UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

(Mark One)

 

x

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

 

For the quarterly period ended June 30, 2014

 

or

 

¨

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

 

For the transition period from ______________ to ______________

 

Commission File Number: 333-186629

 

Bio-En Holdings Corp.

(Name of registrant as specified in its charter)

 

Delaware		990369776
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

8605 Santa Monica Blvd #88454

Los Angeles, CA 90069-4109

(Address of principal executive offices) (Zip Code)

 

(213) 947-1011

(Registrant's telephone number, including area code)

 

N/A

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

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ¨ No x

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See 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		¨		Small Reporting Company		x
(Do not check if smaller reporting company)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No ¨

 

As of August 13, 2014, there were 9,394,609 shares of common stock issued and outstanding.

 

 

TABLE OF CONTENTS

 

		Page
	PART I. - FINANCIAL INFORMATION	F-1
Item 1.	Financial Statements.	F-1
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations.	4
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	6
Item 4.	Controls and Procedures.	6
	PART II - OTHER INFORMATION	7
Item 1.	Legal Proceedings.	7
Item 1A.	Risk Factors.	7
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	7
Item 3.	Defaults Upon Senior Securities.	7
Item 4.	Mine Safety Disclosures.	7
Item 5.	Other Information.	7
Item 6.	Exhibits.	7

 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q (this “Report”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements discuss matters that are not historical facts. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan,” “might,” “will,” “expect,” “predict,” “project,” “forecast,” “potential,” “continue” negatives thereof or similar expressions. Forward-looking statements speak only as of the date they are made, are based on various underlying assumptions and current expectations about the future and are not guarantees. Such statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievement to be materially different from the results of operations or plans expressed or implied by such forward-looking statements.

 

We cannot predict all of the risks and uncertainties. Accordingly, such information should not be regarded as representations that the results or conditions described in such statements or that our objectives and plans will be achieved and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. These forward-looking statements are found at various places throughout this Report and include information concerning possible or assumed future results of our operations, including statements about potential acquisition or merger targets; business strategies; future cash flows; financing plans; plans and objectives of management; any other statements regarding future acquisitions, future cash needs, future operations, business plans and future financial results, and any other statements that are not historical facts.

These forward-looking statements represent our intentions, plans, expectations, assumptions and beliefs about future events and are subject to risks, uncertainties and other factors. Many of those factors are outside of our control and could cause actual results to differ materially from the results expressed or implied by those forward-looking statements. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Report. All subsequent written and oral forward-looking statements concerning other matters addressed in this Report and attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Report.

 

Except to the extent required by law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, a change in events, conditions, circumstances or assumptions underlying such statements, or otherwise.

 

 

PART 1 - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

 

INTERIM FINANCIAL STATEMENTS

for the six month period ended JUNE 30, 2014

(unaudited)

 

CONTENTS:
Balance Sheets as of June 30, 2014 (unaudited) and December 31, 2013	F-2
Statement of Operations for the three and six months ended June 30, 2014 and 2013 and from August 2, 2011 (date of inception) to June 30, 2014 (unaudited)	F-3
Statements of Stockholder's Deficit from August 2, 2011 (date of inception) to June 30, 2014 (unaudited)	F-4
Statements of Cash Flows for the six months ended June 30, 2014 and 2013 and from August 2, 2011 (date of inception) to June 30, 2014 (unaudited)	F-5
Notes to the unaudited Interim Financial Statements	F-6

 

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

BALANCE SHEETS

(in U.S. Dollars)

 

		June 30 2014				December 31 2013
		$				$
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents			-				32,584
Trade and other receivables			-				589
TOTAL ASSETS			-				33,173
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable and accrued liabilities			4,154				13,058
Loans from related parties			6,194				593
Total Liabilities			10,348				13,651
Stockholders’ Deficit
Common stock, $0.0001 par value; 200,000,000 shares authorized; 9,394,609 shares issued and outstanding at June 30, 2014 and December 31, 2013			939				939
Additional paid-in capital			47,856				57,061
Deficit accumulated during development stage			(59,143	)			(38,478	)
Total Stockholders’ Deficit			(10,348	)			19,522
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT			-				33,173

 

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

 

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

STATEMENTS OF OPERATIONS

(in U.S. Dollar)

(unaudited)

 

