0001078782-15-000454.txt : 20150330 0001078782-15-000454.hdr.sgml : 20150330 20150330145120 ACCESSION NUMBER: 0001078782-15-000454 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20141231 FILED AS OF DATE: 20150330 DATE AS OF CHANGE: 20150330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BIOETHICS LTD CENTRAL INDEX KEY: 0000894560 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 870485312 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-55254-41 FILM NUMBER: 15733999 BUSINESS ADDRESS: STREET 1: 3625 COVE POINT DR CITY: SALT LAKE CITY STATE: UT ZIP: 84104 BUSINESS PHONE: 801-209-0740 MAIL ADDRESS: STREET 1: 3625 COVE POINT DR CITY: SALT LAKE CITY STATE: UT ZIP: 84104 10-K 1 f10k123114_10k.htm FORM 10-K ANNUAL REPORT Form 10-K Annual Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


Form 10-K


(Mark One)


  X .  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended DECEMBER 31, 2014


      .  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934


For the transition period from ______________________________ to ______________________________


Commission File Number 33-55254-41


BIOETHICS, LTD. INC.

(Exact name of registrant as specified in charter)

 

 

NEVADA

87-0485312

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

                          

3625 Cove Point Drive

 

Salt Lake City, Utah

84109

(Address of principal executive offices)

(Zip Code)

 

 

(801) 209-0740

(Issuer’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act: None


Securities registered pursuant to Section 12(g) of the Act: None


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes       .    No   X .


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 Yes       .    No   X .


Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.


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 past 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (22.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form  10-K        .





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.


Large accelerated filer

      .

Accelerated filer

      .

Non-accelerated filer

      .        (Do not check if a smaller

            reporting company)

Smaller reporting company

  X .


Indicate by check mark whether the issuer is a shell company (as defined in rule 12b-2 of the Exchange Act).             Yes   X .    No       .


State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.


As of March 26, 2015,  the closing bid was $.15 per share, and the closing asked was $.25  Based on the last sale at $.15 per share, the aggregate market value of the voting and non-voting common equity held by non-affiliates was $1,650,000,  based on 11,000,000 shares at $.15 per share


APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS


Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes       .    No       .


(APPLICABLE ONLY TO CORPORATE REGISTRANTS)


Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


As of March 26th, 2015, there were 116,000,000 shares of the issuer’s common stock outstanding.


DOCUMENTS INCORPORATED BY REFERENCE


List hereunder the following documents if incorporated by reference and the part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated:  (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933.  The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 31, 2014).


None



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FORWARD-LOOKING STATEMENTS


This report contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.  These statements reflect the Company’s views with respect to future events based upon information available to it at this time.  These forward-looking statements are subject to certain uncertainties and other factors that could cause actual results to differ materially from these statements.  These uncertainties and other factors include, but are not limited to: the ability of the Company to locate a business opportunity for acquisition or participation by the Company; the terms of the Company’s acquisition of or participation in a business opportunity; the operating and financial performance of any business opportunity following its acquisition or participation by the Company and the risk factors described herein under the caption “Risk Factors.”  The words “anticipates,” “believes,” “estimates,” “expects,” “plans,” “projects,” “targets” and similar expressions identify forward-looking statements.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made.  The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in assumptions, future events or otherwise.


Part I


Item 1.  Description of Business


General


Bioethics, Ltd., (the “Registrant” or the “Company”) is a shell company that conducts no active business operations and is seeking business opportunities for acquisition or participation by the Company.


History


The Company was incorporated in 1990 as a Nevada corporation. The Company has not yet generated any significant revenues.


Since its organization in 1990, the Company has not engaged in active business operations and its activities have consisted of its search for and evaluation of potential business opportunities for acquisition or participation by the Company.  During this period, the Company has incurred limited operating expenses necessary to maintain its status as a corporation in good standing and has incurred expenses in connection with its search for and evaluation of potential business opportunities.  Due to the lack of active operations and the Company’s stated purpose of seeking to acquire  a currently unknown business opportunity, the Company may be classified as a “shell” company subject to all the risks of a new business together with the substantial risks associated with the search for and acquisition of business opportunities.


In June 2014 the Company issued a total of 105,000,000 shares of common stock valued at $292,500 in settlement of all outstanding shareholder notes, in the principal amount of $91,000 and accrued interest to date of settlement in the amount of $14,000 for satisfaction in full of all notes and interest payable as of June 17, 2014.  The 105,000,000 shares were issued to our CEO, President, CFO, and sole director, Bradly Petersen who had purchased these notes and accrued interest from a minority shareholder.  The excess fair value of the stock issued over the book value of the debt has been recorded as a loss on extinguishment of debt in the amount of $187,500.


Business Plan


The Company intends to continue to seek, investigate and, if warranted, acquire an interest in a business opportunity. Management has not established any firm criteria with respect to the type of business with which the Company desires to become involved and will consider participating in a business enterprise in a variety of different industries or areas with no limitation as to the geographical location of the enterprise.  The Company’s management will have unrestricted discretion in reviewing, analyzing, and ultimately selecting a business enterprise for acquisition or participation by the Company.  It is anticipated that any enterprise ultimately selected will be selected by management based on its analysis and evaluation of the business and financial condition of the enterprise, as well as its business plan, potential for growth, and other factors, none of which can be anticipated to be controlling.  If the Company is able to locate a suitable business enterprise, the decision to acquire or participate in the enterprise may be made by the Company’s board of directors without stockholder approval.  Approval may also be obtained pursuant to the consent of a majority of the Company’s stockholders and, since the principal stockholders of the Company own approximately 90% of the Company’s outstanding shares, he would be able to approve any transaction without the affirmative vote of additional shares.  Further, it is anticipated that the acquisition of or participation in an enterprise may involve the issuance by the Company of a controlling interest in the Company which would dilute the respective equity interests of the Company’s stockholders and may also result in a reduction of the Company’s net tangible asset value per share.  



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The activities of the Company will continue to be subject to several significant risks which arise primarily as a result of the fact that the Company has no specific business and may acquire or participate in a business opportunity based on the decision of management which will, in all probability, act without the consent, vote, or approval of the Company’s stockholders.  The risks faced by the Company are further increased as a result of its limited resources and its inability to provide a prospective business opportunity with additional capital.  (See “Item 1A. Risk Factors.”)


Although management believes that it is in the best interest of the Company to acquire or participate in a business enterprise, there is no assurance that the Company will be able to locate a business enterprise which management believes is suitable for acquisition or participation by the Company or that if an enterprise is located, it can be acquired on terms acceptable to the Company.  Similarly, there can be no assurance that if any business opportunity is acquired, it will perform in accordance with management’s expectations or result in any profit to the Company or appreciation in the market price for the Company’s shares.  


If business opportunities become available, the selection of an opportunity in which to participate will be complex and extremely risky and may be made on management’s analysis of the quality of the other company’s management and personnel, the anticipated acceptability of new products or marketing concepts, the merit of technological changes, and numerous other factors which are difficult, if not impossible to analyze through the application of any objective criteria.  There is no assurance that the Company will be able to identify and acquire any business opportunity which will ultimately prove to be beneficial to the Company and its stockholders.


It is anticipated that business opportunities may be introduced to the Company from a variety of sources, including its sole officer and director, and his business and social contacts, professional advisors such as attorneys and accountants, securities broker-dealers, venture capitalists, members of the franchise community, and others who may present unsolicited proposals.  


The Company will not restrict its search to any particular business, industry, or geographical location.  The Company may enter into a business or opportunity involving a “start-up” or new company or an established business.  It is impossible to predict the status of any business in which the Company may become engaged.


The period within which the Company may participate in a business opportunity cannot be predicted and will depend on circumstances beyond the Company’s control, including the availability of business opportunities, the time required for the Company to complete its investigation and analysis of prospective business opportunities, the time required to prepare the appropriate documents and agreements providing for the Company’s participation, and other circumstances.  


It is impossible to predict the manner in which the Company may participate in a business opportunity.  Specific business opportunities will be reviewed and, on the basis of that review, the legal structure or method deemed by management to be most suitable will be selected.  The structure may include, but is not limited to, mergers, reorganizations, leases, purchase and sale agreements, licenses, joint ventures, and other contractual arrangements.  The Company may act directly or indirectly through an interest in a partnership, corporation, or other form of organization.  Implementing the structure may require the merger, consolidation, or reorganization of the Company with other corporations or forms of business organization, and there is no assurance that the Company would be the surviving entity.  In addition, the current stockholders of the Company may not have control of a majority of the voting shares of the Company following a reorganization transaction.  As part of the transaction, all or a majority of the Company’s directors may resign and new directors may be appointed without any vote by the stockholders.   


The Company will most likely acquire a business opportunity by issuing shares of the Company’s common stock to the owners of the business opportunity.  Although the terms of the transaction cannot be pre­dicted, in many instances the business opportunity entity will require that the transaction by which the Company acquires its participation be “tax-free” under Sections 351 or 368 of the Internal Revenue Code of 1986 (the “Code”).  It is anticipated that any business opportunity acquisition will result in substantial additional dilution to the equity of those who were stockholders of the Company prior to the acquisition.


Notwithstanding the fact that the Company is technically the acquiring entity in the foregoing circumstances, generally accepted accounting principles will ordinarily require that the transaction be accounted for as if the Company had been acquired by the other entity owning the business venture or opportunity and, therefore, will not permit a write up in the carrying value of the assets of the other company.


It is anticipated that securities issued in a transaction of this type would be issued in reliance on exemptions from registration under applicable federal and state securities laws.  In some circumstances, however, as a negotiated element of the transaction, the Company may agree to register such securities either at the time the transaction is consummated or under certain conditions or at specified times thereafter.  The issuance of a substantial number of additional securities and their potential sale into any trading market which may develop in the Company’s common stock may have a depressive effect on the market price for the Company’s common stock.



4




The Company will participate in a business opportunity only after the negotiation and execution of a written agreement. Although the terms of the agreement cannot be predicted, generally the agreement would require specific representations and warranties by all of the parties thereto, specify certain events of default, detail the terms of closing and the conditions which must be satisfied by each of the parties thereto prior to the closing, set forth remedies on default, and include miscellaneous other terms.


It is emphasized that management of the Company has broad discretion in determining the manner by which the Company will participate in a prospective business opportunity and may enter into transactions having a potentially adverse impact on the current stockholders in that their percentage ownership in the Company may be reduced without any increase in the value of their investment or that the business opportunity in which the Company acquires an interest may ultimately prove to be unprofitable.  The transaction may be consummated without being submitted to the stockholders of the Company for their consideration.  In some instances, however, the proposed participation in a business opportunity may be submitted to the stockholders for their consideration, either voluntarily by the board of directors to seek the stockholders’ advice or consent or because of a requirement to do so by state law.


