UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-Q
______________
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2016
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to____________
Commission File Number: 000-49671
BEAR LAKE RECREATION, INC.
(Exact name of registrant as specified in its charter)
Nevada | 87-0620495 |
(State or Other Jurisdiction of | (I.R.S. Employer I.D. No.) |
incorporation or organization) |
|
1914 East 9400 South, #232
Sandy, Utah 84093
(Address of Principal Executive Offices)
(801) 577-0541
(Registrants Telephone Number, Including Area Code)
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes [X] No [ ] (The Registrant does not have a corporate Web site.)
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
1
Large accelerated filer [ ] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company [X] |
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [ ]
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date.
The number of shares outstanding of each of the Registrants classes of common equity, as of the latest practicable date:
|
|
|
Class |
| Outstanding as of February 10, 2017 |
Common Capital Voting Stock, $0.001 par value per share |
| 1,249,816 shares |
FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, Financial Statements and Notes to Financial Statements contain forward-looking statements that discuss, among other things, future expectations and projections regarding future developments, operations and financial conditions. All forward-looking statements are based on managements existing beliefs about present and future events outside of managements control and on assumptions that may prove to be incorrect. If any underlying assumptions prove incorrect, our actual results may vary materially from those anticipated, estimated, projected or intended.
PART I - FINANCIAL STATEMENTS
Item 1. Financial Statements.
December 31, 2016
C O N T E N T S
Condensed Balance Sheets (unaudited) | 3 |
Condensed Statements of Operations (unaudited) | 4 |
Condensed Statements of Cash Flows (unaudited) | 5 |
Notes to Condensed Financial Statements (unaudited) | 6 |
2
BEAR LAKE RECREATION, INC. | |||
CONDENSED BALANCE SHEETS | |||
December 31, 2016 and June 30, 2016 | |||
| |||
|
|
|
|
| 12/31/2016 |
| 6/30/2016 |
| (Unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
Total Current Assets | $ - |
| $ - |
Total Assets | $ - |
| $ - |
|
|
|
|
LIABILITIES AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
Liabilities |
|
|
|
Current Liabilities |
|
|
|
Accounts Payable | $ 15 |
| $ - |
Related Party Payable | 139,797 |
| 131,092 |
Accrued Interest - Related Parties | 72,866 |
| 62,671 |
Total Current Liabilities | 212,678 |
| 193,763 |
Total Liabilities | 212,678 |
| 193,763 |
|
|
|
|
Stockholders' Deficit |
|
|
|
Preferred Stock -- 5,000,000 shares authorized having a |
|
|
|
par value of $.001 per share; 0 shares issued |
|
|
|
and outstanding | - |
| - |
Common 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 | (296,756) |
| (277,841) |
Total Stockholders' Deficit | (212,678) |
| (193,763) |
Total Liabilities and Stockholders' Deficit | $ - |
| $ - |
|
|
|
|
See accompanying unaudited notes to condensed financial statements. |
3
BEAR LAKE RECREATION, INC. | ||||||||
Condensed Statements of Operations | ||||||||
For the Three and Six Months Ended December 31, 2016 and 2015 | ||||||||
(Unaudited) |
| |||||||
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|
|
|
|
|
|
|
|
| For the |
| For the |
| For the |
| For the |
|
| Three Months |
| Three Months |
| Six Months |
| Six Months |
|
| Ended |
| Ended |
| Ended |
| Ended |
|
| December 31, |
| December 31, |
| December 31, |
| December 31, |
|
| 2016 |
| 2015 |
| 2016 |
| 2015 |
|
|
|
|
|
|
|
|
|
|
Revenues | $ - |
| $ - |
| $ - |
| $ - |
|
Cost of Goods Sold | - |
| - |
| - |
| - |
|
Gross Profit | - |
| - |
| - |
| - |
|
General and Administrative Expenses | 2,492 |
| 2,417 |
| 8,720 |
| 9,268 |
|
Net Loss from Operations | (2,492) |
| (2,417) |
| (8,720) |
| (9,268) |