		Three Months Ended June 30,								Six Months Ended June 30,								Cumulative period from August 2, 2011 (Inception) to June 30,
		2014				2013				2014				2013				2014
		$				$				$				$				$
Revenue			-				-				-				-				-
Operating expenses:
General and administrative:-
Consulting fees			-				421				-				421				421
Filing fees			494				1,115				3,312				1,580				6,516
Franchise tax			-				-				-				-				568
Other costs			-				121				298				146				703
Professional fees			9,200				1,500				17,055				11,000				50,935
Total operating expenses			(9,694	)			(3,157	)			(20,665	)			(13,147	)			(59,143	)
Net loss			(9,694	)			(3,157	)			(20,665	)			(13,147	)			(59,143	)
Loss per share - basic and diluted:
Loss per share attributable to common stockholders			-				-				-				-
Weighted average number of common shares outstanding			9,394,609				7,915,012				9,394,609				7,904,875

 

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

 

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

STATEMENT OF STOCKHOLDERS' DEFICIT

for the period of AUGUST 2, 2011 (INCEPTION) to JUNE 30, 2014

(in U.S. Dollars)

(unaudited)

 

		Common Stock								Additional Paid-in Capital				Accumulated Deficit During Development Stage				Stock Subscription Receivable				Total Stockholders’  Deficit
		Shares				Amount
						$				$				$				$				$
Inception (August 2, 2011)			-				-				-				-				-				-
Loss for the period			-				-				-				-				-				-
Balance at December 31, 2011			-				-				-				-				-				-
Common stock issued for subscription at $0.00253 per share			7,894,625				789				19,211				-				(20,000	)			-
Loss for the year			-				-				-				(568	)			-				(568	)
Balance at December 31, 2012			7,894,625				789				19,211				(568	)			(20,000	)			(568	)
Repayment of stock subscription receivable			-				-				-				-				20,000				20,000
Common stock issued at $0.0253 each for cash			1,499,979				150				37,850				-				-				38,000
Loss for the period			-				-				-				(37,910	)			-				(37,910	)
Balance at December 31, 2013			9,394,604				939				57,061				(38,478	)			-				19,522
Return of capital			-				-				(9,205	)			-				-				(9,205	)
Loss for the period			-				-				-				(20,665	)			-				(20,665	)
Balance at June 30, 2014			9,394,604				939				47,856				(59,143	)			-				(10,348	)

 

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

 

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

STATEMENT OF CASH FLOWS

(in U.S. Dollars)

(unaudited)

 

		Six Months Ended June 30,								Cumulative from August 2, 2011 (Inception) to June 30,
		2014				2013				2014
		$				$				$
Cash Flows from Operating Activities
Net loss			(20,665	)			(13,147	)			(59,143	)
Changes in operating assets and liabilities
Trade and other receivables			589				-				-
Accounts payable and accrued expenses			(8,904	)			-				4,154
Net cash used in operating activities			(28,980	)			(13,147	)			(54,989	)
Cash Flows from Investing Activities			-				-				-
Cash Flows from Financing Activities
Proceeds from issuance of common stock			-				20,000				58,000
Proceeds from related party loan			5,601				-				6,194
			(9,205	)			-				(9,205	)
Net cash (used)/provided by financing activities			(3,604	)			20,000				54,989
(Decrease)/Increase in cash and cash equivalents			(32,584	)			6,853				-
Cash and cash equivalents at beginning of the period			32,584				25				-
Cash and cash equivalents at end of the period			-				6,878				-

 

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

 

 

BIO-EN HOLDINGS CORP

(f/k/a Olivia, Inc)

(A Development Stage Company)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

(unaudited)

 

NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION 

 

Bio-En Holdings Corp (formerly Olivia, Inc) is a Delaware company (the “Company”), incorporated under the laws of the State of Delaware on August 2, 2011. The Company is in the development stage as defined by Accounting Standards Codification 915 (ASC 915), “Accounting and reporting by Development Stage Enterprises”, the Company is devoting substantially all of its efforts to development of business plans. Bio- En Holdings Corp intends to develop its business plans; for the conversion of Waste to Biofuel Technologies, by operating a Biomass to Energy (BTE) Facility on the Island of Malta.

 

Effective March 27, 2014, the Company filed with the State of Delaware a Certificate of Amendment to the Articles of Incorporation changing the Company’s name from Olivia, Inc. to Bio-En Holdings Corp.

 

Basis of Presentation

The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”).

 

These financial statements are presented in US dollars.

 

Fiscal Year End

The Corporation has adopted a fiscal year end of December 31.

