Medifirst Solutions, Inc. - FORM 10-Q

Attached files

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EXCEL - IDEA: XBRL DOCUMENT - Medifirst Solutions, Inc.	Financial_Report.xls
EX-31.1 - CERTIFICATION - Medifirst Solutions, Inc.	f10q0913ex31i_medfirstsol.htm
EX-32.1 - CERTIFICATION - Medifirst Solutions, Inc.	f10q0913ex32i_medfirstsol.htm
EX-31.2 - CERTIFICATION - Medifirst Solutions, Inc.	f10q0913ex31ii_medfirstsol.htm

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: September 30, 2013

o 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:

333-178825

MEDIFIRST SOLUTIONS, INC.

(Exact name of registrant as specified in its charter)

NEVADA		27-3888260
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification Number)

50 Oxford Road, Manalapan, NJ, 07726

(Address of principal executive offices)

732-786-8044

(Issuer’s telephone number)

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 x No 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

(check one) Large accelerated filer o Accelerated filer o Non-accelerated filer o Smaller reporting company x

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of November 18, 2013 there were 13,281,750 shares of Common Stock, $0.0001 par value, outstanding and 0 shares of Preferred Stock, .0001 par value, outstanding.

PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements.	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	17

Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	21

Item 4.	Controls and Procedures.	21

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings.	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	21

Item 3.	Defaults Upon Senior Securities.	21

Item 4.	Mine Safety Disclosures	21

Item 5.	Other Information.	21

Item 6.	Exhibits.	21

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Medifirst Solutions, Inc.

(A Development Stage Company)

Balance Sheet

Condensed Balance Sheets

September 30, 2013 and December 31, 2012

ASSETS

	September 30, 2013			December 31, 2012
	(Unaudited)

Current Assets:
Cash	$	-		$	474
Prepaid expenses		2,500			-
Inventory		4,000			-
Total current assets		6,500			474

Property, Plant and Equipment, net		5,256			5,429

Other Assets
Security deposit		265			265

	$	12,021		$	6,168

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Bank overdraft	$	1,826		$	-
Accounts payable and accrued expenses		192,907			111,470
Loans payable - stockholders		29,253			27,214
6% convertible notes		9,390			25,650
Total current liabilities		233,376			164,334

Stockholders' Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, no shares issued and outstanding, respectively		-			-
Common stock, $0.0001 par value; 200,000,000 shares authorized, 11,131,750 and 6,671,750 shares issued and outstanding, respectively		1,113			667
Additional paid in capital		63,480			56,611
Deficit accumulated during development stage		(285,948	)		(215,444	)
		(221,355	)		(158,166	)

	$	12,021		$	6,168

See accompanying summary of notes to unaudited condensed financial statements.

Medifirst Solutions, Inc.

(A Development Stage Company)

Condensed Statements of Operations

For the Nine Months Ended September 30, 2013 and for the Period

From November 8, 2010 (Inception) to September 30, 2013

	From November 8, 2010 (Inception) to September 30,			For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2013			2013			2012			2013			2012

Consulting fee revenue	$	74,800		$	16,500		$	-		$	41,500		$	-
Product sales, net		19,508			3,468			-			8,549			-
		94,308			19,968			-			50,049			-
Cost of goods sold		7,834			1,165			-			5,941			-
Gross income		86,474			18,803			-			44,108			-

Expenses:
Officer's compensation		182,500			25,000			-			75,000			-
Advertising and promotion		31,832			7,512			140			12,424			2,061
Computer and internet		10,459			195			1,003			1,047			3,332
Fees		-			(3,762	)		12,000			-			12,249
Professional fees		42,925			10,684			5,350			10,684			20,443
Rent		6,725			825			900			825			2,375
Repairs and maintenance		6,866			(4,308	)		-			39			187
Travel		27,647			269			1,062			5,780			6,229
Other		60,348			2,753			2,268			7,408			11,847
		369,302			39,168			22,723			113,207			58,723

