Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information: | |
Entity Registrant Name | Baynon International Corporation |
Document Type | 10-K |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Entity Central Index Key | 1089598 |
Current Fiscal Year End Date | -19 |
Entity Common Stock, Shares Outstanding | 38,772,192 |
Entity Public Float | $85,024 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | Yes |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Baynon_International_Corp_Bala
Baynon International Corp. - Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $8,021 | $19,982 |
TOTAL CURRENT ASSETS | 8,021 | 19,982 |
TOTAL ASSETS | 8,021 | 19,982 |
CURRENT LIABILITIES: | ||
Accounts payable | 27,419 | 12,788 |
Convertible notes payable - stockholder | 50,000 | 50,000 |
Accrued interest - stockholder | 8,186 | 5,186 |
TOTAL CURRENT LIABILITIES | 85,605 | 67,974 |
STOCKHOLDERS' DEFICIENCY: | ||
Common stock, par value $.001, authorized 50,000,000 shares, issued and outstanding 38,772,192 shares | 38,772 | 38,772 |
Additional paid-in capital | 255,936 | 255,936 |
Accumulated deficit | -372,292 | -342,700 |
TOTAL STOCKHOLDERS' DEFICIENCY | -77,584 | -47,992 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $8,021 | $19,982 |
Baynon_International_Corp_Stat
Baynon International Corp. - Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement | ||
Revenues | $0 | $0 |
Cost of revenue | 0 | 0 |
Gross profit | 0 | 0 |
Other Costs: | ||
General and administrative expenses | 26,608 | 27,744 |
Total Other Costs | 26,608 | 27,744 |
Operating loss | -26,608 | -27,744 |
Other Income (Expense): | ||
Interest income | 16 | 26 |
Interest expense - stockholder | -3,000 | -3,000 |
Total Other Income (Expense) | -2,984 | -2,974 |
Net Loss | ($29,592) | ($30,718) |
Loss per share: | ||
Basic and diluted earnings (loss) per common share | $0 | $0 |
Basic and diluted common shares outstanding | 38,772,192 | 33,029,726 |
Baynon_International_Corp_Stat1
Baynon International Corp. - Statements of Stockholders' Equity For the Years Ended December 31, 2014 and 2013 (USD $) | Common Stock, $0.001 Par Value Shares | Common Stock, $0.001 Par Value Amount | Common Stock to be Issued | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity |
Balance at start of period at Dec. 31, 2012 | 29,772,192 | 29,772 | 1,000 | 223,936 | -311,982 | -57,274 |
Issuance of common stock for cash | $8,000,000 | $8,000 | $0 | $32,000 | $0 | $40,000 |
Issuance of common stock for cash received previously | 1,000,000 | 1,000 | -1,000 | 0 | 0 | 0 |
Net loss for the period | 0 | 0 | 0 | 0 | -30,718 | -30,718 |
Balances at end of period at Dec. 31, 2013 | 38,772,192 | 38,772 | 0 | 255,936 | -342,700 | -47,992 |
Net loss for the period | $0 | $0 | $0 | $0 | ($29,592) | ($29,592) |
Balances at end of period at Dec. 31, 2014 | 38,772,192 | 38,772 | 0 | 255,936 | -372,292 | -77,584 |
Baynon_International_Corp_Stat2
Baynon International Corp. - Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from Operating Activities: | ||
Net Loss | ($29,592) | ($30,718) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase in accrued interest to stockholder | 3,000 | 3,000 |
Increase (Decrease) in accounts payable and accrued expenses | 14,631 | -14,519 |
Net cash used in operating activities | -11,961 | -42,237 |
Cash flows from Financing Activities: | ||
Issuance of common stock | 0 | 40,000 |
Net cash used in financing activities | 0 | 40,000 |
Decrease in Cash and Cash Equivalents | -11,961 | -2,237 |
CASH AND CASH EQUIVALENTS - beginning of period | 19,982 | 22,219 |
CASH AND CASH EQUIVALENTS - end of period | 8,021 | 19,982 |
Cash paid during period for: | ||
Income taxes | 500 | 500 |
Interest | $0 | $0 |
1_The_Company
1. The Company | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
1. The Company | 1. THE COMPANY |
Baynon International Corp. formerly known as Technology Associates Corporation (the “Company”), was originally incorporated on February 29, 1968 under the laws of the Commonwealth of Massachusetts to engage in any lawful corporate undertaking. On December 28, 1989, the Company reincorporated under the laws of the State of Nevada. The Company was formerly engaged in the technology marketing business and its securities traded on the National Association of Securities Dealers OTC Bulletin Board. The Company has not engaged in any business operations for at least the last eleven years. | |
The Company will attempt to identify and negotiate with a business target for the merger of that entity with and into the Company. In certain instances, a target company may wish to become a subsidiary of the company or wish to contribute assets to the Company rather than merge. | |
No assurance can be given that the Company will be successful in identifying or negotiating with any target company. The Company provides a means for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
2. Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation | |||
The Company’s financial statements are prepared in conformity with accounting principles generally accepted in the United States of America. | |||
Use of Estimates | |||
These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company continually evaluates the accounting policies and estimates used to prepare the financial statements. The Company bases its estimates on historical experiences and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management. | |||
Cash and Cash Equivalents | |||
Short-term investments with an original maturity of ninety days or less and highly liquid investments are considered cash and cash equivalents. Cash and cash equivalents consist of a money market account. | |||
Income Taxes | |||
The Company utilizes the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC 740”), Income Tax. ASC 740 requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacting tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||
