UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended December 31, | |
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or | |
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| TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from ____________ to ____________ |
Commission File Number 333-192387
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BALLY, CORP. |
(Exact name of registrant as specified in its charter) |
Nevada |
| 80-0917804 |
(State or other jurisdiction of incorporation or organization) |
| (IRS Employer Identification No.) |
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(Address of principal executive offices) |
| (Zip Code) |
(86) |
(Registrant’s telephone number, including area code) |
N/A |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | None | None |
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. x YES o NO☒ Yes ☐ No
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). x YES o NO☒ Yes ☐ No
Indicate by check mark whether the registrant is a large, accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or a small reportingan emerging growth company. See the definitions of “large, accelerated filer”,filer,” “accelerated filer”filer,” “smaller reporting company,” and “smaller reporting“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large, accelerated |
| Accelerated |
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Non-accelerated |
| Smaller reporting company |
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Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) x YES o NO
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. o YES o NO
APPLICABLE ONLY TO CORPORATE ISSUERS☒ Yes ☐ No
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
9,850,000 common shares issued and outstanding as of February 15, 201822, 2022
FORM 10-Q
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Table of Contents |
PART I - FINANCIAL INFORMATION
INDEX TO UNAUDITED INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED DECEMBER 31, 20172021
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F-6 |
F-5
Table of Contents |
BALLY, CORP.
(Unaudited)
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| December 31, |
| September 30, |
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| 2017 |
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| 2017 |
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| December 31, |
| September 30, |
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| 2021 |
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| 2021 |
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ASSETS | ASSETS |
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Current Assets |
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Prepaid expenses |
| $ | 6,000 |
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| $ | - |
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Current assets: |
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Cash |
| $ | 0 |
| $ | 0 |
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Prepaid expense |
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| 3,000 |
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| 0 |
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Total Current Assets |
| 6,000 |
| - |
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| 3,000 |
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| 0 |
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Total Assets |
| $ | 6,000 |
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| $ | - |
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| $ | 3,000 |
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| $ | 0 |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT | LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current Liabilities |
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Liabilities |
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Current liabilities |
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Accounts payable and accrued liabilities |
| $ | 14,598 |
| $ | 9,798 |
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| $ | 9,989 |
| $ | 989 |
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Due to shareholders |
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| 55,054 |
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| 45,554 |
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Due to shareholder |
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| 103,143 |
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| 92,843 |
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Total Current Liabilities and Total Liabilities |
| 69,652 |
| 55,352 |
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| 113,132 |
| 93,832 |
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Stockholders’ Deficit |
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Preferred stock, $0.0001 par value, 20,000,000 shares authorized; 0 shares issued and outstanding |
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Stockholders’ Deficit: |
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Preferred stock, $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding |
| 0 |
| 0 |
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Common stock, $0.0001 par value, 100,000,000 shares authorized; 9,850,000 shares issued and outstanding |
| 985 |
| 985 |
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| 985 |
| 985 |
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Additional paid-in capital |
| 111,269 |
| 111,269 |
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| 178,395 |
| 178,395 |
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Accumulated deficit |
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| (175,906 | ) |
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| (167,606 | ) |
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| (289,512 | ) |
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| (273,212 | ) |
Total Stockholders’ Deficit |
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| (63,652 | ) |
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| (55,352 | ) |
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| (110,132 | ) |
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| (93,832 | ) |
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Total Liabilities and Stockholders’ Deficit |
| $ | 6,000 |
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| $ | - |
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| $ | 3,000 |
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| $ | 0 |
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The accompanying notes are an integral part of these unaudited interim financial statementsstatements.
Table of Contents |
BALLY, CORP.
(Unaudited)
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| Three Months Ended |
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| December 31, |
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Revenue |
| $ | - |
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| $ | - |
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| $ | 0 |
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| $ | 0 |
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Operating Expenses |
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Professional fees |
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| 8,300 |
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| 8,785 |
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Total operating expenses |
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| 8,300 |
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| 8,785 |
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Expenses: |
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General and administrative |
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| 16,300 |
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| 15,500 |
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Total expenses |
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| 16,300 |
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| 15,500 |
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Net loss before income tax |
| (8,300 | ) |
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Loss before income tax provision |
| (16,300 | ) |
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Income tax provision |
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| 0 |
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Net loss |
| $ | (8,300 | ) |
| $ | (8,785 | ) |
| $ | (16,300 | ) |
| $ | (15,500 | ) |
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Basic and Diluted Loss per Common Share |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
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Basic and Diluted Weighted Average Number of Common Shares Outstanding |
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| 9,850,000 |
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| 9,850,000 |
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| 9,850,000 |
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| 9,850,000 |
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The accompanying notes are an integral part of these unaudited interim financial statementsstatements.
