Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | May. 11, 2016 | Jun. 30, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | Baynon International Corporation | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2016 | ||
Trading Symbol | bayn | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,089,598 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 43,465,233 | ||
Entity Public Float | $ 85,024 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | Q1 |
Baynon International Corp. - Ba
Baynon International Corp. - Balance Sheets as of March 31, 2016 (Unaudited) and December 31, 2015 (Audited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,317 | $ 3,792 |
TOTAL CURRENT ASSETS | 1,317 | 3,792 |
TOTAL ASSETS | 1,317 | 3,792 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 29,090 | 26,009 |
Convertible notes payable - stockholder | 25,000 | 25,000 |
Accrued interest - stockholder | 1,311 | 937 |
TOTAL CURRENT LIABILITIES | 55,401 | 51,946 |
TOTAL LIABILITIES | 55,401 | 51,946 |
STOCKHOLDERS' DEFICIENCY: | ||
Common stock, par value $.001, authorized 50,000,000 shares, issued and outstanding 43,465,233 shares | 43,465 | 43,465 |
Additional paid-in capital | 309,905 | 309,905 |
Accumulated deficit | (407,454) | (401,524) |
TOTAL STOCKHOLDERS' DEFICIENCY | (54,084) | (48,154) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 1,317 | $ 3,792 |
Baynon International Corp. - B3
Baynon International Corp. - Balance Sheets (Parentheticals)(USD $) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position | ||
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 | 43,465,233 | 43,465,233 |
Common stock, shares outstanding | 43,465,233 | 43,465,233 |
Baynon International Corp. - St
Baynon International Corp. - Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement | ||
Revenues | $ 0 | $ 0 |
Cost of revenue | 0 | 0 |
Gross profit | 0 | 0 |
Other Costs: | ||
General and administrative expenses | 5,557 | 5,122 |
Total Other Costs | 5,557 | 5,122 |
Operating loss | (5,557) | (5,122) |
Other Income (Expense): | ||
Interest income | 1 | 2 |
Interest expense - stockholder | (374) | (476) |
Total Other Income (Expense) | (373) | (474) |
Net Loss | $ (5,930) | $ (5,596) |
Loss per share: | ||
Basic and diluted earnings (loss) per common share | $ 0 | $ 0 |
Basic and diluted common shares outstanding | 43,465,233 | 40,440,829 |
Baynon International Corp. - S5
Baynon International Corp. - Statements of Cash Flows for the three months ended March 31, 2016 and 2015 (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from Operating Activities: | ||
Net Loss | $ (5,930) | $ (5,596) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accrued interest for common stock | 0 | 496 |
Increase in accounts payable and accrued expenses | 3,081 | 3,222 |
Increase in accrued interest - stockholder | 374 | 0 |
Net cash used in operating activities | (2,475) | (1,898) |
Decrease in Cash and Cash Equivalents | (2,475) | (1,898) |
CASH AND CASH EQUIVALENTS - beginning of period | 3,792 | 8,021 |
CASH AND CASH EQUIVALENTS - end of period | 1,317 | 6,123 |
Schedule of Non-cash Activities: | ||
Common stock issued for note payable | 0 | 50,000 |
Common stock issued for accrued interest | 0 | 8,662 |
Cash paid during period for: | ||
Income taxes | 500 | 500 |
Interest | $ 0 | $ 0 |
The Company
The Company | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
The Company | 1. THE COMPANY Baynon International Corp. formerly known as Technology Associates Corporation (the Company), was originally incorporated on February 29, 1968 under the laws of the Commonwealth of Massachusetts to engage in any lawful corporate undertaking. On December 28, 1989, the Company reincorporated under the laws of the State of Nevada. The Company was formerly engaged in the technology marketing business and its securities traded on the National Association of Securities Dealers OTC Bulletin Board. The Company has not engaged in any business operations for at least the last twelve fiscal years and has no operations to date. The Company will attempt to identify and negotiate with a business target for the merger of that entity with and into the Company. In certain instances, a target company may wish to become a subsidiary of the company or wish to contribute assets to the Company rather than merge. No assurance can be given that the Company will be successful in identifying or negotiating with any target company. The Company provides a means for a foreign or domestic private company to become a reporting (public) company whose securities would be qualified for trading in the United States secondary market. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Presentation The December 31, 2015 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2016, its results of operations for the three months ended March 31, 2016 and 2015 and its cash flows for the three months ended March 31, 2016 and 2015. The statements of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results for the full year. While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Companys annual Report on Form 10-K for the year ended December 31, 2015. Loss Per Share The Company computes loss per share in accordance with FASB ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock. Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. The following securities have been excluded from the calculation of loss per share for the three months ended March 31, 2016 and 2015 as their effect would be anti-dilutive: Three months ended March 31, 2016 Three months ended March 31, 2015 Convertible note payable and accrued interest - stockholder (weighted average) $2,104,877 $0 Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred continuing operating losses and has an accumulated deficit of $407,454 at March 31, 2016. The Company has no revenue generating operations and has limited cash resources. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Management believes that it will be able to achieve a satisfactory level of liquidity to meet the Companys obligations through March 31, 2017 by obtaining additional financing from key officers, directors and certain investors. However, there can be no assurance that the Company will be able to generate sufficient liquidity to maintain its operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable, notes payable, and accrued expenses approximate fair value based on the short-term maturity of those instruments. Recently Issued Accounting Standards Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
3. Convertible Note Payable - S
3. Convertible Note Payable - Stockholder | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
3. Convertible Note Payable - Stockholder | 3. CONVERTIBLE NOTE PAYABLE - STOCKHOLDER On April 10, 2012, the Company issued an unsecured convertible note payable to a stockholder in exchange for $50,000 in cash for the Companys working capital needs. The note bore interest at 6% per annum and matured on April 10, 2013. The stockholder had the option to convert the note and accrued interest into the Companys common stock at $.0125 per share. On April 10, 2013 and April 10, 2014 the note was extended for an additional twelve months. The note bore interest at 6% per annum and matured on April 10, 2015. The stockholder had the option to convert the note and accrued interest into the Companys common stock at $.0125 per share. On February 27, 2015 the stockholder exercised his option to convert the note and accrued interest to common stock. The note and accrued interest thereon were converted into 4,693,041 shares of the Companys common stock. On May 18, 2015, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 in cash for the Companys working capital needs. The note bears interest at 6% per annum and matures on May 18, 2016. The stockholder has the option to convert the note and accrued interest into the Companys common stock at $.0125 per share. At March 31, 2016 and December 31, 2015, accrued interest on the notes was $1,311 and $937, respectively. Interest expense amounted to $374 and $476 for the three months ended March 31, 2016 and 2015, respectively. |
4. Common Stock
4. Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
4. Common Stock | 4. COMMON STOCK On September 19, 2013, the Companys board of directors approved the increase in the number of authorized shares from 50,000,000 to 100,000,000. The increase will enable the Company to raise additional capital in the future. The Company has begun the process necessary to increase the number of authorized shares, but to date, has not yet completed the process. On February 27, 2015, the Companys board of directors approved the issuance of 4,693,041 shares of common stock upon a stockholder exercising his option to convert a note payable and accrued interest at $.0125 per share. Holders of shares of common stock are entitled to one vote for each share on all matters to be voted on by the stockholders. Holders of common stock do not have cumulative voting rights. Holders of common stock are entitled to share ratably in Dividends, if any, as may be declared from time to time by the Board of Director in its discretion from funds legally available therefore. In the event of liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to share pro rata in all assets remaining after payment in full of all liabilities. All of the outstanding shares of common stock are fully paid and non-assessable. Holders of common stock have no preemptive rights to purchase the Companys common stock. There are no conversions or redemption rights or sinking fund provisions with respect to the common stock. |
5. Subsequent Events
5. Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Notes | |
5. Subsequent Events | 5. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date this filing. |
Summary of Significant Accoun11
