Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'BALIUS CORP. |
Document Type | '10-K |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Entity Central Index Key | '0001562738 |
Current Fiscal Year End Date | '--12-31 |
Entity Common Stock, Shares Outstanding | 12,550,000 |
Entity Public Float | $0 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets, Current | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $2,776 | $10,126 |
Prepaid Expense, Current | 6,000 | ' |
Assets, Current | 8,776 | 10,126 |
Assets | 8,776 | 10,126 |
Liabilities, Noncurrent | ' | ' |
Due to Related Parties, Noncurrent | 2,424 | 424 |
Liabilities | 2,424 | 424 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' |
Common Stock, Value, Issued | 12,550 | 10,000 |
Additional Paid in Capital, Common Stock | 22,950 | ' |
Retained Earnings (Accumulated Deficit) | -29,148 | -298 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 6,352 | 9,702 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ' | ' |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 12,550,000 | 10,000,000 |
Liabilities and Equity | $8,776 | $10,126 |
Statement_of_Income
Statement of Income (USD $) | 2 Months Ended | 12 Months Ended | 15 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Revenues | ' | ' | ' |
Sales Revenue, Goods, Net | ' | $3,587 | $3,587 |
Cost of Revenue | ' | ' | ' |
Cost of Goods Sold | ' | 2,000 | 2,000 |
Gross Profit | ' | 1,587 | 1,587 |
Operating Expenses | ' | ' | ' |
General and Administrative Expense | 298 | 30,437 | 30,735 |
Operating Expenses | 298 | 30,437 | 30,735 |
Operating Income (Loss) | -298 | -28,850 | -29,148 |
Net Income (Loss) Attributable to Parent | ($298) | ($28,850) | ($29,148) |
Earnings Per Share | ' | ' | ' |
Earnings Per Share, Basic | $0 | $0 | ' |
Weighted Average Number of Shares Outstanding, Basic | 6,142,857 | 11,362,411 | ' |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Stockholders' equity starting balance at Oct. 22, 2012 | ' | ' | ' | ' |
Shares issued during period | 10,000,000 | ' | ' | 10,000,000 |
Net (loss) | ' | ' | ($298) | ($298) |
Stockholders' equity ending balance at Dec. 31, 2012 | 10,000 | ' | -298 | 9,702 |
Shares issued ending balance at Dec. 31, 2012 | 10,000,000 | ' | ' | 10,000,000 |
Shares issued during period | 2,550,000 | ' | ' | 2,550,000 |
Net (loss) | 0 | ' | -28,850 | -28,850 |
Adjustment to additional paid-in-capital | 0 | 22,950 | ' | 22,950 |
Stockholders' equity ending balance at Dec. 31, 2013 | $12,550 | $22,950 | ($29,148) | $6,352 |
Shares issued ending balance at Dec. 31, 2013 | 12,550,000 | ' | ' | 12,550,000 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 2 Months Ended | 12 Months Ended | 15 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Net Cash Provided by (Used in) Operating Activities | ' | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($298) | ($28,850) | ($29,148) |
Increase (Decrease) in Operating Assets | ' | ' | ' |
Increase (Decrease) in Prepaid Expense and Other Assets | ' | -6,000 | -6,000 |
Net Cash Provided by (Used in) Operating Activities | -298 | -34,850 | -35,148 |
Net Cash Provided by (Used in) Financing Activities | ' | ' | ' |
Proceeds from Issuance of Common Stock | 10,000 | 25,500 | 35,500 |
Proceeds from loans | 424 | 2,000 | 2,424 |
Net Cash Provided by (Used in) Financing Activities | 10,424 | 27,500 | 37,924 |
Cash and Cash Equivalents, Period Increase (Decrease) | 10,126 | -7,350 | 2,776 |
Cash and Cash Equivalents, at Carrying Value | ' | 10,126 | ' |
Cash and Cash Equivalents, at Carrying Value | $10,126 | $2,776 | $2,776 |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements: | ' | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ' | |||
BALIUS CORP. | ||||
(A DEVELOPMENT STAGE COMPANY) | ||||
NOTES TO THE FINANCIAL STATEMENTS (AUDITED) | ||||
FOR THE YEAR ENDED DECEMBER 31, 2013, THE PERIOD FROM INCEPTION (OCTOBER 23, 2012) TO DECEMBER 31, 2012 AND THE PERIOD FROM INCEPTION (OCTOBER 23, 2012) TO DECEMBER 31, 2013 | ||||
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | ||||
Organization and Description of Business | ||||
BALIUS CORP. (the “Company”) was incorporated under the laws of the State of Nevada on October 23, 2012 (“Inception”) and plans to buy young Irish sport horses, train and resell them. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915-205 "Development-Stage Entities.” Since inception through December 31, 2013 the Company has not generated any revenue and has accumulated losses of $29,148. | ||||
NOTE 2 – GOING CONCERN | ||||
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (October 23, 2012) resulting in an accumulated deficit of $29,148 as of December 31, 2013 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. | ||||
The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and, or, the private placement of common stock. | ||||
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Accounting Basis | ||||