Net loss before other income and expenses		(282,828	)		(20,365	)		(22,723	)		(69,099	)		(58,723	)

Other income and (expenses)
Interest expense		(3,120	)		(264	)		(44	)		(1,405	)		(726	)
Provision for income taxes		-			-			-			-			-
		(3,120	)		(264	)		(44	)		(1,405	)		(726	)

Net loss	$	(285,948	)	$	(20,629	)	$	(22,767	)	$	(70,504	)	$	(59,449	)

Loss per common share - Basic and fully diluted	$	(0.05	)	$	(0.00	)	$	-		$	(0.01	)	$	-

Weighted average number of shares outstanding - Basic and fully diluted		6,283,851			9,564,359			5,902,262			6,925,706			5,309,829

See accompanying summary of notes to unaudited condensed financial statements.

Medifirst Solutions, Inc.

(A Development Stage Company)

Statement of Stockholders' Equity

For the Period from November 8, 2010 (Inception) to September 30, 2013

	Common Stock				Preferred Class A				Additional Paid		Accumulated Deficit During Development			Total Stockholders'
	Shares		Amount		Shares		Amount		in Capital		Stage			Equity
Issuance of common shares for services $0.0001 per share		752,000	$	75		-	$	-	$	-	$	-		$	75
Issuance of common shares for cash at at $0.08 per share		81,250		8		-		-		6,492		-			6,500
Issuance of common shares for cash at at $0.08 per share		37,500		4		-		-		2,996		-			3,000
Issuance of common shares for cash at at $0.08 per share		125,000		12		-		-		9,988		-			10,000
Issuance of common shares for cash at $0.00133 per share		187,500		19		-		-		231		-			250
Issuance of common shares for cash at at $0.02 per share		12,500		1		-		-		249		-			250
Issuance of common shares for services at $0.08 per share		125,000		12		-		-		9,988		-			10,000
Issuance of common shares for cash at $0.01 per share		25,000		3		-		-		247		-			250
Issuance of common shares for cash at $0.002 per share		315,000		32		-		-		598		-			630
Net loss		-		-						-		(4,457	)		(4,457	)
Balance - December 31, 2010		1,660,750		166		-		-		30,789		(4,457	)		26,498

Issuance of common shares for cash at $0.0034 per share		250,000		25		-		-		825		-			850
Issuance of common shares for cash at $0.01 per share		25,000		2		-		-		248		-			250
Issuance of common shares for cash at $0.016 per share		12,500		1		-		-		199		-			200
Issuance of common shares for cash at $0.0019 per share		75,000		8		-		-		135		-			143
Issuance of common shares for cash at $0.0014 per share		250,000		25		-		-		325		-			350
Issuance of common shares for services $0.002 per share		3,750,000		375		-		-		7,125		-			7,500
Issuance of common shares for cash at $0.0167 per share		300,000		30		-		-		4,970		-			5,000
Issuance of common shares for services $0.08 per share		20,000		2		-		-		1,598		-			1,600
Issuance of common shares for cash at $0.08 per share		6,250		1		-		-		499		-			500
Issuance of common shares for cash at $0.08 per share		53,500		5		-		-		4,275		-			4,280
Issuance of common shares for cash at $0.08 per share		12,500		1		-		-		999		-			1,000
Issuance of common shares for cash at $0.04 per share		100,000		10		-		-		3,990		-			4,000
Issuance of common shares for cash at $0.08 per share		6,250		1		-		-		499		-			500
Net loss		-		-		-		-		-		(36,788	)		(36,788	)
Balance - December 31, 2011		6,521,750		652		-		-		56,476		(41,245	)		15,883

Issuance of common shares upon partial conversion of note at $0.001 per share		150,000		15		-		-		135		-			150
Net loss		-		-		-		-		-		(174,199	)		(174,199	)
Balance - December 31, 2012		6,671,750		667		-		-		56,611		(215,444	)		(158,166	)