The investigation of specific business opportunities and the negotiation, drafting, and execution of relevant agreements, disclosure documents, and other instruments may require substantial management time and attention and substantial costs for accountants, attorneys, and others.  If a decision is made not to participate in a specific business opportunity, the costs previously incurred in the related investigation would not be recoverable.  Furthermore, even if an agreement is reached for the participation in a specific business opportunity, the failure to consummate that transaction may result in the loss to the Company of the related costs incurred.


The Company’s operations following its acquisition of an interest in a business opportunity will be dependent on the nature of the opportunity and interest acquired.  The specific risks of a given business opportunity cannot be predicted at the present time.


The Company is not registered and does not propose to register as an “investment company” under the Investment Company Act of 1940 (the “Investment Act”).  The Company intends to conduct its activities so as to avoid being classified as an “investment company” under the Investment Act and, therefore to avoid application of the registration and other provisions of the Investment Company Act and the related regulations.


Regulation


It is impossible to predict what government regulation the Company may be subject to until it has acquired an interest in a business opportunity.  The use of assets and/or conduct of businesses which the Company may acquire could subject it to environmental, public health and safety, land use, trade, or other governmental regulations and state or local taxation. In selecting a business opportunity to acquire, manage­ment will endeavor to ascertain, to the extent of the limited resources of the Company, the effects of government regulation on the prospective business of the Company.  In certain circum­stances, however, such as the acquisition of an interest in a new or start-up business activity, it may not be possible to predict with any degree of accuracy the impact of government regulation.


Competition


The Company encounters substantial competition in its efforts to locate a business opportunity.  The primary competition for desirable investments comes from investment bankers, business development companies, venture capital partner­ships and corporations, venture capital affiliates of large industrial and financial companies, small business investment companies, other shell companies, and wealthy individuals.  Most of these entities have signifi­cantly greater experience, resources, and managerial capabilities than the Company and are in a better position than the Company to obtain access to attractive business opportunities.


Facilities

 

The Company’s offices are located at 3625 Cove Point Drive, Salt Lake City, Utah  84109. Such space is provided to the Company without charge.  


Employees


The Company has no employees and its business and affairs are handled by its president who provides services to the Company on an as needed basis, without compensation.  Management of the Company may engage consultants, attorneys, and accountants on an as needed basis, and does not anticipate a need to engage any full-time employees so long as it is seeking and evaluating business opportunities.  



5




Item 1A.  Risk Factors


Our financial statements contain a going concern qualification indicating that we do not have the necessary working capital for our planned activity which raises doubts about our ability to continue as a going concern.


The Company’s annual audited financial statements contain a going concern qualification indicating that the Company has incurred losses since inception, has no on-going operations and that these factors raise substantial doubt about the Company’s ability to continue as a going concern.  The Company has not entered into any agreements or arrangements for the provision of additional debt or equity financing except as described herein and there can be no assurance that the Company will be able to obtain the additional debt or equity capital required in order to continue its operations.

 

The Company is a “blank check” company with no specified business plan and stockholders are unable to determine the future activities of the Company.


The business plan of the Company is to use its limited capital to search for, investigate, and acquire or participate in a business opportunity which has not yet been selected.  A business opportunity will be selected by management, and management may select an opportunity without approval of the Company’s stockholders.  Accordingly, stockholders are unable to determine the future activities of the Company and may have no opportunity to analyze the merits of any opportunity to be acquired by the Company.  In addition, the Company has no employment contracts with its current management, no assurance can be given that the Company will continue to be managed by current management, and it is likely that current management will resign at such time as a business opportunity is acquired.


The Company has little or no capital for use in locating, investigating and acquiring a business opportunity, which will prevent the Company from acquiring a business opportunity that has capital requirements greater than the Company’s resources.


As of December 31, 2014, the Company had a working capital deficit of $5,866 and is dependent on loans or contributions from stockholders or sales of common stock to obtain the capital required to continue its operations.  However, even if additional funding is received, it is not anticipated that it will be in an amount that is adequate to permit the Company to undertake an elaborate or extensive search for business opportunities.  This limited capital will prevent the Company from participating in any business opportunity which requires immediate additional capital and may make it difficult or impossible for the Company to locate a business opportunity.


The Company may issue a substantial number of additional shares in the future which could significantly dilute the ownership interest of current stockholders.


It is likely that the Company would acquire an interest in a business opportunity through a reverse merger or other business reorganization involving the issuance by the Company of additional shares of the Company’s common stock.  It is also likely that the Company would issue a controlling interest to the stockholders of the acquired company in which event the ownership interest of current stockholders would be substantially diluted.  The board of directors, acting without stockholder approval, has authority to issue all or any part of the authorized but unissued stock of the Company.  Thus, the board of directors could issue up to 34,000,000 additional shares of Common Stock without stockholder approval.  (See “Item 1. Business: Business Plan.”)


The Company has had no history of operations and stockholders are unable to effectively evaluate the Company for investment purposes because it has not begun operations and it has not selected or established a business model.


The Company was incorporated under the laws of the state of Nevada in 1990, and has had no operations or significant revenues from operations.  The Company faces all of the risks inherent in any new business, together with those risks specifically inherent in the search for and acquisition of business opportunities.  


The Company’s Stock is thinly traded on the OTCQB exchanged.


The Company’s common stock is quoted on only on the OTCQB Market and no assurance can be given that the Company’s common stock will continue to be quoted on the OTCQB Market.  The company has paid a fee of $7500.00 to maintain its listing on the OTCQB market, and has been accepted for the year 2015. (See “Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”)


The one principal stockholder of the Company own approximately 90% of the Company’s issued and outstanding shares of common stock.  As a result, they may effectively be able to control the management and policies of the Company.



6




Our stock is subject to special sales practice requirements that could have an adverse impact on any trading market that may develop for our stock.


Our stock is subject to special sales practice requirements applicable to “penny stocks” which are imposed on broker-dealers who sell low-priced securities of this type.  These rules may be anticipated to affect the ability of broker-dealers to sell our stock, which may in turn be anticipated to have an adverse impact on the market price for our stock if and when an active trading market should develop. (See “Item 5: Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.”)


Item 1B.  Unresolved Staff Comments.  


Not Applicable.  The Company is a “smaller reporting company.”


Item 2.  Properties.


The Company’s offices are located at the residence of a shareholder at 3625 Cove Point Drive., Salt Lake City, Utah 84109. Such space is provided to the Company without charge.  The Company does not own or lease any other properties.


Item 3.  Legal Proceedings.


The Company is not a party to any material legal proceedings and, to the best of its knowledge, no such legal proceedings have been threatened against it.


Item 4.  Mine Safety Disclosures.


Not Applicable.


Part II


Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities


Market Information


The Company’s common stock is included on the OTCQB Exchange under the symbol “BOTH.”


On March 26th, 2015, the published closing bid was $.15 and the published closing asked was $.25 for the Company’s common stock on the OTCQB exchange.


At March 26th, 2015, there were approximately 380 holders of record of the Company’s common stock, as reported by the Company’s transfer agent.  In computing the number of holders of record, each broker-dealer and clearing corporation holding shares on behalf of its customers is counted as a single stockholder.


No dividends have ever been paid on the Company’s securities, and the Company has no current plans to pay dividends in the foreseeable future.  


Special Sales Practice Requirements with Regard to “Penny Stocks”


To protect investors from patterns of fraud and abuse that have occurred in the market for low priced securities commonly referred to as “penny stocks,” the SEC has adopted regulations that generally define a “penny stock” to be any equity security having a market price (as defined) less than $5.00 per share, or an exercise price of less than $5.00 per share, subject to certain exceptions.  Since the price of our stock is well below $5.00 per share, our stock is subject to the “penny stock” regulations.  As a result, broker-dealers selling our common stock are subject to additional sales practices when they sell our stock to persons other than established clients and “accredited investors.”  For transactions covered by these rules, before the transaction is executed, the broker-dealer must make a special customer suitability determination, receive the purchaser’s written consent to the transaction and deliver a risk disclosure document relating to the penny stock market.  The broker-dealer must also disclose the commission payable to both the broker-dealer and the registered representative taking the order, current quotations for the securities and, if applicable, the fact that the broker-dealer is the sole market maker and the broker-dealer’s presumed control over the market.  Monthly statements must be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.  Such “penny stock” rules may restrict trading in our common stock and may deter broker-dealers from effecting transactions in our common stock.



7




Equity Compensation Plans


We do not have in effect any compensation plans under which our equity securities are authorized for issuance and we do not have any outstanding stock options.


Transfer Agent


Colonial Stock Transfer Co., Inc., 66 Exchange Place, Suite 100, Salt Lake City, Utah 84111, telephone (801) 355-5740, serves as the transfer agent and registrar for our common stock.


Recent Sales of Unregistered Securities


In June of 2014 we sold the sum of 105,000,000 restricted shares of common stock to our sole officer and director, Bradly Petersen in exchange for the satisfaction in full of all outstanding promissory notes and accrued interest, amounting to $105,000.00.  The recipient of securities of the Company was an accredited investor, or is considered by the Company to be a “sophisticated person”, in as much as he possesses such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of receiving of securities of the Company.  The Company believes that the issuance of its securities as described above was exempt from registration with the Securities and Exchange Commission pursuant to Section 4(2) of the Securities Act of 1933.


Issuer Purchases of Equity Securities


We have not adopted a stock repurchase plan and we did not purchase any shares of our equity securities during the 2014 fiscal year.


Item 6.  Selected Financial Data


Not Applicable.  The Company is a “smaller reporting company.”


Item 7.  Management’s Discussion and Analysis of Financial Condition and Results of Operations


You should read the following discussion in conjunction with our financial statements, which are included elsewhere in this report.  The following information contains forward-looking statements. (See “Forward Looking Statements” and “Risk Factors.”)


General


The Company is a shell company that conducts no active business operations and is seeking business opportunities for acquisition or participation by the Company.


The Report of Independent Registered Public Accounting Firm on the Company’s 2014 audited financial statements addresses an uncertainty about the Company’s ability to continue as a going concern, indicating that the Company has incurred losses since its inception and has no on-going operations.  The report further indicates that these factors raise substantial doubt about the Company’s ability to continue as a going concern.  At December 31, 2014, the Company had a working capital deficit of $5,866 and an accumulated deficit of $407,280.  The Company incurred net losses of $208,191 and $22,527 for its fiscal years ended December 31, 2014 and 2013, respectively.  The Company has not entered into any agreements or arrangements for the provision of additional debt or equity financing and there can be no assurance that it will be able to obtain the additional debt or equity capital required to continue its operations.  


The Fiscal Year Ended December 31, 2014 Compared to the Fiscal Year Ended December 31, 2013


The Company did not conduct any operations during its fiscal years ended December 31, 2014 or 2013, respectively, and has no assets other than cash.  At December 31, 2014, the Company had cash in the amount of $11,634.as compared to cash at December 31, 2013 in the amount of $359.  The increase in cash from 2014 to 2013 is the result of the loan from its sole officer, and shareholder.


