Rhino Biotech Limited (RBRXF) 20-F 16 May 17 2016 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2016shares
Document And Entity Information
Entity Registrant Name	EURASIA ENERGY LTD
Entity Central Index Key	1,278,465
Document Type	20-F
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	34,548,368
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash	$ 21,454	$ 44,437
Prepaid expenses		1,194
Total current assets	21,454	45,631
Current liabilities
Accounts payable and accrued expenses	3,400	3,176
Total current liabilities	3,400	3,176
Stockholders' equity (Note 4)
Common stock, $0.001 par value, 100,000,000 authorized shares (34,548,368 issued and outstanding as of December 31, 2016 and 2015)	34,548	34,548
Additional paid-in capital	7,104,130	7,104,130
Accumulated deficit	(7,120,624)	(7,096,223)
Total stockholders' equity	18,054	42,455
Total liabilities and stockholders' equity	$ 21,454	$ 45,631

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
Stockholders' equity (Note 4)
Common stock par value	$ 0.001	$ 0.001
Common stock authorized shares	100,000,000	100,000,000
Common stock issued shares	34,548,368	34,548,368
Common stock outstanding shares	34,548,368	34,548,368

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Expenses
General and administrative	$ 7,908	$ 15,831	$ 17,284
Professional fees	16,493	13,673	15,422
Net loss	$ 24,401	$ 29,504	$ 32,706
Basic and diluted loss per share	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding -basic and diluted	34,548,368	34,548,368	34,548,368

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Common Stock	Additional paid-in capital	Accumulated Deficit	Total
Beginning Balance, Shares at Dec. 31, 2013	34,548,368
Beginning Balance, Amount at Dec. 31, 2013	$ 34,548	$ 7,104,130	$ (7,034,013)	$ 104,665
Net Loss			(32,706)	(32,706)
Ending Balance, Shares at Dec. 31, 2014	34,548,368
Ending Balance, Amount at Dec. 31, 2014	$ 34,548	7,104,130	(7,066,719)	71,959
Net Loss			(29,504)	(29,504)
Ending Balance, Shares at Dec. 31, 2015	34,548,368
Ending Balance, Amount at Dec. 31, 2015	$ 34,548	7,104,130	(7,096,223)	42,455
Net Loss			(24,401)	(24,401)
Ending Balance, Shares at Dec. 31, 2016	34,548,368
Ending Balance, Amount at Dec. 31, 2016	$ 34,548	$ 7,104,130	$ (7,120,624)	$ 18,054

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows used in operating activities
Net loss for the year	$ (24,401)	$ (29,504)	$ (32,706)
Changes in non-cash working capital items
Prepaid expenses	1,194	(319)
Accounts payable and accrued expenses	224	(374)	150
Net cash used in operating activities	(22,983)	(30,197)	(32,556)
Cash flows from investing activities
Cash flows from financing activities
Change in cash during the year	(22,983)	(30,197)	(32,556)
Cash, beginning of year	44,437	74,634	107,190
Cash, end of year	$ 21,454	$ 44,437	$ 74,634

Nature and Continuance of Opera

Nature and Continuance of Operations	12 Months Ended
	Dec. 31, 2016
Organization
Note 1. Nature and Continuance of Operations	Eurasia Energy Limited (“the Company”) is currently inactive. The Company’s principal business is to explore investment and/or involvement opportunities in both the resource and non-resource sectors and is currently evaluating suitable targets. To date, the Company has not generated revenues from operations. The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has incurred losses from operations and has an accumulated deficit of $7,120,624 at December 31, 2016. The Company cannot be certain that capital will be provided when it is required. These material uncertainties raise substantial doubt on the ability of the Company 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 that the Company cannot continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies
Note 2. Significant Accounting Policies	(a) Principles of Accounting These financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”). (b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. (c) Cash The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2016 and 2015, there were no cash equivalents. (d) Income Taxes The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized. (e) Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net earnings (loss) for the year attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net loss for the year attributable to common stockholders by the weighted average number of common shares outstanding and dilutive common stock equivalents for the period. At December 31, 2016, 2015 and 2014, the 2,550,000 stock options outstanding were anti-dilutive and not included in the calculation. (f) Stock-Based Compensation The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment, using the Black-Scholes option pricing model. (g) Foreign Currency Translation The Company maintains a U.S. dollar bank account at a financial institution in Canada. Foreign currency transactions are translated into their functional currency, which is the U.S. dollar, in the following manner: At the transaction date, each asset, liability, revenue and expense is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities are translated into U.S. dollars by using the exchange rate in effect at that date. Transaction gains and losses that arise from exchange rate fluctuations are included in the results of operations. (h) Financial Instruments The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The Company classifies its financial instruments as follows: Cash is classified as held for trading and is measured at fair value using Level 1 inputs. Accounts payable and accrued liabilities is classified as other financial liabilities, and have a fair value approximating its carrying value, due to its short-term.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
Recent Accounting Pronouncements
Note 3. Recent Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted (i) Revenue from contracts with customers In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, “ Revenue from Contracts with Customers (Topic 606)” (ii) Going concern In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern” Going Concern (iii) Deferred taxes In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”. (iv) Share-based payment accounting In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting”, Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption.

