bmei10q04302010.htm

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2010

OR

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

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days.

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,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

	April 30, 2010			October 31, 2009

ASSETS

Current Assets
Cash	$	4,818		$	16,399
Prepaid Expense		-			498


Total Assets	$	4,818		$	16,897

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Accounts payable		956			129
Accrued liabilities		-			5,000
Advance from shareholder		25,000			15,000

Total Liabilities	$	25,956		$	20,129

Stockholders’ Equity

Common stock
75,000,000 shares authorized, with a $0.001 par value,
5,968,750 shares issued and outstanding	$	5,969		$	5,969
Additional paid-in capital		35,044			35,044
Deficit accumulated during exploration stage		(62,151	)		(44,245	)

Total Stockholders’ Equity		(21,138	)		(3,232	)

Total Liabilities and Stockholders’ Equity	$	4,818		$	16,897

	Three Months Ended April 30						Six Months Ended April 30						For the period from June 11, 2008 (date of inception) to April 30
	2010			2009			2010			2009			2010

EXPENSES

General and administrative expenses	$	6,300		$	2,022		$	17,906		$	19,815		$	57,355
Mineral property costs		-			-			-			-			4,796
Total Expenses		6,300			2,022			17,906			19,815			62,151

Net Loss	$	(6,300	)	$	(2,022	)	$	(17,906	)	$	(19,815	)	$	(62,151	)

Loss Per Share:

Basic and Diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

Weighted Average Number of Shares Outstanding

Basic and Diluted		5,968,750			5,968,750			5,968,750			5,968,750

	Six Months Ended April 30,						For the Period From June 11, 2008 (date of inception) to April 30,
	2010			2009			2010


CASH FROM OPERATING ACTIVITIES:

Net loss	$	(17,906	)	$	(19,815	)	$	(62,151	)

Changes in operating assets and liabilities

Accounts payable and accrued liabilities		(4,173	)		(8,131	)		956
Prepaid expenses		498			-			-

Net Cash Used in Operating Activities		(21,581	)		(27,946	)		(61,195	)

CASH FROM FINANCING ACTIVITIES:

Net advances from shareholder		10,000			4,492			25,000
Proceeds from issuance of common stock		-			-			41,013

Net Cash from Financing Activities		10,000			4,492			66,013

Net increase (decrease) in Cash		(11,581	)		(23,454	)		4,818

Cash, Beginning		16,399			38,117			–

Cash, Ending	$	4,818		$	14,663		$	4,818

Bearing Mineral Exploration, Inc. (“the Company”) was incorporated in Nevada on June 11, 2008. The Company is an Exploration Stage Company, as defined by ASC 915-10 “Accounting and Reporting by Development Stage Enterprises”. The Company’s business plan is to acquire, explore and develop mineral properties and ultimately seek out earnings by exploiting mineral claims. The Company has not determined whether the mining claims contain ore reserves that are economically recoverable.

The accompanying unaudited interim financial statements of Bearing Mineral Exploration, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s October 31, 2009 Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period ended October 31, 2009, as reported in the Form 10-K, have been omitted.

As of April 30, 2010, the Company has never generated any revenues and has accumulated losses of $62,151 since inception. The Company has limited cash resources and will likely require new financing, either through issuing shares or debt, to continue the development of its business. Management intends to offer additional common stock; however, there can be no assurance that management will be successful in raising the funds necessary to maintain operations, or that a self-supporting level of operations will ever be achieved. The likely outcome of these future events is indeterminable. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.

Subsequent to the end of the period, on May 31, 2010, the Letter of Intent with vLinx, Inc. expired and the time frame in which both parties were to negotiate the terms of the transaction was not extended and the Company has no intention of renegotiating the terms. The Company is now seeking other business opportunities.

This quarterly report contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars. All references to “common shares” refer to the common shares in our capital stock.

We were incorporated in the State of Nevada on June 11, 2008. We are a start –up, exploration stage corporation and have not yet realized any revenues form our business operations. Our auditor has issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills. This is because we have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals. There is no assurance we will ever reach this point. Accordingly, we will need to raise cash from sources other than the sale of minerals found on our property.