At December 31, 2014, the Company had current liabilities of $25,000, consisting of a demand loan from its sole officer, director and shareholder.    At December 31, 2013, the Company had current liabilities of $95,672, consisting of accounts payable of $3,795, accrued interest payable - stockholder of $11,877 and notes payable – stockholder of $80,000. The $70,672, decrease in current liabilities from 2014 to 2013 results from the $3,795 decrease in accounts payable, the $11,877 decrease in accrued interest payable-stockholder and the $55,000 decrease in notes payable – stockholder all of which is attributable to shareholder loans being converted to equity (see below) The Company had a working capital deficit of $5,866 at December 31, 2014 as compared to a working capital deficit of $95,313 at December 31, 2013.



8




The Company did not generate revenues during its 2014 or 2013 fiscal years. The Company’s general and administrative expenses were $18,568 during the year ended December 31, 2014 as compared to $17,941 during the year ended December 31, 2013. The $627 increase in general and administrative expenses in 2014 as compared to 2013 is due primarily to higher professional fees.


The Company incurred a net loss of $208,191 during the year ended December 31, 2014 as compared to a net loss of $22,527 during the year ended December 31, 2013. The $185,664 increase in net loss in 2014 as compared to 2013 is primarily the result of incurrence of a $187,500 loss on extinguishment of debt, and an increase in legal and professional fees.


Net cash used by operating activities was $29,863 during the 2014 fiscal year resulting primarily from the net loss of $208,191, which was partially offset by a $187,500 loss on extinguishment of debt, a $7,500 increase in prepaid expenses, a $3,795 decrease in accounts payable and a $2,123 increase in accrued interest.  Net cash used by operating activities was $14,146 during the 2013 fiscal year resulting primarily from the net loss of $22,527, which was partially offset by a $3,795 increase in accounts payable, and $4,586 increase in accrued interest.


No cash was provided or used by investing activities during the 2014 or 2013 fiscal years.


For the last few years the Company was loaned money by shareholders per prior filings. They totaled $91,000 in principal, and $14,000 in accrued interest.  These notes were purchased by our sole officer, and director. In June of 2014 all the notes and accrued interest were settled with the issuance of 105,000,000 shares of common stock of the Company, resulting in the $187,500 loss on debt extinguishment.


In December 2014, our sole officer and director loaned the Company the sum of $25,000 to allow the Company to pay its accrued expenses, and have money to pay for the audited and its associated expenses.  It is an unsecured, Non-convertible demand note, with an interest rate of 12% per annum, paid quarterly.


The Company cannot presently foresee the cash requirements of any business opportunity which may ultimately be acquired by the Company.  However, since it is likely that any business it acquires will be involved in active business operations, the Company anticipates that an acquisition will result in increased cash requirements as well as increases in the number of employees of the Company.


Off-Balance Sheet Arrangements


The Company has not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.


Critical Accounting Policies


Due to the lack of current operations and limited business activities, the Company does not have any accounting policies that it believes are critical to facilitate an investor’s understanding of the Company’s financial and operating status.


Recent Accounting Pronouncements


The Company has not adopted any new accounting policies that would have a material impact on the Company’s financial condition, changes in financial condition or results of operations.


Item 7A.  Quantitative and Qualitative Disclosure About Market Risk


Not Applicable.  The Company is a “smaller reporting company.”



9




Item 8.  Financial Statements


The following financial statements are being filed with this report and are located immediately following the signature page.


Financial Statements, December 31, 2014

F-1

Report of Independent Registered Public Accounting Firm

F-3

Balance Sheets, December 31, 2014 and 2013

F-4

Statements of Operations, for the years ended December 31, 2014 and 2013

F-5

Statement of Stockholders' Equity (Deficit) from January 1, 2013 through December 31, 2014

F-6

Statements of Cash Flows, for the years ended December 31, 2014 and 2013

F-7

Notes to Financial Statements

F-8


Item 9.  Changes in and Disagreements with Accountants on Accounting and Financial Disclosure


None.


Item 9A.  Controls and Procedures


Disclosure Controls and Procedures


Under the supervision and with the participation of our management, including our Chief Executive Officer/Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“the Exchange Act”) as of December 31, 2014, the end of the period covered by this report.  Based upon that evaluation, our Chief Executive Officer/Chief Financial Officer, who is our sole officer and director, concluded that our disclosure controls and procedures as of December 31, 2014 were not  effective such that the information required to be disclosed by us in reports filed under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our Chief Executive Officer/Chief Financial Officer, as appropriate to allow timely decisions regarding disclosure.  A controls system cannot provide absolute assurance, however, that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.


Management’s Report on Internal Control over Financial Reporting


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 U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives.  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.


Our management, with the participation of our Chief Executive Officer/Chief Financial Officer, evaluated the effectiveness of the Company’s internal control over financial reporting as of December 31, 2014.  In making this evaluation, our management used the COSO framework (1992), an integrated framework for the evaluation of internal controls issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management, with the participation of our Chief Executive Officer/Chief Financial Officer concluded that as of December 31, 2014, the Company’s internal control over financial reporting was not effective.  


In conducting its evaluation, our Chief Executive Officer/Chief Financial Officer identified a weakness in the Company’s internal control, which arises from the fact that the Company’s principal executive and principal financial officers are the same person, and that such person is also the sole member of the Company’s board of directors, which does not allow for segregation of duties or provide oversight by a board of directors with members other than the sole officer of the Company.  The Chief Executive Officer/Chief Financial Officer believes the weakness is mitigated by the Company’s status as a shell company with no significant assets or liabilities, no business operations, a limited number of transactions each year, and the preparation of quarterly financial statements by an independent accounting firm.  As such, our Chief Executive Officer/Chief Financial Officer does not believe the weakness has a material effect on the accuracy and completeness of our financial reporting and disclosure as included in this report or that the weakness constitutes a material weakness such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or deterred on a timely basis.



10




Changes in Internal Control over Financial Reporting


There was no change in our internal control over financial reporting during the quarter ended December 31, 2014 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


Item 9B. Other Information


None.  


Part III


Item 10.  Directors, Executive Officers and Corporate Governance


Directors and Executive Officers


The following table indicates the name, age, term of office and position held by each of our officers and directors.  The term of office for each officer position is for one year or until his or her successor is duly elected and qualified by the board of directors.  The term of office for a director is for one year or until his or her successor is duly elected and qualified by the stockholders.


Name

Age

Term Of

 Office

Positions Held

Bradly Petersen

47

2015

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director


Certain biographical information with respect to the Company’s sole officer and director is set forth below.


Bradly Petersen has since July 2013 been the Director of Outdoor Recreation for the State of Utah. From July 2011 until July 2013, he was the Chief Operating Office of a large distribution business, with offices in San Diego, and Mexico. The prior 7 years he started and managed a custom wood mill in Salt Lake City, Utah.  This wood mill was sold in July of 2011. He has a BA from the University of Utah, and a MBA from Thunderbird International Business School, located in Phoenix Arizona.


Director Meetings and Stockholder Meeting Attendance


The Board of Directors held no formal meetings during 2014, and took action by unanimous written consents in lieu of meetings.  Our policy is to encourage, but not require, members of the Board of Directors to attend annual stockholder meetings. We did not have an annual stockholder meeting during the prior year.


Board of Directors


Our board of directors consists of one person; Bradly Petersen.  Our sole director is not “independent” within the meaning of Rule 5605(a)(3) of the NASDAQ Marketplace because he is an officer of the Company.


Our board of directors has not appointed any standing committees, there is no separately designated audit committee and the entire board of directors acts as our audit committee.  The board of directors does not have an independent “financial expert” because it does not believe the scope of the Company’s activities to date has justified the expenses involved in obtaining such a financial expert.  In addition, our securities are not listed on a national exchange and we are not subject to the special corporate governance requirements of any such exchange.


The Company does not have a compensation committee and does not pay any compensation to its sole officer and director.  


The Company does not have a standing nominating committee and the Company’s Board of Directors performs the functions that would customarily be performed by a nominating committee.  The Board of Directors does not believe a separate nominating committee is required at this time due to the Company’s lack of business operations and the limited resources of the Company which do not permit it to compensate its directors.  The Board of Directors has not established policies with regard to the consideration of director candidates recommended by security holders or the minimum qualifications of such candidates.



11




Communications with Directors


Stockholders may communicate with the Board of Directors by sending written communications addressed to the Board of Directors, or any individual director, to: Bioethics, Ltd Inc., Attention: Corporate Secretary, 3625 Cove Point Drive, Salt Lake City. Utah 84109. All communications will be compiled by the corporate secretary and forwarded to the Board of Directors or any individual director, as appropriate.  In order to facilitate a response to any such communication, the Company’s Board of Directors suggests, but does not require, that any such submission include the name and contact information of the shareholder submitting the communication.


Section 16(a) Beneficial Ownership Reporting Compliance  


The Company does not have a class of equity securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.  As a result, no reports are required to be filed pursuant to Section 16(a) of the Exchange Act by the Company’s directors and executive officers, and persons who own more than 5% of a registered class of the Company’s equity securities. Bradly Petersen our sole officers and director owns directly 90% of a common stock.


Code of Ethics


The Company has not adopted a Code of Ethics that applies to its executive officers, including its principal executive, financial and accounting officers.  The Company does not believe the adoption of a code of ethics at this time would provide any meaningful additional protection to the Company because the Company has no employees, has only one officer who is also the sole director, and the Company does not conduct any active business operations.


Item 11.  Executive Compensation


Bradly Petersen acts as the sole officer and director of the Company.  Mr. Petersen does not currently receive any compensation, from the Company.  The Company has not paid any compensation to any officer during the past three years nor has the Company granted any stock options or restricted stock to its officers during the past three years.  


The Company has no retirement, pension, profit sharing, or insurance or medical reimbursement plans covering its officers or directors, and is not contemplating implementing any of these plans at this time.


The Company’s directors do not receive any compensation for serving as directors of the Company and no compensation was paid to the Company’s sole director during the 2014 or 2013 fiscal years.


Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters


The following table sets forth as of March 26, 2015, the number of shares of the Company’s common stock, par value $0.001, owned of record or beneficially by each person known to be the beneficial owner of 5% or more of the issued and outstanding shares of the Company’s common stock, and by each of the Company’s officers and directors, and by all officers and directors as a group.  On such date there were 116,000,000 shares of the Company’s common stock issued and outstanding.


Title of Class

Beneficial Owner (1)

Amount

Percentage

Ownership

 

 

 

 

 

Principal Stockholders

 

 

 

 

   Common Stock

  Bradly Petersen

105,000,000

90.51%

 


Officers and Directors

 

 

 

 

  Common Stock

  Bradly Petersen

105,000,000

90.51%

 

  Common Stock

  All Executive Officers

 

 

 

 

    And Directors as a Group

    (One Person)

105,000,000

90.51%          

 

________________________

(1)

Unless otherwise indicated, all shares are held beneficially and of record by the person indicated.