Table of Contents |
BALLY, CORP.
Statements of Changes in Stockholders’ Deficit
(Unaudited)
BALLY, CORP.
(Unaudited)For the Three Months Ended December 31, 2021
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| Additional |
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| Total |
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| Preferred Stock |
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| Common Stock |
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| Paid-In |
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| Capital |
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Balance – September 30, 2021 |
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| $ | 0 |
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| 9,850,000 |
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| $ | 985 |
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| $ | 178,395 |
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| $ | (273,212 | ) |
| $ | (93,832 | ) |
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Net loss for the period |
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| 0 |
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| 0 |
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| 0 |
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| (16,300 | ) |
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| (16,300 | ) |
Balance – December 31, 2021 |
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| $ | 0 |
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| 9,850,000 |
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| $ | 985 |
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| $ | 178,395 |
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| $ | (289,512 | ) |
| $ | (110,132 | ) |
Three months ended December 31, 2017 2016 Cash Flows from Operating Activities: Net loss Adjustments to reconcile net loss to net cash used in operating activities: Changes in operating assets and liabilities: Prepaid expenses Accounts payable and accrued liabilities Net Cash Used in Operating Activities Cash Flows from Investing Activities: Cash Flows from Financing Activities: Advance from shareholder Net Cash Provided by Financing Activities Net increase in cash Cash - beginning of period Cash - end of period Supplemental Cash Flow Disclosure: Interest paid Taxes paid $ (8,300 ) $ (8,785 ) (6,000 ) - 4,800 (3,388 ) (9,500 ) (12,173 ) - - 9,500 12,173 9,500 12,173 - - - - $ - $ - $ - $ - $ - $ -
For the Three Months Ended December 31, 2020
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| Additional |
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| Total |
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| Preferred Stock |
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| Common Stock |
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| Paid-In |
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Balance – September 30, 2020 |
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| $ | 0 |
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| 9,850,000 |
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| $ | 985 |
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| $ | 178,395 |
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| $ | (243,556 | ) |
| $ | (64,176 | ) |
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Net loss for the period |
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| - |
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| 0 |
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| 0 |
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| (15,500 | ) |
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| (15,500 | ) |
Balance – December 31, 2020 |
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| $ | 0 |
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| 9,850,000 |
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| $ | 985 |
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| $ | 178,395 |
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| $ | (259,056 | ) |
| $ | (79,676 | ) |
The accompanying notes are an integral part of these unaudited interim financial statementsstatements.
Table of Contents |
BALLY, CORP.
Statements of Cash Flows
(Unaudited)
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| Three Months Ended |
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Cash Flows from Operating Activities: |
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Net loss |
| $ | (16,300 | ) |
| $ | (15,500 | ) |
Changes in operating assets and liabilities: |
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Prepaid expenses |
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| (3,000 | ) |
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| 0 |
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Shareholder advances funding operations |
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| 10,300 |
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| 8,600 |
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Accounts payable and accrued liabilities |
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| 9,000 |
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| 6,900 |
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Net Cash Used in Operating Activities |
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| 0 |
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| 0 |
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Net change in cash |
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| 0 |
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| 0 |
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Cash - beginning of period |
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| 0 |
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| 0 |
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Cash - end of period |
| $ | 0 |
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| $ | 0 |
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Supplemental Cash Flow Disclosure: |
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Interest paid |
| $ | 0 |
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| $ | 0 |
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Taxes paid |
| $ | 0 |
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| $ | 0 |
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The accompanying notes are an integral part of these unaudited interim financial statements.
F-5 |
Table of Contents |
BALLY, CORP.
Notes to Financial Statements
December 31, 2021
(Unaudited)
BALLY, CORP.
Notes to the Financial Statements
December 31, 2017
(Unaudited)
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
BALLY, CORP. (the “Company”) was incorporated in the State of Nevada on March 13, 2013 and it is based in Taichung City Taiwan. The Company intends to operate as an ecommerce hardware store. To date, the Company’s activities have been limited to its formation and the raising of equity capital.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 20172021, and the results of operations and cash flows for the periods presented. The results of operations for the period ended December 31, 20172021, are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K10-K/A for the year ended September 30, 20172021, filed with the SEC on January 16, 2018.February 4, 2022.