Issuance of common shares upon partial conversion of note at $0.001 per share		660,000		66		-		-		594		-			660
Issuance of common shares upon partial conversion of note at $0.001 per share		200,000		20		-		-		180		-			200
Issuance of common shares upon partial conversion of note at $0.0001 per share		700,000		70		-		-		-		-			70
Issuance of common shares for services $0.10 per share		50,000		5		-		-		4,995		-			5,000
Issuance of common shares upon partial conversion of note at $0.0006 per share		400,000		40		-		-		200		-			240
Issuance of common shares upon partial conversion of note at $0.001 per share		300,000		30		-		-		270		-			300
Issuance of common shares upon partial conversion of note at $0.0001 per share		400,000		40		-		-		-		-			40
Issuance of common shares upon partial conversion of note at $0.0001 per share		50,000		5		-		-		-		-			5
Issuance of common shares upon partial conversion of note at $0.001 per share		700,000		70		-		-		630		-			700
Issuance of common shares upon partial conversion of note at $0.0001 per share		350,000		35		-		-		-		-			35
Issuance of common shares upon partial conversion of note at $0.0001 per share		300,000		30		-		-		-		-			30
Issuance of common shares upon partial conversion of note at $0.0001 per share		350,000		35		-		-		-		-			35
Net loss		-		-		-		-		-		(70,504	)		(70,504	)
Balance - September 30, 2013		11,131,750		1,113		-		-		63,480		(285,948	)		(221,355	)

See accompanying summary of notes to unaudited condensed financial statements.

Medifirst Solutions, Inc.

(A Development Stage Company)

Condensed Statements of Cash Flows

For the Nine Months Ended September 30, 2013 and for the Period

From November 8, 2010 (Inception) to September 30, 2013

	From November 8, 2010 (Inception) to September 30,			For the Nine Months Ended September 30,
	2013			2013			2012
Cash flows from operating activities:
Net loss	$	(285,948	)	$	(70,504	)	$	(59,449	)
Adjustments to reconcile net loss to net cash used by operating activities:
Common stock issued for services		14,175			5,000			-
Depreciation expense		502			173			119
Prepaid expenses		(2,500	)		(2,500	)		-
Inventory		(4,000	)		(4,000	)		-
Security deposit		(265	)		-			-
Bank overdraft		1,826			1,826			-
Accounts payable and accrued expenses		192,907			81,437			(2,306	)
Consulting services provided to repay convertible debt		(14,000	)		(14,000	)		-
Net cash used by operating activities		(97,303	)		(2,568	)		(61,636	)

Cash flows from investing activities:
Purchase of equipment		(5,758	)		-			-
Net cash used by investing activities		(5,758	)		-			-

Cash flows from financing activities:
Proceeds from issuance of common stock		50,418			2,315			-
Shareholder's loan		29,253			2,039			597
Loan payable - other		23,390			(2,260	)		30,000
Net cash provided by financing activities		103,061			2,094			30,597

Net decrease in cash		-			(474	)		(31,039	)
Cash at beginning of period		-			474			33,409
Cash at end of period	$	-		$	-		$	2,370

Supplemental cash flow information:
Cash paid during the period for:
Interest	$	3,088		$	1,405		$	726
Income taxes	$	-		$	-		$	-

See accompanying summary of notes to unaudited condensed financial statements.

Notes to Condensed Consolidated Financial Statements

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Medifirst Solutions, Inc. ("MSI" or the "Company") was incorporated in Nevada in November 2010. The Company is in the development stage and has a diverse product line including both consumer products and digital media. The Company has a Health & Wellness division with an LED Light Therapy System that it distributes. intends to launch "Florida Health Community" as an on-line healthcare directory and social media site geared towards both professionals and consumers. MSI also intends to produce a tabloid size newsletter with healthcare industry related news and events. MSI holds the trademark to, and will sell on-line, the Miracle-cigTM, an electronic cigarette that is tobacco free and that emits a fine water mist in place of smoke. Additionally, MSI will offer print and digital marketing and advertising services to its client base of medical professionals as well as solicit new business in other business sectors.