(2)

The address of Bradly Petersen as reflected in the records of the Company’s transfer agent is 2730 Swasont Way, Salt Lake City, Utah 84117



12




Item 13.  Certain Relationships and Related Transactions, and Director Independence


The Company’s offices are located at the residence of its president at no charge to the Company.


Our board of directors consists of one person; Bradly Petersen, Our sole director is not “independent” within the meaning of Rule 5605(a)(3) of the NASDAQ Marketplace because he is an officer of the Company.


Item 14.  Principal Accounting Fees and Services


Pritchett, Siler & Hardy, P.C. served as the Company’s independent registered public accounting firm for the fiscal years ended December 31, 2014 and 2013.


During the fiscal years ended December 31, 2014 and 2013, fees for services provided by Pritchett, Siler & Hardy, P.C. were as follows:


 

 

Year Ended

 

 

December 31,

 

 

2014

 

2013

 

 

 

 

 

Auditor Fees

 

$

8,650

 

 

$

9,700

 

Audit-Related Fees

 

 

6,273

 

 

 

-

 

Tax Fees

 

 

475

 

 

 

350

 

All Other Fees

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total

 

$

14,373

 

 

$

10,050

 


“Audit Fees” consisted of fees billed for services rendered for the audit of the Company’s annual financial statements, review of financial statements included in the Company’s quarterly reports on Form 10-Q, and other services normally provided in connection with statutory and regulatory filings.  “Audit-Related Fees” consisted of fees billed for due diligence procedures in connection with acquisitions and divestitures and consultation regarding financial accounting and reporting matters.  “Tax Fees” consisted of fees billed for tax payment planning and tax preparation services.  “All Other Fees” consisted of fees billed for services in connection with legal matters and technical accounting research.


The Company’s Board of Directors functions as its audit committee. It is the policy of the Company for all work performed by our principal accountant to be approved in advance by the Board of Directors. All of the services described above in this Item 14 were approved in advance by our Board of Directors.




13




Item 15. Exhibits, Financial Statement Schedules.


The following documents are included as exhibits to this report.  


(a) Exhibits



Exhibit

Number

 

SEC Reference Number

 



Title of Document

 



Location

 

 

 

 

 

 

 

  3.1

 

3

 

Articles of  Incorporation

 

Incorporated by Reference(1)

  3.2

 

3

 

Bylaws

 

Incorporated by Reference(1)

10.1

 

10

 

Promissory Note dated January 18, 2010

 

Incorporated by

Reference(2)

10.2

 

10

 

Promissory Note dated May 10, 2011

 

Incorporated by Reference(3)

10.3

 

10

 

Promissory Note dated June 27, 2011

 

Incorporated by Reference(3)

10.4

 

10

 

Promissory Note dated July 16, 2012

 

Incorporated by Reference(4)

10.5

 

10

 

Promissory Note dated May 10, 2013

 

Incorporated by

Reference(5)

31.1

 

31

 

Section 302 Certification of Chief Executive and Chief Financial Officer

 

This Filing

32.1

 

32

 

Section 1350 Certification of Chief Executive and Chief

Financial Officer

 

This Filing

101.INS(6)

 

 

 

XBRL Instance Document

 

This Filing

101.SCH(6)

 

 

 

XBRL Taxonomy Extension Schema

 

This Filing

101.CAL(6)

 

 

 

XBRL Taxonomy Extension Calculation Linkbase

 

This Filing

101.DEF(6)

 

 

 

XBRL Taxonomy Extension Definition Linkbase

 

This Filing

101.LAB(6)

 

 

 

XBRL Taxonomy Extension Label Linkbase

 

This Filing

101.PRE(6)

 

 

 

XBRL Taxonomy Extension Presentation Linkbase

 

This Filing

 

 

 

 

 

 

 

 

(1)Incorporated by reference to Exhibits 3(i) and 3(ii) of the Company’ 2003 Form 10-KSB report, filed March 30, 2004


(2)XBRL information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934, and is not subject to liability under those sections, is not part of any registration statement or prospectus to which it relates and is not incorporated or deemed to be incorporated by reference into any registration statement, prospectus or other document.






15




SIGNATURES


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


Bioethics, Ltd.

(Registrant)



Date:  March 30, 2015

By  /s/ Bradly Petersen        

 

Bradly Petersen

President, Chief Executive Officer and

Chief Financial Officer




Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Dated: March 30, 2015

 /s/ Bradly Petersen                    

  

Bradly Petersen

President, Chief Executive Officer, Chief Financial Officer and Director

  

  

(Principal Executive and Accounting Officer)




16




Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act


The Company did not provide any annual report to its security holders covering the fiscal year ended December 31, 2014.


As of the date of this report, the Company has not sent a proxy statement, form of proxy or other proxy soliciting material to more than ten of its security holders with respect to any annual or other meeting of security holders during 2014 or 2013.  






17
















BIOETHICS, LTD.


FINANCIAL STATEMENTS


DECEMBER 31, 2014

















F-1



BIOETHICS, LTD.





CONTENTS


 

PAGE

 

 

Report of Independent Registered Public Accounting Firm

F-3

 

 

 

 

Balance Sheets, December 31, 2014 and 2013

F-4

 

 

 

 

Statements of Operations, for the years ended December 31, 2014 and 2013

F-5

 

 

 

 

Statement of Stockholders' Equity (Deficit) from January 1, 2013 through December 31, 2014

F-6

 

 

 

 

Statements of Cash Flows, for the years ended December 31, 2014 and 2013

F-7

 

 

 

 

Notes to Financial Statements

F-8 – F-12

 

 











F-2



PRITCHETT, SILER & HARDY, P.C.

CERTIFIED PUBLIC ACCOUNTANTS

A PROFESSIONAL CORPORATION

1466 N. HIGHWAY 89 STE. 230

FARMINGTON, UTAH  84025

_______________

(801) 447-9572     FAX (801) 447-9578

___________________________________________________________________________________________



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



Board of Directors

Bioethics, Ltd.

Salt Lake City Utah


We have audited the accompanying balance sheets of Bioethics, Ltd. (the Company) as of December 31, 2014 and 2013 and the related statements of operations, stockholders' equity (deficit) and cash flows for the years then ended.  The Company’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.  Accordingly, we express no such opinion.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.


In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2014 and 2013 and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.


The accompanying financial statements have been prepared assuming Bioethics, Ltd. will continue as a going concern. As discussed in Note 6 to the financial statements, Bioethics, Ltd. has incurred losses since its inception, has a working capital deficit and has not yet established profitable operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  Management’s plans in regards to these matters are also described in Note 6.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.




/s/ Pritchett, Siler & Hardy, P.C.




PRITCHETT, SILER & HARDY, P.C.


Farmington, Utah

March 27, 2015









F-3





BIOETHICS, LTD.

Balance Sheets

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

December 31,

 

 

 

 

2014

 

2013

CURRENT ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

11,634

$

359

 

Prepaid expenses

 

7,500

 

-

 

 

 

 

 

 

 

 

 

Total Current Assets

 

19,134

 

359

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

$

19,134

$

359

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

-

$

3,795

 

Accrued interest - related parties

 

-

 

11,877

 

Notes payable - related parties

 

25,000

 

80,000

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

25,000

 

95,672

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

25,000

 

95,672

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value; 25,000,000 shares authorized, -0- shares issued and outstanding

 

-

 

-

 

Common stock, $0.001 par value; 150,000,000 shares authorized, 116,000,000 and 11,000,000 shares issued and outstanding, respectively

 

116,000

 

11,000

 

Additional paid-in capital

 

285,414

 

92,776

 

Accumulated deficit

 

(407,280)

 

(199,089)

 

 

 

 

 

 

 

 

 

Total Stockholders' Equity (Deficit)

 

(5,866)

 

(95,313)

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS'  EQUITY (DEFICIT)

$

19,134

$

359

 

 

 

 

 

 

 

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






F-4





BIOETHICS, LTD.

Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended

 

 

 

 

December 31,

 

 

 

 

2014

 

2013

 

 

 

 

 

 

 

NET REVENUES

$

-

$

-

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

18,568

 

17,941

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

18,568

 

17,941

 

 

 

 

 

 

 

LOSS FROM OPERATIONS

 

(18,568)

 

(17,941)

 

 

 

 

 

 

 

OTHER INCOME (EXPENSES)

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(2,123)

 

(4,586)

 

Loss on extinguishment of debt

 

(187,500)

 

-

 

 

 

 

 

 

 

 

 

Total Other Income (Expenses)

 

(189,623)

 

(4,586)

 

 

 

 

 

 

 

NET LOSS BEFORE INCOME TAXES

 

(208,191)

 

(22,527)

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

-

 

-

 

 

 

 

 

 

 

NET LOSS

$

(208,191)

$

(22,527)

 

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER SHARE

$

(0.00)

$

(0.00)

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING

 

67,383,562

 

11,000,000

 

 

 

 

 

 

 

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







F-5





BIOETHICS, LTD.

Statements of Stockholders' Equity (Deficit)

For the Period January 1, 2013 through December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

Total

 

Common Stock

 

Paid-In

 

Accumulated

 

Stockholders'

 

Shares

 

Amount

 

Capital

 

Deficit

 

Equity

 

 

 

 

 

 

 

 

 

 

Balance, January 1, 2013

11,000,000

 

$   11,000

 

$   92,776

 

$   (176,562)

 

$     (72,786)

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2013

-

 

-

 

-

 

(22,527)

 

(22,527)

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2013

11,000,000

 

11,000

 

92,776

 

(199,089)

 

(95,313)

 

 

 

 

 

 

 

 

 

 

Capital contribution by shareholder

-

 

-

 

5,138

 

-

 

5,138

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for debt

105,000,000

 

105,000

 

187,500

 

-

 

292,500

 

 

 

 

 

 

 

 

 

 

Net loss for the year ended December 31, 2014

-

 

-

 

-

 

(208,191)

 

(208,191)

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2014

116,000,000

 

$ 116,000

 

$ 285,414

 

$   (407,280)

 

$       (5,866)

 

 

 

 

 

 

 

 

 

 

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








F-6





BIOETHICS, LTD.

Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

For the Years Ended

 

 

 

 

December 31,

 

 

 

 

2014

 

2013

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(208,191)

$

(22,527)

Adjustments to reconcile net loss to net cash used by operating activities:

 

 

 

 

 

 

Loss on extinguishment of debt

 

187,500

 

-

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses

 

(7,500)

 

-

 

 

Accounts payable

 

(3,795)

 

3,795

 

 

Accrued interest

 

2,123

 

4,586

 

 

 

 

 

 

 

 

 

Net Cash Used by Operating Activities

 

(29,863)

 

(14,146)

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

-

 

-

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

Capital contribution

 

5,138

 

-

 

Proceeds from notes payable - related parties

 

36,000

 

10,000

 

 

 

 

 

 

 

 

 

Net Cash Provided by Financing Activities

 

41,138

 

10,000

 

 

 

 

 

 

 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

 

11,275

 

(4,146)

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

359

 

4,505

 

 

 

 

 

 

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

11,634

$

359

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES:

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

$

-

$

-

 

Cash paid for income taxes

$

-

$

-

 

 

 

 

 

 

 

 

Non-cash financing activity:

 

 

 

 

 

 

Stock issued for extinguishment of debt

$

105,000

$

-

 

 

 

 

 

 

 

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







F-7




BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Organization - Bioethics, Ltd. (“the Company”) was organized under the laws of the State of Nevada on July 26, 1990.  The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Company’s officers and directors.  The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.


Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.


Income Taxes - The Company accounts for income taxes in accordance with ASC Topic No. 740, “Accounting for Income Taxes” [See Note 3].


The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.


The Company has no tax positions at December 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.


The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties.  The Company had no accruals for interest and penalties at December 31, 2014, and 2013.  All tax years starting with 2011 are open for examination.


Loss Per Share -The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, “Earnings Per Share” [See Note 7].


Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.  Actual results could differ from those estimated.


Recently Enacted Accounting Standards - The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”).  Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.




F-8




BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


Recent Accounting Standards Update (“ASU”) through ASU No. 2014-5 contain technical corrections to existing guidance or affect guidance to specialized industries.  These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.


NOTE 2 - CAPITAL STOCK


In July 1990, in connection with its organization, the Company issued 1,000,000 shares of its previously authorized but unissued common stock.  Total proceeds from the sale of stock amounted to $1,000 (or $.001 per share).


In May 1998, the Company issued 10,000,000 shares of its previously authorized but unissued common stock.  Total proceeds from the sale of stock amounted to $40,000 (or $.004 per share).  


In June 2014, the Company issued 105,000,000 shares of its previously authorized but unissued common stock for the satisfaction of debts in the amount of $105,000 [See Note 4].  The best-efforts Enterprise value of the shares issued was determined by management to be $292,500 (or $.003 per share). The excess of the fair value of the stock issued over the value of the debt settled of $187,500 has been recorded as a loss on extinguishment of debt. The issuance of common stock resulted in a change in control of the Company [See Note 5].


NOTE 3 - INCOME TAXES


The Company accounts for income taxes in accordance with ASC Topic No. 740, “Income Taxes.”  This standard requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards.


The Company adopted the provisions of ASC Topic 740, “Accounting for Uncertainty in Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.


The Company has no tax provisions at December 31, 2014 and 2013, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.


The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2014 and 2013, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at December 31, 2014 and 2013.


Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss (NOL) and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.




F-9




BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014


NOTE 3 - INCOME TAXES (CONTINUED)


Net deferred tax assets (liabilities) consist of the following components as of December 31, 2014 and 2013:


 

 

2014

 

2013

Deferred tax assets:

 

 

 

 

NOL Carryover

$

32,900

 

29,700

Extinguishment of debt with shares

 

28,000

 

-

Valuation allowance

 

(60,900)

 

(29,700)

 

 

 

 

 

Net deferred tax asset

$

-

$

-


The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended December 31, 2014 and 2013 due to the following:


 

 

2014

 

2013

 

 

 

 

 

Book Loss (15% statutory rate)

$

(31,200)

$

(3,400)

Change in valuation allowance

 

31,200

 

3,400

 

 

 

 

 

Tax at effective rate

$

-

$

-


At December 31, 2014, the Company had net operating loss carryforwards of approximately $218,000 that may be offset against future taxable income from the year 2015 through 2034.  No tax benefit has been reported in the December 31, 2014 or 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.  There is no provision for state taxes, since the Company’s operations have been limited to administrative expenses and fund-raising in the state of its incorporation (Nevada) which has no income tax.


Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations.  Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013 and 2012.





F-10




BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014


NOTE 4 - RELATED PARTY TRANSACTIONS


Management Compensation - For the years ended December 2014 and 2013, the Company did not pay any compensation to its officers and directors.


Office Space - The Company has not had a need to rent office space.  An officer/shareholder of the Company is allowing the Company to use his home as a mailing address, as needed, at no expense to the Company.


Notes Payable - Between January 2010 and March 2014, the Company borrowed $91,000 from a stockholder of the Company pursuant to unsecured promissory notes. Such notes are due on demand and accrue interest at 6% per annum.  In June, 2014, the principal amount of $91,000 along with accrued interest of $14,000 was settled via the issuance of 105,000,000 shares of common stock of the Company.  Included in the notes that were settled was $11,000 received during the year ended December 31, 2014 [See Note 2].


In December 2014, the Company borrowed $25,000 from a stockholder of the Company pursuant to an unsecured promissory note.  The note is due on demand and accrues interest at 12% per annum.


NOTE 5 - CHANGE IN CONTROL


In June 2014 our Sole Officer and Director settled the notes from the Company in the amount of $105,000 including principal of $91,000 and accrued interest of $14,000, for 105,000,000 shares of common stock of the company.  This resulted in a change of control, as our sole officer and director owns 90.5% of the Company’s issued and outstanding shares [See Notes 2 and 4].


NOTE 6 - GOING CONCERN


The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has incurred losses since its inception and has no on-going operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans, additional sales of its common stock or through a possible business combination.  There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.



F-11




BIOETHICS, LTD.

NOTES TO FINANCIAL STATEMENTS

December 31, 2014


NOTE 7 - LOSS PER SHARE


The following data show the amounts used in computing loss per share:


 

 

December 31,

 

 

2014

 

2013

 

 

 

 

 

Net loss (numerator)

$

(208,191)

$

(22,527)

Weighted average shares outstanding (denominator)

 

67,383,562

 

11,000,000

Basic and fully diluted net loss per share amount

$

(0.00)

$

(0.00)


Dilutive loss per share was not presented; as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.


NOTE 8 – RECENT PRONOUNCEMENT


On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, “Development Stage Entities” (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.  The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.


NOTE 9 – SUBSEQUENT EVENTS


The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional events to disclose.




F-12


EX-31.1 2 f10k123114_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATION Exhibit 31.1 Section 302 Certification


Exhibit 31.1


I, Bradly Petersen, certify that


1.

I have reviewed this report on Form 10-K of Bioethics, Ltd.;


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 registrant’s other certifying officer(s) 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 controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:


a.

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 registrant, including its consolidated subsidiaries, 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 registrant’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


d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.


 

Date: March 30, 2015

 /s/ Bradly Petersen                     

Bradly Petersen                               

President, Chief Executive Officer and

Chief Financial Officer

(Principal Executive Officer and

Principal Financial Officer)




EX-32.1 3 f10k123114_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATION Exhibit 32.1 Section 906 Certification


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 Annual Report of Bioethics, Ltd. (the “Company”) on Form 10-K for the fiscal year ended December 31, 2014 as filed with the Securities and Exchange Commission on or about the date hereof (the “Report”), I, Bradly Petersen, President, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

       

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


          

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

 


