IMSC Form 10K Template

0001556244-18-000120.txt : 20180820 0001556244-18-000120.hdr.sgml : 20180820 20180820161940 ACCESSION NUMBER: 0001556244-18-000120 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 30 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180820 DATE AS OF CHANGE: 20180820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: B4MC GOLD MINES INC CENTRAL INDEX KEY: 0000823546 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] IRS NUMBER: 870674571 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-17773-NY FILM NUMBER: 181028448 BUSINESS ADDRESS: STREET 1: 3651 LINDELL ROAD, SUITE D565 CITY: LAS VEGAS STATE: NV ZIP: 89103 BUSINESS PHONE: 424-256-8560 MAIL ADDRESS: STREET 1: 3651 LINDELL ROAD, SUITE D565 CITY: LAS VEGAS STATE: NV ZIP: 89103 FORMER COMPANY: FORMER CONFORMED NAME: HEAVENLY HOT DOGS INC DATE OF NAME CHANGE: 20100504 FORMER COMPANY: FORMER CONFORMED NAME: HEAVENLY HOT DOGS INC / DATE OF NAME CHANGE: 20011115 FORMER COMPANY: FORMER CONFORMED NAME: HEAVENLY HOT DOGS INC /DE/ DATE OF NAME CHANGE: 19920703 10-Q 1 rkfl180630_10q.htm 180630 RKFL FORM 10-Q IMSC Form 10K Template


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2018
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission File Number: 033-17773-NY

B4MC GOLD MINES, INC.
(Exact name of registrant as specified in its charter)

Nevada		90-1188745
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3651 Lindell Road, Las Vegas, Nevada		89103
(Address of principal executive offices)		(Zip Code)

(424) 256-8560
(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 ☐ 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 ☐ 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 the definitions of “large accelerated filer,” “accelerated filer” and smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
☐ Large Accelerated Filer ☐ Accelerated Filer
☐ Non-accelerated Filer ☒ Smaller reporting company
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 20, 2018, there were 22,668,416 shares of the registrant’s Common Stock outstanding.

B4MC GOLD MINES, INC.

TABLE OF CONTENTS


		Page
PART I	FINANCIAL INFORMATION
Item 1	Condensed Consolidated Financial Statements
	Condensed Consolidated Balance Sheet at June 30, 2018 (unaudited) and March 31, 2018	3
	Condensed Consolidated Statements of Operations for the three months ended June 30, 2018 and period from January 12, 2018 (date of inception) through June 30, 2018 (unaudited)	4
	Condensed Consolidated Statements of Cash Flows for the period from January 12, 2018 (date of inception) through June 30, 2018 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements (unaudited)	6
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4	Controls and Procedures	11
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
	Signatures	14


B4MC Gold Mines, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)

	June 30, 2018	March 31, 2018
ASSETS
Current assets:
Cash	$ 88,462	$ 300
Total current assets and total assets	$ 88,462	300

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accrued expenses	$ 36,450	$ 3,500
Advances payable to related parties	305	305
Total current liabilities and total liabilities	36,755	3,805

Stockholders’equity (deficit):
Common stock; $0.001 par value; 750,000,000 shares authorized; 22,668,416 shares and 1,000 shares issued and outstanding as of June 30, 2018 and March 31, 2018, respectively	22,668	1
Additional paid-in capital	233,299	250,299
Accumulated deficit	(204,260)	(253,805)
Total stockholders’ equity (deficit)	51,707	(3,505)
Total liabilities and stockholders’ equity (deficit)	$ 88,462	$ 300

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


B4MC Gold Mines, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)

	Three Months Ended June 30, 2018	Period from January 12, 2018 (date of inception) through June 30, 2018
Revenues	$ -	$ -

Expenses:
General and administrative	41,200	45,005
Loss from operations	(41,200)	(45,005)
Other Expense:
Transaction commitment fee	-	(250,000)
Total other expense	-	(250,000)
Net loss before provision for income taxes	(41,200)	(295,005)
Provision for income taxes	-	-
Net loss	$ (41,200)	$ (295,005)

Net loss per common share, basic and diluted	$ (0.01)	$ (0.05)

Weighted average common shares outstanding, basic and diluted	6,233,814	5,968,902

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


B4MC Gold Mines, Inc.
Condensed Consolidated Statement of Cash Flows
(Unaudited)

