Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Details | ||
Registrant Name | Baynon International Corp. | |
Registrant CIK | 0001089598 | |
SEC Form | 10-Q | |
Period End date | Mar. 31, 2019 | |
Fiscal Year End | --12-31 | |
Trading Symbol | Bnon | |
Tax Identification Number (TIN) | 880285718 | |
Number of common stock shares outstanding | 43,465,233 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | 266 Cedar Street | |
Entity Address, City or Town | Cedar Grove | |
Entity Address, State or Province | New Jersey | |
Entity Address, Postal Zip Code | 07009 | |
City Area Code | 973 | |
Local Phone Number | 239-2952 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,300 | $ 13,808 |
Assets, Current | 1,300 | 13,808 |
Assets | 1,300 | 13,808 |
Liabilities and Equity | ||
Liabilities and Equity | 1,300 | 13,808 |
Liabilities, Current | ||
Accounts Payable and Other Accrued Liabilities, Current | 26,059 | 34,068 |
Notes Payable, Related Parties, Current | 90,000 | 90,000 |
Accrued interest - stockholder | 13,434 | 12,103 |
Liabilities, Current | 129,493 | 136,171 |
Liabilities, Current | 129,493 | 136,171 |
Stockholders' Equity Attributable to Parent | ||
Common Stock, Value, Outstanding | 43,465 | 43,465 |
Additional Paid in Capital | 309,905 | 309,905 |
Retained Earnings (Accumulated Deficit) | (481,563) | (475,733) |
Stockholders' Equity Attributable to Parent | $ (128,193) | $ (122,363) |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical | Mar. 31, 2019$ / sharesshares |
Details | |
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 |
Common Stock, Shares, Outstanding | 43,465,233 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Details | ||
Revenues | $ 0 | $ 0 |
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 0 |
Other Costs and Disclosures | ||
General and Administrative Expense | 4,500 | 5,358 |
Total Other Costs | 4,500 | 5,358 |
Operating Income (Loss) | (4,500) | (5,358) |
Other Income and Expenses | ||
Other Operating Income (Expense), Net | (1,330) | (1,327) |
Interest Income, Operating | 1 | 5 |
Interest Expense, Related Party | (1,331) | (1,332) |
Net Income (Loss) Attributable to Parent | $ (5,830) | $ (6,685) |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 43,465,233 | 43,465,233 |
Statements of changes in Stockh
Statements of changes in Stockholders' Equity (Deficit) - 3 months ended Mar. 31, 2019 - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | $ 43,465 | $ 309,905 | $ (475,733) | $ (122,363) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 43,465,233 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (5,830) | (5,830) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2019 | $ 43,465 | $ 309,905 | $ (481,563) | $ (128,193) |
Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 43,465,233 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (5,830) | $ (6,685) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Increase in accrued interest - stockholder | 1,331 | 1,331 |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (8,009) | (2,020) |
Net Cash Provided by (Used in) Operating Activities | (12,508) | (7,374) |
Cash and Cash Equivalents, Period Increase (Decrease) | (12,508) | (7,374) |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 13,808 | 24,020 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,300 | 16,646 |
Supplemental Cash Flow Information | ||
Supplemental Cash Flow Information | 0 | 0 |
Supplemental Cash Flow Information | $ 0 | $ 0 |
1. THE COMPANY
1. THE COMPANY | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
1. 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 fifteen fiscal years. 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. |
2. SUMMARY OF SIGNIFICANT ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Presentation The December 31, 2018 balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. 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, 2019, its results of operations for the three months ended March 31, 2019 and 2018 and its cash flows for the three months ended March 31, 2019 and 2018. The statements of operations for the three months ended March 31, 2019 and 2018 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 Company’s annual Report on Form 10-K for the year ended December 31, 2018. 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, 2019 and 2018 as their effect would be anti-dilutive: 2019 2018 Convertible notes payable and accrued interest – related parties (weighted average) 8,274,740 7,842,740 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 $(481,563) at March 31, 2019. 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 Company’s obligations through May 31, 2020 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 and accounts payable and accrued expenses approximate fair value based on the short-term maturity of those instruments. The carrying value of convertible notes payable – related parties approximated its fair value as of March 31, 2019 and December 31, 2018 as the interest rate on the notes approximated market rates. 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 NOTES PAYABLE -
3. CONVERTIBLE NOTES PAYABLE - STOCKHOLDER | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
