfaction of $40,000 of debt as follows:


(1)           6,413,000 shares of Series A Non-convertible Preferred Stock at a price of $0.01 per share, for a total of $6,413.00; and


(2)           13,587,000 shares of common stock at a price of $0.001 per shares for a total of $13,587.00, and


(3).

20,000,000 shares of Series D Convertible Preferred Stock at a price of $0.01 per share, for a total of $20,000.00

  

The securities were issued to the Companys Chief Executive Officer, Gerald Sklar, Chief Financial Officer, R Nickolas Jones, and Board of Director member, Arnold Sopczak in lieu of cash as full payment for $40,000 in funds advanced to pay the Companys operations expenses.



1




ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS




2




This Managements Discussion and Analysis of Financial Condition and Results of Operations and other parts of this current report contain forward-looking statements that involve risks and uncertainties. Forward-looking statements can also be identified by words such as anticipates, expects, believes, plans, predicts, and similar terms. Forward-looking statements are not guarantees of future performance and our actual results may differ significantly from the results discussed in the forward-looking statements. The following discussion should be read in conjunction with our financial statements and notes thereto included in this report. Our fiscal year end is December 31.


Company Overview


We are a Nevada corporation incorporated on December 29, 2008. We have not conducted any active operations during the fiscal years ended December 31, 2014 and 2013 and we have not generated any revenues since our inception.  It is unlikely we will have any revenues unless we are able to complete the transactions contemplated by the Acquisition Agreement with BNET Communications, Inc. or we are able to monetize the Ruby Art Carvings discussed below. It is management's assertion that these circumstances may hinder our ability to continue as a going concern.


Results of Operations


For the three and six months ended June 30, 2015 and 2014


Revenues


We have had no revenues in either of the three-month or six-month periods ended June 30, 2015 or 2014. It is unlikely we will have any revenues unless we are able to complete the transaction contemplated by the bNET Asset Purchase Agreement or we are able to monetize the Ruby Art Carvings. It is management's assertion that these circumstances may hinder our ability to continue as a going concern.


Total Operating Expenses and Total Other Income (Expenses)


Our operating expenses for three and six month periods ended June 30, 2015 were $16,968 and $24,478 compared to $7,452  and $20,080 for the same periods ended June 30, 2014, an increase of $9,516 and $4,398.  The primary component of operating expenses during all of the respective periods are professional fees due to legal and accounting expenses incurred in connection with meeting our financial and reporting obligations associated with the reports and other filings we make with the Securities and Exchange Commission.


Our net loss for the three and six month periods ended June 30, 2015 was $16,968 and $24,478, respectively, compared to a net loss of  $7,452 and $20,080 for the same periods in 2014. This translates to a loss per share of $(0.00) in all periods, based on a weighted average number of common shares outstanding of 20,969,099 and 18,601,702 for the three months and six months ended June 30, 2015, and 16,208,000 for the three and six months ended June 30, 2014.


Liquidity and Capital Resources


Liquidity is our ability to generate sufficient cash to satisfy our need for cash.  At June 30, 2015 we had a working capital deficit of $87,700, as compared to a working capital deficit of $121,289  at December 31, 2014.  At June 30, 2015 and June 30, 2014, we had assets consisting a ruby collection and cash of $2,538 and $622 respectively.  At June 30, 2015, we had current liabilities of $90,238 as compared to $107,972 at June 30, 2014.

 

At present we expect to have monthly overhead costs of approximately $5,000 per month until we complete the proposed bNET Asset Purchase Agreement or monetize our other assets. This estimate is based on managements assessment of ongoing legal and accounting fees associated with meeting our reporting obligations. Our present cash is not sufficient to pay our overhead costs. Since our inception, our primary sources of liquidity have been generated by the sale of equity securities (including the issuance of securities in exchange for goods and services to third parties and to pay costs of employees).  Our future liquidity and our liquidity in the next 12 months, depends on our continued ability to obtain sources of capital to fund our continuing operations and completed acquisition of the assets as contemplated under the bNET Asset Purchase Agreement.  As of June 30, 2015, our remaining cash is insufficient to cover our current liabilities, obligations and contractual commitments for the remainder of 2015. Currently we are relying on loans from management to meet our ongoing operating expenses.  The actual amount and timing of our capital expenditures may differ materially from our estimates.  Aside from loans from our management, we will likely need to raise additional capital through the sale of equity and/or debt securities. Given the relative present illiquidity of the capital markets there are no assurances we will be able to raise any necessary capital. Our independent auditors have qualified their opinion for the year ended December 31, 2014 and 2013 to indicate that substantial doubt exists regarding our ability to continue as a going concern.


