BullsNBears.com, Inc.

On June 27, 2017 an assignor to the Company’s former auditors (Friedman LLP) filed Suit against the Company in Superior Court of the State of New Jersey, Camden County, for $13,390 in alleged open invoices.  Despite not being properly served the Plaintiff moved for, and received, a default Judgment in the full amount sought.  It is the intention of the Company to move to vacate the Judgment for lack of proper service and based on the Company’s meritorious defenses that: (i) Friedman failed to provide the audit services for which it billed; and more than $5,000 of the amount sought related to services related to another entity.

The Financial Accounting Standards Board issued   ASC (Accounting Standards Codification) 820-10 (SFAS No. 157), “Fair Value Measurements and Disclosures" for financial assets and liabilities. ASC 820-10 provides a framework for measuring fair value and requires expanded disclosures regarding fair value measurements.  FASB ASC 820-10 defines fair value as the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date.  FASB ASC 820-10 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value:

As of December 31, 2017, we had a net operating loss carry-forward of approximately $(4,825,315,314) and a deferred tax asset of approximately $1,0113,316 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years.  However, due to the uncertainty of future events we have booked valuation allowance of $(1,013,316).  FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.  At December 31, 2017, the Company had not taken any tax positions that would require disclosure under FASB ASC 740.

For the years ended December 31, 2017, and 2016, no income tax expense has been realized as a result of operations and no income tax penalties and/or interest have been accrued related to uncertain tax positions.  The Company files income tax returns in the U.S. federal jurisdiction and in the State of California.  These filings are subject to a three-year statute of limitations.  The Company’s evaluation of income tax positions included the years ended December 14 through 2016 could be subject to agency examinations.  No filings are currently under examination.  No adjustments have been made to reduce the estimated income tax benefit at fiscal year-end or at the quarterly reporting dates.  Any valuations relating to these income tax provisions will comply with U.S. generally accepted accounting principles.

Maxine C. Pierson has been involved in both for profit and nonprofit corporate management. Ms. Pierson has been involved in International trade working with the Export-Import Bank. She was a Commissioner on the Economic Development Commission. She has been a corporate and government staff development specialist, curriculum creator, trainer and staff development specialist, conductor of statewide workshops. Ms. Pierson was the innovator of child support and collections systems on a state-wide level. She is a Member Palm Beach Round Table, a Rotarian, and a Chamber of Commerce Member. Ms. Pierson is also involved in the Citizens League   Transportation Committee, Foreign Policy Association, Member Palm Beach Center for Nonprofit Excellence, -nonprofit performance auditor for many years.  Ms. Pierson also has a BA degree in Liberal Arts from Milwaukee Downer College Liberal Arts an MA degree in Public Administration from Rochville University and a BS degree in Paralegal Studies from Southern Christian University