	For the Period from January 12, 2018 (date of inception) through June 30, 2018

Cash flows from operating activities:
Net loss	$ (295,005)
Changes in assets and liabilities:
Accrued expenses	36,450
Net cash flows used in operating activities	(258,555)
Cash flows from financing activities:
Proceeds from issuance of common stock	250,300
Effect of reverse-merger transaction on additional paid-in capital	96,412
Proceeds from related party advances	305
Net cash flows provided by financing activities	347,017
Net change in cash	88,462
Cash at the beginning of period	-
Cash at the end of period	$ 88,462

Supplemental disclosure of cash flow information:
Income taxes paid	$ -

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

B4MC GOLD MINES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(UNAUDITED)

Business

Business

Rocketfuel Blockchain Company, a Nevada corporation (“Rocketfuel” or the “Company”) was formed on January 12, 2018 for the purpose of bringing highly efficient check-out systems to eCommerce. These new check-out means based upon blockchain technology are designed to increase speed, security, and ease of use. Using Rocketfuel’s technology, merchants can enable new impulse buying schemes that may be unavailable in present day eCommerce sites.

On June 27, 2018, we consummated a transaction as contemplated by that certain Contribution Agreement made and entered into as of June 27, 2018 by and among B4MC Gold Mines, Inc. (“B4MC”), a Nevada corporation, and us. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 shares of its $0.001 par value common stock to us in exchange for a 100% ownership interest in us resulting in 22,668,416 post-merger shares of B4MC common stock issued and outstanding.

On June 29, 2018, we filed a Current Report on Form 8-K with the Securities and Exchange Commission which fully describes the transaction set forth herein.

Our corporate headquarters are located in Las Vegas, Nevada.

Interim Financial Statements and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information pursuant to Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three and six months ended June 30, 2018 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with our audited financial statements as of March 31, 2018 and for the period from January 12, 2018 (date of inception) through March 31, 2018, which are included in Exhibit 99.1 of our Current Report on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2018.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments, which are evaluated on an ongoing basis, and that affect the amounts reported in our unaudited condensed financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the amounts of revenues and expenses that are not readily apparent from other sources. Actual results could differ from those estimates and judgments.

Going Concern

Our financial statements have been presented on the basis that we are a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We incorporated our business on January 12, 2018, the date of our inception, and have not yet commenced commercial operations. Since January 12, 2018 (date of inception) through June 30, 2018, we have reported a net loss of $295,005, working capital of $51,707 and negative cash flows of $258,555 from operating activities; and we have not commenced operations. As a result, management believes that there is substantial doubt about our ability to continue as a going concern.

Prior to June 27, 2018, management was engaged in efforts to identify and negotiate a transaction with a public company quoted on the OTC Markets having shell status where a contemplated transaction would be treated as a reverse merger. On June 27, 2018, we consummated a transaction as contemplated by that certain Contribution Agreement made and entered into as of June 27, 2018 by and among B4MC and us. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 shares of its $0.001 par value common stock to us in exchange for a 100% ownership interest in us resulting in 22,668,416 post-merger shares of B4MC common stock issued and outstanding. We financed our efforts to consummate this reverse merger transaction through the issuance of equity securities. We

B4MC GOLD MINES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(UNAUDITED)

will require additional financing in order to commence operations and execute on our business plan. However, there can be no assurances that we will be successful in raising the additional capital necessary to commence operations and execute on our business plan.

New Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on our accounting and reporting. We believe that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on our accounting or reporting or that such impact will not be material to our financial position, results of operations and cash flows when implemented.

Transaction Commitment Fee

In February 2018, we received a non-refundable commitment fee of $250,000 from a third-party pursuant to a non-binding letter of intent to enter into a proposed merger transaction. The terms of the letter of intent provided for the non-refundable commitment fee to be used for specific payments of accounts payable and costs related to the proposed transaction. The merger transaction was consummated on June 27, 2018.

Related Party Transactions

As of June 30, 2018 and March 31, 2018, we reported $305 and $305, respectively, as an advance payable to related party.

Income Taxes

We are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we file tax returns. As part of these reviews, a taxing authority may disagree with respect to the income tax positions taken by us (“uncertain tax positions”) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized.

