[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
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[X] |
Class
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Outstanding as of January 31, 2011
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Common Capital Voting Stock, $0.001 par value per share
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1,249,816 shares
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Condensed Balance Sheets
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3
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Condensed Statements of Operations
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4
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Condensed Statements of Cash Flows
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5
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Notes to Condensed Financial Statements
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6
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12/31/2011
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6/30/2011
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|||||||
(Unaudited)
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(Audited)
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|||||||
ASSETS
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Total Assets
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$ | - | $ | - | ||||
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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$ | - | $ | 578 | ||||
Related Party Payable
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76,784 | 70,031 | ||||||
Accrued Interest - Related Parties
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3,801 | - | ||||||
Total Current Liabilities
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80,585 | 70,609 | ||||||
Total Liabilities
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80,585 | 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 $.001 per share; 1,249,816 shares issued
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and outstanding
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1,250 | 1,250 | ||||||
Additional Paid-in Capital
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82,828 | 82,828 | ||||||
Accumulated Deficit during the Development Stage
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(164,663 | ) | (154,687 | ) | ||||
Total Stockholders' Deficit
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(80,585 | ) | (70,609 | ) | ||||
Total Liabilities and Stockholders' Deficit
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$ | - | $ | - | ||||
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From
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||||||||||||||
For the | For the | For the | For the | Inception | ||||||||||||
Three | Three | Six | Six | (October 22, | ||||||||||||
Months
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Months
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Months
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Months
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1998)
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||||||||||||
Ended
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Ended
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Ended
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Ended
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Through
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||||||||||||
December 31,
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December 31,
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December 31,
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December 31,
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December 31,
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||||||||||||
2011
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2010
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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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1,879 | 1,510 | 6,175 | 5,427 | 141,840 | |||||||||||
Net Loss from Operations
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(1,879 | ) | (1,510 | ) | (6,175 | ) | (5,427 | ) | (141,151 | ) | ||||||
Other Income (Expense)
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||||||||||||||||
Related party interest expense
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(1,962 | ) | (3,801 | ) | - | (3,801 | ) | |||||||||
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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(1,962 | ) | - | (3,801 | ) | - | (23,512 | ) | ||||||||
Net Loss Before Taxes
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(3,841 | ) | (1,510 | ) | (9,976 | ) | (5,427 | ) | (164,663 | ) | ||||||
Provision for Income Taxes
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- | - | - | - | - | |||||||||||
Net Loss
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$ | (3,841 | ) | $ | (1,510 | ) | $ | (9,976 | ) | $ | (5,427 | ) | $ | (164,663 | ) | |
Loss Per Share - Basic and Diluted
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$ | (0.01 | ) | $ | (0.01 | ) | $ | (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 | 1,249,816 | 1,249,816 | 890,465 | |||||||||||
For the
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For the
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From Inception
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||||||||||
Six Months
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Six 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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December 31,
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December 31,
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December 31,
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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 Loss
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$ | (9,976 | ) | $ | (5,427 | ) | $ | (164,663 | ) | |||
Adjustments to reconcile net 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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(578 | ) | - | - | ||||||||
Increase / (Decrease) - Related Party Payables
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6,753 | - | 76,784 | |||||||||
Increase in related party accrued interest
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3,801 | 5,427 | 3,801 | |||||||||
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 Change 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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January 31, 2012
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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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January 31, 2012
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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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January 31, 2012
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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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January 31, 2012
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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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January 31, 2012
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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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January 31, 2012
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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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Recent Accounting Pronouncements
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6 Months Ended |
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Dec. 31, 2011
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 4 RECENT ACCOUNTING PRONOUNCEMENTS
The Company has reviewed all recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its 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 financial statements. |
Related Party Transactions
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6 Months Ended |
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Dec. 31, 2011
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Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS
The Company had expenses and payables paid in its behalf by a shareholder in the amount of $2,359 during the quarter. The balance due the shareholder is $76,784 as of December 31, 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. Imputed interest expense on related party loans for the three-month periods ended December 31, 2011 and 2010 totaled $1,962 and $0, respectively. During the six-month periods ended December 31, 2011 and 2010, the imputed interest expense on related party loans totaled $3,801 and $0, respectively.