March 30, 2015

 /s/ Bradly Petersen          

Bradly Petersen

President and Treasurer





EX-101.CAL 4 both-20141231_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 both-20141231_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.INS 6 both-20141231.xml XBRL INSTANCE DOCUMENT 7500 0 19134 359 19134 359 0 3795 0 11877 25000 80000 25000 95672 25000 95672 0 0 116000 11000 285414 92776 -407280 -199089 -5866 -95313 19134 359 0.01 0.01 25000000 25000000 0.001 0.001 150000000 150000000 116000000 11000000 116000000 11000000 11000000 11000 92776 -176562 -72786 0 0 -22527 -22527 11000000 11000 92776 -199089 -95313 0 5138 0 5138 105000000 105000 187500 0 292500 0 0 -208191 -208191 116000000 116000 285414 -407280 -5866 0 0 18568 17941 18568 17941 -18568 -17941 -2123 -4586 -187500 0 -189623 -4586 -208191 -22527 0 0 -208191 -22527 0.00 0.00 67383562 11000000 -208191 -22527 187500 0 -7500 0 -3795 3795 2123 4586 -29863 -14146 0 0 5138 0 36000 10000 41138 10000 11275 -4146 4505 11634 359 0 0 0 0 105000 0 <!--egx--><p style='margin:0cm 0cm 0pt'><font lang="EN-US">NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</font></p> <p style='margin:0cm 0cm 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Organization - Bioethics, Ltd. (&#147;the Company&#148;) was organized under the laws of the State of Nevada on July 26, 1990.&nbsp; The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Company&#146;s officers and directors.&nbsp; The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Income Taxes - The Company accounts for income taxes in accordance with ASC Topic No. 740, &#147;Accounting for Income Taxes&#148; [<i>See Note 3</i>].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company adopted the provisions of ASC Topic No. 740, &#147;Accounting for Income Taxes,&#148; on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company has no tax positions at December 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.&nbsp;&nbsp;During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties.&nbsp;&nbsp;The Company had no accruals for interest and penalties at December 31, 2014, and 2013.&nbsp; All tax years starting with 2011 are open for examination.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Loss Per Share -The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, &#147;Earnings Per Share&#148; [See Note 7].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.&nbsp; Actual results could differ from those estimated.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Recently Enacted Accounting Standards - The FASB established the Accounting Standards Codification (&#147;Codification&#148; or &#147;ASC&#148;) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (&#147;GAAP&#148;).&nbsp; Rules and interpretive releases of the Securities and Exchange Commission (&#147;SEC&#148;) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Recent Accounting Standards Update (&#147;ASU&#148;) through ASU No. 2014-5 contain technical corrections to existing guidance or affect guidance to specialized industries.&nbsp; These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 2 - CAPITAL STOCK</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">In July 1990, in connection with its organization, the Company issued 1,000,000 shares of its previously authorized but unissued common stock.&nbsp; Total proceeds from the sale of stock amounted to $1,000 (or $.001 per share).</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">In May 1998, the Company issued 10,000,000 shares of its previously authorized but unissued common stock.&nbsp; Total proceeds from the sale of stock amounted to $40,000 (or $.004 per share).&nbsp; </font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">In June 2014, the Company issued 105,000,000 shares of its previously authorized but unissued common stock for the satisfaction of debts in the amount of $105,000 [<i>See Note 4</i>].&nbsp; The best-efforts Enterprise value of the shares issued was determined by management to be $292,500 (or $.003 per share). The excess of the fair value of the stock issued over the value of the debt settled of $187,500 has been recorded as a loss on extinguishment of debt. The issuance of common stock resulted in a change in control of the Company [<i>See Note 5</i>].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 3 - INCOME TAXES</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company accounts for income taxes in accordance with ASC Topic No. 740, &#147;Income Taxes.&#148;&nbsp; This standard requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company adopted the provisions of ASC Topic 740, &#147;Accounting for Uncertainty in Income Taxes,&#148; on January 1, 2007. As a result of the implementation of ASC Topic 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company has no tax provisions at December 31, 2014 and 2013, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2014 and 2013, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at December 31, 2014 and 2013.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss (NOL) and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.&nbsp; Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.&nbsp; Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'><font lang="EN-US">Net deferred tax assets (liabilities) consist of the following components as of December 31, 2014 and 2013:</font></p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="421" border="0" style='width:315.7pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2014</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Deferred tax assets:</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">NOL Carryover</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">32,900</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">29,700</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Extinguishment of debt with shares</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">28,000</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Valuation allowance</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(60,900)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(29,700)</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Net deferred tax asset</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr></table></div> <p style='margin:0cm 0cm 0pt'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'><font lang="EN-US">The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended December 31, 2014 and 2013 due to the following:</font></p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="379" border="0" style='width:284pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2014</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Book Loss (15% statutory rate)</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(31,200)</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(3,400)</font></p></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Change in valuation allowance</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">31,200</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">3,400</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Tax at effective rate</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr></table></div> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">At December 31, 2014, the Company had net operating loss carryforwards of approximately $218,000 that may be offset against future taxable income from the year 2015 through 2034.&nbsp; No tax benefit has been reported in the December 31, 2014 or 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.&nbsp; There is no provision for state taxes, since the Company&#146;s operations have been limited to administrative expenses and fund-raising in the state of its incorporation (Nevada) which has no income tax.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations.&nbsp; Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013 and 2012.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='margin:0cm 0cm 0pt 18pt;line-height:normal'><font lang="EN-US">Net deferred tax assets (liabilities) consist of the following components as of December 31, 2014 and 2013:</font></p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="421" border="0" style='width:315.7pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2014</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Deferred tax assets:</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">NOL Carryover</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">32,900</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">29,700</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Extinguishment of debt with shares</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">28,000</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt 7pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Valuation allowance</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(60,900)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(29,700)</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="251" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:187.9pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Net deferred tax asset</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:16pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr></table></div> <!--egx--><p style='margin:0cm 0cm 0pt'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'><font lang="EN-US">The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended December 31, 2014 and 2013 due to the following:</font></p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="379" border="0" style='width:284pt;border-collapse:collapse'> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2014</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Book Loss (15% statutory rate)</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(31,200)</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">(3,400)</font></p></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Change in valuation allowance</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">31,200</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">3,400</font></p></td></tr> <tr style='height:7.2pt'> <td valign="bottom" width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'></td></tr> <tr style='height:7.2pt'> <td width="209" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:157pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">Tax at effective rate</font></p></td> <td valign="bottom" width="19" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:14pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td> <td valign="bottom" width="23" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:17pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="64" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:48pt;border-bottom:windowtext 2.25pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt;text-autospace:ideograph-numeric;punctuation-wrap:hanging'><font lang="EN-US">-</font></p></td></tr></table></div> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 4 - RELATED PARTY TRANSACTIONS</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Management Compensation - For the years ended December 2014 and 2013, the Company did not pay any compensation to its officers and directors.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Office Space - The Company has not had a need to rent office space.&nbsp; An officer/shareholder of the Company is allowing the Company to use his home as a mailing address, as needed, at no expense to the Company.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Notes Payable - Between January 2010 and March 2014, the Company borrowed $91,000 from a stockholder of the Company pursuant to unsecured promissory notes. Such notes are due on demand and accrue interest at 6% per annum.&nbsp; In June, 2014, the principal amount of $91,000 along with accrued interest of $14,000 was settled via the issuance of 105,000,000 shares of common stock of the Company.&nbsp; Included in the notes that were settled was $11,000 received during the year ended December 31, 2014 [<i>See Note 2</i>].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">In December 2014, the Company borrowed $25,000 from a stockholder of the Company pursuant to an unsecured promissory note.&nbsp; The note is due on demand and accrues interest at 12% per annum.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 5 - CHANGE IN CONTROL</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">In June 2014 our Sole Officer and Director settled the notes from the Company in the amount of $105,000 including principal of $91,000 and accrued interest of $14,000, for 105,000,000 shares of common stock of the company.&nbsp; This resulted in a change of control, as our sole officer and director owns 90.5% of the Company&#146;s issued and outstanding shares [<i>See Notes 2 and 4</i>].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The following data show the amounts used in computing loss per share:</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="519" border="1" style='border-top:medium none;border-right:medium none;width:389.5pt;border-collapse:collapse;border-bottom:medium none;border-left:medium none'> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="170" colspan="3" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:127.5pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">December 31,</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">2014</font></p></td> <td valign="top" width="21" style='border-top:windowtext 1pt solid;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p></td> <td valign="top" width="74" style='border-top:windowtext 1pt solid;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">Net loss (numerator)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(208,191)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(22,527)</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='margin:0cm 0cm 0pt'><font lang="EN-US">Weighted average shares outstanding (denominator)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">67,383,562</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">11,000,000</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='margin:0cm 0cm 0pt'><font lang="EN-US">Basic and fully diluted net loss per share amount</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1.5pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(0.00)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1.5pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(0.00)</font></p></td></tr></table></div> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 7 - LOSS PER SHARE</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The following data show the amounts used in computing loss per share:</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <div align="center"> <table cellspacing="0" cellpadding="0" width="519" border="1" style='border-top:medium none;border-right:medium none;width:389.5pt;border-collapse:collapse;border-bottom:medium none;border-left:medium none'> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="170" colspan="3" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:127.5pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">December 31,</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="top" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">2014</font></p></td> <td valign="top" width="21" style='border-top:windowtext 1pt solid;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p></td> <td valign="top" width="74" style='border-top:windowtext 1pt solid;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="center" style='text-align:center;margin:0cm 0cm 0pt'><font lang="EN-US">2013</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">Net loss (numerator)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(208,191)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(22,527)</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='margin:0cm 0cm 0pt'><font lang="EN-US">Weighted average shares outstanding (denominator)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">67,383,562</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'>&nbsp;</p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1pt solid;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">11,000,000</font></p></td></tr> <tr style='height:7.2pt'> <td valign="top" width="328" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:246.2pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p style='margin:0cm 0cm 0pt'><font lang="EN-US">Basic and fully diluted net loss per share amount</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1.5pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(0.00)</font></p></td> <td valign="bottom" width="21" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:15.8pt;border-bottom:#f0f0f0;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">$</font></p></td> <td valign="bottom" width="74" style='border-top:#f0f0f0;height:7.2pt;border-right:#f0f0f0;width:55.85pt;border-bottom:windowtext 1.5pt double;padding-bottom:0cm;padding-top:0cm;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> <p align="right" style='text-align:right;margin:0cm 0cm 0pt'><font lang="EN-US">(0.00)</font></p></td></tr></table></div> <p style='margin:0cm 0cm 0pt'>&nbsp;</p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'><font lang="EN-US">Dilutive loss per share was not presented; as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.</font></p> <p style='margin:0cm 0cm 0pt 18pt;line-height:normal'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 6 - GOING CONCERN</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.&nbsp; However, the Company has incurred losses since its inception and has no on-going operations.&nbsp; These factors raise substantial doubt about the ability of the Company to continue as a going concern.&nbsp; In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans, additional sales of its common stock or through a possible business combination.&nbsp; There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.&nbsp; The financial statements do not include any adjustments that might result from the outcome of these uncertainties.</font></p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 8 &#150; RECENT PRONOUNCEMENT</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US" style='background:white'>On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, &#147;Development Stage Entities&#148; (Topic 915).&nbsp;&nbsp;&nbsp;Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.&nbsp; In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders&#146; equity, (2) label the financial statements as those of a development stage entity;&nbsp; (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.&nbsp; The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.&nbsp; The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements</font><font lang="EN-US">.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'><font lang="EN-US">NOTE 9 &#150; SUBSEQUENT EVENTS</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional events to disclose. </font></p> <p style='text-align:justify;margin:0cm 0cm 0pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Organization - Bioethics, Ltd. (&#147;the Company&#148;) was organized under the laws of the State of Nevada on July 26, 1990.&nbsp; The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Company&#146;s officers and directors.&nbsp; The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Income Taxes - The Company accounts for income taxes in accordance with ASC Topic No. 740, &#147;Accounting for Income Taxes&#148; [<i>See Note 3</i>].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company adopted the provisions of ASC Topic No. 740, &#147;Accounting for Income Taxes,&#148; on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company has no tax positions at December 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.&nbsp;&nbsp;During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties.&nbsp;&nbsp;The Company had no accruals for interest and penalties at December 31, 2014, and 2013.&nbsp; All tax years starting with 2011 are open for examination.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Loss Per Share -The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, &#147;Earnings Per Share&#148; [See Note 7].</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.&nbsp; Actual results could differ from those estimated.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <!--egx--><p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Recently Enacted Accounting Standards - The FASB established the Accounting Standards Codification (&#147;Codification&#148; or &#147;ASC&#148;) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (&#147;GAAP&#148;).&nbsp; Rules and interpretive releases of the Securities and Exchange Commission (&#147;SEC&#148;) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.</font></p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'>&nbsp;</p> <p style='text-align:justify;margin:0cm 0cm 0pt 18pt;text-justify:inter-ideograph'><font lang="EN-US">Recent Accounting Standards Update (&#147;ASU&#148;) through ASU No. 2014-5 contain technical corrections to existing guidance or affect guidance to specialized industries.&nbsp; 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M``!02P$"'@,4````"`!N=GY&XN@FJ#8*``"E4@``$0`8```````!````I($> M=0``8F]T:"TR,#$T,3(S,2YX`L``00E#@``!#D!``!0 52P4&``````8`!@`:`@``GW\````` ` end XML 13 R9.htm IDEA: XBRL DOCUMENT v2.4.1.9
INCOME TAXES
12 Months Ended
Dec. 31, 2014
INCOME TAXES  
INCOME TAXES

NOTE 3 - INCOME TAXES

 

The Company accounts for income taxes in accordance with ASC Topic No. 740, “Income Taxes.”  This standard requires the Company to provide a net deferred tax asset or liability equal to the expected future tax benefit or expense of temporary reporting differences between book and tax accounting and any available operating loss or tax credit carryforwards.

 

The Company adopted the provisions of ASC Topic 740, “Accounting for Uncertainty in Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.

 

The Company has no tax provisions at December 31, 2014 and 2013, for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

 

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2014 and 2013, the Company recognized no interest and penalties. The Company had no accruals for interest and penalties at December 31, 2014 and 2013.

 

Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss (NOL) and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

 

Net deferred tax assets (liabilities) consist of the following components as of December 31, 2014 and 2013:

 

2014

2013

Deferred tax assets:

NOL Carryover

$

32,900

29,700

Extinguishment of debt with shares

28,000

-

Valuation allowance

(60,900)

(29,700)

Net deferred tax asset

$

-

$

-

 

The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended December 31, 2014 and 2013 due to the following:

 

2014

2013

Book Loss (15% statutory rate)

$

(31,200)

$

(3,400)

Change in valuation allowance

31,200

3,400

Tax at effective rate

$

-

$

-

 

At December 31, 2014, the Company had net operating loss carryforwards of approximately $218,000 that may be offset against future taxable income from the year 2015 through 2034.  No tax benefit has been reported in the December 31, 2014 or 2013 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount.  There is no provision for state taxes, since the Company’s operations have been limited to administrative expenses and fund-raising in the state of its incorporation (Nevada) which has no income tax.