Use of estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.
NOTE 32 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any revenues since inception,inception. The Company had a net loss of $16,300 for the three months ended December 31, 2021,working capital deficiency of $110,132 and has an accumulated deficit of $175,906 since inception. At$289,512 as of December 31, 2017, the Company has stockholders’ deficit of $63,652.2021. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing, shareholder loans and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for future periods. We have no assurance that future financing will be available to us on acceptable terms. 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.
NOTE 4 - SHAREHOLDER’S EQUITY
Authorized Stock
The Company has authorized 100,000,000 common shares and 20,000,000 preferred shares, both with a par value of $0.0001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.
Preferred Share Issuances
There were no preferred shares issued from inception to the period ended December 31, 2017.
Common Share Issuances3 – PREPAID EXPENSE
As atof December 31, 2017 and September 30, 2017,2021, prepaid expense is the Company had 9,850,000 shares issued and outstanding.portion of unamortized annual quotation fee for the OTC Markets Group.
NOTE 54 - RELATED PARTIESPARTY TRANSACTIONS AND BALANCES
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note.
During the periodthree months ended December 31, 2017,2021, and 2020, the Company’s sole officer advanced to the Company an amount of $9,500$10,300 and $8,600 by paying for expenses on behalf of the way of loan. Company, respectively.
As of December 31, 2017,2021, and September 30, 2021, the Company was obligated to the officer, for an unsecured, non-interest bearingnon-interest-bearing demand loan with a balance of $55,054.
As of December 31, 2017,$103,143 and September 30, 2017, the Company owed related party $55,054 and $45,554,$92,843, respectively.
NOTE 65 - SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.
Table of Contents |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD LOOKING STATEMENTS
Except for historical information, this report contains forward-looking statements. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the “Description of Business – Risk Factors”Business” section in our Form S-1 Amendment No. 2,10-K, as filed with the SEC on February 28, 2014.December 22, 2020. You should carefully review the risks described in our ProspectusAnnual Report and in other documents we file from time to time with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.
Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
All references in this Form 10-Q to the “Company,” “Bally,” “we,” “us,” or “our” are to Bally, Corp.
Corporate Overview
We were incorporated under the laws of the stateState of Nevada on March 13, 2013 with the intention2013. From inception, it was our intent to import small farming, household gardening and general small tools directly from manufacturers and market to consumers in the Republic of India. Our plan was to market via our website: http://www.ballycorp.com and sell these products directly to end users through our website.
On June 24, 2016, in connection with the sale of a controlling interest in our company, Katiuska Moran, our company’s former Chief Executive Officer and Director and Surjeet Singh (individually and collectively the “Seller(s)”)Management of our company entered into and closed on certain share purchase agreements with Aureas Capital Co., Ltd., (“Aureas”), whereby Aureas purchased from the Sellers a total of 6,918,800 shares ofis currently evaluating our company’s common stock (the “Shares”) for an aggregate price of $100,000.00. The Shares acquired represent approximately 70.6% of the issued and outstanding shares of common stock of our company.
On June 24, 2016, Lung Ming Chun was appointed a director and officer of our company and Katiuska Moran and Surjeet Singh resigned from all positions they held as officers and directors of our company. With the change of management, our company intends to pursuefuture strategic business opportunities in tire recycling.
On June 8, 2017, Lung Ming Chun reigned from all of the positions he held as an officer and director of our company and Kong Nguan Hong was appointed Chief Executive Officer, President, Secretary, Chief Financial Officer, Treasurer, and as a director.plans.
Our fiscal year end is September 30. Our business address is No. 30, Lane 18 Hsinan986 Dongfang Rd., Sec 1, Wujih District, Taichung City, Taiwan, 414.One Hundred Shanshan Bldg 25th Fl, Pudong, Shanghai, China 200122. Our telephone number is (86) 13600158898.+86 136 1833 3008.
We do not have any subsidiaries. We do not have a corporate website.
We have not ever declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.
Our Current Business
We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. In certain instances, a target business may wish to become our subsidiary or may wish to contribute assets to us rather than merge. We have not yet begun negotiations or entered into any definitive agreements for potential new business opportunities, and there can be no assurance that we will be able to enter into any definitive agreements.
Any new acquisition or business opportunities that we may acquire will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail.