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

Income tax credit for the three months ended June 30, 2018 and for the period from January 12, 2018 (dated of inception) through June 30, 2018 was $0 and $0, respectively. The effective tax rates for the period from January 12, 2018 (dated of inception) through June 30, 2018 was 21.0%. We have estimated our provision for income taxes in accordance with the Tax Act and guidance available as of the date of this filing but have kept the full valuation allowance.

The 2018 tax rate reflects the enactment of the Tax Cuts and Jobs Act of 2017 (the “Act”) which made significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017.

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making

B4MC GOLD MINES, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(UNAUDITED)

significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of foreign earnings.

On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The deferred tax expense recorded in connection with the remeasurement of deferred tax assets is a provisional amount and a reasonable estimate at December 31, 2017 based upon the best information currently available. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018.

Stockholders’ Equity (Deficit)

We have authorized 750,000,000 shares of our common stock, $0.001 par value. On June 27, 2018, we consummated a transaction as contemplated by that certain Contribution Agreement made and entered into as of June 27, 2018 by and among B4MC and us. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 shares of its $0.001 par value common stock to us in exchange for a 100% ownership interest in us resulting in 22,668,416 post-merger shares of B4MC common stock issued and outstanding. As of June 30, 2018 and March 31, 218, we had 22,668,416 shares and 1,000 shares of our common stock issued and outstanding.

Legal Proceedings

We are not the subject of any pending legal proceedings; and to the knowledge of management, no proceedings are presently contemplated against us by any federal, state or local governmental agency. Further, to the knowledge of management, no director or executive officer is party to any action in which any has an interest adverse to us.

10.

Subsequent Events

We evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these financial statements and, other than as described below, we did not have any material recognizable subsequent events during this period.

On August 8, 2018, our Board of Directors approved the grant of options to purchase 500,000 shares of our common stock to Mr. Bennett J. Yankowitz, our chief financial officer and a director, pursuant to an exemption under Section 4(a)(2) of the Securities Act of 1933, as amended. Pursuant to the terms of the option agreement, these options are exercisable immediately on the date of grant at an exercise price of $3.00 per share and are exercisable for a term of 10 years from the date of grant. In determining the fair value of the stock option, we will utilize the Black-Scholes pricing model utilizing the following assumptions: i) stock option exercise price of $3.00; ii) fair market value of our common stock based on available valuation factors made available to us during the period from the date of grant through the end of our fiscal quarter ending September 30, 2018; iii) expected term of option of 7 years; iv) expected volatility of our common stock of approximately 40%; v) expected dividend rate of 0.0%; and vi) risk-free interest rate of approximately 2.80%.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains certain statements that are “forward-looking” within the meaning of the federal securities laws. These forward-looking statements and other information are based on our beliefs as well as assumptions made by us using information currently available.

The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “will,” “should” and similar expressions, as they relate to us, are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, and are not guaranties of future performance. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or using other similar expressions. We are making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated by the forward-looking statements contained in this Quarterly Report on Form 10-Q. Important factors that could cause actual results to differ from our predictions include those discussed under “Risk Factors,” “Management’s Discussion and Analysis” and “Business.” Although we have sought to identify the most significant risks to our business, we cannot predict whether, or to what extent, any of such risks may be realized, nor can there be any assurance that we have identified all possible issues which we might face. For all of these reasons, the reader is cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date hereof. We assume no responsibility to update any forward-looking statements as a result of new information, future events, or otherwise except as required by law. We urge readers to review carefully the risk factors described in this Quarterly Report and in the other documents that we file with the Securities and Exchange Commission. You can read these documents at www.sec.gov.

Overview

RocketFuel was formed on January 12, 2018 for the purpose of bringing highly efficient check-out systems to eCommerce. We are currently developing innovative check-out systems based upon blockchain technology and designed to increase speed, security, and ease of use. We believe that users of RocketFuel’s systems will enjoy a seamless check-out experience compared to current online shopping solutions. We believe that with RocketFuel’s technology, online merchants will be able to implement new impulse buying schemes that are unavailable in present day eCommerce sites. During the period from January 12, 2018 (date of inception) and through June 30, 2018, we had no significant operations.

On June 27, 2018, we consummated the Business Combination and related transactions contemplated by the Contribution Agreement. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 shares of its $0.001 par value common stock to the Sellers in exchange for a 100% ownership interest in us, resulting in 22,668,416 post-merger shares of B4MC common stock issued and outstanding.

On June 29, 2018, we filed a Current Report on Form 8-K with the Securities and Exchange Commission which fully describes the transaction set forth herein.

