UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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FORM 10-Q
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended September 30, 2014
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OR | |||||
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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For the transition period from ________ to _________
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Commission File Number 001-33034
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BMB MUNAI, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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30-0233726
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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324 South 400 West, Suite 250
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Salt Lake City, Utah
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84101
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(Address of principal executive offices)
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(Zip Code)
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(801) 355-2227
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(Registrant's telephone number, including area code)
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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.
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Yes
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x
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No
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o | |
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).
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Yes
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x
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No
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o | |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer
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o |
Accelerated filer
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o | ||||||||||||||||
Non-accelerated filer
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o |
Smaller reporting company
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x
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(Do not check if a smaller reporting company) |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)
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Yes
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x
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No
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o | |
As of November 12, 2014, the registrant had 55,787,554 shares of common stock, par value $0.001, issued and outstanding.
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PART I — FINANCIAL INFORMATION
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Pag
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Item 1. Unaudited Condensed Financial Statements
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Condensed Balance Sheets as of September 30, 2014 and March 31, 2014
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3
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Condensed Statements of Operations for the Three and Six Months Ended September 30, 2014 and 2013
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4
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Condensed Statements of Cash Flows for the Six Months Ended September 30, 2014 and 2013
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5
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Notes to Condensed Financial Statements
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6
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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10
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Item 3. Qualitative and Quantitative Disclosures About Market Risk
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15
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Item 4. Controls and Procedures
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15
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PART II — OTHER INFORMATION
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Item 1A. Risk Factors
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15
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Item 6. Exhibits
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16
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Signatures
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17
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Notes
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September 30, 2014 | March 31, 2014 | ||||
ASSETS
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CURRENT ASSETS
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Cash and cash equivalents
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3
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$ |
8,583,192
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$ |
8,587,245
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Total current assets
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8,583,192
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8,587,245
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TOTAL ASSETS
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$ |
8,583,192
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$ |
8,587,245
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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CURRENT LIABILITIES
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Accounts payable
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$ |
107,493
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$ |
66,177
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Deferred distribution payments
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4
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8,537,905
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8,540,365
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Total current liabilities
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8,645,398
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8,606,542
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SHAREHOLDERS’ EQUITY
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Preferred stock - $0.001 par value; 20,000,000 shares authorized;
no shares issued or outstanding |
-
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-
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Common stock - $0.001 par value; 500,000,000 shares authorized;
55,787,554 and 55,787,554 shares outstanding, respectively
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55,788
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55,788
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Additional paid in capital
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89,363,319
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89,363,319
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Accumulated deficit
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(89,481,313)
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(89,438,404)
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Total shareholders’ equity
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(62,206)
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(19,297)
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
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$ |
8,583,192
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$ |
8,587,245
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Three months ended September 30, | Six months ended September 30, | |||||||||||
Notes
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2014 (unaudited) |
2013 (unaudited) |
2014 (unaudited) |
2013 (unaudited) |
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REVENUES
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$ |
-
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$ |
-
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$ |
-
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$ |
-
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COSTS AND OPERATING EXPENSES
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General and administrative
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15,853
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575,105
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46,181
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1,090,069
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Amortization and depreciation
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-
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28,982
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-
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57,964
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Total costs and operating expenses
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15,853
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604,087
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46,181
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1,148,033
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LOSS FROM OPERATIONS
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(15,853)
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(604,087)
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(46,181)
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(1,148,033)
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OTHER INCOME
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Interest income, net
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1,645
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211
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3,272
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820
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Total other income
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1,645
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211
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3,272
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820
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NET LOSS
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$ |
(14,208)
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$ |
(603,876)
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$ |
(42,909)
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$ |
(1,147,213)
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BASIC AND DILUTED NET LOSS PER COMMON SHARE
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5
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$ |
(0.00)
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$ |
(0.01)
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$ |