Our original plan of operation was to conduct exploration activities on one claim located in the Province of Newfoundland, Canada; herein referred to as the Collins Lake property. Our exploration target was to find an ore body containing gold. To date we have not performed any work on the property. We are presently in the exploration stage and we cannot guarantee that a commercially viable mineral deposit, a reserve, exists in the property until further exploration is done and a comprehensive evaluation concludes economic and legal feasibility. We have not yet generated or realized any revenues from our business operations.

We had cash resources of $4,818 as at April 30, 2010. We currently do not have sufficient funds to continue with our exploration program as we will continue to incur administrative and professional charges associated with preparing, reviewing, auditing and filing our financial statements and our periodic and other disclosure documents. If we wish to continue with our exploration program, we will try to raise additional funds from a public offering, a private placement or loans. At the present time, we have not made any plans to raise additional money and there is no assurance that we will be able to raise additional money in the future. If we need additional cash and cannot raise it we will wither have to suspend operations until we do raise the case, or cease operations entirely.

On March 15, 2010, we entered into a Letter of Intent with vLinx, Inc. whereby we agreed to complete an Agreement and Plan of Merger and Reorganization (the “Definite Agreement”) to acquire 100% of the outstanding equity securities of vLinx, Inc. subject to us:

The Letter of Intent expired and the time period in which both parties were to negotiate the terms of the transaction was not extended and the Company has no intention of renegotiating the terms. The Company is now seeking other business opportunities.

We currently do not have sufficient funds to continue with our exploration program as we will continue to incur administrative and professional charges associated with preparing, reviewing, auditing and filing our financial statements and our periodic and other disclosure documents. If we wish to continue with our exploration program, we will try to raise additional funds from a public offering, a private placement or loans. At the present time, we have not made any plans to raise additional money and there is no assurance that we will be able to raise additional money in the future. If we need additional cash and cannot raise it we will wither have to suspend operations until we do raise the case, or cease operations entirely.

Subsequent to the end of the period, on May 31, 2010, the Letter of Intent expired and the time period in which both parties were to negotiate the terms of the transaction was not extended and the Company has no intention of renegotiating the terms. The Company is now seeking other business opportunities.

There is limited historical financial information about Bearing Mineral Exploration, Inc. upon which to base an evaluation of our performance. We are an exploration stage corporation and have not generated any revenues from operations. 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 and possible delays in the exploitation of the business opportunities.

If additional capital is required we will raise funds by issuing debt and/or equity securities although we have no current arrangements or agreements to such financings at this time. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

Operating Expenses: Operating expenses were $17,906 and $19,815 for the six month period ended April 30, 2010 and 2009, respectively. The decrease of $1,909 in operating expenses was primarily due to a decrease in legal fees ($12,200) offset by an increase of $1,495 in general and administrative expenses and $8,796 in transfer agent and filing fees.

We acquired the right to conduct exploration activity on one mineral claim consisting of nine Online Mineral Claims Staking cells, collectively referred to as the Collins Lake property. The Collins Lake property is located in central Newfoundland, Canada. We do not own any interest in the property, but merely have the right to conduct exploration activities on one property.

We commissioned Richard Jeanne, Consulting Geologist to prepare a proposed exploration work program. We have not commenced our exploration work program and we currently do not have sufficient funds to proceed with Phase 1 or Phase 2 and will need to raise additional capital from a public offering, a private placement or loans.

Net cash from the sale of shares since inception on June 11, 2008 to April 30, 2010 was $ 41,013. Since inception we have used our common stock to raise money for the property title acquisition, for corporate expenses and to repay outstanding indebtedness.

Since inception, our President advanced a total of $25,000 for additional working capital. This advance will need to be repaid once funds become available. There can be no assurance that he will continue to advance funds as required or that methods of financing will be available or accessible on reasonable terms. If additional capital is required we will raise the funds by issuing debt and/or equity securities although we have no current arrangements to such financings at this time.

