Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | STAR ALLY INC | |
Entity Central Index Key | 1,592,411 | |
Document Type | 10-Q | |
Trading Symbol | SALY | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 17,376,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 11,651 | |
Related party receivable | 1,351 | |
Total current assets | 13,002 | |
Long term assets | ||
Intangible asset, less accumulated amortization of $4,792 and $3,192 respectively | 1,608 | 3,208 |
Total long term assets | 1,608 | 3,208 |
Total assets | 1,608 | 16,210 |
Current liabilities | ||
Accounts payable and accrued liabilities | 5,000 | 9,158 |
Amount due to director | 2,306 | |
Loan payable - related party | 30,000 | |
Notes payable - related parties | 50,000 | |
Total current liabilities | 7,306 | 89,158 |
Stockholders' deficit | ||
Common stock, 100,000,000 shares authorized, at $0.001 par value, 17,376,000 and 17,376,000 shares outstanding, respectively | 17,376 | 17,376 |
Additional paid-in capital | 2,776,138 | 2,682,623 |
Accumulated deficit | (2,799,212) | (2,772,947) |
Total stockholders' deficit | (5,698) | (72,948) |
Total liabilities and stockholders' deficit | $ 1,608 | $ 16,210 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 4,792 | $ 3,192 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, outstanding | 17,376,000 | 17,376,000 |
Statements of Operations (unaud
Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Operating expenses | ||||
General and administrative | 8,225 | 10,142 | 25,765 | 33,158 |
Product endorsement | 27,500 | |||
Professional fees | 6,874 | 12,900 | ||
Total operating expenses | 8,225 | 17,016 | 25,765 | 73,558 |
Loss from operations | (8,225) | (17,016) | (25,765) | (73,558) |
Other expenses | ||||
Interest expense | 107 | 500 | 631 | |
Total other expenses | 107 | 500 | 631 | |
Net loss | $ (8,225) | $ (17,123) | $ (26,265) | $ (74,189) |
Basic and diluted net loss per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding Basic and diluted (in shares) | 17,376,000 | 17,376,000 | 17,376,000 | 17,344,571 |
Statements of Cash Flow (unaudi
Statements of Cash Flow (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flow from operating activities | ||
Net loss | $ (26,265) | $ (74,189) |
Adjustment to reconcile net loss to cash used in operating activities | ||
Stock based compensation | 27,500 | |
Amortization | 1,600 | 1,600 |
Change in assets and liabilities- | ||
Increase (decrease) in accounts payables and accruals | 3,804 | (1,119) |
Net cash used in operating activities | (20,861) | (46,208) |
Cash flows from financing activities | ||
Net proceeds from note payable - related party | 9,210 | |
Loan from former related party | 25,000 | |
Common stock issued for cash | 25,000 | |
Net cash provided by financing activities | 9,210 | 50,000 |
(Decrease) increase in cash | (11,651) | 3,792 |
Cash, beginning | 11,651 | 21,113 |
Cash, ending | 24,905 | |
Cash paid: | ||
Interest | ||
Income taxes | ||
Non-cash financing and investing activities | ||
Former related party notes and payables forgiven | 93,515 | |
Due to related party for payment of expenses on behalf of the company | $ 2,306 |
ORGANIZATION AND OPERATIONS
ORGANIZATION AND OPERATIONS | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND OPERATIONS | NOTE 1 - ORGANIZATION AND OPERATIONS Star Ally Inc. (formerly known as Reraise Gaming Corporation), (the “Company”) located in Las Vegas, Nevada, was incorporated on October 2, 2013, in the State of Nevada. As of September 30, 2016 the Company has acquired a variety of poker games, some with patents and some with patents pending, in addition to those we are developing. Each of the games has been acquired or is being developed for different segments of the poker market, namely video poker, brick and mortar, as well as online poker. Several of the games are available on line, at no charge, to test their viability. Our former director Mr. Ron Camacho resigned as President and Chief Executive Officer, Secretary and Treasurer of our Company. On July 8, 2016 and Mr. Andy Kim was appointed as President and Chief Executive Officer, Secretary and Treasurer on the same date. Mr. Kim expressed that he will end the development and distribution of poker game and will shift focus to develop the binary option software, a financial software for the trading of binary option. A binary option, or asset-or-nothing option, is type of option in which the payoff is structured to be either a fixed amount of compensation if the option expires in the money, or nothing