 

Unaudited Interim Financial Statements

The interim financial statements of the Company as of June 30, 2014, and for the periods then ended, and cumulative from inception, are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of June 30, 2014, and the results of its operations and its cash flows for the periods ended June 30, 2014, and cumulative from inception. These results are not necessarily indicative of the results expected for the calendar year ending December 31, 2014. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of December 31, 2013, filed with the SEC, for additional information, including significant accounting policies.

 

Going concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at June 30, 2014, the Company has a working capital deficit, a net loss of $20,665 and an accumulated deficit since inception of $59,143 and has not earned revenues to cover its operating costs. The Company intends to fund future operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2014.

 

The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

The principal accounting policies are set out below, these policies have been consistently applied to the period presented, unless otherwise stated:

 

Cash and cash equivalents

Cash and equivalents include investments with initial maturities of three months or less. The Company maintains its cash balances at credit-worthy financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of June 30, 2014 the Company does not operate a bank account.

 

Property, plant and equipment

The Company does not own any property, plant and equipment.

 

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.

 

Earnings per share

The Company computes net loss per share in accordance with ASC 260, "Earnings Per Share" ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As at June 30, 2014, the Company had no potentially dilutive shares.

 

Income taxes

Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

Recent accounting pronouncements

Company management do not believe that the adoption of recently issued accounting pronouncements will have a significant impact on the Company's financial position, results of operations, or cash flows.

 

NOTE 3 – LOAN FROM RELATED PARTY

		June 30				December 31
		2014				2013
		$				$
Loan from related party			6,194				593

The above loan is unsecured, bears no interest and has no set terms of repayment. This loan is repayable on demand.

 

 

NOTE 4 – STOCKHOLDER’S DEFICIT

 

Common Stock

On August 15, 2012, the Company issued 7,894,625 shares of common stock to the two directors and officers of the Company at a price of $0.00253 per share, for $20,000, for initial capital (stock subscription receivable). The proceeds from this stock subscription was received on January 11, 2013.

 

On September 2, 2013, the Company issued 1,499,979 shares of common stock to various shareholders at a price of $0.0253 per share, for $38,000. The proceeds from the sale of shares, net of professional fees was deposited into the Company’s bank account on September 25, 2013, net of professional fees.

 

On April 1, 2014, the Board authorized a 6.3157 new shares for 1 old share in a forward stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split.

 

NOTE 5 – INCOME TAXES

 

The provision (benefit) for income taxes for the period ended June 30, 2014 and 2013 was as follows (assuming a 15% effective tax rate):

 

		June 30				June 30
		2014				2013
		$				$
Current Tax Provision
Federal-
Taxable income
Total current tax provision			-				-
			-				-
Deferred Tax Provision
Federal-
Loss carry forwards			3,100				1,972
Change in valuation allowance			(3,100	)			(1,972	)
Total deferred tax provision			-				-

 

The Company had deferred income tax assets as of June 30, 2014 and December 31, 2013 as follows:

 

		June 30				December 31
		2014				2013
		$				$
Loss carry forwards			8,872				5,772
Less - Valuation allowance			(8,872	)			(5,772	)
			-				-

 

The Company provided a valuation allowance equal to the deferred income tax assets for period ended June 30, 2014 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards.

 

As of June 30, 2014, the Company had approximately $59,143 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2034.

 

The Company did not identify any material uncertain tax positions.  The Company did not recognize any interest or penalties for unrecognized tax benefits.

 

The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed.                

 

 

NOTE 6 - FAIR VALUE MEASUREMENTS

 

In September 2006, the FASB issued SFAS No. 157 “Fair Value Measurements”. The objective of SFAS 157 (ASC 820) is to increase consistency and comparability in fair value measurements and to expand disclosures about fair value measurements. SFAS 157 (ASC 820) defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. SFAS 157 (ASC 820) applies under other accounting pronouncements that require or permit fair value measurements and does not require any new fair value measurements.

 

The Company has various financial instruments that must be measured under the new fair value standard including: cash in bank. The Company currently does not have non-financial assets or non-financial liabilities that are required to be measured at fair value on a recurring basis. The Company’s financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy. The three levels are as follows:

 

- Level 1:	Quoted prices in active markets for identical instruments;
- Level 2:	Other significant observable inputs (including quoted prices in active markets for similar instruments);
- Level 3:	Significant unobservable inputs (including assumptions in determining the fair value of certain investments).