Management of our company believes that there are benefits to being a reporting company with a class of securities quoted on the OTC Markets, such as: (i) the ability to use registered securities to acquire assets or businesses; (ii) increased visibility in the financial community; (iii) the facilitation of borrowing from financial institutions; (iv) potentially improved trading efficiency; (v) potential stockholder liquidity; (vi) potentially greater ease in raising capital subsequent to an acquisition; (vii) potential compensation of key employees through stock awards or options; (viii) potentially enhanced corporate image; and (ix) a presence in the United States’ capital market.
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We may seek a business opportunity with entities that have recently commenced operations, or entities who wish to utilize the public marketplace in order to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly- owned subsidiaries in various businesses or acquire existing businesses as subsidiaries.
ResultsIn implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of Operationsan existing business. Upon the consummation of a transaction, it is anticipated that our sole officer and director will continue to manage the Company.
The following summaryAs of the date hereof, we have not entered into any formal written agreements for a business combination or opportunity. When any such agreement is reached, we intend to disclose such an agreement by filing a current report on Form 8-K.
We anticipate that the selection of a business opportunity in which to participate will be complex and without certainty of success. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. Business opportunities that we believe are in the best interests of our operations shouldcompany may be read in conjunction withscarce, or we may be unable to obtain the ones that we want. We can provide no assurance that we will be able to locate compatible business opportunities.
Currently, we do not have a source of revenue. We are not able to fund our unauditedcash requirements through our current operations. We have been reliant on loans by affiliated and non-affiliated parties to provide financial statements forcontributions and services to keep our company operating. Further, we believe that our company may have difficulties raising capital from other sources until we locate a prospective merger candidate through which we can pursue our plan of operation. If we are unable to secure adequate capital to continue our acquisition efforts, our shareholders may lose some or all of their investment and our business may fail. We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions.
Results of Operations.
Three months ended December 31, 2021 compared to three months ended December 31, 2020:
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| Three Months Ended |
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| December 31, |
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| 2021 |
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| 2020 |
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| Change |
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Revenue |
| $ | - |
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| $ | - |
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| $ | - |
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General and administrative |
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| 16,300 |
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| 15,500 |
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| 800 |
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Net loss |
| $ | 16,300 |
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| $ | 15,500 |
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| $ | 800 |
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During the three months ended December 31, 20172021 and 2016.2020, we did not have any revenues.
Three months ended December 31, 2017 compared to December 31, 2016.
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| Three months ended |
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| December 31, |
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| 2017 |
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| 2016 |
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| Change |
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Revenue |
| $ | - |
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| $ | - |
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| $ | - |
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Professional fees |
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| 8,300 |
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| 8,785 |
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| (485 | ) |
Net loss |
| $ | (8,300 | ) |
| $ | (8,785 | ) |
| $ | (485 | ) |
Our financial statements report a net loss of $8,300$16,300 for the three months ended December 31, 20172021 compared to a net loss of $8,785$15,500 for the three months ended December 31, 2016.2020.
Our operating expenses for the three months ended December 31, 20172021 were $8,300$16,300 compared to $8,785$15,500 for the three months ended December 31, 2016. The decrease in operating2020. Operating expenses wasconsists primarily as a result of a decrease in professional fees of $485.fees.
Liquidity and Capital Resources
The following table provides selected financial data about our company as of December 31, 20172021 and September 30, 2017,2021, respectively.
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Working Capital
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| December 31, |
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| September 30, |
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| 2017 |
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| 2017 |
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| Changes |
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Current Assets |
| $ | 6,000 |
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| $ | - |
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| $ | 6,000 |
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Current Liabilities |
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| 69,652 |
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| 55,352 |
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| 14,300 |
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Working Capital Deficit |
| $ | (63,652 | ) |
| $ | (55,352 | ) |
| $ | (8,300 | ) |
Cash Flows
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| Three months ended |
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| December 31, |
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| 2017 |
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| 2016 |
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Net cash used in operating activities |
| $ | (9,500 | ) |
| $ | (12,173 | ) |
Net cash provided by financing activities |
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| 9,500 |
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| 12,173 |
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Net increase in cash and cash equivalents |
| $ | - |
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| $ | - |
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| December 31, |
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| September 30, |
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| 2021 |
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| 2021 |
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| Changes |
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Current Assets |
| $ | 3,000 |
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| $ | - |
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| $ | 3,000 |
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Current Liabilities |
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| 113,132 |
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| 93,832 |
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| 19,300 |
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Working Capital Deficiency |
| $ | 110,132 |
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| $ | 93,832 |
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| $ | 16,300 |
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As at December 31, 2017,2021 and September 30, 2021, our total current assets were $6,000 compared to$3,000 and $0, in total current assets at September 30, 2017.respectively.
