AXIM BIOTECHNOLOGIES, INC. - Quarter Report: 2014 June (Form 10-Q)

Nevada		27-4092986
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification Number)

 

				June 30, 2014		December 31, 2013
				(unaudited)		(unaudited)
ASSETS
Current assets:
	Cash		$	4,838	$	127
	License fee receivable			-		11,000
	Allowance for doubtful accounts			-		(8,000)
		Total current assets		4,838		3,127
Other assets:
	Intangible asset - net			-		53,696
		Total other assets		-		53,696
TOTAL ASSETS			$	4,838	$	56,823
LIABILITIES AND STOCKHOLDERS'  EQUITY (DEFICIT)
Current liabilities:
	Accounts payable and accrued liabilities		$	-	$	52,988
	Due to shareholder			5,000		45,002
	Convertible shareholder loan			50,000		50,000
	Royalty fee payable			-		2,750
		Total current liabilities		55,000		150,740
STOCKHOLDERS'  EQUITY (DEFICIT)
	Preferred stock, $0.0001 par value, 5,000,000 shares authorized; 1,000,000
		issued and outstanding		100		100
	Common stock, $0.0001 par value, 195,000,000 shares authorized;
		33,000,000 issued and outstanding		3,300		3,300
	Capital in excess of par value			107,841		11,700
	Accumulated (deficit) during development stage			(161,403)		(109,017)
TOTAL STOCKHOLDERS'  EQUITY (DEFICIT)				(50,162)		(93,917)
TOTAL LIABILITIES AND STOCKHOLDERS'  EQUITY (DEFICIT)

 

 

 

 

AXIM BIOTECHNOLOGIES, INC.

( A Development Stage Company)

Consolidated Statement of Operations

 

																		For the period from
																		November 18, 2010
		For the				For the				For the				For the				(Date of Inception)
		Three Months Ended				Three Months Ended				Six Months Ended				Six Months Ended				Through
		June 30, 2014				June 30, 2013				June 30, 2014				June 30, 2013				June 30, 2014
		(unaudited)				(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenues:
Sales		$	7,500			$	10,834			$	10,000			$	21,667			$	85,050
Total revenues			7,500				10,834				10,000				21,667				85,050
Operating Expenses:
General and administrative			52,265				40,627				62,386				57,278				246,453
Total operating expenses			52,265				40,627				62,386				57,278				246,453
Loss from operations			(44,765	)			(33,128	)			(62,386	)			(35,611	)			(246,453	)
Other Income and Expense
Realized (loss) gain
Interest income
Interest expense
			0				0				0				0				0
NET LOSS		$	(44,765	)		$	(22,294	)		$	(52,386	)		$	(35,611	)		$	(161,403	)
Basic loss per common share		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Diluted loss per common share		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Weighted average common shares outstanding - Basic		$	33,000,000			$	33,000,000				33,000,000				33,000,000				33,000,000
Weighted average common shares outstanding - Diluted		$	33,000,000			$	33,000,000				33,000,000				33,000,000				33,000,000

 

 

 

See accompanying notes to unaudited financial statements

-F4-

 

 

 

See accompanying notes to unaudited financial statements

-F5-

Settlement of debt at point of sale:
Accounts payable	(54,389)
Royalty payable	(2,750)
Shareholder loan	(45,002)
Allowance for doubtful accounts	(9,000)
License fee receivable	15,000
Paid in capital	96,141

 

 

 
 

 

-	Supporting a clinical trial at the Free University of Amsterdam, The Netherlands in collaboration with the University of Plymouth, GB for a novel (patent pending) delivery form of cannabinoids for treatment of pain and spasticity in patients with multiple sclerosis.   The anticipated duration of the trials prior to FDA/ EMA registration is 24 months.
-	Conducting research trials of a novel delivery mechanism (patent pending) for treatment of patients with ADHD.
-	Development of novel pharmaceutical and nutriceutical formulations including smoking cessation, cannabinoid based preparation.
-	Contracting with Syncom BV, The Netherlands for provision of intellectual property for extraction, concentration and freeze-drying technology of active pharmaceutical ingredients based on cannabinoids.  The anticipated duration of the trials is 4 months.
-	A land purchase in the city of Almere, in the province of Flevoland, The Netherlands for building of a state of the art extraction facility as well as a factory for pharmaceutical and nutriceutical preparations.
-	Importation from Italy, Spain and other reputable producers of pharmaceutical grade hemp oil to Europe and North America.
-	Acquisition of  a phytopharmaceutical company with extensive list of IP (intellectual property) from Spain.
-	Development of sustainable biofuel compositions derived from industrial hemp by-products.

 

Other consulting fees	12,000
Audit and accounting	10,000
Miscellaneous	4,000
Total	$     26,000

 

	Six month Period Ended June 30, 2014	Six Month Period Ended June 30, 2013
Legal& Other fees	2,597	$ 22,581
Audit	0	6,450
Filing fees	4,862	2,250
Office	231	7,761
Amortization	1,593	5,000
Rent	0	900
Royalty fees	0	450
Allowance for bad debts	1,000	7,500
Impairment	52,103	0
Total	$ 62,386	$ 57,278

 

Ex. #	Description
*3.1	Certificate of Incorporation, as filed with the Nevada Secretary of State on November 19, 2010.
*3.2	By-laws
3.3	Certificate of Amendment, as filed with the Nevada Secretary of  State on July 24, 2014.
31.1	Certification of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.
32.1	Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
*	Filed as an exhibit to the Company's Registration Statement on Form 10, as filed with the SEC on March 10, 2011, and incorporated herein by this reference.

	AXIM BIOTECHNOLOGIES, INC.
Dated:  August 14, 2014	By:	/s/ [Missing Graphic Reference]
		Dr. George Anastassov
		President and Director Principal Executive Officer Principal Financial Officer