[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
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87-0620495
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(State or Other Jurisdiction of
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(I.R.S. Employer I.D. No.)
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incorporation or organization)
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
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Smaller reporting company [X]
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Class
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Outstanding as of November 3, 2011
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Common Capital Voting Stock, $0.001 par value per share
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1,249,816 shares
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Condensed Balance Sheets
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3
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Condensed Statements of Operations
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4
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Condensed Statements of Cash Flows
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5
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Notes to Condensed Financial Statements
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6
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9/30/2011
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6/30/2011
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|||||||
(Unaudited)
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(Audited)
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|||||||
ASSETS
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Total Assets
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$ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
Liabilities
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Current Liabilities
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Accounts Payable
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$ | 480 | $ | 578 | ||||
Related Party Payable
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74,425 | 70,031 | ||||||
Accrued Interest - Related Parties
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1,839 | - | ||||||
Total Current Liabilities
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76,744 | 70,609 | ||||||
Total Liabilities
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76,744 | 70,609 | ||||||
Stockholders' Deficit
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||||||||
Preferred Stock -- 5,000,000 shares authorized having a
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||||||||
par value of $.001 per share; 0 shares issued
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and outstanding
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- | - | ||||||
Capital Stock -- 50,000,000 shares authorized having a
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||||||||
par value of $.001 per share; 1,249,816 shares issued
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and outstanding
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1,250 | 1,250 | ||||||
Additional Paid-in Capital
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82,828 | 82,828 | ||||||
Accumulated Deficit during the Development Stage
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(160,822 | ) | (154,687 | ) | ||||
Total Stockholders' Deficit
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(76,744 | ) | (70,609 | ) | ||||
Total Liabilities and Stockholders' Deficit
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$ | - | $ | - |
For the
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For the
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From Inception
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||||||||||
Three Months
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Three Months
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(October 22,
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||||||||||
Ended
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Ended
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1998) Through
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||||||||||
September 30,
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September 30,
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September 30,
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||||||||||
2011
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2010
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2011
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Revenues
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$ | - | $ | - | $ | 1,396 | ||||||
Cost of Goods Sold
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- | - | 707 | |||||||||
Gross Profit
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- | - | 689 | |||||||||
General and Administrative Expenses
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4,296 | 3,917 | 139,961 | |||||||||
Net Income (Loss) from Operations
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(4,296 | ) | (3,917 | ) | (139,272 | ) | ||||||
Other Income (Expense)
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||||||||||||
Related party interest expense
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(1,839 | ) | - | (1,839 | ) | |||||||
Write off of inventory
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- | - | (10,645 | ) | ||||||||
Loss on Sale of Assets
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- | - | (9,066 | ) | ||||||||
Total Other Income (Expense)
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(1,839 | ) | - | (21,550 | ) | |||||||
Net Loss Before Taxes
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(6,135 | ) | (3,917 | ) | (160,822 | ) | ||||||
Provision for Income Taxes
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- | - | - | |||||||||
Net Loss
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$ | (6,135 | ) | $ | (3,917 | ) | $ | (160,822 | ) | |||
Loss Per Share - Basic and Diluted
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (0.18 | ) | |||
Weighted Average Shares Outstanding -
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Basic and Diluted
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1,249,816 | 1,249,816 | 883,465 |
For the
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For the
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From Inception
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||||||||||
Three Months
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Three Months
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(October 22,
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||||||||||
Ended
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Ended
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1998) Through
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September 30,
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September 30,
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September 30,
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||||||||||
2011
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2010
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2011
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Cash Flows From Operating Activities
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Net Income (Loss)
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$ | (6,135 | ) | $ | (3,917 | ) | $ | (160,822 | ) | |||
Adjustments to reconcile net income (loss) to
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||||||||||||
net cash provided by operating activities:
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||||||||||||
Depreciation and Amortization
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- | - | 4,799 | |||||||||
Shares issued for services
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- | - | 3,000 | |||||||||
Loss on disposal of equipment
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- | - | 9,066 | |||||||||
Write off of related party receivable
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- | - | 1,000 | |||||||||
Write off of Website development costs
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- | - | 8,877 | |||||||||
Write off of inventory
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- | - | 10,645 | |||||||||
Decrease / (Increase) - Inventory
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- | - | (10,645 | ) | ||||||||