As at December 31, 2017,2021, our current liabilities were $69,652$113,132 compared to $55,352$93,832 in current liabilities as at September 30, 2017.2021. Stockholders’ deficit was $63,652$110,132 as of December 31, 201731,2021 compared to stockholders’ deficit of $55,352$93,832 as of September 30, 2017.2021. The increase in current liabilities is primarily due to an increase in due to an officer for payments made for operating expenses and an increase in accounts payable and accrued liabilities
Cash Flows
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| Three Months Ended |
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| December 31, |
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| 2021 |
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| 2020 |
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Net cash used in operating activities |
| $ | - |
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| $ | - |
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Net cash used in investing activities |
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| - |
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| - |
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Net cash provided by financing activities |
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| - |
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| - |
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Net change in cash |
| $ | - |
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| $ | - |
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Operating Activities
Net cash used inThe Company did not use any funds for operating activities during the three months ended December 31, 2017 was $9,500, compared to $12,173 net cash used in31,2021 and 2020. During the three months ended December 30, 2021 and 2020, the Company’s sole officer paid $10,300 and $8,600, respectively, on behalf of the Company for operating expenses.
Investing Activities
The Company did not use any funds for investing activities during the three months ended December 31, 2016.2021 and 2020.
Financing Activities
Cash provided byThe Company did not use any funds for financing activities during the three months ended December 31, 2017 was $9,500 as compared to $12,1732021 and 2020.
Going Concern
As reflected in cash provided by financing activities duringthe accompanying financial statements, the Company has not generated any revenues since inception. The Company had a net loss of $16,300 for the three months ended December 31, 2016.
Inflation
In the opinion2021,working capital deficiency of management, inflation has not$110,132 and will not have a material effect on our operations in the immediate future. Management will continue to monitor inflation and evaluate the possible future effectsan accumulated deficit of inflation on our business and operations.
Going Concern
Our auditors issued a going concern opinion on our financial statements$289,512 as of and for the year ended September 30, 2017.December 31, 2021. This means that there is substantial doubt that we can continue as an ongoing business for the next twelve months unless we obtain additional capital to pay for our expenses, as we have not generated any revenues and no sales are yet possible. There is no assurance we will ever reach this point. Accordingly, we must raise sufficient capital from sources. Our only other source for cash at this time is investment by our sole director and officer. We must raise cash to stay in business. In response to these problems, management intends to raise additional funds through public or private placement offerings. At this time, however, the Company does not have plans or intentions to raise additional funds by way of the sale of additional securities. We have no assurance that future financing will be available to us on acceptable terms. 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.
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Critical Accounting Policies
The discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with the accounting principles generally accepted in the United States of America. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses. These estimates and assumptions are affected by management’s application of accounting policies. We believe there are no material estimates or assumptions with levels of subjectivity and judgement necessary to be considered critical accounting policies.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.
Critical Accounting Policies and Estimates
We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the condensed financial statements are prepared. On a regular basis, we review our accounting policies and how they are applied and disclosed in our condensed financial statements.
While we believe that the historical experience, current trends and other factors considered support the preparation of our condensed financial statements in conformity with GAAP, actual results could differ from our estimates and such differences could be material.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Management’s Report on Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and President (who is also our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.
As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and PresidentChief Financial Officer (who is also our principal executive officer, principal financial officer and principleprincipal accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and President (who is also our principal executive officer and principal financial officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.
The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by a single individual without adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive Officer and PresidentChief Financial Officer (who is also our principal executive officer and principal financial officer) in connection with the review of our financial statements as of December 31, 2017.2021.
Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.
Changes in Internal Control Over Financial Reporting
There have been no changes in our internal controls over financial reporting that occurred during the period ended December 31, 2017,2021, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.
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From time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we area party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on us.
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
None.
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Item 6. Exhibits
Exhibit Number |
| Description |
(31) |
| Rule 13a-14 (d)/15d-14d) Certifications |
(32) |
| Section 1350 Certifications |
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| Inline XBRL |
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___________
* Filed herewith. **
** Furnished herewith.
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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BALLY, CORP. |
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(Registrant) |
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Dated: February | /s/ |
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Chief Executive Officer, Chief Financial Officer, Secretary and Director |
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(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
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