 

Financial assets and liabilities carried at fair value and measured on a recurring basis are classified in the hierarchy as follows:

Fair Value at June 30, 2014

Level 1

Level 2

Level 3

Total

$

$

$

$

Cash and cash equivalents

-

-

-

-

Total financial assets carried at fair value

-

-

-

-

 

		Fair Value at December 31, 2013
		Level 1				Level 2				Level 3				Total
		$				$				$				$
Cash and cash equivalents			32,584				-				-				32,584
Total financial assets carried at fair value			32,584				-				-				32,584

 

 

NOTE 7 – RELATED PARTY TRANSACTIONS

 

Details of transactions between the Company and related parties are disclosed below:

 

The following entities have been identified as related parties:

 

Ms. Serena Potash	- President/director greater than 10% stockholder
Mr. Bruce Minsky	- Company secretary
Mr. Peter Hurrell	- Vice president
Mr. Geoffrey McLaren	- Director
Mr. Joseph Micalle	- Director

 

		June 30				December 31
		2014				2013
		$				$
The following transactions were carried out with related parties:
Balance sheets:
Loan from related party – Director			6,194				593

 

From time to time, the director and stockholder of the Company provides advances to the Company for its working capital purposes. These advances bear no interest and are due on demand.

 

During the three months ended June 30, 2014, the previous director and stockholder of the Company withdrew the remaining cash and closed the Company’s bank account. This transaction was recorded as a return of capital. The transaction was charged to additional paid in capital in the amount of $9,205.                

 

NOTE 8 – RECENT ACCOUNTING STANDARDS UPDATES

 

The Company does not expect that the adoption of any recent accounting pronouncements will have a material impact to its financial statements.

 

NOTE 9 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report.

 

  

Item 2.

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

 

The following is management’s discussion and analysis of the consolidated financial condition and results of operations of Bio-En Holdings Corp. (“Bio-En”, the “Company”, “we”, and “our”) for the three month period ended June 30, 2014. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties, such as its plans, objectives, expectations and intentions. Its actual results and the timing of certain events could differ materially from those anticipated in these forward-looking statements. The following information should be read in conjunction with the consolidated interim financial statements and notes thereto appearing elsewhere in this Quarterly Report on Form 10-Q (this “Report”).

 

Overview

 

Bio-En Holdings Corp. was incorporated under the laws of the State of Delaware on August 2, 2011 as Olivia, Inc.

 

On March 24, 2014,the Company, Elchanan Menachem Grossbaum and Eliezer Prager (the “Sellers”) and Serena B. Potash (the “Purchaser”) entered into and closed a Stock Purchase Agreement (the “Stock Purchase Agreement”), whereby the Purchaser purchased from the Sellers, 1,250,000 (pre-split) shares of common stock, par value $0.0001 per share, of the Company (the “Shares”), the Shares representing approximately 84% of the issued and outstanding shares of the Company, for an aggregate purchase price of $325,000 (the “Purchase Price”). Prior to the closing of the Stock Purchase Agreement, the Sellers were the sole officers and directors of the Company, as well as the Company’s majority shareholders.

 

Also on March 24, 2014, the board of directors of the Company (the “Board”) and the majority stockholders of the Company (the “Shareholders”) accepted the resignations of Mr. Grossman and Mr. Prager and, contemporaneously appointed: (i) Serena B. Potash to serve as the President and member of the Board of Directors, (ii) Bruce Minsky to serve as Secretary, (iii) Peter Hurrell as Vice President; and (iv) Geoffrey McLaren, and Joseph Micallef to serve as members of the Board.

 

Effective March 27, 2014, the Company filed with the State of Delaware a Certificate of Amendment to the Articles of Incorporation changing the Company’s name from Olivia, Inc. to Bio-En Holdings Corp.

 

The Company is in the development stage as defined by Accounting Standards Codification 915 (ASC 915), “Accounting and reporting by Development Stage Enterprises”, the Company is devoting substantially all of its efforts to development of business plans. Bio- En Holdings Corp intends to develop its business plans; for the conversion of Waste to Biofuel Technologies, by operating a Biomass to Energy (BTE) Facility on the Island of Malta.

 

Forward Split

 

On April 1, 2014, the Board authorized a 6.3157 new shares for 1 old share in a forward stock split. All share and per share data in the accompanying financial statements and footnotes has been adjusted retrospectively for the effects of the stock split.