Basis of Presentation

The accompanying unaudited financial statements of MSI have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such principles and regulations of the Securities and Exchange Commission for Form 10-Q. All adjustments, consisting of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of interim periods. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for a full year because of, among other things, seasonality factors in the retail business. The unaudited financial statements contained herein should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended December 31, 2012.

Revenue Recognition

In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company:

Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Net Income (Loss) Per Common Share

The Company calculates net income (loss) per share based on the authoritative guidance. Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods in which the Company incurs losses common stock equivalents, if any, are not considered, as their effect would be anti-dilutive.

Use of 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 amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Segment Information

The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

Income Taxes

Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Stock-Based Compensation

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. There were no cash equivalents at September 30, 2013.

Inventory

Inventory consists of finished goods and is stated at the lower of cost (first-in, first-out) or market value.

Equipment

Equipment, consisting of computer equipment, is stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, of five years.

The Company reviews long-lived assets, such as equipment, for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds the estimated future cash flows, an impairment loss will be recorded by the amount the carrying value exceeds the fair value of the asset.

Recent Pronouncements

There are no recent accounting pronouncements that apply to the Company.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 2. PROPERTY, PLANT AND EQUIPMENT (NET)

Equipment is recorded at cost and consisted of the following at September 30, 2012:

Computer equipment	$	5,758
Less: accumulated depreciation		(502	)

	$	5,256

Depreciation expense was $173 and $119 for the nine months ended September 30, 2013 and 2012, respectively.

Note 3. LOANS PAYABLE - STOCKHOLDERS

During the period ended September 30, 2012 a stockholder of the Company advanced the Company $2,039 to pay for certain expenses. The loan has a balance of $19,253 at September 30, 2013, bears no interest and is payable on demand.

At September 30, 2013 the Company was indebted to a stockholder in the amount of $5,000. The loan has an interest of 20%. Principal and accrued interest were due and payable on July 2, 2012.

At September 30, 2013 the Company was indebted to a stockholder in the amount of $5,000. The loan has an interest of 10%. Principal and accrued interest were due and payable on June 2, 2013.

Note 4. 6% CONVERTIBLE NOTES

In March 2011, the Company issued $800 aggregate principal amount of 6% convertible notes due in January 2012. Interest on the notes accrued at the rate of 6% per annum for the term of the notes and was payable upon maturity.

In June 2013, the note holders converted $70 of note principal into 700,000 shares of the Company's common stock.

In July 2013, the note holders converted $240 of note principal into 400,000 shares of the Company's common stock.

In August 2013, the note holders converted $45 of note principal into 450,000 shares of the Company's common stock.

In September 2013, the note holders converted $100 of note principal into 1,000,000 shares of the Company's common stock.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 4. 6% CONVERTIBLE NOTES (continued)

At any time on or after the maturity date, the holders of the notes, have the option of converting any of the unpaid principal and interest into the Company's common stock. The notes plus any accrued but unpaid interest are convertible at the rate of $0.0001 per share at the time of conversion up to a maximum of 9.99% of the then issued and outstanding common stock, or 1,112,062 shares at September 30, 2013.

In May 2012, the Company issued a $25,000 6% per annum note that matured in November 2012. In December 2012 the note was amended to be a convertible note. Interest on the note accrues interest at 6% per annum and is payable when the note matures.

The holder of the note converted $1,010 of note principal into 1,010,000 shares of common stock as follows:

Date of Conversion	Principal Amount Converted		Conversion Rate		Shares Received
December 2012	$	150	$	0.001	$	150,000
January 2013	$	660	$	0.001	$	660,000
March 2013	$	200	$	0.001	$	200,000

In July 2013, the note was reduced by $14,000 to reflect consulting services provided by the Company to the note holder.

