Form 10-K/A details
As of February 28, 2011, we had current assets of $10,059, represented by $59 in cash and $10,000 in prepaid expenses. We had total assets of $1,201,059 as of February 28, 2011. We had total liabilities of $ 91,083 as of February 28, 2011. We had a working capital deficit of $81,024 as of February 28, 2011.
BFLX > SEC Filings for BFLX > Form 10-K/A on 23-Jul-2012 All Recent SEC Filings
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Annual Report
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to:
changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.
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Results of Operations for the Years Ended February 28, 2011 and 2010
We generated no revenue for the period from August 25, 2004 (Date of Inception) until February 28, 2011. Our Operating Expenses were $ 267,550 for the year ended February 28, 2011, as compared with $12,441 for the same period ended 2010. The increase was the result of professional fees of $37,68 3 for the year ended February 28, 2011, as compared with only $10,500 for the same period 2010. We also incurred consulting fees of $217,375 for the year ended February 28, 2011, with no such expenses for the same period ended 2010. Our operating expenses were $356,754 for the period from August 25, 2004 (Date of Inception) until February 28, 2011.
We recorded a net loss of $ 267,550 for the year ended February 28, 2011, as compared with $12,441 for the same period ended 2010, and $356,754 for the period from August 25, 2004 (Date of Inception) until February 28, 2011.
Liquidity and Capital Resources
As of February 28, 2011, we had current assets of $10,059, represented by $59 in cash and $10,000 in prepaid expenses. We had total assets of $1,201,059 as of February 28, 2011. We had total liabilities of $ 91,083 as of February 28, 2011. We had a working capital deficit of $81,024 as of February 28, 2011.
Operating activities used $50,037 in cash for the year ended February 28, 2011. Our net loss of $ 267,550, prepaid expenses of $10,000 and write off of mineral properties of $500 were the contributing factors to our negative operating cash flow, offset mainly by shares issued for consulting services of $200,000 and an increase in accounts payable and accrued liabilities of $ 27,513 . Financing activities for the year ended February 28, 2011 generated $50,000 as a result of convertible loan proceeds of $60,500 and officer loans of $7,500 , offset by the repayment of officer loans in the amount of $18,000 .
We will require a cash injection of $2,000,000 to: begin operations, launch a full marketing and branding campaign, manufacture and deliver products and to begin and increase revenues from its products. Subsequent to the reporting period, we raised $50,000 in a private placement to an accredited investor. Notwithstanding, as of February 28, 2010, we have insufficient cash to operate our business at the current level for the next twelve months and insufficient cash to achieve our business goals. The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all.
Off Balance Sheet Arrangements
As of February 28, 2011, there were no off balance sheet arrangements.
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Going Concern
The accompanying financial statements have been prepared on a going concern basis which assumes we will be able to realize our assets and discharge our liabilities in the normal course of business for the foreseeable future. We have incurred losses since inception resulting in an accumulated deficit of $356,754 as at February 28, 2011 and have working capital of $81,024 as at February 28, 2011. Further losses are anticipated in the development of our business raising substantial doubt about our ability to continue as a going concern. The ability to continue as a going concern is dependent upon our generating profitable operations in the future and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due.
Critical Accounting Policies
In December 2001, the SEC requested that all registrants list their most "critical accounting polices" in the Management Discussion and Analysis. The SEC indicated that a "critical accounting policy" is one which is both important to the portrayal of a company's financial condition and results, and requires management's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.
Our accounting policies are set forth in Note 2 to the financial statements. Management does not believe that our accounting policies are critical enough to mention in the body of this annual report on Form 10-K.
Recently Issued Accounting Pronouncements
We do not expect the adoption of recently issued accounting pronouncements to have a significant impact on our results of operation, financial position or cash flow.
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