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1 Organization, History and Business
3 Months Ended
Sep. 30, 2013
Accounting Policies [Abstract]  
1 Organization, History and Business

Note 1 — Organization, History and Business

 

Alas Aviation Corp. was incorporated under the name LMK Global Resources in the state of Delaware on October 26, 1986.

 

On June 22, 2013, pursuant to the Delaware Holding Company formation statute, LMK Global Resources, Inc. ("LMK") entered into an Agreement and Plan of Merger into a holding company (the "Agreement") with Alas Aviation Corp. ("Alas Aviation") and Alas Acquisition Company ("AAC"), both wholly-owned subsidiaries of LMK. The Agreement provided for the merger of LMK with and into Alas Aviation, with Alas Aviation being the surviving corporation in that merger. Contemporaneously with LMK's merger with and into Alas Aviation, the shareholders of LMK became shareholders of Alas Aviation on a one share for one share basis pursuant to the Agreement.

 

The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation.

 

Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements of Alas Aviation Corp., f/k/a LMK Global Resources, Inc., contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of September 30, 2013, and the results of its operations and cash flows for the three months ended September 30, 2013 and 2012. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”). The Company believes that the disclosures in the unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. However, the unaudited condensed consolidated financial statements included herein should 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, 2013 filed with the Commission on October 15, 2013.

 

Going Concern

 

As shown in the accompanying financial statements, the Company has no assets, a working capital deficit of $39,478 as of September 30, 2013 and is not currently generating revenue from operations.  These factors raise substantial doubt regarding the Company's ability to continue as a going concern. Management has established plans to begin generating revenues and decrease debt. These plans, if successful, will mitigate the factors, which raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  Alas executed and closed a share exchange agreement into escrow with Arnold Leonora and Air Transport Group Private Equity Group, Inc. ("ATG") in June 2013 providing for Leonora to deliver control of Corporación Ygnus Air, S.A. (“Cygnus”), a Madrid, Spain based air cargo services operator and allowing Leonora and new management to pursue its acquisition initiative in the aviation services sector.  With the expiration of Leonora’s agreement with the sellers of Cygnus, he intends to continue implementing his business plan within Alas.  If the Director refuses to allow for completion of the Share Exchange Agreement with Leonora and ATG from escrow, the Officers of the Company will resign leaving it without a management team or business plan.

 

Reclassifications - Certain prior year amounts have been reclassified to conform with the current year presentation.