In July 2013, in a private transaction, the original note holder transferred the note to third party. In August 2013, the new note holder transferred $4,475 of principal to a stockholder of the company.

In July 2013, the note holder converted $300 of note principal into 300,000 shares of the Company's common stock. The remaining principal on this portion of the note at September 30, 2013 is $5,215. The note holder has the option of converting the balance at any time with the approval of the Board of Directors. The note plus any accrued but unpaid interest are convertible at the rate of $0.001 per share at the time of conversion up to a maximum of 9.99% of the then issued and outstanding common stock, or 1,112,062 shares at September 30, 2013.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 4. 6% CONVERTIBLE NOTES (continued)

In August 2013, one of the note holders converted $700 of note principal into 700,000 shares of the Company's common stock. The remaining principal on this portion of the note at September 30, 2013 is $4,475. The note holder has the option of converting the balance at any time with the approval of the Board of Directors. The note plus any accrued but unpaid interest are convertible at the rate of $0.001 per share at the time of conversion up to a maximum of 9.99% of the then issued and outstanding common stock, or 1,112,062 shares at September 30, 2013.

Note 5. STOCKHOLDERS' EQUITY

In November 2010, the Company issued 752.000 shares of common stock at par value for services provided to the Company.

In November 2010, the Company issued 81,250 shares of common stock at $0.08 per share.

In November 2010, the Company issued 37,500 shares of common stock at $0.08 per share.

In December 2010, the Company issued 125,000 shares of common stock at $0.08 per share.

In December 2010, the Company issued 187,500 shares of common stock at $0.00133 per share.

In December 2010, the Company issued 12,500 shares of common stock at $0.02 per share.

In December 2010, the Company issued 125,000 shares of common stock at $.08 per share for services provided to the Company.

In December 2010, the Company issued 25,000 shares of common stock at $0.01 per share.

In December 2010, the Company issued 315,000 shares of common stock at $0.002 per share.

In January 2011, the Company issued 250,000 shares of common shares at $0.0034 per share.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 5. STOCKHOLDERS' EQUITY (continued)

In January 2011, the Company issued 25,000 shares of common shares at $0.01 per share.

In January 2011, the Company issued 12,500 shares of common shares at $0.016 per share.

In March 2011 the Company issued 75,000 shares of common stock at $0.0019 per share.

In March 2011 the Company issued 250,000 shares of common stock at $0.0014 per share.

In March 2011, the Company issued 3,750,000 shares of common stock to an officer of the Company for services provided to the Company at $0.002 per share.

In April 2011, the Company issued 300,000 shares of common stock at $0.0167 per share.

In October 2011, the Company issued 20,000 shares of common stock at $0.08 per share for services provided to the company.

In October 2011, the Company issued 6,250 shares of common stock at $0.08 per share.

In November 2011, the Company issued 53,500 shares of common stock at $0.08 per share.

In November 2011, the Company issued 12,500 shares of common stock at $0.08 per share.

In December 2011, the Company issued 100,000 shares of common stock at $0.04 per share.

In December 2011, the Company issued 6,250 shares of common stock at $0.08 per share.

In December 2012, the Company issued 150,000 shares of common stock at $0.001 per share as partial conversion of a note (See note 4).

In January 2013, the Company issued 660,000 shares of common stock at $0.001 per share as partial conversion of a note (See note 4).

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 5. STOCKHOLDERS' EQUITY (continued)

In March 2013, the Company issued 200,000 shares of common stock at $0.001 per share as partial conversion of a note (See note 4).

In June 2013, the Company issued 700,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

In July 2013, the Company issued 50,000 shares of common stock at $0.10 per share under the terms of a consulting agreement (See note 6).

In July 2013, the Company issued 400,000 shares of common stock at $0.0006 per share as partial conversion of a note (See note 4).