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Equity
Note 4. Equity	Authorized: 100,000,000 common shares, par value $0.001 (a) Common Stock No common stock was issued during the years ended December 31, 2016, 2015 and 2014. (b) Warrants The Company did not have any outstanding share purchase warrants at December 31, 2016 and December 31, 2015. During the years ended December 31, 2016, 2015 and 2014, the Company did not have any share purchase warrants issued, cancelled or exercised. (c) Stock Options The Company has adopted a stock option plan (the “Plan”) to grant options to directors, officers, employees, and consultants. Under the Plan, the Company may grant options to acquire up to 3,000,000 common stock of the Company. The exercise price of each option will not be less than the fair market value price of the Company’s stock on the date of grant. The Plan is administered by the Board of Directors. The movement of options is summarized as follows: Weighted average Number exercise of options price Balance, December 31, 2015, 2014 and 2013 5,050,000 $ 0.05 Expired (2,500,000 ) 0.05 Balance, December 31, 2016 2,550,000 $ 0.05 The following table summarizes information about stock options outstanding at December 31, 2016: Number Weighted Number outstanding average exercisable at remaining at Average Exercise December 31, contractual December 31, instrinsic Expiry price 2016 life (years) 2016 value date $ 0.05 2,550,000 0.25 2,550,000 $ - April 2, 2017* 2,550,000 0.25 2,550,000 __________ * Expired unexercised subsequent to year end. The aggregate intrinsic value in the table above represents the total pretax intrinsic value for all “in-the-money” options (i.e. the difference between the Company’s closing stock price on the last trading day of the year ended December 31, 2016 and the exercise price, multiplied by the number of shares) that would have been received by the option holders had all option holders exercised their options on December 31, 2016. Total intrinsic value of options exercised was $nil (December 31, 2015 and 2014: $nil) for the year ended December 31, 2016.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions
Note 5. Related Party Transactions	During the year ended December 31, 2016, the Company paid corporate and administrative service charges of $3,581 (2015: $9,364; 2014: $9,455) to a law firm of which a director of the Company is the owner. As of December 31, 2016, the Company had an amount of $nil (December 31, 2015: $124) owing to a law firm of which a director of the Company is the owner.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Taxes
Note 6. Income Taxes	The Company was liable for taxes in the United States until it completed its continuation from the State of Nevada, U.S.A. to Anguilla, British West Indies since December 31, 2007. There is no income tax imposed on companies by the government of Anguilla, British West Indies. For the years ended December 31, 2016, 2015 and 2014, the Company did not have any income for tax purposes and therefore, no tax liability or expense has been recorded in these financial statements. For U.S. tax reporting purpose, the Company has available net operating loss carryforwards of approximately $1,338,000 for tax purposes to offset future taxable income which expires commencing 2025 through the year 2027. Pursuant to the Tax Reform Act of 1986, annual utilization of the Company’s net operating loss carryforwards may be limited if a cumulative change in ownership of more than 50% is deemed to occur within any three-year period. The deferred tax asset associated with the tax loss carryforwards is approximately $455,000 at December 31, 2016. The Company has provided a full valuation allowance against the deferred tax asset.

Fair Value Accounting

Fair Value Accounting	12 Months Ended
	Dec. 31, 2016
Fair Value Accounting
Note 7. Fair Value Accounting	Fair value measurement is based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value which are: Level 1 - Quoted prices that are available in active markets for identical assets or liabilities. Level 2 - Quoted prices in active markets for similar assets that are observable. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s cash is measured at fair value using Level 1 inputs.

