Cover
Cover - USD ($) | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 18, 2020 | Mar. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | BALLY, CORP. | ||
Entity Central Index Key | 0001591565 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Sep. 30, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 9,850,000 | ||
Entity Public Float | $ 31,440 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 333-192387 | ||
Entity Incorporation State Country Code | NV | ||
Entity Address Address Line 1 | 986 Dongfang Rd., | ||
Entity Address Address Line 2 | One Hundred Shanshan Bldg | ||
Entity Address Address Line 3 | 25th Fl | ||
Entity Address City Or Town | Pudong SHI | ||
Entity Address Country | CN | ||
Entity Address Postal Zip Code | 200122 | ||
Entity Tax Identification Number | 80-0917804 | ||
Local Phone Number | 138 1833 3008 | ||
City Area Code | 86 | ||
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Current assets: | ||
Cash | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
Total Assets | 0 | 0 |
Current liabilities | ||
Accounts payable | 1,089 | 1,089 |
Due to shareholder | 63,087 | 34,260 |
Total Current Liabilities and Total Liabilities | 64,176 | 35,349 |
Stockholders' Deficit: | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized 0 shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 100,000,000 shares authorized 9,850,000 shares issued and outstanding | 985 | 985 |
Additional paid-in capital | 178,395 | 178,395 |
Accumulated deficit | (243,556) | (214,729) |
Total Stockholders' Deficit | (64,176) | (35,349) |
Total Liabilities and Stockholders' Deficit | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
Stockholders' Deficit | ||
Preferred stock, shares par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,850,000 | 9,850,000 |
Common stock, shares outstanding | 9,850,000 | 9,850,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Statements of Operations | ||
Revenue | $ 0 | $ 0 |
Expenses: | ||
General and administrative | 28,827 | 24,878 |
Total expenses | 28,827 | 24,878 |
Loss before income tax | (28,827) | (24,878) |
Income tax provision | 0 | 0 |
Net loss | $ (28,827) | $ (24,878) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 |
Basic and Diluted Weighted Average Number of Common Shares Outstanding | 9,850,000 | 9,850,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Total | Common Stock | Preferred Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Sep. 30, 2018 | 9,850,000 | ||||
Balance, amount at Sep. 30, 2018 | $ (10,471) | $ 985 | $ 0 | $ 178,395 | $ (189,851) |
Net loss for the year | (24,878) | $ 0 | 0 | 0 | (24,878) |
Balance, shares at Sep. 30, 2019 | 9,850,000 | ||||
Balance, amount at Sep. 30, 2019 | (35,349) | $ 985 | 0 | 178,395 | (214,729) |
Net loss for the year | (28,827) | $ 0 | 0 | 0 | (28,827) |
Balance, shares at Sep. 30, 2020 | 9,850,000 | ||||
Balance, amount at Sep. 30, 2020 | $ (64,176) | $ 985 | $ 0 | $ 178,395 | $ (243,556) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (28,827) | $ (24,878) |
Changes in operating assets and liabilities: | ||
Shareholder advances funding operations | 28,827 | 24,689 |
Accounts payable | 0 | 189 |
Net Cash Used in Operating Activities | 0 | 0 |
Net change in cash | 0 | 0 |
Cash - beginning of year | 0 | 0 |
Cash - end of year | 0 | 0 |
Supplemental Cash Flow Disclosure: | ||
Interest paid | 0 | 0 |
Taxes paid | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Sep. 30, 2020 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS BALLY, CORP. (the “Company”) was incorporated in the State of Nevada on March 13, 2013. The Company is currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. To date, the Company’s activities have been limited to its formation and the raising of equity capital. The Company’s fiscal year end is September 30. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. Use of estimates The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. Financial Instruments The Company follows ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value of accounts payable and accrued expenses and due to shareholder approximates their carrying amounts because of their immediate or short-term maturity. Concentrations of Credit Risks The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of September 30, 2020, and 2019, the Company did not have any amounts recorded pertaining to uncertain tax positions. Loss per Share The Company has adopted ASC 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of September 30, 2020 and 2019. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of its financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Sep. 30, 2020 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not generated any revenues since inception. The Company has a net loss of $28,827, for the year ended September 30, 2020, working capital deficiency of $64,176 and an accumulated deficit of $243,556 at September 30, 2020. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing, shareholder loans and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for future periods. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Sep. 30, 2020 | |