In July 2013, the Company issued 300,000 shares of common stock at $0.001 per share as partial conversion of a note (See note 4).

In August 2013, the Company issued 400,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

In August 2013, the Company issued 50,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

In August 2013, the Company issued 700,000 shares of common stock at $0.001 per share as partial conversion of a note (See note 4).

In September 2013, the Company issued 350,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

In September 2013, the Company issued 300,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

In September 2013, the Company issued 350,000 shares of common stock at $0.0001 per share as partial conversion of a note (See note 4).

Note 6. COMMITMENTS AND CONTINGENCIES

The Company leases its office space on a month to month basis at the rate of $250 per month.

Rent expense for the nine months ended September 30, 2013 and 2012 totaled $825 and $2,375, respectively.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 6. COMMITMENTS AND CONTINGENCIES (continued)

In July 2013, the Company entered into a consulting agreement with an individual for a one year term. Under the terms of this agreement the Company has agreed to compensate the consultant with 100,000 shares of the Company's common stock. As of September 30, 2013 the consultant received 50,000 shares of the Company's common stock valued its the fair market value of $0.10 per share (See note 5). At September 30, 2013, $2,500 has been recorded as an expense in the current period and $2,500 has been recorded as a prepaid expense.

Note 7. INCOME TAXES

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

Income tax provision at the federal statutory rate	39	%
Effect of operating losses	(39	) %
	0	%

As of September 30, 2013, the Company has a net operating loss carryforward of approximately $265,000. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2030. The deferred tax asset relating to the operating loss carryforward has been fully reserved at September 30, 2013. The principal difference between the operating loss for income tax purposes and reporting purposes results from the issuance of common shares for services.

Note 8. BASIS OF REPORTING

The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from inception to September 30, 2013, the Company incurred a net loss of approximately $286,000. In addition, the Company has no significant assets or revenue generating operations.

Medifirst Solutions, Inc.

(A Development Stage Company)

Notes to Financial Statements

September 30, 2013

Note 8. BASIS OF REPORTING (continued)

The Company currently does not have sufficient cash to sustain itself for the next 12 months, and will require additional funding in order to execute its plan of operations and to continue as a going concern. To meet its cash needs, management expects to raise capital through a private placement offering. In the event that this funding does not materialize, certain stockholders have agreed, orally, to loan, on a non-interest bearing demand basis, sufficient funds to maintain the Company's operations for the next 12 months.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

This section must be read in conjunction with the Audited Financial Statements included in this Prospectus.

Plan of Operation

Medifirst Solutions, Inc. was incorporated in Nevada in November 2010. We are in the development stage and have a diverse product line including both consumer products and digital media. Since our inception, we have been engaged in business planning activities, including researching the industry, identifying target markets for our products, developing our models and financial forecasts, performing due diligence regarding potential geographic locations most suitable for establishing our offices and identifying future sources of capital. At the present time, our products are Botanical LED Light Therapy and the Miracle-cigTM, an electronic cigarette that is tobacco free and that emits a fine water mist in place of smoke. We have recently begun selling our product and services and generating revenue from our business operations. All of our operations are currently conducted through the Company and we do not have any subsidiaries. See “Description of Business” contained herein.

Our auditors have issued a going concern opinion. This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next twelve (12) months. Our auditors’ opinion is based on the uncertainty of our ability to establish profitable operations. The opinion results from the fact that we have not generated significant revenues. Accordingly, we must raise cash from operations or from investments by others in our Company to continue our operations.

Our sole officer and director is responsible for our managerial and organizational structure, which will include preparation of disclosure and accounting controls under the Sarbanes Oxley Act of 2002. When these controls are implemented, he will be responsible for the administration of the controls. Should he not have sufficient experience, he may be incapable of creating and implementing the controls which may cause us to be subject to sanctions and fines by the SEC which ultimately could cause you to lose your investment.

