| Organization and Summary of Significant Accounting Policies | NOTE 1 ORGANIZATION
AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a)
Organization Bear
Lake Recreation, Inc. (the Company) was organized under the laws of the State of Nevada on October 22, 1998, to engage in any
lawful purpose. The Company has at the present time, not paid any dividends and any dividends that may be paid in the future will
depend upon the financial requirements of the Company and other relevant factors. Through
the year ended June 30, 2001 the Company was seeking to rent out snowmobiles and all-terrain vehicles (ATV’s). In June of
2000, the Company also purchased the rights to manufacture, use, market, and sell the Net Caddy, a backpack style bag used to
transport fishing gear. The Company has abandoned both the snowmobile and ATV’s plans, and the Net Caddy plans. Currently,
management’s plans include finding a well-capitalized merger candidate to recommence its operations. If the Company is not
successful in these efforts, operations may cease or be curtailed. The
financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United
States of America. The following summarizes the more significant of such policies: (b)
Statement of Cash Flows For
purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of
three months or less to be cash equivalents. During the years ending June 30, 2016 and 2015 the Company did not have non-cash
investing or financing activities. (c)
Income Taxes The
Company applies the provisions of Financial Accounting Standards Board Accounting Standard Codification (“ASC”) 740
Income Taxes We
classify tax-related penalties and net interest on income taxes as income tax expense. As of June 30, 2016 and 2015, no income
tax expense had been incurred. (d)
Net Loss Per Common Share Basic
loss per common share is based on the weighted-average number of shares outstanding. Diluted income or loss per share is computed
using weighted average number of common shares plus dilutive common share equivalents outstanding during the period using the
treasury stock method. There are no common stock equivalents outstanding, thus, basic and diluted income or loss per share calculations
are the same. (e) Impairment
of Long-Lived Assets The
Company reviews long-lived assets, at least annually, to determine if impairment has occurred and whether the economic
benefit of the asset (fair value for assets to be used and fair value less disposal costs for assets to be disposed of) is
expected to be less than the carrying value. Triggering events, which signal further analysis, consist of a significant
decrease in the asset’s market value, a substantial change in the use of an asset, a significant physical change in the
asset, a significant change in the legal or business climate that could affect the asset, an accumulation of costs
significantly in excess of the amount originally expected to acquire or construct the asset, or a history of losses that
imply continued losses associated with assets used to generate revenue. The Company has no long-lived assets as of June 30,
2016 and 2015. (f) Use of Estimates
in Preparation of Financial Statements The
preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates. (g) Revenue Recognition The
Company shall recognize revenues in accordance with the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number
104, “Revenue Recognition.” SAB 104 clarifies application of U.S. generally accepted accounting principles to revenue
transactions. Accordingly, the Company shall recognize revenues when earned which shall be as products or services are delivered
to customers. The Company shall also record accounts receivable for revenue earned but not yet collected. An allowance for bad
debts shall be provided based on estimated losses. For revenue received in advance of service the Company shall record a current
liability as deferred revenue until the earnings process is complete. (h) Impact of New
Accounting Standards 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 the following pronouncements
will have a significant effect on its financial statements. 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
June 2014, the FASB issued Accounting Standards Update No. 2014-10 (“ASU No. 2014-10”), which eliminated the definition
of a Development Stage Entity and the related reporting requirements. ASU No. 2014-10 is effective for annual reporting periods
beginning after December 15, 2014, with early adoption allowed. The Company chose to adopt ASU No. 2014-10 early, effective in
its interim financial statements for the period ended September 30, 2014. In
August 2014, the FASB issued ASU No. 2014-15 Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going
Concern The
Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect
on the Company’s financial statements. |