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carryforwards for Federal income tax reporting purposes are subject to annual limitations.  Should a change in ownership occur, net operating loss carryforwards may be limited as to use in future years. The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2014, 2013 and 2012.

 

 

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CAPITAL STOCK
12 Months Ended
Dec. 31, 2014
CAPITAL STOCK:  
CAPITAL STOCK

NOTE 2 - CAPITAL STOCK

 

In July 1990, in connection with its organization, the Company issued 1,000,000 shares of its previously authorized but unissued common stock.  Total proceeds from the sale of stock amounted to $1,000 (or $.001 per share).

 

In May 1998, the Company issued 10,000,000 shares of its previously authorized but unissued common stock.  Total proceeds from the sale of stock amounted to $40,000 (or $.004 per share). 

 

In June 2014, the Company issued 105,000,000 shares of its previously authorized but unissued common stock for the satisfaction of debts in the amount of $105,000 [See Note 4].  The best-efforts Enterprise value of the shares issued was determined by management to be $292,500 (or $.003 per share). The excess of the fair value of the stock issued over the value of the debt settled of $187,500 has been recorded as a loss on extinguishment of debt. The issuance of common stock resulted in a change in control of the Company [See Note 5].

 

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.1.9
BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
CURRENT ASSETS    
Cash and cash equivalents $ 11,634us-gaap_CashAndCashEquivalentsAtCarryingValue $ 359us-gaap_CashAndCashEquivalentsAtCarryingValue
Prepaid expenses 7,500us-gaap_PrepaidExpenseCurrent 0us-gaap_PrepaidExpenseCurrent
Total Current Assets 19,134us-gaap_AssetsCurrent 359us-gaap_AssetsCurrent
TOTAL ASSETS 19,134us-gaap_Assets 359us-gaap_Assets
CURRENT LIABILITIES    
Accounts payable 0us-gaap_AccountsPayableCurrent 3,795us-gaap_AccountsPayableCurrent
Accrued interest - related parties 0us-gaap_InterestPayableCurrent 11,877us-gaap_InterestPayableCurrent
Notes payable - related parties 25,000us-gaap_NotesPayableRelatedPartiesClassifiedCurrent 80,000us-gaap_NotesPayableRelatedPartiesClassifiedCurrent
Total Current Liabilities 25,000us-gaap_LiabilitiesCurrent 95,672us-gaap_LiabilitiesCurrent
TOTAL LIABILITIES 25,000us-gaap_Liabilities 95,672us-gaap_Liabilities
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock, $0.01 par value; 25,000,000 shares authorized, -0- shares issued and outstanding 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock; $.001 par value, 150,000,000 shares authorized, 116,000,000 and 11,000,000 shares issued and outstanding, respectively 116,000us-gaap_CommonStockValue 11,000us-gaap_CommonStockValue
Additional paid-in capital 285,414us-gaap_AdditionalPaidInCapital 92,776us-gaap_AdditionalPaidInCapital
Accumulated deficit (407,280)us-gaap_RetainedEarningsAccumulatedDeficit (199,089)us-gaap_RetainedEarningsAccumulatedDeficit
Total Stockholders' Equity (Deficit) (5,866)us-gaap_StockholdersEquity (95,313)us-gaap_StockholdersEquity
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 19,134us-gaap_LiabilitiesAndStockholdersEquity $ 359us-gaap_LiabilitiesAndStockholdersEquity
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (208,191)us-gaap_ProfitLoss $ (22,527)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash used by operating activities:    
Loss on extinguishment of debt 187,500fil_LossOnExtinguishmentOfDebt 0fil_LossOnExtinguishmentOfDebt
Changes in assets and liabilities:    
Prepaid expenses (7,500)us-gaap_IncreaseDecreaseInPrepaidExpense 0us-gaap_IncreaseDecreaseInPrepaidExpense
Accounts payable (3,795)us-gaap_IncreaseDecreaseInAccountsPayable 3,795us-gaap_IncreaseDecreaseInAccountsPayable
Accrued interest 2,123us-gaap_IncreaseDecreaseInInterestPayableNet 4,586us-gaap_IncreaseDecreaseInInterestPayableNet
Net Cash Used by Operating Activities (29,863)us-gaap_NetCashProvidedByUsedInOperatingActivities (14,146)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES    
Net Cash Provided by Investing Activities 0us-gaap_NetCashProvidedByUsedInInvestingActivities 0us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES    
Capital contribution 5,138us-gaap_ProceedsFromContributionsFromAffiliates 0us-gaap_ProceedsFromContributionsFromAffiliates
Proceeds from notes payable - related parties 36,000us-gaap_ProceedsFromNotesPayable 10,000us-gaap_ProceedsFromNotesPayable
Net Cash Provided by Financing Activities 41,138us-gaap_NetCashProvidedByUsedInFinancingActivities 10,000us-gaap_NetCashProvidedByUsedInFinancingActivities
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,275us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (4,146)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 359us-gaap_CashAndCashEquivalentsAtCarryingValue 4,505us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT END OF PERIOD 11,634us-gaap_CashAndCashEquivalentsAtCarryingValue 359us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL DISCLOSURES:    
Cash paid for interest 0us-gaap_InterestPaid 0us-gaap_InterestPaid
Cash paid for income taxes 0us-gaap_IncomeTaxesPaidNet 0us-gaap_IncomeTaxesPaidNet
Non-cash financing activity:    
Stock issued for extinguishment of debt $ 105,000fil_StockIssuedForExtinguishmentOfDebt $ 0fil_StockIssuedForExtinguishmentOfDebt
XML 18 R22.htm IDEA: XBRL DOCUMENT v2.4.1.9
RELATED PARTY TRANSACTION (Details) (USD $)
Dec. 31, 2014
Jun. 30, 2014
Mar. 31, 2014
Jan. 31, 2014
May 31, 2013
Jul. 31, 2011
Jun. 30, 2011
May 31, 2011
Dec. 31, 2010
RELATED PARTY TRANSACTION:                  
Borrowed From a Stockholder $ 25,000fil_BorrowedFromAStockholder   $ 6,000fil_BorrowedFromAStockholder $ 5,000fil_BorrowedFromAStockholder $ 10,000fil_BorrowedFromAStockholder $ 20,000fil_BorrowedFromAStockholder $ 20,000fil_BorrowedFromAStockholder $ 5,000fil_BorrowedFromAStockholder $ 25,000fil_BorrowedFromAStockholder
Accrued Interest Per Annum 12.00%fil_AccruedInterestRatePerAnnum   6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum 6.00%fil_AccruedInterestRatePerAnnum
Accrued Interest On Notes   14,000fil_AccruedInterestOnNotes   11,877fil_AccruedInterestOnNotes 0fil_AccruedInterestOnNotes 0fil_AccruedInterestOnNotes 0fil_AccruedInterestOnNotes 0fil_AccruedInterestOnNotes 0fil_AccruedInterestOnNotes
Amount of unsecured promissory notes converted   91,000fil_AmountOfUnsecuredPromissoryNotesConverted              
Company issued shares of its common stock in connection with the conversion   105,000,000fil_CompanyIssuedSharesOfItsCommonStockInConnectionWithTheConversion              
Included in the notes that were settled, received during the year $ 11,000fil_IncludedInTheNotesThatWereSettledReceivedDuringTheYear                
XML 19 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 20 R7.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Dec. 31, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization - Bioethics, Ltd. (“the Company”) was organized under the laws of the State of Nevada on July 26, 1990.  The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Company’s officers and directors.  The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.

 

Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.

 

Income Taxes - The Company accounts for income taxes in accordance with ASC Topic No. 740, “Accounting for Income Taxes” [See Note 3].

 

The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.

 

The Company has no tax positions at December 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

 

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties.  The Company had no accruals for interest and penalties at December 31, 2014, and 2013.  All tax years starting with 2011 are open for examination.

 

Loss Per Share -The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, “Earnings Per Share” [See Note 7].

 

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.  Actual results could differ from those estimated.

 

Recently Enacted Accounting Standards - The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”).  Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.

 

Recent Accounting Standards Update (“ASU”) through ASU No. 2014-5 contain technical corrections to existing guidance or affect guidance to specialized industries.  These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

 

XML 21 R3.htm IDEA: XBRL DOCUMENT v2.4.1.9
BALANCE SHEETS PARENTHETICALS (USD $)
Dec. 31, 2014
Dec. 31, 2013
Parentheticals    
Preferred Stock, Par Value $ 0.01us-gaap_PreferredStockParOrStatedValuePerShare $ 0.01us-gaap_PreferredStockParOrStatedValuePerShare
Preferred Stock, Shares Authorized 25,000,000us-gaap_PreferredStockSharesAuthorized 25,000,000us-gaap_PreferredStockSharesAuthorized
Common Stock, Par Value $ 0.001us-gaap_CommonStockParOrStatedValuePerShare $ 0.001us-gaap_CommonStockParOrStatedValuePerShare
Common Stock, Shares Authorized 150,000,000us-gaap_CommonStockSharesAuthorized 150,000,000us-gaap_CommonStockSharesAuthorized
Common Stock, Shares Issued 116,000,000us-gaap_CommonStockSharesIssued 11,000,000us-gaap_CommonStockSharesIssued
Common Stock, Shares Outstanding 116,000,000us-gaap_CommonStockSharesOutstanding 11,000,000us-gaap_CommonStockSharesOutstanding
XML 22 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Components Of Income Tax Expense Benefit As Follows (Tables)
12 Months Ended
Dec. 31, 2014
Components Of Income Tax Expense Benefit As Follows  
Net deferred tax assets (liabilities) consist of the following

Net deferred tax assets (liabilities) consist of the following components as of December 31, 2014 and 2013:

 

2014

2013

Deferred tax assets:

NOL Carryover

$

32,900

29,700

Extinguishment of debt with shares

28,000

-

Valuation allowance

(60,900)

(29,700)

Net deferred tax asset

$

-

$

-

Income tax rate to pretax income from continuing operations for the periods

 

 

The income tax provision differs from the amount of estimated income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the periods ended December 31, 2014 and 2013 due to the following:

 

2014

2013

Book Loss (15% statutory rate)

$

(31,200)

$

(3,400)

Change in valuation allowance

31,200

3,400

Tax at effective rate

$

-

$

-

XML 23 R1.htm IDEA: XBRL DOCUMENT v2.4.1.9
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2014
Mar. 26, 2015
Jun. 30, 2014
Document and Entity Information      
Entity Registrant Name BIOETHICS LTD    
Entity Trading Symbol BIOE    
Document Type 10-K    
Document Period End Date Dec. 31, 2014    
Amendment Flag false    
Entity Central Index Key 0000894560    
Current Fiscal Year End Date --12-31    
Entity Common Stock, Shares Outstanding   11,000,000dei_EntityCommonStockSharesOutstanding  
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 2014    
Document Fiscal Period Focus FY    
Entity Public Float     $ 1,650,000dei_EntityPublicFloat
XML 24 R18.htm IDEA: XBRL DOCUMENT v2.4.1.9
Amounts used in computing loss per share (Tables)
12 Months Ended
Dec. 31, 2014
Amounts used in computing loss per share  
Amounts used in computing loss per share