Critical Accounting Policies

Our significant accounting policies are described in Note 3 to the financial statements as of March 31, 2018 and for the period from January 12, 2018 (date of inception) through March 31, 2018, which are included in Exhibit 99.1 of our Current Report on Form 8-K. Our discussion and analysis of our financial condition and results of operations are based upon these financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. We evaluate our estimates on an on an on-going basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. In the past, actual results have not been materially different from our estimates. However, results may differ from these estimates under different assumptions or conditions.

Results of Operations

We were incorporated on January 12, 2018. Accordingly there are no prior period operations for comparative purposes.

For the Three Months Ended June 30, 2018

Revenues

We had no revenue generating operations during the three months ended June 30, 2018.

General and Administrative Expenses

General and administrative expenses for the three months ended June 30, 2018 were $41,200, which is composed of $40,000 in legal fees and $1,200 in audit fees.

From January 12, 2018 (date of inception) through June 30, 2018

Revenues

We had no revenue generating operations from January 12, 2018 (date of inception) through June 30, 2018.

General and Administrative Expenses

General and administrative expenses for period from January 12, 2018 (date of inception) through June 30, 2018 were $45,005, which was primarily composed of $40,000 in legal fees and $4,700 in audit fees.

Other Expense – Transaction Commitment Fee

Other expense for the period from January 12, 2018 (date of inception) through June 30, 2018 was $250,000 and composed of a non-refundable commitment fee which we paid to a target company pursuant to a non-binding letter of intent to enter into a proposed merger transaction. The terms of the letter of intent provided for the non-refundable commitment fee to be used for specific payments of accounts payable and costs related to the proposed transaction. The merger transaction was consummated on June 27, 2018.

Liquidity and Capital Resources

As of June 30, 2018, we had cash of $88,462.

During the period from January 12, 2018 (date of inception) through June 30, 2018, we had net cash of $258,555 used in operating activities, which was composed of our net loss of $295,005 and offset by an increase in accrued expenses primarily for rent expenses.

During the period from January 12, 2018 (date of inception) through June 30, 2018, we had net cash of $347,017 provided by financing activities, which was composed of (i) cash proceeds of $250,300 received from the issuance of our common stock, (ii) the adjustment to reflect the effect on additional paid-in capital of the reverse merger transaction, and (iii) $305 in advances from a related party.

Prior to June 27, 2018, management was engaged in efforts to identify and negotiate a transaction with a public company quoted on the OTC Markets having shell status where a contemplated transaction would be treated as a reverse merger. On June 27, 2018, we consummated a transaction as contemplated by that certain Contribution Agreement made and entered into as of June 27, 2018 by and among B4MC Gold Mines, Inc. (“B4MC”), a Nevada corporation, and us. Pursuant to the Contribution Agreement, B4MC issued 17,001,312 shares of its $0.001 par value common stock to us in exchange for a 100% ownership interest in us resulting in 22,668,416 post-merger shares of B4MC common stock issued and outstanding. We financed our efforts to consummate this reverse merger transaction through the issuance of equity securities. We will require additional financing in order to commence operations and execute on our business plan. However, there can be no assurances that we will be successful in raising the additional capital necessary to commence operations and execute on our business plan.

Commitments

We do not have any long-term commitments at June 30, 2018.

Off-Balance Sheet Arrangements

At June 30, 2018, we did not have any transactions, obligations or relationships that could be considered off-balance sheet arrangements.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of our management, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were not effective as of June 30, 2018 to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, our management concluded that, as of June 30, 2018, our internal control over financial reporting was not effective due to (i) insufficient segregation of duties in the finance and accounting functions due to limited personnel; and (ii) inadequate corporate governance policies. In the future, subject to working capital limitations, we intend to take appropriate and reasonable steps to make improvements to remediate these deficiencies.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act) during the fiscal period to which this report relates that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II.

OTHER INFORMATION

Item 1.

Legal Proceedings

Item 1A.

Risk Factors

There have not been any material changes from the risk factors previously disclosed under Item 2.01 – RISK FACTORS which are included in our Current Report on Form 8-K which was filed with the Securities and Exchange Commission on June 29, 2018.

Item 2.