3. CONVERTIBLE NOTES PAYABLE - STOCKHOLDER | 3. CONVERTIBLE NOTES PAYABLE – RELATED PARTIES On May 18, 2015, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and originally had a term of one year. The note has been extended through May 18, 2019. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share. On September 9, 2016, the Company issued an unsecured convertible note payable to a stockholder in exchange for $20,000 in cash for the Company’s working capital needs. The note bears interest at 6% per annum and originally had a term of one year. The note has been extended through September 9, 2019. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share. On April 24, 2017, the Company issued an unsecured convertible note payable to a stockholder in exchange for $25,000 for the Company’s working capital needs. The note bears interest at 6% per annum originally had a term of one year. The note has been extended through April 24, 2020. The stockholder has the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share. On November 16, 2017, the Company issued two unsecured convertible notes payable to stockholders in exchange for $20,000 ($10,000 each) in cash for the Company’s working capital needs. The notes bear interest at 6% per annum and originally had a term of one year. The notes have been extended through November 16, 2019. The stockholders each have the option to convert the note and accrued interest into the Company’s common stock at $0.0125 per share. On April 22, 2019, the Board of Directors approved a resolution for additional capital to pay current liabilities by issuing an additional note to a stockholder in exchange for $20,000. The note will be due and payable one year from issuance and will bear interest at 6% per annum. At March 31, 2019 and December 31, 2018 convertible notes payable – related parties were $90,000, respectively. At March 31, 2019 and December 31, 2018, accrued interest on the notes were $13,434 and $12,103, respectively. Interest expense amounted to $1,331 and 1,332 for the three months ended March 31, 2019 and 2018, respectively. |
Income Tax Disclosure _Text Blo
Income Tax Disclosure [Text Block] | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Income Tax Disclosure | 4. INCOME TAXES The Company recorded no income tax expense for the three months ended March 31, 2019 and 2018 because the estimated annual effective tax rate was zero. As of March 31, 2019, the Company continues to provide a valuation allowance against its net deferred tax assets since the Company believes it is more likely than not that its deferred tax assets will not be realized. |
4. COMMON STOCK
4. COMMON STOCK | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
4. COMMON STOCK | 5. COMMON STOCK 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 Company’s common stock. There are no conversions or redemption rights or sinking fund provisions with respect to the common stock. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Subsequent Events | 6. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financials were issued. |
2. SUMMARY OF SIGNIFICANT ACC_2
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Loss Per Share (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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, 2019 and 2018 as their effect would be anti-dilutive: 2019 2018 Convertible notes payable and accrued interest – related parties (weighted average) 8,274,740 7,842,740 |
2. SUMMARY OF SIGNIFICANT ACC_3
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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 $(481,563) at March 31, 2019. 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 Company’s obligations through May 31, 2020 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. |
2. SUMMARY OF SIGNIFICANT ACC_4
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Fair Value of Financial Instruments (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts reported in the balance sheet for cash and cash equivalents and accounts payable and accrued expenses approximate fair value based on the short-term maturity of those instruments. The carrying value of convertible notes payable – related parties approximated its fair value as of March 31, 2019 and December 31, 2018 as the interest rate on the notes approximated market rates. |
2. SUMMARY OF SIGNIFICANT ACC_5
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
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. |
2. SUMMARY OF SIGNIFICANT ACC_6
2. 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, 2019 | |
Tables/Schedules | |
Schedule of antidilutive securities excluded from computation of earnings per share | 2019 2018 Convertible notes payable and accrued interest – related parties (weighted average) 8,274,740 7,842,740 |
2. SUMMARY OF SIGNIFICANT ACC_7
2. 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, 2019 | Mar. 31, 2018 | |
Details | ||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 8,274,740 | $ 7,842,740 |
2. SUMMARY OF SIGNIFICANT ACC_8
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Going Concern (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Details | ||
Retained Earnings (Accumulated Deficit) | $ (481,563) | $ (475,733) |
3. CONVERTIBLE NOTES PAYABLE _2
3. CONVERTIBLE NOTES PAYABLE - STOCKHOLDER (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 22, 2019 | Nov. 16, 2017 | Apr. 24, 2017 | Sep. 09, 2016 | May 18, 2015 |
Details | |||||||||
Value received for convertible note payable | $ 20,000 | $ 20,000 | $ 25,000 | $ 20,000 | $ 25,000 | ||||
Per share conversion rate for convertible note payable | $ 0.0125 | $ 0.0125 | $ 0.0125 | ||||||
Notes Payable, Related Parties, Current | $ 90,000 | $ 90,000 | $ 90,000 | ||||||
Accrued interest - stockholder | 13,434 | 12,103 | 13,434 | ||||||
Interest Expense, Related Party | $ 1,331 | $ 1,332 | $ (1,331) | $ (1,332) |