Summary of Significant Accounting Policies: Interim Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Interim Presentation | Interim Presentation The December 31, 2015 balance sheet data was derived from audited financial statements but does not include all disclosures required by generally accepted accounting principles. In the opinion of management, the accompanying unaudited financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of the Company as of March 31, 2016, its results of operations for the three months ended March 31, 2016 and 2015 and its cash flows for the three months ended March 31, 2016 and 2015. The statements of operations for the three months ended March 31, 2016 and 2015 are not necessarily indicative of the results for the full year. While the Company believes that the disclosures presented are adequate to make the information not misleading, these financial statements should be read in conjunction with the financial statements and accompanying notes included in the Companys annual Report on Form 10-K for the year ended December 31, 2015. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies: Loss Per Share (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Loss Per Share | Loss Per Share The Company computes loss per share in accordance with FASB ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding, Diluted earnings per share reflects the potential dilution that could occur if securities or other agreements to issue common stock were exercised or converted into common stock. Diluted earnings per share is computed based upon the weighted average number of common shares and dilutive common equivalent shares outstanding, which includes convertible debentures, stock options and warrants. The following securities have been excluded from the calculation of loss per share for the three months ended March 31, 2016 and 2015 as their effect would be anti-dilutive: Three months ended March 31, 2016 Three months ended March 31, 2015 Convertible note payable and accrued interest - stockholder (weighted average) $2,104,877 $0 |
Summary of Significant Accoun13
Summary of Significant Accounting Policies: Going Concern (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying financial statements, the Company has incurred continuing operating losses and has an accumulated deficit of $407,454 at March 31, 2016. The Company has no revenue generating operations and has limited cash resources. These factors raise substantial doubt about the ability of the Company to continue as a going concern. Management believes that it will be able to achieve a satisfactory level of liquidity to meet the Companys obligations through March 31, 2017 by obtaining additional financing from key officers, directors and certain investors. However, there can be no assurance that the Company will be able to generate sufficient liquidity to maintain its operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for cash and cash equivalents, accounts payable, notes payable, and accrued expenses approximate fair value based on the short-term maturity of those instruments. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Policies | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Management does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies: Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Tables/Schedules | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | Three months ended March 31, 2016 Three months ended March 31, 2015 Convertible note payable and accrued interest - stockholder (weighted average) $2,104,877 $0 |
Summary of Significant Accoun17
Summary of Significant Accounting Policies: Loss Per Share: Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Details | ||
Increase (Decrease) in Notes Payable, Related Parties, Current | $ 2,104,877 | $ 0 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies: Going Concern (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Details | |||
Accumulated deficit | $ (407,454) | $ (401,524) | $ 407,454 |
3. Convertible Note Payable -19
3. Convertible Note Payable - Stockholder (Details) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | May. 18, 2015 | Feb. 27, 2015 | Apr. 10, 2013 | Apr. 10, 2012 | |
Details | |||||||
Proceeds from convertible note payable | $ 25,000 | $ 50,000 | |||||
Accounts Payable, Interest-bearing, Interest Rate | 6.00% | 6.00% | 6.00% | ||||
Debt Instrument, Convertible, Conversion Price | $ 0.0125 | $ 0.0125 | $ 0.0125 | ||||
Common stock, shares issued | 43,465,233 | 43,465,233 | 4,693,041 | ||||
Interest Payable, Current | $ 1,311 | $ 937 | |||||
Interest Expense | $ 374 | $ 476 |
4. Common Stock (Details)
4. Common Stock (Details) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 | May. 18, 2015 | Feb. 27, 2015 | Apr. 10, 2012 |
Details | |||||
Common stock, shares issued | 43,465,233 | 43,465,233 | 4,693,041 | ||
Debt Instrument, Convertible, Conversion Price | $ 0.0125 | $ 0.0125 | $ 0.0125 |