Document and Entity Information
Document and Entity Information - USD ($) | Jun. 30, 2018 | Dec. 31, 2018 | Apr. 01, 2019 |
Details | |||
Registrant Name | BAYNON INTERNATIONAL CORP. | ||
Registrant CIK | 0001089598 | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2018 | ||
Fiscal Year End | --12-31 | ||
Trading Symbol | Bnon | ||
Tax Identification Number (TIN) | 880285718 | ||
Number of common stock shares outstanding | 43,465,233 | ||
Public Float | $ 97,310.97 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | Yes | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Address, Address Line One | 266 Cedar Street | ||
Entity Address, City or Town | Cedar Grove | ||
Entity Address, State or Province | New Jersey | ||
Entity Address, Postal Zip Code | 07009 | ||
City Area Code | (973) | ||
Local Phone Number | 239-2952 | ||
Entity Listing, Par Value Per Share | $ 0.001 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Current Assets | ||
Cash and Cash Equivalents, at Carrying Value | $ 13,808 | $ 24,020 |
Assets, Current | 13,808 | 24,020 |
Assets | 13,808 | 24,020 |
Liabilities and Equity | ||
Liabilities and Equity | 13,808 | 24,020 |
Liabilities, Current | ||
Accounts Payable and Other Accrued Liabilities, Current | 34,068 | 26,415 |
Notes Payable, Related Parties, Current | 90,000 | 90,000 |
Accrued interest - related parties | 12,103 | 6,703 |
Liabilities, Current | 136,171 | 123,118 |
Liabilities, Current | 136,171 | 123,118 |
Stockholders' Equity Attributable to Parent | ||
Common Stock, Value, Outstanding | 43,465 | 43,465 |
Additional Paid in Capital | 309,905 | 309,905 |
Retained Earnings (Accumulated Deficit) | (475,733) | (452,468) |
Stockholders' Equity Attributable to Parent | $ (122,363) | $ (99,098) |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical | Dec. 31, 2018$ / sharesshares |
Details | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 |
Common Stock, Shares, Outstanding | 43,465,233 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Details | ||
Revenues | $ 0 | $ 0 |
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 0 |
Other Costs and Disclosures | ||
General and Administrative Expense | 17,882 | 16,973 |
Total Other Costs | 17,882 | 16,973 |
Operating Income (Loss) | (17,882) | (16,973) |
Other Income and Expenses | ||
Other Operating Income (Expense), Net | (5,383) | (3,870) |
Interest Income, Operating | 17 | 17 |
Interest Expense, Related Party | (5,400) | (3,887) |
Net Income (Loss) Attributable to Parent | $ (23,265) | $ (20,843) |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 43,465,233 | 43,465,233 |
Statements of changes in Stockh
Statements of changes in Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2016 | $ 43,465 | $ 309,905 | $ (431,625) | $ (78,255) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2016 | 43,465,233 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (20,843) | (20,843) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2017 | $ 43,465 | 309,905 | (452,468) | (99,098) |
Shares, Outstanding, Ending Balance at Dec. 31, 2017 | 43,465,233 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (23,265) | (23,265) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Dec. 31, 2018 | $ 43,465 | $ 309,905 | $ (475,733) | $ (122,363) |
Shares, Outstanding, Ending Balance at Dec. 31, 2018 | 43,465,233 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (23,265) | $ (20,843) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Increase in accrued interest - related parties | 5,400 | 3,887 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 7,653 | (22,736) |
Net Cash Provided by (Used in) Operating Activities | (10,212) | (39,692) |
Net Cash Provided by (Used in) Financing Activities | ||
Increase (Decrease) in Due to Related Parties | 0 | 45,000 |
Net Cash Provided by (Used in) Financing Activities | 0 | 45,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (10,212) | 5,308 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 24,020 | 18,712 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 13,808 | 24,020 |
Supplemental Cash Flow Information | ||
Supplemental Cash Flow Information | 0 | 0 |
Supplemental Cash Flow Information | $ 0 | $ 0 |
1. THE COMPANY
1. THE COMPANY | 12 Months Ended |
Dec. 31, 2018 | |
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 fifteen fiscal 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, 2018 | |
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 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: 2018 2017 Convertible notes payable and accrued interest – Related parties (weighted average) 8,168,219 7,736,219 Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred continuing operating losses and has an accumulated deficit of $(475,733) at December 31, 2018. The Company has no revenue generating operations and has limited cash resources. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Management believes that it will be able to achieve a satisfactory level of liquidity to meet the Company’s obligations through December 31, 2019 by obtaining additional financing from key officers, directors and certain investors. However, there can be no assurance that the Company will be able to generate sufficient liquidity to maintain its operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable, notes payable and accrued expenses 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. |
Concentration Risk, Credit Risk
Concentration Risk, Credit Risk, Policy [Policy Text Block] | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
Concentration Risk, Credit Risk, Policy | 3. CONCENTRATION OF CREDIT RISK The Company maintains its cash balance with a major bank. The balances are insured by the Federal Deposit Insurance Corporation up to $250,000 per depositor. At December 31, 2018 and 2017 all cash balances were insured. |
4. CONVERTIBLE NOTES PAYABLE -
4. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
4. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES | On November 16, 2017, the Company issued two unsecured convertible notes payable to two stockholders in exchange for $20,000 ($10,000 each) in cash for the Company’s working capital needs. The notes bear interest at 6% per annum and originally had a term of one year. The notes have both been extended through November 16, 2019. The stockholders each have the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share. At December 31, 2018 and 2017 convertible notes payable – stockholders were $90,000 , respectively. At December 31, 2018 and 2017, accrued interest on the notes were $12,103 and $6,703, respectively. Interest expense amounted to $(5,400) and $(3,887) for the years ended December 31, 2018 and 2017, respectively. |