|
|
|
|
|
|
|
|
|
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
Related party interest expense | (5,244) |
| (4,440) |
| (10,195) |
| (8,621) |
|
Total Other Income (Expense) | (5,244) |
| (4,440) |
| (10,195) |
| (8,621) |
|
Net Loss Before Taxes | (7,736) |
| (6,857) |
| (18,915) |
| (17,889) |
|
Provision for Income Taxes | - |
| - |
| - |
| - |
|
Net Loss | $ (7,736) |
| $ (6,857) |
| $ (18,915) |
| $ (17,889) |
|
|
|
|
|
|
|
|
|
|
Loss Per Share - Basic and Diluted | $ (0.01) |
| $ (0.01) |
| $ (0.02) |
| $ (0.01) |
|
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|
|
|
|
|
|
Weighted Average Shares Outstanding - |
|
|
|
|
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Basic and Diluted | 1,249,816 |
| 1,249,816 |
| 1,249,816 |
| 1,249,816 |
|
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|
|
|
|
|
|
|
|
See accompanying unaudited notes to condensed financial statements. |
4
BEAR LAKE RECREATION, INC. | |||
Condensed Statements of Cash Flows | |||
For the Six Months Ended December 31, 2016 and 2015 | |||
(Unaudited) | |||
|
|
|
|
| For the |
| For the |
| Six Months |
| Six Months |
| Ended |
| Ended |
| December 31, |
| December 31, |
| 2016 |
| 2015 |
|
|
|
|
Cash Flows From Operating Activities |
|
|
|
Net Loss | $ (18,915) |
| $ (17,889) |
Adjustments to reconcile net loss to |
|
|
|
net cash provided by operating activities: |
|
|
|
(Increase) / Decrease - Prepaid Expense | - |
| 2,500 |
Increase / (Decrease) - Accounts Payable | 15 |
| - |
Increase / (Decrease) - Related Party Payables | 8,705 |
| 6,768 |
Increase in related party accrued interest | 10,195 |
| 8,621 |
Net Cash From Operating Activities | - |
| - |
|
|
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|
Cash Flows From Investing Activities |
|
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|
Net Cash From Investing Activities | - |
| - |
|
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|
Cash Flows from Financing Activities |
|
|
|
Net Cash From Financing Activities | - |
| - |
Net Change In Cash | - |
| - |
Beginning Cash Balance | - |
| - |
Ending Cash Balance | $ - |
| $ - |
|
|
|
|
Supplemental Disclosure of Cash Flow Information: |
|
|
|
Cash paid during the year for interest | $ - |
| $ - |
Cash paid during the year for income taxes | $ - |
| $ - |
|
|
|
|
See accompanying unaudited notes to condensed financial statements. |
5
Bear Lake Recreation, Inc.
Notes to Condensed Financial Statements
December 31, 2016
(Unaudited)
NOTE 1 BASIS OF PRESENTATION
The accompanying condensed 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, 2016. The results of operations for the period ended December 31, 2016, are not necessarily indicative of the operating results for the full year.
NOTE 2 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.
NOTE 3 RELATED PARTY TRANSACTIONS
The Company had expenses and payables paid in its behalf by shareholders in the amount of $8,705 for the six months ended December 31, 2016. The balance due to shareholders is $139,797 and $131,092 as of December 31, 2016, and June 30, 2016, respectively. 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 six-month periods ended December 31, 2016, and 2015 totaled $10,195 and $8,621, respectively.
NOTE 4 RECENT ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU No. 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.
The Company has reviewed all other 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.
NOTE 5 SUBSEQUENT EVENTS
For purposes of these financial statements and all disclosures, subsequent events were evaluated through the date the financial statements were issued and there were no additional subsequent events to disclose.
6
Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations.
Forward-looking Statements
Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and our business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words may, would, could, should, expects, projects, anticipates, believes, estimates, plans, intends, targets or similar expressions.
Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: general economic or industry conditions, nationally and/or in the communities in which we may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our current or potential business and related matters.
Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Plan of Operation
Our Companys plan of operation for the next 12 months is to: (i) consider guidelines of industries in which our Company may have an interest; (ii) adopt a business plan regarding engaging in business in any selected industry; and (iii) to commence such operations through funding and/or the acquisition of a going concern engaged in any industry selected.
During the next 12 months, our only foreseeable cash requirements will relate to maintaining our good standing; the payment of our Securities and Exchange Commission and the Securities and Exchange of 1934, as amended (the Exchange Act), reporting requirement filing expenses, including associated legal and accounting fees; costs incident to reviewing or investigating any potential business venture; and maintaining our good standing as a corporation in our state of organization. Because a principal shareholder has been paying all of the operating expenses, management does not anticipate that we will have to raise additional funds during the next 12 months.
Our common stock currently trades on the OTC Market Link under the symbol BLKE.
Results of Operations
Three Months Ended December 31, 2016 Compared to Three Months Ended December 31, 2015
We had no operations during the quarterly period ended December 31, 2016, nor do we have operations as of the date of this filing. General and administrative expenses were $2,492 for the December 31, 2016, period, compared to $2,417 for the December 31, 2015, period. General and administrative expenses for the three months ended December 31, 2016, were comprised mainly of accounting and Edgar filing expenses, along with other office fees. We had a net loss of $7,736 for the December 31, 2016, period, compared to a net loss of $6,857 for the December 31, 2015, period. The increase was mainly attributable to an increase in interest expense.
Six Months Ended December 31, 2016 Compared to Six Months Ended December 31, 2015
We had no operations during the six-month period ended December 31, 2016, nor do we have operations as of the date of this filing. General and administrative expenses were $8,720 for the December 31, 2016, period, compared to $9,268 for the December 31, 2015, period. General and administrative expenses for the six-month periods ended December 31, 2016, were comprised mainly of accounting and Edgar filing expenses, along with other office fees. We had a net loss of $18,915 for the December 31, 2016, period, compared to a net loss of $17,889 for the December 31, 2015, period. The increase was mainly attributable to an increase in interest expense.
7
Liquidity and Capital Requirements
We had no cash or cash equivalents on hand at December 31, 2016. If additional funds are required, such funds may be advanced by management or shareholders as loans to us. During the quarterly period ended December 31, 2016, expenses and payables were paid by shareholders in the amount of $2,477, and during the quarterly period ended December 31, 2015, additional expenses paid by a principal shareholder totaled $5,993. 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, 2016, and December 31, 2015, totaled $5,244 and $4,440, respectively. Because we have not identified any acquisition or venture, it is impossible to predict the amount of any such loan.
Off-balance Sheet Arrangements
None.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Not required.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in rules and forms adopted by the Securities and Exchange Commission, and that such information is accumulated and communicated to management, including the President and Secretary, to allow timely decisions regarding required disclosures.
Under the supervision and with the participation of our management, including our President and Secretary, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our President and Secretary concluded that, as of the end of the period covered by this Quarterly Report, our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
During the fiscal quarter covered by this Quarterly Report, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
None.
Item 1A. Risk Factors.
Not required.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None.
Item 3. Defaults Upon Senior Securities.
None; not applicable.
8
Item 4. Mine Safety Disclosure.
We have no mining activities.
Item 5. Other Information.
None.
Item 6. Exhibits.
(a) Exhibits
Exhibit No. | Identification of Exhibit |
3.1 | Amended and Restated Articles of Incorporation* |
3.2 | Bylaws* |
14.1 | Code of Ethics* |
31.1 | Certification of Wayne Bassham Pursuant to Section 302 of the Sarbanes-Oxley Act. |
31.2 | Certification of Todd Albiston Pursuant to Section 302 of the Sarbanes-Oxley Act. |
32 | 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. |
101.INS | XBRL Instance Document |
101.SCH | XBRL Taxonomy Extension Schema |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
101.DEF | XBRL Taxonomy Extension Definition Linkbase |
101.LAB | XBRL Taxonomy Extension Label Linkbase |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
*Incorporated herein by reference to our June 30, 2008, 10-K/A Annual Report as filed on September 2, 2009.