Significant Accounting Polici14

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Significant Accounting Policies Policies
Principles of Accounting	These financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”).
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP 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. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates.
Cash	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2016 and 2015, there were no cash equivalents.
Income Taxes	The Company follows the asset and liability method of accounting for income taxes whereby deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the financial statement carrying values of existing assets and liabilities and their respective income tax bases (temporary differences). Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income in the period in which the change occurs. The amount of deferred income tax assets recognized is limited to the amount that is more likely than not to be realized.
Earnings (Loss) Per Share	Basic earnings (loss) per share is computed by dividing net earnings (loss) for the year attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net loss for the year attributable to common stockholders by the weighted average number of common shares outstanding and dilutive common stock equivalents for the period. At December 31, 2016, 2015 and 2014, the 2,550,000 stock options outstanding were anti-dilutive and not included in the calculation.
Stock-Based Compensation	The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes, or provides services similar to those performed by an employee. The fair value of stock options is measured on the date of grant, using the Black-Scholes option pricing model and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to share capital. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at the fair value of the share-based payment, using the Black-Scholes option pricing model.
Foreign Currency Translation	The Company maintains a U.S. dollar bank account at a financial institution in Canada. Foreign currency transactions are translated into their functional currency, which is the U.S. dollar, in the following manner: At the transaction date, each asset, liability, revenue and expense is translated into the functional currency by the use of the exchange rate in effect at that date. At the period end, monetary assets and liabilities are translated into U.S. dollars by using the exchange rate in effect at that date. Transaction gains and losses that arise from exchange rate fluctuations are included in the results of operations.
Financial Instruments	The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor’s carrying amount or exchange amount. Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income. The Company classifies its financial instruments as follows: Cash is classified as held for trading and is measured at fair value using Level 1 inputs. Accounts payable and accrued liabilities is classified as other financial liabilities, and have a fair value approximating its carrying value, due to its short-term.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Tables
Summary of stock options	The movement of options is summarized as follows: Weighted average Number exercise of options price Balance, December 31, 2015, 2014 and 2013 5,050,000 $ 0.05 Expired (2,500,000 ) 0.05 Balance, December 31, 2016 2,550,000 $ 0.05
Summary of stock option outstanding and exercisable	The following table summarizes information about stock options outstanding at December 31, 2016: Number Weighted Number outstanding average exercisable at remaining at Average Exercise December 31, contractual December 31, instrinsic Expiry price 2016 life (years) 2016 value date $ 0.05 2,550,000 0.25 2,550,000 $ - April 2, 2017* 2,550,000 0.25 2,550,000

Nature and Continuance of Ope16

Nature and Continuance of Operations (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Nature And Continuance Of Operations Details Narrative
Accumulated deficit	$ (7,120,624)	$ (7,096,223)

Significant Accounting Polici17

Significant Accounting Policies (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Significant Accounting Policies
Anti Dilutive stock options outstanding	2,550,000	2,550,000	2,550,000

Equity (Details)

Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Number of options
Outstanding, Begining	5,050,000	5,050,000	5,050,000
Expired	(2,500,000)
Outstanding, Ending	2,550,000	5,050,000	5,050,000
Weighted average exercise price
Outstanding, Begining	$ 0.05	$ 0.05	$ 0.05
Expired	0.05
Outstaing, Ending	$ 0.05	$ 0.05	$ 0.05

Equity (Details 1)

Equity (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Weighted Average exercise price	$ 0.05
Number Outstanding	2,550,000	2,550,000	5,050,000	5,050,000	5,050,000
Weighted average remaining contractual life (years)	3 months
Number Exercisable	2,550,000
Exercise Price 0.05 [Member]
Weighted Average exercise price	$ 0.05
Number Outstanding	2,550,000
Weighted average remaining contractual life (years)	3 months
Number Exercisable	2,550,000
Average instrinsic value
Expiry date	Apr. 2, 2017

Equity (Details Narrative)

Equity (Details Narrative) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Equity Details Narrative
Common stock par value	$ 0.001	$ 0.001
Common stock authorized shares	100,000,000	100,000,000
Option granted to acquire common stock	3,000,000
Intrinsic value of options exercised	$ 0	$ 0

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions Details Narrative
Administrative Service Charges	$ 3,581	$ 9,364	$ 9,455
Accrued director fees	$ 0	$ 124

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2016USD ($)
Income Tax
Net operating loss carryforwards	$ 1,338,000
Net operating loss carryforwards expiration year	Expires commencing 2025 through the year 2027.
Deferred tax asset tax loss carryforwards	$ 455,000
Ownership interest	50.00%