5. COMMON STOCK
5. COMMON STOCK | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
5. COMMON STOCK | 5. COMMON STOCK 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. |
Income Tax Disclosure _Text Blo
Income Tax Disclosure [Text Block] | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
Income Tax Disclosure | 6. INCOME TAXES The components of deferred tax assets at December 31, 2018 and 2017 are as follows: 2018 2017 Net operating loss carry forwards $ 108,058 $ 106,110 Accrued interest 2,542 1,408 110,600 107,518 Less: Valuation allowance (110,600) (107,518) Total $ - $ - A 100% valuation allowance was provided at December 31, 2018 and 2017 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, 2018, the Company has unused federal net operating loss carry forwards of approximately $455,600 which can be carried forward indefinitely and unused New Jersey net operating loss carry forwards of approximately $211,600 expiring between 2030 and 2038. The Company files its federal and New Jersey income tax returns under varying statutes of limitations. The 2015 through 2018 tax years generally remain subject to examination by the federal and New Jersey tax authorities. |
7. SUBSEQUENT EVENTS
7. SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
7. SUBSEQUENT EVENTS | 7. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of the financials were issued. |
2. SUMMARY OF SIGNIFICANT ACC_2
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Use of Estimates, Policy [Policy Text Block] (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
Use of Estimates, Policy | 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 ACC_3
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Cash and Cash Equivalents, Policy [Policy Text Block] (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
Cash and Cash Equivalents, Policy | 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 ACC_4
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Income Tax, Policy [Policy Text Block] (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
Income Tax, Policy | 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 ACC_5
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss Per Share (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
Loss Per Share | Loss Per Share The Company computes 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: 2018 2017 Convertible notes payable and accrued interest – Related parties (weighted average) 8,168,219 7,736,219 |
2. SUMMARY OF SIGNIFICANT ACC_6
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred continuing operating losses and has an accumulated deficit of $(475,733) at December 31, 2018. The Company has no revenue generating operations and has limited cash resources. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Management believes that it will be able to achieve a satisfactory level of liquidity to meet the Company’s obligations through December 31, 2019 by obtaining additional financing from key officers, directors and certain investors. However, there can be no assurance that the Company will be able to generate sufficient liquidity to maintain its operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
2. SUMMARY OF SIGNIFICANT ACC_7
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, notes payable and accrued expenses approximate fair value based on the short-term maturity of these instruments. |
2. SUMMARY OF SIGNIFICANT ACC_8
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recently Issued Accounting Standards (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 ACC_9
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss Per Share: Schedule of antidilutive securities excluded from computation of earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of antidilutive securities excluded from computation of earnings per share | 2018 2017 Convertible notes payable and accrued interest – Related parties (weighted average) 8,168,219 7,736,219 |
Income Tax Disclosure _Text B_2
Income Tax Disclosure [Text Block]: Components of deferred tax assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Components of deferred tax assets | 2018 2017 Net operating loss carry forwards $ 108,058 $ 106,110 Accrued interest 2,542 1,408 110,600 107,518 Less: Valuation allowance (110,600) (107,518) Total $ - $ - |
2. SUMMARY OF SIGNIFICANT AC_10
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss Per Share: Schedule of antidilutive securities excluded from computation of earnings per share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Details | ||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 8,168,219 | $ 7,736,219 |
2. SUMMARY OF SIGNIFICANT AC_11
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Details | ||
Retained Earnings (Accumulated Deficit) | $ (475,733) | $ (452,468) |
4. CONVERTIBLE NOTES PAYABLE _2
4. CONVERTIBLE NOTES PAYABLE - RELATED PARTIES (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 16, 2017 | Apr. 24, 2017 | Sep. 09, 2016 | May 18, 2015 | |
Details | ||||||
Value received for convertible note payable | $ 20,000 | $ 25,000 | $ 20,000 | $ 25,000 | ||
Per share conversion rate for convertible note payable | $ 0.0125 | $ 0.0125 | $ 0.0125 | $ 0.0125 | ||
Notes Payable, Related Parties | $ 90,000 | |||||
Accrued interest - stockholder | 12,103 | $ 6,703 | ||||
Interest Expense, Related Party | $ (5,400) | $ (3,887) |
Income Tax Disclosure _Text B_3
Income Tax Disclosure [Text Block]: Components of deferred tax assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Details | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 108,058 | $ 106,110 |
Income Tax Examination, Interest Accrued | 2,542 | 1,408 |
Deferred Tax Assets, Net of Valuation Allowance | $ (110,600) | $ (107,518) |
Income Tax Disclosure _Text B_4
Income Tax Disclosure [Text Block] (Details) | Dec. 31, 2018USD ($) |
Details | |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 455,600 |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 211,600 |