 

Increase in Authorized Shares and Preferred Shares

 

On August 5, 2014, the Company filed a Certificate of Amendment to its Certificate of Incorporation, pursuant to which: (1) the Company increased its authorized capital stock from 200,000,000 to 300,000,000; and (2) created 50,000,000 shares of blank check preferred stock, par value $0.0001 per share, with such preferred shares to be issued in one or more classes or series with such designations, powers, preferences and relative participation, optional and other special rights, if any, of each such class or series, and qualifications, limitations and restrictions thereof, to be stated by a resolution adopted by the Board.

 

In the next quarter the Company intends to complete a merger with a private corporation engaged in the business of converting the waste of biofuel technologies, by operating a Biomass to Energy (BTE) Facility on the Island of Malta.

 

 

Limited Operating History

 

There is no historical financial information about us upon which to base an evaluation of our performance. We are a development stage company and have not generated any revenues to date. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources.

 

Results of Operations

 

		Six Months Ended June 30, 2014				Six Months Ended June 30, 2013				From August 2, 2011 (Inception) Through June 30, 2014
Revenues		$	-			$	-			$	-
Total operating expenses			20,665				13,147				59,143
Net loss		$	(20,665	)		$	(13,147	)		$	(59,143	)

  

For the three months ended June 30, 2014 and 2013

 

Revenues

 

We are still in our development stage and have not generated any revenues during the three months ended June 30, 2014 and 2013.

               

Operating Expenses

               

We incurred total operating expenses of $9,694 and $3,157 for the three months ended June 30, 2014 and 2013, respectively, an increase of $6,537. This increase was mainly due to an increase in professional fees.

               

Net Loss

 

During the three months ended June 30, 2014 and 2013, we incurred a net loss of $9,694 and $3,157, respectively, an increase of $6,537. This increase was mainly due to an increase in professional fees.

               

For the six months ended June 30, 2014 and 2013

 

Revenues

               

We are still in our development stage and have not generated any revenues during the six months ended June 30, 2014 and 2013.

               

Operating Expenses

               

We incurred total operating expenses of $20,665 and $13,147 for the six months ended June 30, 2014 and 2013, respectively, an increase of $7,518. This increase was mainly due to an increase in filing and professional fees.

               

Net Loss

 

During the six months ended June 30, 2014 and 2013, we incurred a net loss of $20,665 and $13,147, respectively, an increase of $7,518. This increase was mainly due to an increase in filing and professional fees. We had a cumulative net loss of $59,143 for the period from August 2, 2011 (Inception) to June 30, 2014.

 

 

Liquidity and Capital Resources

 

As at June 30, 2014, the Company has a loss of $20,665 and an accumulated deficit since inception of $59,143 and has not earned sufficient revenues to cover its operating costs. The Company intends to fund future operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2014.

 

The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.

There is no assurance that we will secure additional capital. There currently are no agreements, arrangements, or understandings that would enable the Company to obtain funds through bank loans, lines of credit, or any other source. If we are unable to raise funds for acquisitions it will have a severe negative impact on our ability to execute our business.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

  

Critical Accounting Policies and Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to select appropriate accounting policies and to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses.

 

Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

 

Company management do not believe that the adoption of recently issued accounting pronouncements will have a significant impact on the Company's financial position, results of operations, or cash flows.

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

Item 4.

Controls and Procedures.

 

Disclosure of Controls and Procedures

 

Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934are designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Our disclosure controls and procedures are also designed to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officer, to allow timely decisions regarding required disclosure. Our chief executive officer and chief financial officer have reviewed the effectiveness of our disclosure controls and procedures as of June 30, 2014 and, based on his evaluation, and has concluded that the disclosure controls and procedures were not effective due to the material weaknesses, which is that we did not sufficiently segregate duties over incompatible functions at our corporate headquarters.

 

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the six months ended June 30, 2014 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II. - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of our company or any of our subsidiaries, threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’ officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

 

Item 1A. Risk Factors

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

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

 

None.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other information

 

None.

 

Item 6. Exhibits

 

Exhibits
3.1		Certificate of Amendment to Certificate of Incorporation, filed August 5, 2014.
31.1		Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18U.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 Schema
101.CAL		XBRL Taxonomy Calculation Linkbase
101.DEF		XBRL Taxonomy Definition Linkbase
101.LAB		XBRL Taxonomy Label Linkbase
101.PRE		XBRL Taxonomy Presentation Linkbase

 

*In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.

 

 

SIGNATURES

 

Pursuant to the requirements 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.

 

	BIO-EN HOLDINGS CORP.
Date: August 14, 2014
	By:	/s/ Serena B. Potash
		Serena B. Potash
		President
		(Duly Authorized, Principal Executive Officer and Principal Financial Officer)