(b) Reports on Form 8-K
None.
9
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
BEAR LAKE RECREATION, INC.
(Registrant)
Date: | February 10, 2017 |
| By: | /s/Wayne Bassham |
|
|
|
| Wayne Bassham, Principal Executive Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934, this Quarterly Report has also been signed below by the following person on behalf of the Registrant and in the capacities and on the dates indicated.
Date: | February 10, 2017 |
| By: | /s/Todd Albiston |
|
|
|
| Todd Albiston, Principal Financial Officer |
10
Exhibit 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Wayne Bassham, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Bear Lake Recreation, Inc. (the Registrant);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)
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;
b)
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;
c)
evaluated the effectiveness of the Registrants 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
d)
disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter (the Registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and
5. The Registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions);
a)
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 Registrants ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: | February 10, 2017 |
| By: | /s/Wayne Bassham |
|
|
|
| Wayne Bassham, Principal Executive Officer |
Exhibit 31.2
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Todd Albiston, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of Bear Lake Recreation, Inc. (the Registrant);
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f)) for the Registrant and have:
a)
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;
b)
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;
c)
evaluated the effectiveness of the Registrants 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
d)
disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter (the Registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrants internal control over financial reporting; and
5. The Registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants auditors and the audit committee of the Registrants board of directors (or persons performing the equivalent functions);
a)
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 Registrants ability to record, process, summarize and report financial information; and
b)
any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.
Date: | February 10, 2017 |
| By: | /s/Todd Albiston |
|
|
|
| Todd Albiston, Principal Financial Officer |
Exhibit 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Bear Lake Recreation, Inc. (the Registrant) on Form 10-Q for the period ending December 31, 2016, as filed with the Securities and Exchange Commission on the date hereof (the Quarterly Report), we, Wayne Bassham, Principal Executive Officer, and Todd Albiston, Principal Financial Officer of the Registrant, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1) The Quarterly Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and result of operations of the Registrant.
Date: | February 10, 2017 |
| By: | /s/Wayne Bassham |
|
|
|
| Wayne Bassham, Principal Executive Officer |
Date: | February10, 2017 |
| By: | /s/Todd Albiston |
|
|
|
| Todd Albiston, Principal Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Feb. 06, 2017 |
|
Document And Entity Information | ||
Entity Registrant Name | BEAR LAKE RECREATION INC | |
Entity Central Index Key | 0001074871 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,249,816 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2017 |
Condensed Balance Sheets (Unaudited) - USD ($) |
Dec. 31, 2016 |
Jun. 30, 2016 |
---|---|---|
Current Assets | ||
Total Current Assets | $ 0 | $ 0 |
Total Assets | 0 | 0 |
Current Liabilities | ||
Accounts Payable | 15 | 0 |
Related Party Payable | 139,797 | 131,092 |
Accrued Interest - Related Parties | 72,866 | 62,671 |
Total Current Liabilities | 212,678 | 193,763 |
Total Liabilities | 212,678 | 193,763 |
Stockholders' Deficit | ||
Preferred Stock | 0 | 0 |
Common Stock | 1,250 | 1,250 |
Additional Paid-in Capital | 82,828 | 82,828 |
Accumulated Deficit | (296,756) | (277,841) |
Total Stockholders' Deficit | (212,678) | (193,763) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
Condensed Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2016 |
Jun. 30, 2016 |
---|---|---|
Statement of Financial Position [Abstract] | ||
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 |
Common stock, par value in dollars | $ 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 (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Income Statement [Abstract] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of Goods Sold | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
General and Administrative Expenses | 2,492 | 2,417 | 8,720 | 9,268 |
Net Loss from Operations | (2,492) | (2,417) | (8,720) | (9,268) |
Other Income (Expense) | ||||