(0.00)
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$ |
(0.02)
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Six months ended September 30,
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Notes
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2014
(unaudited)
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2013
(unaudited)
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CASH FLOWS FROM OPERATING ACTIVITIES:
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Net loss
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$
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(42,909)
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$
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(1,147,213)
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Adjustments to reconcile net income to net cash used
in operating activities:
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Depreciation and amortization
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-
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57,963
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Changes in operating assets and liabilities:
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Increase/ (decrease) in accounts payable
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41,316
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(205,365)
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Increase in taxes payables and accrued liabilities
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-
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11,615
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Net cash used in operating activities
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(1,593)
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(1,283,000)
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CASH FLOWS FROM INVESTING ACTIVITIES:
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Net cash provided by investing activities
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-
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-
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Deferred distribution payment
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4
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(2,460)
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(6,300)
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Net cash used in financing activities
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(2,460)
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(6,300)
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NET CHANGE IN CASH AND CASH EQUIVALENTS
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(4,053)
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(1,289,300)
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CASH AND CASH EQUIVALENTS at beginning of period
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8,587,245
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10,463,531
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CASH AND CASH EQUIVALENTS at end of period
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$
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8,583,192
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$
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9,174,231
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Vehicles
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3-5 years
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Office equipment
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3-5 years
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Software
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3-4 years
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Furniture and fixtures
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2-7 years
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Three months ended | Six months ended | ||||||||||
September 30, 2014 |
September 30, 2013 |
September 30, 2014 |
September 30, 2013 |
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Net loss
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$ |
(14,208)
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$ |
(603,876)
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$ |
(42,909)
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$ |
(1,147,213)
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Basic weighted-average common shares outstanding
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55,787,554
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55,787,554
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55,787,554
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55,787,554
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Basic loss per common share
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$ |
(0.00)
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$ |
(0.01)
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$ |
(0.00)
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$ |
(0.02)
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For the three months ended September 30, 2014 | For the three months ended September 30, 2013 | ||||
Costs and Operating Expenses:
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General and administrative
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$ |
15,853
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$ |
575,105
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Amortization and depreciation
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-
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28,982
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Total
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$ |
15,853
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$ |
604,087
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For the six months ended September 30, 2014 | For the six months ended September 30, 2013 | ||||
Costs and Operating Expenses:
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General and administrative
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$ |
46,181
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$ |
1,090,069
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Amortization and depreciation
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-
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57,964
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Total
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$ |
46,181
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$ |
1,148,033
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Six months ended September 30, 2014 |
Six months ended September 30, 2013 |
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Net cash used in operating activities
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$ |
(1,593)
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$ |
(1,283,000)
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Net cash provided by investing activities
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$ |
-
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$ |
-
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Net cash used in financing activities
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$ |
(2,460)
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$ |
(6,300)
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NET CHANGE IN CASH AND CASH EQUIVALENTS
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$ |
(4,053)
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$ |
(1,289,300)
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Payments Due By Period | ||||||||||||||
Contractual obligations
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Total | Less than 1 year | 2-3 years | 4-5 years | After 5 years | |||||||||
Initial cash distribution payable(1)
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$ |
6,620,623
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$ |
6,620,623
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$ |
-
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$ |
-
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$ |
-
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Second cash distribution payable(1)
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1,917,282
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1,917,282
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-
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-
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-
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TOTAL
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$ |
8,537,905
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$ |
8,537,905
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$ |
-
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$ |
-
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$ |
-
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(1)
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See Note 4 – Shareholders’ Equity for additional information regarding the initial cash distribution payable and the second cash distribution payable.
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Exhibit No.
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Description of Exhibit
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Exhibit 31.1
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Certification of Principal Executive Officer pursuant to
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Section 302 of the Sarbanes-Oxley Act of 2002
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Exhibit 31.2
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Certification of Principal Financial Officer pursuant to
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Section 302 of the Sarbanes-Oxley Act of 2002
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Exhibit 32
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Certification pursuant to 18 U.S.C. Section 1350
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as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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Exhibit 101
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The following BMB Munai, Inc. financial information for the year ended September 30, 2014, formatted in XBRL (eXtensive Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Stockholders’ Equity, (iv) the Statements of Cash Flows, and (v) the Notes to the Financial Statements.
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BMB MUNAI, INC.
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Date:November 13, 2014 | /s/ Askar Tashtitov | |||
Askar Tashtitov
President
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Date: November 13, 2014 | /s/ Evgeniy Ler | |||
Evgeniy Ler
Chief Financial Officer
|