Unregistered Sales of Equity Securities

On August 8, 2018, the Board and stockholders holding a majority of our voting power approved the “RocketFuel Blockchain, Inc., 2018 Equity Incentive Plan,” which plan enables us to make awards that qualify as performance-based compensation. We have reserved 2,000,000 shares of our common stock for issuance in connection with awards under the plan. On August 8, 2018, our Board of Directors approved the grant of options to purchase 500,000 shares of our common stock to Bennett Yankowitz, our chief financial officer and a director, pursuant to an exemption under Section 4(a)(2) of the Securities Act of 1933, as amended.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Item 6.

Exhibits


Exhibit No.		Description
2.1		Contribution Agreement, dated June 27, 2018, by and among B4MC Gold Mines, Inc., RocketFuel Blockchain Company, Joseph Page, Gert Funk, PacificWave Partners Limited, PacificWave Partners UK Ltd. and Saxton Capital Ltd. (incorporated herein by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K as filed on June 29, 2018).
31.1*		Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of the Principal Financial and Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of the Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of the Chief Financial Officer Pursuant to 18 U.S.C. 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema Document.
101.CAL		XBRL Taxomony Extension Calculation Linkbase Document.
101.LAB		XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.
*		Filed herewith.

S IGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	B4MC Gold Mines, Inc.
	By:	/s/ Gert Funk
		Gert Funk President (Principal Executive Officer)


	By:	/s/ Bennett J. Yankowitz
		Bennett J. Yankowitz Chief Financial Officer (Principal Financial and Accounting Officer)

Dated: August 20, 2018

EX-31.1 2 rkfl10q_ex31z1.htm EX 31.1 U

Exhibit 31.1

CERTIFICATION

I, Gert Funk, hereby certify that:

I have reviewed this Quarterly Report on Form 10-Q of B4MC Gold Mines, Inc. (the “Company”);

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;

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 Company as of, and for, the periods presented in this report;

The Company’s other certifying officer and I are 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 Company and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company 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;

Evaluated the effectiveness of the Company’s 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

Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the Company’s fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and

The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Date: August 20, 2018

/s/ Gert Funk
Gert Funk
Chief Executive Officer
(Principal Executive Officer)

EX-31.2 3 rkfl10q_ex31z2.htm EX 31.2 U

Exhibit 31.2

CERTIFICATION

I, Bennett J. Yankowitz, hereby certify that:

I have reviewed this Quarterly Report on Form 10-Q of B4MC Gold Mines, Inc. (the “Company”);

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control over financial reporting.


Date: August 20, 2018

/s/ Bennett J. Yankowitz
Bennett J. Yankowitz
Chief Financial Officer
(Principal Financial and Accounting Officer)

EX-32.1 4 rkfl10q_ex32z1.htm EX 32.1 U

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of B4MC Gold Mines, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the fiscal quarter ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gert Funk, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 20, 2018

/s/ Gert Funk
Gert Funk
Chief Executive Officer

This certification accompanies each report of the Company on Form 10-Q and Form 10-K pursuant to §906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

A signed original of this written statement required by §906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 rkfl10q_ex32z2.htm EX 32.2 U

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of B4MC Gold Mines, Inc., a Nevada corporation (the “Company”), on Form 10-Q for the fiscal quarter ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Bennett J. Yankowitz, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: August 20, 2018

/s/ Bennett J. Yankowitz
Bennett J. Yankowitz
Chief Financial Officer

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10-Q 2018-06-30 false B4MC GOLD MINES INC 0000823546 rkfl --12-31 22668416 21605038 Smaller Reporting Company Yes No No 2018 Q2

7.Income Taxes We are required to file federal and state income tax returns in the United States. The preparation of these tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by us. In consultation with our tax advisors, we base our tax returns on interpretations that are believed to be reasonable under the circumstances. The tax returns, however, are subject to routine reviews by the various federal and state taxing authorities in the jurisdictions in which we file tax returns. As part of these reviews, a taxing authority may disagree with respect to the income tax positions taken by us (uncertain tax positions) and, therefore, may require us to pay additional taxes. As required under applicable accounting rules, we accrue an amount for our estimate of additional income tax liability, including interest and penalties, which we could incur as a result of the ultimate or effective resolution of the uncertain tax positions. We account for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences and carry-forwards are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established when necessary to reduce deferred tax assets to amounts expected to be realized. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Income tax credit for the three months ended June 30, 2018 and for the period from January 12, 2018 (dated of inception) through June 30, 2018 was $0 and $0, respectively. The effective tax rates for the period from January 12, 2018 (dated of inception) through June 30, 2018 was 21.0%. We have estimated our provision for income taxes in accordance with the Tax Act and guidance available as of the date of this filing but have kept the full valuation allowance. The 2018 tax rate reflects the enactment of the Tax Cuts and Jobs Act of 2017 (the Act) which made significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017. On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the Tax Act) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of foreign earnings. On December 22, 2017, Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. The deferred tax expense recorded in connection with the remeasurement of deferred tax assets is a provisional amount and a reasonable estimate at December 31, 2017 based upon the best information currently available. The ultimate impact may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Act. Any subsequent adjustment to these amounts will be recorded to current tax expense in the quarter of 2018 when the analysis is complete. The accounting is expected to be complete when the 2017 U.S. corporate income tax return is filed in 2018.