Cash Flows


For the six months ended June 30, 2015, net cash provided by operating activities was $1,942 attributed to proceeds from accounts payable, customer deposits and related-party accounts payable of $13,588, $3,000 and $9,832, respectively, to offset operational losses of $24,478.


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


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.

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 currently ineffective.  Each of the factors identified in the Form 10-K filed with the Securities and Exchange Commission for the fiscal year ending December 31, 2014 have remained unresolved and have been considered to be material weaknesses in our controls.

Changes in Internal Controls over Financial Reporting.

There were no changes in the internal controls over our financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.  The matters that management identified in the 10-K filed with the Securities and Exchange Commission for the fiscal year ended December 31, 2014, continue to be unresolved and still are considered material weaknesses in our internal control over financial reporting.

This report does not include an attestation report of the registrants registered public accounting firm regarding internal control over financial reporting.  Managements report was not subject to attestation by the registrants registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the registrant to provide only managements report in this report.




3




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 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


ITEM 5.

OTHER INFORMATION


None.




ITEM 6.

EXHIBITS


3.1

Articles of Incorporation (1)

3.2

Bylaws (1)

3.3

Amended and Restated Articles of Incorporation (2)(3)

3.4

Amended Bylaws (2)

3.5

Certificate of Amendment to Articles of Incorporation (3)

3.6

Certificate of Amendment to Articles of Incorporation (4)

10.1

Asset Purchase Agreement between bNET Communications, Inc. and BnetEFactor, Inc. (3)

10.4

Asset Purchase Agreement between Bnet Media Group, Inc. and Soren Soholt Christensen, dated April 9, 2014 (5)

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 Quarterly Report on Form 10-Q 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.

(4)

Incorporated by reference to the Current Report on Form 8-K as filed with the Securities and Exchange Commission on June 12, 2013.

(5)


Incorporated by reference to the Current Report on Form 8-K as filed with the Securities and Exchange

Commission on April 11, 2014




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: August 14, 2015


/s/ Gerald E. Sklar



By: Gerald E. Sklar



Its: Chief Executive Officer and Principal Executive Officer





Dated: August 14, 2015


/s/ Robert Nickolas Jones



By: Robert Nickolas Jones



Its: Chief Financial Officer and Principal Accounting Officer




4


EX-31 2 gesexhibit3101etcomments.htm Converted by EDGARwiz

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: August 14, 2013

/s/ Gerald E. Sklar

___________________________

By: Gerald E. Sklar

Its:  Chief Executive Officer and Principal Executive Officer



EX-31 3 rnjexhibit3102etcomments.htm Converted by EDGARwiz

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;


(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.

Date: April


Dated:

August 14, 2015

/s/ Robert Nickolas Jones

___________________________

By: Robert Nickolas Jones

Its:  Chief Financial Officer and Principal Accounting Officer



EX-101.INS 4 bnet-20150630.xml 10-Q 2015-06-30 false Bnet Media Group, Inc. 0001501268 --12-31 35015000 35015000 Smaller Reporting Company No No No 2015 Q2 2538 529 2538 529 18866 18866 21404 19462 87138 73550 3000 100 48268 90238 121818 13587 7787 8022 8022 21428 16208 165616 118636 -277487 -253009 -68834 -102356 21404 19462 15325 7410 21410 19923 1643 42 3068 157 16968 7452 24478 20080 -16968 -7452 -24478 -20080 -16968 -7452 -24478 -20080 -0.00 -0.00 -0.00 -0.00 20969099 16208000 18601702 16208000 -24478 -20080 3000 13588 19173 9832 1000 1942 93 1942 93 596 534 2538 627 18866 5800 52200 <!--egx--><pre><b>NOTE 1 - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></pre><pre style='text-align:justify'>The accompanying condensed consolidated financial statements have been prepared by the Company without audit.&#160; 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 June 30, 2015, and for all periods presented herein, have been made.</pre><pre style='text-align:justify'>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.&#160; 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, 2014 audited consolidated financial statements.&#160; The results of operations for the periods ended June 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years.</pre> <!--egx--><pre><b>NOTE 2 - GOING CONCERN</b></pre><pre style='text-align:justify'>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.</pre><pre style='text-align:justify'>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.</pre><pre style='text-align:justify'>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.</pre> <!--egx--><pre style='margin-right:-27.0pt;text-align:justify'><b>NOTE 3 &#150; SIGNIFICANT ACCOUNTING POLICIES</b></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>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.&#160; Actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <b><font lang="X-NONE"> </font></b> <div style='page:WordSection8'> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Recent Accounting Pronouncements</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company&#146;s financial position, or statements.</p></div> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'><b>NOTE 4- RELATED PARTY </b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>As of June 30, 2015, the Company is indebted to a related party for the amount of $100. This amount is unsecured, non-interest bearing, and due on demand. </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>On April 8, 2015, our board approved the issuance of&#160; the following securities in satisfaction of $58,000 of debt as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,800,000 shares of Series A Non-convertible Preferred Stock at a price of $0.001 per share, for a total of $5,800; and</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 5,220,000 shares of common stock at a price of $0.01 per shares for a total of $52,200.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&#160;The securities were issued to our Chief Executive Officer, Gerald Sklar in lieu of cash as full payment for $58,000 in funds advanced to pay the registration&#146;s operations expenses, Arnold Sopzek, one of our directors. Our securities were issued in reliance on an exemption from registration available under Section 4(2) of the Securities Act of 1933, as amended.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>On April 8, 2015, our directors approved the appointment of Robert Nickolas Jones, our Chief Financial Officer, to serve as our secretary and treasurer and to fill the vacancy created by the death of David M. Young, a director who was also serving as our secretary. Mr. Jones was appointed to serve as the secretary and treasurer until the next annual meeting and until such time as his successor is duly appointed.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'><b>NOTE 5 &#150; SUBSEQUENT EVENTS</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>On July 20, 2015, the Company&#146;s board of directors approved the issuance of 40,000 shares of the Company&#146;s securities in satisfaction of $40,000 of debt as follows:</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,413,000 shares of Series A Non-convertible Preferred Stock at a price of $0.01 per share, for a total of $6,413.00; and</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,587,000 shares of common stock at a price of $0.001 per shares for a total of $13,587.00, and</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>(3).&#160;&#160;&#160;&#160;&#160;&#160; 20,000,000 shares of Series D Convertible Preferred Stock at a price of $0.01 per share, for a total of $20,000.00</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-autospace:none'>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The securities were issued to the Company&#146;s Chief Executive Officer, Gerald Sklar, Chief Financial Officer, R Nickolas Jones, and Board of Director member, Arnold Sopczak in lieu of cash as full payment for $40,000 in funds advanced to pay the Company&#146;s operations expenses.</p> <b> </b> 0001501268 2015-01-01 2015-06-30 0001501268 2015-06-30 0001501268 2014-12-31 0001501268 2015-04-01 2015-06-30 0001501268 2014-04-01 2014-06-30 0001501268 2014-01-01 2014-06-30 0001501268 2013-12-31 0001501268 2014-06-30 iso4217:USD shares iso4217:USD shares EX-101.SCH 5 bnet-20150630.xsd 000110 - 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related parties {1} Accounts payable - related parties Entity Well-known Seasoned Issuer Entity Public Float Current Fiscal Year End Date Recent Accounting Pronouncements Preferred stock -"Series A" issued for debt - related party Adjustments to reconcile net loss to net cash used in operating activities: Professional fees ASSETS Amendment Flag Document and Entity Information: NON CASH FINANCING ACTIVITIES: CASH FLOWS FROM OPERATING ACTIVITIES Document Fiscal Period Focus Note 1 - Condensed Consolidated Financial Statements Preferred stock issued for other investment Customer deposits Additional paid-in capital WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING Total Stockholders' Deficit Income Taxes CASH FLOWS FROM FINANCING ACTIVITIES Profit (loss) Total Operating Expenses Preferred stock Series B: .001 par value, 20,000,000 shares authorized, 8,021,796 and -0- shares issued and outstanding respectively Entity Registrant Name Note 3 - Significant Accounting Policies Net Cash Used in Operating Activities CURRENT LIABILITIES CASH AT BEGINNING OF PERIOD CASH AT BEGINNING OF PERIOD CASH AT END OF PERIOD BASIC AND DILUTED LOSS PER COMMON SHARE Total Current Liabilities Entity Current Reporting Status Policies Note 5 - 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Note 5 - Subsequent Events
6 Months Ended
Jun. 30, 2015
Notes  
Note 5 - Subsequent Events

NOTE 5 – SUBSEQUENT EVENTS

 

On July 20, 2015, the Company’s board of directors approved the issuance of 40,000 shares of the Company’s securities in satisfaction of $40,000 of debt as follows:

 

(1)           6,413,000 shares of Series A Non-convertible Preferred Stock at a price of $0.01 per share, for a total of $6,413.00; and

 

(2)           13,587,000 shares of common stock at a price of $0.001 per shares for a total of $13,587.00, and

 

(3).       20,000,000 shares of Series D Convertible Preferred Stock at a price of $0.01 per share, for a total of $20,000.00

 

            The securities were issued to the Company’s Chief Executive Officer, Gerald Sklar, Chief Financial Officer, R Nickolas Jones, and Board of Director member, Arnold Sopczak in lieu of cash as full payment for $40,000 in funds advanced to pay the Company’s operations expenses.