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company accounts for all transactions in US dollars and has adopted December 31 fiscal year end. | ||||
Cash and Cash Equivalents | ||||
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. | ||||
The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2013 the Company's bank deposits did not exceed the insured amounts. | ||||
Basic and Diluted Income (Loss) Per Share | ||||
The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity securities where issued or outstanding during the year ended December 31, 2013 or during the period from Inception (October 23, 2012) to December 31, 2012. | ||||
Dividends | ||||
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. | ||||
Income Taxes | ||||
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
Advertising Costs | ||||
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the year ended December 31, 2013 and during the period from Inception (October 23, 2012) to December 31, 2012. | ||||
Impairment of Long-Lived Assets | ||||
The Company, when applicable, continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. | ||||
Recent accounting pronouncements | ||||
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Stock-Based Compensation | ||||
As of December 31, 2013 the Company has not issued any stock-based payments to its employees. | ||||
Stock-based compensation is accounted for at fair value in accordance with SFAS ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. | ||||
Fair Value of Financial Instruments | ||||
The Company’s financial instruments consist of cash, prepaid expenses and amounts due to its major stockholder. The carrying amount of these financial instruments approximates fair value due to their short term maturities. | ||||
Revenue Recognition | ||||
The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectibility is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectibility of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. | ||||
NOTE 4 – COMMON STOCK | ||||
The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. | ||||
On November 19, 2012, the Company issued 10,000,000 shares of its common stock at $0.001 per share to the President of the Company for total cash proceeds of $10,000. | ||||
For the year ended period ended December 31, 2013 the Company issued 2,550,000 shares of its common stock at $0.01 per share for total cash proceeds of $25,500 between May 29 and June 26, 2013. | ||||
As of December 31, 2013, the Company had 12,550,000 shares issued and outstanding. | ||||
NOTE 5 – INCOME TAXES | ||||
As of December 31, 2013 the Company had net operating loss carry forwards of $29,148 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | ||||
Components of net deferred tax assets, including a valuation allowance, are as follows at December 31, 2013 and 2012. | ||||
2013 | 2012 | |||
Deferred tax assets: | ||||
Net operating loss carry forward | $ 10,202 | $ 104 | ||
Total deferred tax assets | 10,202 | 104 | ||
Less: valuation allowance | (10,202) | -104 | ||
Net deferred tax assets | $ - | $ - | ||
The valuation allowance for deferred tax assets as of December 31, 2013 was $10,202. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of December 31, 2013. | ||||
Reconciliation between the statutory rate and the effective tax rate is as follows at December 31, 2013 and 2012: | ||||
2013 | 2012 | |||
Federal statutory tax rate | -35 | % | (35.0) % | |
Change in valuation allowance | 35 | % | 35.0 % | |
Effective tax rate | - | % | - % | |
NOTE 6 – LOAN FROM SHAREHOLDER | ||||
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. | ||||
Since Inception (October 23, 2012) through December 31, 2013 the Director and principal shareholder has loaned the Company $2,424 to pay for general and administrative expenses. As of December 31, 2013, total loan amount was $2,424. The loan is non-interest bearing, due upon demand and unsecured. | ||||
NOTE 7 - SUBSEQUENT EVENTS | ||||
On January 22, 2013 we executed a Grazing Lease Agreement, dated January 22, 2013. According to the agreement, Balius, Corp. will lease a pasture consisting of approximately 5 acres located at Moneygold, Grange, Sligo County, Ireland. | ||||
On March 26, 2013 we also entered into oral agreement with Thomas Casidy to use a property which includes a riding arena, a stable for 8 horses and 6 acres pasture field in Ballaghnatrillick, a village in County Sligo, Ireland. The owner left Ireland and offered the property free of charge and for indefinite term. Our responsibility is to maintain the property in a good condition. In accordance with ASC 855-10, “Subsequent Events” the Company has analyzed its operations subsequent to December 31, 2013 to the date these financial statements were available to be issued on February 3, 2014, and has determined that it does not have any material subsequent events to disclose in these financial statements. |