0000823546 2018-01-01 2018-06-30 0000823546 2018-08-14 0000823546 2017-06-30 0000823546 2018-06-30 0000823546 2018-03-31 0000823546 2018-04-01 2018-06-30 iso4217:USD xbrli:shares iso4217:USD shares $0.001 par value, 750,000,0000 shares authorized; 22,668,416 shares issued and outstanding as of 6/30/2018. $0.001 par value, 750,000,0000 shares authorized; 1,000 shares issued and outstanding as of 3/31/2018. EX-101.LAB 9 rkfl-20180630_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Total stockholders' equity Total stockholders' equity Advances payable to related parties Document Period End Date Document Type Deferred Transaction Costs Net cash flows provided by (used in) financing activities Net cash flows provided by (used in) financing activities Statement of Financial Position Entity Voluntary Filers Notes Adjustments to reconcile net income (loss) to net cash flows used in operating activities: Expenses Document Fiscal Period Focus Net income (loss) per common share, diluted Total other income (expense) General and administrative Additional paid-in capital Current assets Entity Registrant Name Document and Entity Information: Cash flows from operating activities Stockholders' Deficit LIABILITIES AND STOCKHOLDERS' DEFICIT Summary of Significant Accounting Policies Shares used in computing net income (loss) per common share, basic Other income (expense): Income Statement Total liabilities and stockholders' equity Total liabilities and stockholders' equity Total current assets Total current assets Entity Filer Category Cash at beginning of period Cash at beginning of period Cash at end of period Income (loss) from operations Income (loss) from operations Entity Current Reporting Status Proceeds from (repayment of) related party advances Shares used in computing net income (loss) per common share, diluted Total current liabilities Total current liabilities Legal Proceedings Proceeds from deferred transaction costs Transaction commitment fee Accounts payable and accrued expenses Current Fiscal Year End Date Going Concern Net change in cash Net income (loss) per common share, basic Income (loss) before provision for taxes Subsequent Events Income Taxes Net cash flows provided by (used in) operating activities Net cash flows provided by (used in) operating activities Common stock Entity Central Index Key Interim Financial Statements and Basis of Presentation Provision for income taxes Accumulated deficit Cash Entity Well-known Seasoned Issuer Trading Symbol Net income (loss) Net income (loss) Total liabilities Total liabilities Total assets Total assets Entity Public Float Total expenses ASSETS Document Fiscal Year Focus Entity Common Stock, Shares Outstanding Effect of reverse merger transaction on additional paid-in capital Changes in assets and liabilities: Current liabilities Related Party Transactions Business Description Cash flows from financing activities Increase (decrease) in accounts payable and accrued expenses Stockholders' equity Amendment Flag EX-101.PRE 10 rkfl-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.SCH 11 rkfl-20180630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000120 - Disclosure - Stockholders' Deficit link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Condensed Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - Interim Financial Statements and Basis of Presentation link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - Legal Proceedings link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 000050 - Disclosure - Business Description link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - Going Concern link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - Related Party Transactions link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Condensed Balance Sheets link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - Deferred Transaction Costs link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Condensed Statements of Operations link:presentationLink link:definitionLink link:calculationLink 000140 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2018	Aug. 14, 2018	Jun. 30, 2017
Document and Entity Information:
Entity Registrant Name	B4MC GOLD MINES INC
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Trading Symbol	rkfl
Amendment Flag	false
Entity Central Index Key	0000823546
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		22,668,416
Entity Public Float			$ 21,605,038
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2