The following data show the amounts used in computing loss per share:

 

 

 

December 31,

 

 

2014

 

2013

 

 

 

 

 

Net loss (numerator)

$

(208,191)

$

(22,527)

Weighted average shares outstanding (denominator)

 

67,383,562

 

11,000,000

Basic and fully diluted net loss per share amount

$

(0.00)

$

(0.00)

XML 25 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
REVENUE:    
NET REVENUES $ 0us-gaap_Revenues $ 0us-gaap_Revenues
EXPENSES:    
General and administrative 18,568us-gaap_GeneralAndAdministrativeExpense 17,941us-gaap_GeneralAndAdministrativeExpense
Total Operating Expenses 18,568us-gaap_OperatingExpenses 17,941us-gaap_OperatingExpenses
LOSS FROM OPERATIONS (18,568)us-gaap_OperatingIncomeLoss (17,941)us-gaap_OperatingIncomeLoss
OTHER INCOME (EXPENSE)    
Interest Expense (2,123)us-gaap_InterestExpense (4,586)us-gaap_InterestExpense
Loss on extinguishment of debt (187,500)us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Total Other Income (Expenses) (189,623)us-gaap_OtherNonoperatingIncomeExpense (4,586)us-gaap_OtherNonoperatingIncomeExpense
NET LOSS BEFORE INCOME TAXES (208,191)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (22,527)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
PROVISION FOR INCOME TAXES 0us-gaap_IncomeTaxExpenseBenefit 0us-gaap_IncomeTaxExpenseBenefit
NET LOSS $ (208,191)us-gaap_NetIncomeLoss $ (22,527)us-gaap_NetIncomeLoss
BASIC AND DILUTED LOSS PER SHARE $ 0.00us-gaap_EarningsPerShareBasicAndDiluted $ 0.00us-gaap_EarningsPerShareBasicAndDiluted
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 67,383,562us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 11,000,000us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
XML 26 R12.htm IDEA: XBRL DOCUMENT v2.4.1.9
GOING CONCERN
12 Months Ended
Dec. 31, 2014
GOING CONCERN  
GOING CONCERN

NOTE 6 - GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.  However, the Company has incurred losses since its inception and has no on-going operations.  These factors raise substantial doubt about the ability of the Company to continue as a going concern.  In this regard, management is proposing to raise any necessary additional funds not provided by operations through loans, additional sales of its common stock or through a possible business combination.  There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations.  The financial statements do not include any adjustments that might result from the outcome of these uncertainties.

XML 27 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
CHANGES IN CONTROL
12 Months Ended
Dec. 31, 2014
CHANGES IN CONTROL  
CHANGES IN CONTROL

NOTE 5 - CHANGE IN CONTROL

 

In June 2014 our Sole Officer and Director settled the notes from the Company in the amount of $105,000 including principal of $91,000 and accrued interest of $14,000, for 105,000,000 shares of common stock of the company.  This resulted in a change of control, as our sole officer and director owns 90.5% of the Company’s issued and outstanding shares [See Notes 2 and 4].

 

XML 28 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMPUTING LOSS PER SHARE (Details) (USD $)
Dec. 31, 2014
Dec. 31, 2013
COMPUTING LOSS PER SHARES:    
Net loss (numerator) $ (208,191)fil_NetLossNumerator $ (22,527)fil_NetLossNumerator
Weighted average shares outstanding (denominator) 67,383,562fil_WeightedAverageSharesOutstandingDenominator 11,000,000fil_WeightedAverageSharesOutstandingDenominator
Basic and fully diluted net loss per share amount $ 0.00fil_BasicAndFullyDilutedNetLossPerShareAmount $ 0.00fil_BasicAndFullyDilutedNetLossPerShareAmount
XML 29 R19.htm IDEA: XBRL DOCUMENT v2.4.1.9
Capital Stock Transactions (Details) (USD $)
Jun. 30, 2014
May 01, 1998
Jul. 01, 1990
CAPITAL STOCK TRANSACTIONS:      
Issued shares previously authorised but unissed common stock   10,000,000fil_CompanyIssuedSharesPreviouslyAuthorisedButUnissedCommonStock 1,000,000fil_CompanyIssuedSharesPreviouslyAuthorisedButUnissedCommonStock
Total proceeds from the sale of stock amounted   $ 40,000fil_TotalProceedsFromTheSaleOfStockAmounted $ 1,000fil_TotalProceedsFromTheSaleOfStockAmounted
Proceeds from the sale of stock per share $ 0.003fil_ProceedsFromTheSaleOfStockPerShare $ 0.004fil_ProceedsFromTheSaleOfStockPerShare $ 0.001fil_ProceedsFromTheSaleOfStockPerShare
Issued shares previously authorised but unissed common stock for the satisfaction of debts 105,000,000fil_IssuedSharesPreviouslyAuthorisedButUnissedCommonStockForTheSatisfactionOfDebts    
Total proceeds from the sale of stock 105,000fil_TotalProceedsFromTheSaleOfStock    
Enterprise value of the shares issued was determined by management $ 292,500fil_EnterpriseValueOfTheSharesIssuedWasDeterminedByManagement    
XML 30 R15.htm IDEA: XBRL DOCUMENT v2.4.1.9
SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2014
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

NOTE 9 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional events to disclose.

 

XML 31 R13.htm IDEA: XBRL DOCUMENT v2.4.1.9
LOSS PER SHARE
12 Months Ended
Dec. 31, 2014
LOSS PER SHARE  
LOSS PER SHARE

NOTE 7 - LOSS PER SHARE

 

The following data show the amounts used in computing loss per share:

 

 

 

December 31,

 

 

2014

 

2013

 

 

 

 

 

Net loss (numerator)

$

(208,191)

$

(22,527)

Weighted average shares outstanding (denominator)

 

67,383,562

 

11,000,000

Basic and fully diluted net loss per share amount

$

(0.00)

$

(0.00)

 

Dilutive loss per share was not presented; as the Company had no common equivalent shares for all periods presented that would affect the computation of diluted loss per share.

 

XML 32 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9
RECENT PRONOUNCEMENT
12 Months Ended
Dec. 31, 2014
RECENT PRONOUNCEMENT:  
RECENT PRONOUNCEMENT

NOTE 8 – RECENT PRONOUNCEMENT

 

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, “Development Stage Entities” (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.  The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued.  The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements.

 

XML 33 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
ACCOUNTING POLICIES (Policies)
12 Months Ended
Dec. 31, 2014
ACCOUNTING POLICIES  
Organization

Organization - Bioethics, Ltd. (“the Company”) was organized under the laws of the State of Nevada on July 26, 1990.  The Company was organized to provide a vehicle for participating in potentially profitable business ventures which may become available through the personal contacts of, and at the complete discretion of, the Company’s officers and directors.  The Company has, at the present time, not paid any dividends and any dividends that may be paid in the future will depend upon the financial requirements of the Company and other relevant factors.

 

Cash and Cash Equivalents

Cash and Cash Equivalents - The Company considers all highly liquid debt investments purchased with a maturity of three months or less to be cash equivalents.

 

Income Taxes

Income Taxes - The Company accounts for income taxes in accordance with ASC Topic No. 740, “Accounting for Income Taxes” [See Note 3].

 

The Company adopted the provisions of ASC Topic No. 740, “Accounting for Income Taxes,” on January 1, 2007. As a result of the implementation of ASC Topic No. 740, the Company recognized approximately no increase in the liability for unrecognized tax benefits.

 

The Company has no tax positions at December 31, 2014 and 2013 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.

 

The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses.  During the years ended December 31, 2014 and 2013, the Company recognized no interest and penalties.  The Company had no accruals for interest and penalties at December 31, 2014, and 2013.  All tax years starting with 2011 are open for examination.

 

Loss Per Share

 

Loss Per Share -The computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC Topic No. 260, “Earnings Per Share” [See Note 7].

 

Accounting Estimates

Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amount of revenues and expenses during the reported period.  Actual results could differ from those estimated.

 

Recently Enacted Accounting Standards

Recently Enacted Accounting Standards - The FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”).  Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.

 

Recent Accounting Standards Update (“ASU”) through ASU No. 2014-5 contain technical corrections to existing guidance or affect guidance to specialized industries.  These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

XML 34 R21.htm IDEA: XBRL DOCUMENT v2.4.1.9
Income tax rate to pretax income from continuing operations (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
INCOME TAX PROVISION    
Book Loss (15% statutory rate) $ (31,200)us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate $ (3,400)us-gaap_IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
Change in valuation allowance 31,200us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance 3,400us-gaap_IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
Tax at effective rate 0us-gaap_IncomeTaxReconciliationDeductions 0us-gaap_IncomeTaxReconciliationDeductions
Net operating loss carryforwards $ 218,000us-gaap_OperatingLossCarryforwards $ 0us-gaap_OperatingLossCarryforwards
XML 35 R5.htm IDEA: XBRL DOCUMENT v2.4.1.9
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)
Common Stock Shares
Common Stock Amount
USD ($)
Additional Paid-In Capital
USD ($)
Accumulated Deficit
USD ($)
Total Stockholders' Equity
USD ($)
Balance at Jan. 01, 2013 11,000,000us-gaap_SharesOutstanding
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CapitalUnitsMember
11,000us-gaap_SharesOutstanding
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_CommonStockMember
92,776us-gaap_SharesOutstanding
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_AdditionalPaidInCapitalMember
(176,562)us-gaap_SharesOutstanding
/ us-gaap_StatementEquityComponentsAxis
= us-gaap_RetainedEarningsMember
(72,786)us-gaap_SharesOutstanding
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XML 36 R10.htm IDEA: XBRL DOCUMENT v2.4.1.9
RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2014
RELATED PARTY TRANSACTIONS:  
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Management Compensation - For the years ended December 2014 and 2013, the Company did not pay any compensation to its officers and directors.

 

Office Space - The Company has not had a need to rent office space.  An officer/shareholder of the Company is allowing the Company to use his home as a mailing address, as needed, at no expense to the Company.

 

Notes Payable - Between January 2010 and March 2014, the Company borrowed $91,000 from a stockholder of the Company pursuant to unsecured promissory notes. Such notes are due on demand and accrue interest at 6% per annum.  In June, 2014, the principal amount of $91,000 along with accrued interest of $14,000 was settled via the issuance of 105,000,000 shares of common stock of the Company.  Included in the notes that were settled was $11,000 received during the year ended December 31, 2014 [See Note 2].

 

In December 2014, the Company borrowed $25,000 from a stockholder of the Company pursuant to an unsecured promissory note.  The note is due on demand and accrues interest at 12% per annum.

 

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