Related party interest expense | (5,244) | (4,440) | (10,195) | (8,621) |
Total Other Income (Expense) | (5,244) | (4,440) | (10,195) | (8,621) |
Net Loss Before Taxes | (7,736) | (6,857) | (18,915) | (17,889) |
Provision for Income Taxes | 0 | 0 | 0 | 0 |
Net Loss | $ (7,736) | $ (6,857) | $ (18,915) | $ (17,889) |
Loss Per Share - Basic and Diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.01) |
Weighted Average Shares Outstanding - Basic and Diluted | 1,249,816 | 1,249,816 | 1,249,816 | 1,249,816 |
Condensed Statements of Cash Flows (Unaudited) - USD ($) |
6 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Cash Flows From Operating Activities | ||
Net Loss | $ (18,915) | $ (17,889) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
(Increase)/Decrease - Prepaid Expense | 0 | 2,500 |
Increase/(Decrease) - Accounts Payable | 15 | 0 |
Increase/(Decrease) - Related Party Payables | 8,705 | 6,768 |
Increase in related party accrued interest | 10,195 | 8,621 |
Net Cash From Operating Activities | 0 | 0 |
Cash Flows From Investing Activities | ||
Net Cash From Investing Activities | 0 | 0 |
Cash Flows from Financing Activities | ||
Net Cash From Financing Activities | 0 | 0 |
Net Change In Cash | 0 | 0 |
Beginning Cash Balance | 0 | 0 |
Ending Cash Balance | 0 | 0 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid during the year for interest | 0 | 0 |
Cash paid during the year for income taxes | $ 0 | $ 0 |
Basis of Presentation |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 BASIS OF PRESENTATION
The accompanying condensed 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, 2016. The results of operations for the period ended December 31, 2016, are not necessarily indicative of the operating results for the full year. |
Going Concern |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 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 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. |
Related Party Transactions |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS
The Company had expenses and payables paid in its behalf by shareholders in the amount of $8,705 for the six months ended December 31, 2016. The balance due to shareholders is $139,797 and $131,092 as of December 31, 2016 and June 30, 2016, respectively. 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 six-month periods ended December 31, 2016 and 2015 totaled $10,195 and $8,621, respectively. |
Recent Accounting Pronouncements |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | NOTE 4 RECENT ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.
In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, addressing eight specific cash flow issues in an effort to reduce diversity in practice. The amended guidance is effective for fiscal years beginning after December 31, 2017, and for interim periods within those years. Early adoption is permitted. The Company is in the process of evaluating the impact of this guidance on our financial statements.
The Company has reviewed all other 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. |
Subsequent Events |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 SUBSEQUENT EVENTS
For purposes of these financial statements and all disclosures, subsequent events were evaluated through the date the financial statements were issued and there were no additional subsequent events to disclose. |
Accounting Policies (Policies) |
6 Months Ended |
---|---|
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION
The accompanying condensed 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, 2016. The results of operations for the period ended December 31, 2016, are not necessarily indicative of the operating results for the full year. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (“ASU No. 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in GAAP when it becomes effective. The new standard is effective for annual reporting periods beginning after December 15, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting.
In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”, addressing eight specific cash flow issues in an effort to reduce diversity in practice. The amended guidance is effective for fiscal years beginning after December 31, 2017, and for interim periods within those years. Early adoption is permitted. The Company is in the process of evaluating the impact of this guidance on our financial statements.
The Company has reviewed all other 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 Transaction (Details Narrative) - USD ($) |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Jun. 30, 2016 |
|
Related Party Transactions [Abstract] | |||||
Related party expenses | $ 8,705 | $ 6,768 | |||
Balance due related party | $ 139,797 | 139,797 | $ 131,092 | ||
Related party interest expense | $ 5,244 | $ 4,440 | $ 10,195 | $ 8,621 | |
Imputed interest on related party loan | 10.00% |
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