Increase / (Decrease) - Accounts Payable
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(98 | ) | 3,490 | 480 | ||||||||
Increase / (Decrease) - Related Party Payables
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4,394 | 427 | 74,425 | |||||||||
Increase in related party accrued interest
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1,839 | - | 1,839 | |||||||||
Net Cash From Operating Activities
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- | - | (57,336 | ) | ||||||||
Cash Flows From Investing Activities
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||||||||||||
Purchase of property and equipment
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- | - | (12,433 | ) | ||||||||
Website development costs
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- | - | (10,309 | ) | ||||||||
Net Cash From Investing Activities
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- | - | (22,742 | ) | ||||||||
Cash Flows from Financing Activities
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Stock offering costs
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- | - | (6,072 | ) | ||||||||
Related-party receivable
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- | - | (1,000 | ) | ||||||||
Proceeds from the issuance of common stock
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- | - | 87,150 | |||||||||
Net Cash From Financing Activities
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- | - | 80,078 | |||||||||
Net Increase In Cash
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- | - | - | |||||||||
Beginning Cash Balance
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- | - | - | |||||||||
Ending Cash Balance
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$ | - | $ | - | $ | - | ||||||
Supplemental Disclosure of Cash Flow Information:
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Cash paid during the year for interest
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$ | - | $ | - | $ | - | ||||||
Cash paid during the year for income taxes
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$ | - | $ | - | $ | - |
Exhibit No.
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Identification of Exhibit
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3.1
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Amended and Restated Articles of Incorporation*
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3.2
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Bylaws*
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14.1
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Code of Ethics*
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31.1
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Certification of Wayne Bassham Pursuant to Section 302 of the Sarbanes-Oxley Act.
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31.2
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Certification of Todd Albiston Pursuant to Section 302 of the Sarbanes-Oxley Act.
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32
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Certification of Wayne Bassham and Todd Albiston Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act.
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101.INS
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XBRL Instance Document**
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101.SCH
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XBRL Taxonomy Extension Schema**
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase**
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase**
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101.LAB
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XBRL Taxonomy Extension Label Linkbase**
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase**
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Date:
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November 3, 2011
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By:
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/s/Wayne Bassham
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Wayne Bassham, Principal Executive Officer
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Date:
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November 3, 2011
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By:
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/s/Todd Albiston
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Todd Albiston, Principal Financial Officer
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
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Date:
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November 3, 2011
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By:
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/s/Wayne Bassham
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Wayne Bassham, Principal Executive Officer
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d)
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disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
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Date:
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November 3, 2011
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By:
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/s/Todd Albiston
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Todd Albiston, Principal Financial Officer
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Date:
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November 3, 2011
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By:
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/s/Wayne Bassham
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Wayne Bassham, Principal Executive Officer
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Date:
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November 3, 2011
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By:
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/s/Todd Albiston
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Todd Albiston, Principal Financial Officer
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Condensed Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2011 | Jun. 30, 2011 |
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 50,000,000 | 50,000,000 |
Common Stock, shares issued | 1,249,816 | 1,249,816 |
Common Stock, shares outstanding | 1,249,816 | 1,249,816 |
Condensed Statements of Operations (USD $) | 3 Months Ended | 157 Months Ended | |
---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | |
Revenues | $ 0 | $ 0 | $ 1,396 |
Cost of Goods Sold | 0 | 0 | 707 |
Gross Profit | 0 | 0 | 689 |
General and Administrative Expenses | 4,296 | 3,917 | 139,961 |
Net Income (Loss) from Operations | (4,296) | (3,917) | (139,272) |
Other Income (Expense) | |||
Related party interest expense | (1,839) | 0 | (1,839) |
Write off of inventory | 0 | 0 | (10,645) |
Loss on Sale of Assets | 0 | 0 | (9,066) |
Total Other Income (Expense) | (1,839) | 0 | (21,550) |
Net Loss Before Taxes | (6,135) | (3,917) | (160,822) |
Provision for Income Taxes | 0 | 0 | 0 |
Net Loss | $ (6,135) | $ (3,917) | $ (160,822) |
Loss Per Share - Basic and Diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.18) |
Weighted Average Shares Outstanding - Basic and Diluted (in shares) | 1,249,816 | 1,249,816 | 883,465 |
Document And Entity Information | 3 Months Ended | |
---|---|---|
Sep. 30, 2011 | Nov. 03, 2011 | |
Entity Registrant Name | BEAR LAKE RECREATION INC | |
Entity Central Index Key | 0001074871 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | blke | |
Entity Common Stock, Shares Outstanding | 1,249,816 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2011 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2012 |
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RELATED PARTY TRANSACTIONS | 3 Months Ended |
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Sep. 30, 2011 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 3 RELATED PARTY TRANSACTIONS
The Company had expenses and payables paid in its behalf by a shareholder in the amount of $4,394 during the quarter. The balance due the shareholder is $74,425 as of September 30, 2011. The aggregate amount of related party loans is non-interest bearing, unsecured and payable on demand. However, the Company imputes interest on the loan at 10% per annum. During the three-month periods ended September 30, 2011 and 2010, the imputed interest expense on related party loans totaled $1,839 and $0, respectively.