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Condensed Balance Sheets (December 31, 2011 Unaudited) (USD $)
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Dec. 31, 2011
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Jun. 30, 2011
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ASSETS | ||
Total Assets | $ 0 | $ 0 |
LIABILITIES AND STOCKHOLDER'S DEFICIT | ||
Accounts Payable | 0 | 578 |
Related Party Payable | 76,784 | 70,031 |
Accrued Interest - Related Parties | 3,801 | 0 |
Total Current Liabilities | 80,585 | 70,609 |
Total Liabilities | 80,585 | 70,609 |
Stockholders' Deficit | ||
Preferred Stock | 0 | 0 |
Capital Stock | 1,250 | 1,250 |
Additional Paid-in Capital | 82,828 | 82,828 |
Accumulated Deficit during the Development Stage | (164,663) | (154,687) |
Total Stockholders' Deficit | (80,585) | (70,609) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
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Basis of Presentation
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6 Months Ended |
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Dec. 31, 2011
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Organization, Consolidation and Presentation of Financial Statements | |
Basis of Presentation | 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 Companys Annual Report on Form 10-K for the year ended June 30, 2011. The results of operations for the period ended December 31, 2011, are not necessarily indicative of the operating results for the full year.
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Going Concern
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6 Months Ended |
---|---|
Dec. 31, 2011
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Going Concern | |
Going Concern | NOTE 2 LIQUIDITY/GOING CONCERN
The Company does not have any assets, nor has it established operations, and has accumulated losses since inception. These factors raise substantial doubt about the Companys 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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Consolidated Balance Sheets (Parenthetical notes) (Unaudited) (USD $)
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Dec. 31, 2011
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Jun. 30, 2011
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---|---|---|
Preferred stock, par value per share in dollars | $ 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 |
Capital stock, par value in dollars | $ 0.001 | $ 0.001 |
Capital stock, shares authorized | 50,000,000 | 50,000,000 |
Capital stock, shares issued | 1,249,816 | 1,249,816 |
Capital stock, shares outstanding | 1,249,816 | 1,249,816 |
Document and Entity Information
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6 Months Ended | |
---|---|---|
Dec. 31, 2011
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Jan. 31, 2012
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Document and Entity Information | ||
Entity Registrant Name | BEAR LAKE RECREATION INC | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2011 | |
Amendment Flag | false | |
Entity Central Index Key | 0001074871 | |
Current Fiscal Year End Date | --06-30 | |
Entity Common Stock, Shares Outstanding | 1,249,816 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q2 |
Condensed Statements of Operations (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | 158 Months Ended | ||
---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2011
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Dec. 31, 2010
|
Dec. 31, 2011
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Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,396 |
Cost of Goods Sold | 0 | 0 | 0 | 0 | 707 |
Gross Profit | 0 | 0 | 0 | 0 | 689 |
General and Administrative Expenses | 1,879 | 1,510 | 6,175 | 5,427 | 141,840 |
Net Loss from Operations | (1,879) | (1,510) | (6,175) | (5,427) | (141,151) |
Other Income (Expense) | |||||
Related party interest expense | (1,962) | 0 | (3,801) | 0 | (3,801) |
Write off of inventory | 0 | 0 | 0 | 0 | (10,645) |
Loss on Sale of Assets | 0 | 0 | 0 | 0 | (9,066) |
Total Other Income (Expense) | (1,962) | 0 | (3,801) | 0 | (23,512) |
Net Loss Before Taxes | (3,841) | (1,510) | (9,976) | (5,427) | (164,663) |
Provision for Income Taxes | 0 | 0 | 0 | 0 | 0 |
Net Loss | $ (3,841) | $ (1,510) | $ (9,976) | $ (5,427) | $ (164,663) |
Loss Per Share - Basic and Diluted | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.18) |
Weighted average shares outstanding - basic | 1,249,816 | 1,249,816 | 1,249,816 | 1,249,816 | 890,465 |
Weighted average shares outstanding - diluted | 1,249,816 | 1,249,816 | 1,249,816 | 1,249,816 | 890,465 |