We are an exploration stage company and are in the early stages of developing our products and services. As of the date of this report, we have not conducted exploration activities on our property or generated any revenues. As a result, we have generated significant operating losses since our formation and expect to incur substantial losses and negative operating cash flows for the foreseeable future as we attempt to expand our infrastructure and development activities. Our ability to continue may prove more expensive than we currently anticipate and we may incur significant additional costs and expenses. These conditions could further impact our business and have an adverse effect on our financial position, results of operations and/or cash flows.

On June 17, 2008, we issued 3,300,000 restricted shares of common stock to Gerhard Schlombs; our sole officer and director in consideration of $3,300, pursuant to Regulation S of the Securities Act of 1933 in that the sale took place outside of the United States of America and Mr. Schlombs in a non-US person.

On September 19, 2008 we completed a private placement of 2,590,000 shares of common stock to 23 investors in consideration of $25,900. The shares were issued as restricted securities pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1933 in that all sales took place outside of the United States of America and all purchasers were non-US persons.

On October 6, 2008 we completed a private placement of 78,750 shares of common stock to 10 investors in consideration of $11,813. The shares were issued as restricted securities pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1933 in that all sales took place outside of the United States of America and all purchasers were non-US persons.

As of April 30, 2010 we had $4,818 in total current assets and total current liabilities of $25,956 for a working capital deficit of $21,138 compared to $14,663 in total assets and total liabilities of $ 5,107 for the six month period ended April 30, 2009. Total liabilities were comprised of general and administrative expenses, and the loan payable to our President; Mr. Schlombs.

We do not believe we have sufficient funds to meet our cash requirements for the next twelve months, as we have yet to commence operations, and have not generated any revenues there can be no assurance that we can generate significant revenues from operations. During the next twelve months, we expect to incur indebtedness for administrative and professional charges associated with preparing, reviewing, auditing and filing our financial statements and our periodic and other disclosure documents to maintain the Company in good standing.

We will require additional working capital, as we currently have inadequate capital to fund all of our business strategies which could severely limit our operations. To date our President has advanced a total of $25,000 for additional working capital but there can be no assurance that he will continue to advance funds as required. At the present time, we have not made any arrangements to raise additional cash. If we need additional cash and cannot raise it, we will either have to suspend operations until we do raise the cash, or cease operations entirely.

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures are not effective since the following material weaknesses exist:

(i)	The Company’s management is relying on external consultants for purposes of preparing its financial reporting package and may not be able to identify errors and irregularities in the financial reporting package before its release as a continuous disclosure document.

The foregoing material weaknesses identified in our disclosure controls and procedures were identified in November 2009, by our external consultants responsible for the preparation of our financial reporting package. The aforementioned material weaknesses did not impact our financial reporting or result in a material misstatement of our financial statements. As of April 30, 2010 we have not taken action to correct the material weaknesses identified in our disclosure controls and procedures.

Once the Company has sufficient personnel available, our Board of Directors will nominate an audit committee and audit committee financial expert and we will appoint additional personnel to assist with the preparation of our financial statements; which will allow for proper segregation of duties as well as additional manpower for proper documentation.

There were no changes in our internal control over financial reporting during the quarter ended January 31, 2010 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

We know of no material, active or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Exhibit No.	Document Description

31.1	Certification of Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer).

	BEARING MINERAL EXPLORATION, INC. (Registrant)
	BY:	GERHARD SCHLOMBS Gerhard Schlombs President, Principal Executive and Principal Financial Officer, Treasurer/Secretary, Principal Accounting Officer, and member of the Board of Directors

Exhibit No.	Document Description

31.1	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-15(e) and 15d-15(e), promulgated under the Securities and Exchange Act of 1934, as amended.

32.1	Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer and Chief Financial Officer).

	Balance Sheets (Unaudited)	F-2
	Statements of Expenses (Unaudited)	F-3
	Statements of Cash Flows (Unaudited)	F-4
	Notes to Financial Statements	F-5