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BASIS OF PRESENTATION | 3 Months Ended |
---|---|
Sep. 30, 2011 | |
Accounting Policies [Abstract] | |
Basis of Presentation [Text Block] | NOTE 1 BASIS OF PRESENTATION
The accompanying financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The interim financial statements reflect all adjustments, consisting of normal recurring adjustments which, in the opinion of management, are necessary to present a fair statement of the results for the period.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2011. The results of operations for the period ended September 30, 2011, are not necessarily indicative of the operating results for the full year.
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RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
---|---|
Sep. 30, 2011 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | NOTE 4 RECENT ACCOUNTING PRONOUNCEMENTS
Fair Value Measurement – In April 2011, the Financial Accounting Standards Board (“FASB”) issued new guidance to achieve common fair value measurement and disclosure requirements between GAAP and International Financial Reporting Standards. This new guidance amends current fair value measurement and disclosure guidance to include increased transparency around valuation inputs and investment categorization. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The Company does not believe the adoption of the new guidance will have an impact on its financial position, results of operations or cash flows.
Comprehensive Income – In June 2011, the FASB issued new guidance on the presentation of comprehensive income. Specifically, the new guidance allows an entity to present components of net income or other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. The new guidance eliminates the current option to report other comprehensive income and its components in the statement of changes in equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. This new guidance is effective for fiscal years and interim periods beginning after December 15, 2011. The Company does not believe the adoption of the new guidance will have an impact on its financial position, results of operations or cash flows.
The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its consolidated results of operation, financial position or cash flows. Based on that review, the Company believes that none of these pronouncements will have a significant effect on its consolidated financial statements.
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LIQUIDITY GOING CONCERN | 3 Months Ended |
---|---|
Sep. 30, 2011 | |
Liquidity Or Going Concern [Abstract] | |
Liquidity and Going Concern Disclosure [Text Block] | NOTE 2 LIQUIDITY/GOING CONCERN
The Company does not have significant assets, nor has it established operations, and has accumulated losses since inception. These factors raise substantial doubt about the Company’s ability to continue as a going concern. It is the intent of the Company to seek a merger with an existing, well-capitalized operating company. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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Condensed Balance Sheets (USD $) | Sep. 30, 2011 | Jun. 30, 2011 |
---|---|---|
ASSETS | ||
Total Assets | $ 0 | $ 0 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Accounts Payable | 480 | 578 |
Related Party Payable | 74,425 | 70,031 |
Accrued Interest - Related Parties | 1,839 | 0 |
Total Current Liabilities | 76,744 | 70,609 |
Total Liabilities | 76,744 | 70,609 |
Stockholders' Deficit | ||
Preferred Stock -- 5,000,000 shares authorized having a par value of $.001 per share; 0 shares issued and outstanding | 0 | 0 |
Capital Stock -- 50,000,000 shares authorized having a par value of $.001 per share; 1,249,816 shares issued and outstanding | 1,250 | 1,250 |
Additional Paid-in Capital | 82,828 | 82,828 |
Accumulated Deficit during the Development Stage | (160,822) | (154,687) |
Total Stockholders' Deficit | (76,744) | (70,609) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
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