The Company has adopted the provision of FASB ASC 740-10-05, “Accounting for Uncertainties in Income Taxes.” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||
Loss Per Share | |||
The Company computes earnings or loss per share in accordance with the FASB ASC 260, “Earnings Per Share”. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock. Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. The following securities have been excluded from the calculation of net income per share, as their effect would be anti-dilutive: | |||
31-Dec-14 | 31-Dec-13 | ||
Convertible note payable and accrued interest - stockholder (weighted average) | 4,654,904 | 4,414,904 | |
Going Concern | |||
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company’s recurring losses from operations, stockholders’ deficiency, working capital deficiency, and lack of revenue generating operations, raise substantial doubt about the ability of the Company to continue as a going concern. | |||
Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional equity or debt financing to sustain its operations until it can achieve profitability and positive cash flows, if ever. Management plans to seek additional debt and/or equity financing for the Company, but cannot assure that such financing will be available on acceptable terms. The Company’s continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing as may be required. The outcome of this uncertainty cannot be assured. | |||
The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will actually improve the Company’s operating results. | |||
Fair Value of Financial Instruments | |||
The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses, convertible notes payable - stockholder and accrued interest - stockholder approximate fair value based on the short-term maturity of these instruments. | |||
Recently Issued Accounting Standards | |||
Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying financial statements. |
3_Convertible_Note_Payable_Sto
3. Convertible Note Payable - Stockholder | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
3. Convertible Note Payable - Stockholder | 3. CONVERTIBLE NOTE PAYABLE - STOCKHOLDER |
On April 10, 2012, the Company issued an unsecured convertible note payable to a stockholder in exchange for $50,000 in cash for the Company’s working capital needs. The note bore interest at 6% per annum and matured on April 10, 2013. The stockholder had the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share. | |
On April 10, 2013 and April 10, 2014, the unsecured note payable was extended to the stockholder for $50,000 for an additional twelve months. The note bears interest at 6% per annum and matures on April 10, 2015. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $.0125 per share. | |
Interest expense | |
At both December 31, 2014 and 2013, convertible note payable – stockholder was $50,000. At December 31, 2014 and 2013, accrued interest on the notes was $8,186 and $5,186, respectively. Interest expense amounted to $3,000 and $3,000 for the years ended December 31, 2014 and 2013. |
4_Common_Stock
4. Common Stock | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
4. Common Stock | 4. COMMON STOCK |
Proceeds from common stock issued | |
On September 19, 2013, the Company’s board of directors approved the issuance of 4,000,000 shares of common stock for $20,000 ($0.005 per share) to the Company’s majority stockholder who is the Company’s president and 4,000,000 shares of common stock for $20,000 ($0.005 per share) to another stockholder. | |
On September 19, 2013, the Company’s board of directors approved the increase in the number of authorized shares from 50,000,000 to 100,000,000. The increase will enable the Company to raise additional capital in the future. The Company has begun the process necessary to increase the number of authorized shares. | |
Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the stockholders. Holders of common stock do not have cumulative voting rights. Holders of common stock are entitled to share ratably in Dividends, if any, as may be declared from time to time by the Board of Director in its discretion from funds legally available therefore. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share pro rata in all assets remaining after payment in full of all liabilities. All of the outstanding shares of common stock are fully paid and non-assessable. Holders of common stock have no preemptive rights to purchase the Company’s common stock. There are no conversions or redemption rights or sinking fund provisions with respect to the common stock. |
5_Income_Taxes
5. Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
5. Income Taxes | 5. INCOME TAXES | ||
The components of deferred tax assets at December 31, 2014 and 2013 are as follows: | |||
31-Dec-14 | 31-Dec-13 | ||
Net operating loss carry forwards | $ 130,200 | $120,400 | |
Accrued interest | 2,700 | 1,800 | |
Less: - Valuation allowance | -132,900 | -122,200 | |
Total | $ 0 | $ 0 | |
A 100% valuation allowance was provided at December 31, 2014 and 2013 as it is uncertain if the deferred tax assets would be utilized. The increase in the valuation allowance was a result from the increase in the Company’s net operating loss carry forward and accrued interest. | |||
At December 31, 2014, the Company has unused federal net operating loss carry forwards of approximately $356,000 expiring between 2018 and 2034 and unused New Jersey net operating loss carry forwards of approximately $167,000 expiring between 2015 and 2021. | |||
The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2011 through 2014 tax years generally remain subject to examination by the federal and New Jersey tax authorities. | |||
The Company incurred the minimum income tax to New Jersey of $500 in 2014 and 2013 which is included in general and administrative expense in the statement of operations. |
6_Subsequent_Events
6. Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
6. Subsequent Events | 6. SUBSEQUENT EVENTS |
The Company has evaluated subsequent events through the date of this filing. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Use of Estimates | Use of Estimates |
These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. The Company continually evaluates the accounting policies and estimates used to prepare the financial statements. The Company bases its estimates on historical experiences and assumptions believed to be reasonable under current facts and circumstances. Actual amounts and results could differ from these estimates made by management. |
2_Summary_of_Significant_Accou2
2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Short-term investments with an original maturity of ninety days or less and highly liquid investments are considered cash and cash equivalents. Cash and cash equivalents consist of a money market account. |
2_Summary_of_Significant_Accou3
2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Income Taxes | Income Taxes |
The Company utilizes the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC 740”), Income Tax. ASC 740 requires the recognition of deferred tax assets and liabilities for the expected future tax consequence of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities using enacting tax rates in effect in the years in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |
The Company has adopted the provision of FASB ASC 740-10-05, “Accounting for Uncertainties in Income Taxes.” The ASC clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The ASC prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
2_Summary_of_Significant_Accou4
2. Summary of Significant Accounting Policies: Loss Per Share (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Loss Per Share | Loss Per Share |
The Company computes earnings or loss per share in accordance with the FASB ASC 260, “Earnings Per Share”. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock. Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. The following securities have been excluded from the calculation of net income per share, as their effect would be anti-dilutive: |
2_Summary_of_Significant_Accou5
2. Summary of Significant Accounting Policies: Going Concern (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Going Concern | Going Concern |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company’s recurring losses from operations, stockholders’ deficiency, working capital deficiency, and lack of revenue generating operations, raise substantial doubt about the ability of the Company to continue as a going concern. | |
Management believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will need additional equity or debt financing to sustain its operations until it can achieve profitability and positive cash flows, if ever. Management plans to seek additional debt and/or equity financing for the Company, but cannot assure that such financing will be available on acceptable terms. The Company’s continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient cash flow to meet its obligations, and obtain additional financing as may be required. The outcome of this uncertainty cannot be assured. | |
The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that management will be successful in implementing its business plan or that the successful implementation of such business plan will actually improve the Company’s operating results. |
2_Summary_of_Significant_Accou6
2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable and accrued expenses, convertible notes payable - stockholder and accrued interest - stockholder approximate fair value based on the short-term maturity of these instruments. |
2_Summary_of_Significant_Accou7
2. Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Policies | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
Management does not believe that any other recently issued, but not yet effective, accounting standard if currently adopted would have a material effect on the accompanying financial statements. |
2_Summary_of_Significant_Accou8
2. Summary of Significant Accounting Policies: Excluded from the calculation of net income per share (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Excluded from the calculation of net income per share | |||
31-Dec-14 | 31-Dec-13 | ||
Convertible note payable and accrued interest - stockholder (weighted average) | 4,654,904 | 4,414,904 |
5_Income_Taxes_Schedule_of_Def
5. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Deferred Tax Assets and Liabilities | |||
31-Dec-14 | 31-Dec-13 | ||
Net operating loss carry forwards | $ 130,200 | $120,400 | |
Accrued interest | 2,700 | 1,800 | |
Less: - Valuation allowance | -132,900 | -122,200 | |
Total | $ 0 | $ 0 |
2_Summary_of_Significant_Accou9
2. Summary of Significant Accounting Policies: Excluded from the calculation of net income per share (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Convertible note payable and accrued interest - stockholder (weighted average) | $4,654,904 | $4,414,904 |
3_Convertible_Note_Payable_Sto1
3. Convertible Note Payable - Stockholder (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Accrued interest on convertible note payable | $8,186 | $5,186 |
Interest expense | $3,000 | $3,000 |
4_Common_Stock_Details
4. Common Stock (Details) (USD $) | Sep. 19, 2013 |
Details | |
Common stock issued | 4,000,000 |
Proceeds from common stock issued | $20,000 |
Price per share issued | $0.01 |
Common stock issued to stockholder | 4,000,000 |
Proceeds from common stock issued to stockholder | $20,000 |
Price per share issued to stockholder | $0.01 |
5_Income_Taxes_Schedule_of_Def1
5. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Net operating loss carry forwards | $130,200 | $120,400 |
Accrued interest | 2,700 | 1,800 |
Less: - Valuation allowance | -132,900 | -122,200 |
Total | $0 | $0 |