XML 13 R8.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 4- Related Party
6 Months Ended
Jun. 30, 2015
Notes  
Note 4- Related Party

NOTE 4- RELATED PARTY

 

As of June 30, 2015, the Company is indebted to a related party for the amount of $100. This amount is unsecured, non-interest bearing, and due on demand.

 

On April 8, 2015, our board approved the issuance of  the following securities in satisfaction of $58,000 of debt as follows:

 

(1)           5,800,000 shares of Series A Non-convertible Preferred Stock at a price of $0.001 per share, for a total of $5,800; and

 

(2)           5,220,000 shares of common stock at a price of $0.01 per shares for a total of $52,200.

 

 The securities were issued to our Chief Executive Officer, Gerald Sklar in lieu of cash as full payment for $58,000 in funds advanced to pay the registration’s operations expenses, Arnold Sopzek, one of our directors. Our securities were issued in reliance on an exemption from registration available under Section 4(2) of the Securities Act of 1933, as amended.

 

On April 8, 2015, our directors approved the appointment of Robert Nickolas Jones, our Chief Financial Officer, to serve as our secretary and treasurer and to fill the vacancy created by the death of David M. Young, a director who was also serving as our secretary. Mr. Jones was appointed to serve as the secretary and treasurer until the next annual meeting and until such time as his successor is duly appointed.

XML 14 R2.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS    
Cash $ 2,538 $ 529
Total Current Assets 2,538 529
Other Assets 18,866 18,866
TOTAL ASSETS 21,404 19,462
CURRENT LIABILITIES    
Accounts payable 87,138 73,550
Customer Deposits 3,000  
Accounts payable - related parties 100 48,268
Total Current Liabilities 90,238 121,818
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock Series A: $0.001 par value, 100,000,000 shares authorized, 13,587,000 and -0- shares issued and outstanding, respectively 13,587 7,787
Preferred stock Series B: .001 par value, 20,000,000 shares authorized, 8,021,796 and -0- shares issued and outstanding respectively 8,022 8,022
Common stock: $0.001 par value, 800,000,000 shares authorized, 21,428,000 and 16,208,000 shares issued and outstanding, respectively 21,428 16,208
Additional paid-in capital 165,616 118,636
Deficit accumulated during the development stage (277,487) (253,009)
Total Stockholders' Deficit (68,834) (102,356)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 21,404 $ 19,462
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.2.0.727
Note 2 - Going Concern
6 Months Ended
Jun. 30, 2015
Notes  
Note 2 - 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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Note 3 - Significant Accounting Policies
6 Months Ended
Jun. 30, 2015
Notes  
Note 3 - 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 Company’s financial position, or statements.

XML 18 R3.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Operations - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
OPERATING EXPENSES        
Professional fees $ 15,325 $ 7,410 $ 21,410 $ 19,923
General and administrative 1,643 42 3,068 157
Total Operating Expenses 16,968 7,452 24,478 20,080
LOSS FROM OPERATIONS (16,968) (7,452) (24,478) (20,080)
NET INCOME LOSS $ (16,968) $ (7,452) $ (24,478) $ (20,080)
BASIC AND DILUTED LOSS PER COMMON SHARE $ (0.00) $ (0.00) $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 20,969,099 16,208,000 18,601,702 16,208,000
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Document and Entity Information - Jun. 30, 2015 - USD ($)
Total
Document and Entity Information:  
Entity Registrant Name Bnet Media Group, Inc.
Document Type 10-Q
Document Period End Date Jun. 30, 2015
Amendment Flag false
Entity Central Index Key 0001501268
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 35,015,000
Entity Public Float $ 35,015,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status No
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2015
Document Fiscal Period Focus Q2
XML 20 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Profit (loss) $ (24,478) $ (20,080)
Changes in operating assets and liabilities:    
Customer deposits 3,000  
Accounts payable 13,588 19,173
Accounts payable - related parties 9,832 1,000
Net Cash Used in Operating Activities 1,942 93
NET INCREASE (DECREASE) IN CASH 1,942 93
CASH AT BEGINNING OF PERIOD 596 534
CASH AT END OF PERIOD 2,538 627
NON CASH FINANCING ACTIVITIES:    
Preferred stock issued for other investment   $ 18,866
Preferred stock -"Series A" issued for debt - related party 5,800  
Common stock issued for debt - related party $ 52,200  
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Note 1 - Condensed Consolidated Financial Statements
6 Months Ended
Jun. 30, 2015
Notes  
Note 1 - 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 June 30, 2015, 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, 2014 audited consolidated financial statements.  The results of operations for the periods ended June 30, 2015 and 2014 are not necessarily indicative of the operating results for the full years.
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