Our intended plan of operations is to generate revenue from our diverse divisions of operation. We believe that diversification of our interests will help generate revenues.

Health & Wellness Division

Medifirst Light Therapy Systems. Medifirst has launched a new Health and Wellness Division with a new and cutting-edge LED Botanical Light Therapy Systems. Medifirst signed an agreement with Panacea Photonics whereas it is the exclusive distributor for New York and New Jersey for the LED Light Therapy Systems that incorporates rainforest botanicals in using the technology. The company plans on expanding and rolling out the systems to other parts of the country and will be attending a major tradeshows. Medifirst has attended trade shows in both New York and Orlando and will continue to introduce the LED systems to both the public and to healthcare professionals. The Botanical Light Therapy Systems will appeal to Doctors, Chiropractors, Acupuncturists, Cosmetologists, Spa and Wellness Centers and most practitioners of Alternative Medicine. This sector represents thousands of healthcare professionals that fall within our exclusive territory and gives us a fantastic opportunity to greatly expand our client base and develop more products to add to our pipeline.” The patent-pending Light Therapy System, developed by Panacea Photonics, uses special botanical formulas to produce amazing results. The botanical solutions utilize highly researched and artfully blended South American Rain Forest botanicals and are rigorously tested to insure the highest levels of performance & safety. They are formulated with 100% all-natural, naturally harvested, hand-crafted, artfully blended & indigenous tribally sourced botanicals.

Miracle-cig

The Miracle-cig is a trademarked name for our brand of disposable electronic cigarette. It is sold online at www.miraclecig.com. We currently have a merchant account that accepts VISA and MASTERCARD for sales of the product through our website. The cost of the website and its development has already been paid for and the ongoing expenses for hosting the website are $50 per month. We purchase the Miracle-cig directly from the manufacturer in China. Orders are placed by purchase order and payment is made in advance. We place orders with our manufacturer only when we receive orders and payment from customers, thereby ensuring we have funds available for each order we place. We currently do not have any manufacturing or distribution agreement with our current manufacturer or with any other manufacturer. We fulfill orders within 24 hours and have small inventory. We are still seeking strategic partnerships and developing our SEO.

Our management planned on launching a new e-cig label and expanding into a new consumer market but has decided to wait until 2014. Additionally, we are still working our SEO and seeking online affiliations.

Florida Health Community

Website and Newsletter. Medifirst has decided to expand its Health & Wellness division and related services in Florida and is currently still reevaluating the The Florida Health Community website and Newsletter as to how it integrates into the newly formed wellness division. A decision is expected by the end of the year.

Advertising Agency. Medifirst Solutions will also expand to provide website, publishing, marketing, print and video production services for hire to the both healthcare and non healthcare professionals. Many of the Medifirst clients are in need of a business website and other various promotional materials such as brochures, company logo, video promotions and editorial services. The company management anticipates that over the next twelve months we anticipate to continue to offer our and expand our creative services.

Results of Operations

Fiscal Year Ended December 31, 2013

Revenues

During the three months ended September 30, 2013 and 2012, we generated $19,968 and $-0- in revenues, respectively.

We expect revenues for the short term to remain minimal, however we believe revenues will increase after execution of our business plans.

Expenses

For the three months ended September 30, 2013 and 2012, expenses were $1,165 and $-0-, respectively.

We expect expenses for 2013 to trend upward as we continue to incur additional expenses necessary to grow our business.

Legal and Accounting

For the three months ended September 30, 2013 and 2012, professional fees were $10,684 and $5,350, respectively.

We expect professional fees for 2013 to trend marginally downward as we pursue operations in the ordinary course of business, though we will continue to incur additional expenses as a result of our being a publicly traded company. This includes corporate legal, accounting, stockholder and SEC filing expenses.

Other Income/(Expense)

For the three months ended September 30, 2013 and 2012, other expenses was $264 and $44, respectively.