INCOME TAXES | |
NOTE 4 - INCOME TAXES | NOTE 4 - INCOME TAXES The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. The provisions for federal income tax, consist of the following: Year Ended September 30, 2020 2019 Income tax expense (benefit) at statutory rate $ (6,054 ) $ (5,224 ) Change in valuation allowance 6,054 5,224 Income tax expense $ - $ - |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE 5 - RELATED PARTIES TRANSACTIONS 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 were considered temporary in nature and were not formalized by a promissory note. During the year ended September 30, 2020 and 2019, the Company’s sole officer advanced to the Company an amount of $28,827 and $24,689 by the way of loan. As of September 30, 2020 and 2019, the Company was obligated to the officer, for an unsecured, non-interest bearing demand loan with a balance of $63,087 and $34,260, respectively. |
EQUITY
EQUITY | 12 Months Ended |
Sep. 30, 2020 | |
EQUITY | |
NOTE 6 - EQUITY | NOTE 6 - EQUITY Preferred Stock The Company has 20,000,000 authorized preferred shares with a par value of $0.0001 per share. There were no shares of preferred shares issued and outstanding as of September 30, 2020 and 2019. Common Stock The Company has 100,000,000 authorized common shares with a par value of $0.0001 per share. As of September 30, 2020, and 2019, there were 9,850,000 shares of common stock issued and outstanding, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Sep. 30, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. |
Use of estimates | The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. |
Financial Instruments | The Company follows ASC 820, “Fair Value Measurements and Disclosures”, which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value of accounts payable and accrued expenses and due to shareholder approximates their carrying amounts because of their immediate or short-term maturity. |
Concentrations of Credit Risks | The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. |
Income Taxes | The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of September 30, 2020, and 2019, the Company did not have any amounts recorded pertaining to uncertain tax positions. |
Loss per Share | The Company has adopted ASC 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the year. The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding, as of September 30, 2020 and 2019. |
Recent Accounting Pronouncements | Management has considered all recent accounting pronouncements issued since the last audit of its financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2020 | |
INCOME TAXES | |
Schedule of provisions for refundable federal income tax at a blended rate | Year Ended September 30, 2020 2019 Income tax expense (benefit) at statutory rate $ (6,054 ) $ (5,224 ) Change in valuation allowance 6,054 5,224 Income tax expense $ - $ - |
Schedule of tax effects of temporary differences net deferred tax assets | September 30, September 30, 2020 2019 Net Operating Loss carryforward $ 13,288 $ 7,234 Effect of change in statutory rate - Valuation allowance (13,288 ) (7,234 ) Net deferred tax asset $ - $ - |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
GOING CONCERN | ||
Net loss | $ (28,827) | $ (24,878) |
Accumulated deficit | (243,556) | $ (214,729) |
Working capital deficit | $ (64,176) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
INCOME TAXES | ||
Income tax expense (benefit) at statutory rate | $ (6,054) | $ (5,224) |
Change in valuation allowance | 6,054 | 5,224 |
Income tax expense | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
INCOME TAXES | ||
Net Operating Loss carryforward | $ 13,288 | $ 7,234 |
Effect of change in statutory rate | 0 | |
Valuation allowance | (13,288) | (7,234) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Sep. 30, 2020USD ($) | |
INCOME TAXES | |
Net operating losses ("NOL") | $ 63,276 |
NOL not carryover | $ 180,280 |
Change in ownership interest of significant stockholders | 5000.00% |
RELATED PARTIES TRANSACTIONS (D
RELATED PARTIES TRANSACTIONS (Detail Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
RELATED PARTY TRANSACTIONS | ||
Advances from sole officer by way of loan | $ 28,827 | $ 24,689 |
Due to officer for non-interest bearing demand loan | $ 63,087 | $ 34,260 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Sep. 30, 2020 | Sep. 30, 2019 |
EQUITY | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 9,850,000 | 9,850,000 |
Common stock, shares outstanding | 9,850,000 | 9,850,000 |