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Condensed Balance Sheets - USD ($)
$ in Thousands

Jun. 30, 2018

Mar. 31, 2018

Current assets

Cash

$ 88,462

$ 300

Total current assets

88,462

300

Total assets

88,462

300

Current liabilities

Accounts payable and accrued expenses

36,450

3,500

Advances payable to related parties

305

Total current liabilities

36,755

3,805

Total liabilities

36,755

3,805

Stockholders' equity

Common stock

22,668

^[1]

^[2]

Additional paid-in capital

233,299

250,299

Accumulated deficit

(204,260)

(253,805)

Total stockholders' equity

51,707

(3,505)

Total liabilities and stockholders' equity

$ 88,462

$ 300

[1]	$0.001 par value, 750,000,0000 shares authorized; 22,668,416 shares issued and outstanding as of 6/30/2018.
[2]	$0.001 par value, 750,000,0000 shares authorized; 1,000 shares issued and outstanding as of 3/31/2018.

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Condensed Statements of Operations - USD ($) shares in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Expenses
General and administrative	$ 41,200,000	$ 45,005,000
Total expenses	41,200,000	45,005,000
Income (loss) from operations	(41,200,000)	(45,005,000)
Other income (expense):
Transaction commitment fee		250,000,000
Total other income (expense)		250,000,000
Income (loss) before provision for taxes	(41,200,000)	(295,005,000)
Net income (loss)	$ (41,200,000)	$ (295,005)
Net income (loss) per common share, basic	$ (0.01)	$ (0.05)
Net income (loss) per common share, diluted	$ (0.01)	$ (0.05)
Shares used in computing net income (loss) per common share, basic	6,233,814	5,968,902
Shares used in computing net income (loss) per common share, diluted	6,233,814	5,968,902

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Condensed Statements of Cash Flows - USD ($)	3 Months Ended	6 Months Ended
Condensed Statements of Cash Flows - USD ($)	Jun. 30, 2018	Jun. 30, 2018
Cash flows from operating activities
Net income (loss)	$ (41,200,000)	$ (295,005)
Changes in assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses		36,450
Net cash flows provided by (used in) operating activities		(258,555)
Cash flows from financing activities
Proceeds from deferred transaction costs		250,300
Effect of reverse merger transaction on additional paid-in capital		96,412
Proceeds from (repayment of) related party advances		305
Net cash flows provided by (used in) financing activities		347,017
Net change in cash		88,462
Cash at end of period	$ 88,462	$ 88,462

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Business Description

6 Months Ended

Jun. 30, 2018

Notes

Business Description

1. Business

Business

On June 29, 2018, we filed a Current Report on Form 8-K with the Securities and Exchange Commission which fully describes the transaction set forth herein.

Our corporate headquarters are located in Las Vegas, Nevada.

XML 17 R6.htm IDEA: XBRL DOCUMENT

Interim Financial Statements and Basis of Presentation

6 Months Ended

Jun. 30, 2018

Notes

Interim Financial Statements and Basis of Presentation

2. Interim Financial Statements and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information pursuant to Rule 8-03 of Regulation S-X. Accordingly, these unaudited condensed consolidated financial statements do not include all of the information and disclosures required by U.S. GAAP for complete financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments (consisting only of normal recurring adjustments), which we consider necessary, for a fair presentation of those financial statements. The results of operations and cash flows for the three and six months ended June 30, 2018 may not necessarily be indicative of results that may be expected for any succeeding quarter or for the entire fiscal year. These condensed consolidated financial statements as of March 31, 2018 and for the period from January 12, 2018 (date of inception) through March 31, 2018, should be read in conjunction with our audited financial statements which are included in Exhibit 99.1 of our Current Report on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2018.

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Going Concern

6 Months Ended

Jun. 30, 2018

Notes

Going Concern

3. Going Concern

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Notes

Summary of Significant Accounting Policies

4. New Accounting Pronouncements

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Deferred Transaction Costs

6 Months Ended

Jun. 30, 2018

Notes

Deferred Transaction Costs

5.Transaction Commitment Fee

XML 21 R10.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2018

Notes

Related Party Transactions

6.Related Party Transactions

As of June 30, 2018 and March 31, 2018, we reported $305 and $305, respectively, as an advance payable to related party.

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Income Taxes

6 Months Ended

Jun. 30, 2018

Notes

Income Taxes

7.Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of foreign earnings.