Expense for the three months ended September 30, 2013 consisted of interest expense.

Net Income/(Loss)

For the three months ended September 30, 2013 and 2012 the company had a net loss of $20,629 and $22,767.

Liquidity and Capital Resources

Since incorporation, we have financed our operations through the private placement of our common stock to selected investors and periodic borrowings from our stockholders. At September 30, 2013 and 2012, our principal sources of liquidity included cash and cash equivalents of $-0- and $2,370, respectively.

As of September 30, 2013, we did not have any significant commitments for capital expenditures.

If we do not generate sufficient cash flow to support our operations over the next twelve (12) months, in order to continue as a going concern we may need to raise additional capital by issuing capital stock in exchange for cash. There are no formal or informal agreements to attain such financing. The Company’s ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties, including: investors’ perception of, and demand for, securities of companies in our industry; conditions of the U.S. and other capital markets in which we may seek to raise funds; future results of operations, financial condition and cash flow. Therefore, the Company’s management cannot assure that financing will be available in amounts or on terms acceptable to the Company, or if at all. Any failure by the Company’s management to raise additional funds on terms favorable to the Company could have a material adverse effect on the Company’s liquidity and financial condition.

Critical Accounting Policies

Our significant accounting policies are summarized in Note 1 of our consolidated financial statements. While all these significant accounting policies impact our financial condition and results of operations, we view certain of these policies as critical. Policies determined to be critical are those policies that have the most significant impact on our financial statements and require management to use a greater degree of judgment and estimates. Actual results may differ from those estimates. Our management believes that given current facts and circumstances, it is unlikely that applying any other reasonable judgments or estimate methodologies would cause an effect on our consolidated results of operations, financial position or liquidity for the periods presented in this report.

Off Balance Sheet Arrangements

The Company has no off-balance sheet arrangements.

Recently Adopted Accounting Pronouncements

Please see Note 2 of our consolidated financial statements that describe the impact, if any, from the adoption of Recent Accounting Pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

The Company is a smaller reporting company, as defined by Rule 229.10(f)(1), and is not required to provide the information required by this Item.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, under the supervision and with the participation of our principal executive and principal financial officers, the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”). Based on that evaluation, our principal executive and financial officers concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported in a timely manner, and (2) accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None

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

Recent Sales of Unregistered Securities

In July 2013, the Company issued 700,000 shares of common stock to two holder of convertible promissory notes upon the exercise of conversion rights by the holders.

In August 2013, the Company issued 1,150,000,000 shares of common stock to three holders of convertible promissory notes upon the exercise of conversion rights by the holders.

In September 2013, the Company issued 1,000,000 shares of common stock to three holders of convertible promissory notes upon the exercise of conversion rights by the holders.

Each of these transactions was exempt from the registrations requirements of the Securities Act of 1933, as amended, pursuant to Section 4(a) (2) thereof. In the alternative, the common stock is an exempt security pursuant to Section 3(a)(9) of the Securities Act of 1933, as amended.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures

Not Applicable

Item 5. Other Information.

There have been no material changes to the procedures by which security holders may recommend nominees to the Registrant’s board of directors.

Item 6. Exhibits.

31.1	Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of the Chief Executive Officer and Principal Executive Officer Pursuant to 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

32.1	Certification of the Chief Financial Officer and Principal Financial Officer Pursuant to 13a-14 and 15d-14 of the Securities Exchange Act of 1934.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report to be signed on its behalf by the undersigned hereunto duly authorized.

November 18, 2013

	By	/s/ Bruce Schoengood
		Bruce Schoengood
		Chief Executive Officer
		(Principal Executive Officer)

	By	/s/ Bruce Schoengood
		Bruce Schoengood
		Chief Financial Officer
		(Principal Financial Officer)

Medifirst Solutions, Inc. - FORM 10-Q - November 19, 2013

Attached files

Medifirst Solutions, Inc. Reports