at all if the option expires out of the money. The success of a binary option is thus based on a yes or no proposition, hence “binary”. Our detailed plan of operation consists of developing the software, applying for patents and trademarks, apply for international patents and trademarks and market the software to the binary option industry. On August 15, 2016, the Board of Directors appointed Mr. Jung Choung Hun to a vacant position on the Company’s Board of Directors. Jun Choung Hun was also appointed to the position of President, Chief Executive Officer (CEO), Secretary, Treasurer and Executive Director, replacing Andy Kim, who resigned as President, CEO, Secretary and Treasurer. There was no disagreement between the Company and Andy Kim, and Mr. Kim retains his position as Director of the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the years ended December 31, 2015 and 2014, contained in the Company's Form 10K, originally filed with the Securities and Exchange Commission on March 30, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying interim financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business, The Company has been engaged substantially in financing activities and developing its business plan and marketing. As a result, the Company incurred an accumulated deficit of $2,799,212. As of September 30, 2016, the Company has a working capital deficit. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. The Company's development activities since inception have been financially sustained through the sale of capital stock and capital contributions from a note holder. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock or through debt financing and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
COMMITMENT
COMMITMENT | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENT | NOTE 4 – COMMITMENT On May 21, 2014 the Company entered into an agreement with Chris Moneymaker, an individual to use his name and likeness alongside a brief positive quote on the Company's website, paraphernalia or literature. In exchange, the Company will compensate Chris Moneymaker the following: ☐ $10,000 signing bonus ☐ $1,000 per month – 24 months consulting contract after we have raised $1,000,000 from the time this contract is initiated. ☐ Additional $500 per month – 24 month consulting contract for every $1,000,000 thereafter that is raised. The above consulting terms are concurrent, meaning, the 2nd contract will be added to the first contract and every other contract thereafter. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 5 – INTANGIBLE ASSETS During the year ended December 31, 2014, and as part of its marketing strategy to acquaint users with its product, the Company has undertaken to build its own interactive website. The Company capitalized website development costs of $6,400 for the period from January 1, 2014 through website launch on September 1, 2014. The Company's capitalized website amortization is included in general and administrative expenses in the Company's statements of operations, and totaled $1,600 and $1,600 for the nine months ended September 30, 2016 and 2015, respectively. Intangible assets consist of the unamortized portion of capitalized website development costs. |
RELATED TRANSACTIONS
RELATED TRANSACTIONS | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED TRANSACTIONS | NOTE 6 – RELATED TRANSACTIONS During the year, December 31, 2013, the Company accrued expenses for $30,000 for the payment of services provided by an entity controlled by the Company's former sole officer and director. The loan is non-interest bearing, unsecured and has no specific repayment terms or maturity date. As of March 31, 2016, the entire $30,000 is outstanding. Pursuant to a loan waiver letter dated June 30, 2016, the entire balance forgiven during the period. On June 2, 2014 the Company borrowed $25,000 from a former related party with interest of 5% repayable in one payment of $26,250, on June 1, 2015. In the event of default, the note is secured by not less than 2,000,000 shares of the Company's common stock. On August 14, 2015 the note was extended, with an additional interest charge of 5% or $1,322, the entire balance of $26,322, repayable on June 1, 2016. Pursuant to a loan waiver letter dated June 30, 2016, the entire balance was forgiven during the period. On June 8, 2015 the Company borrowed $25,000 from a former related party with interest of 2% repayable in one payment of $25,042, on July 8, 2015. On August 14, 2015 the note was extended, under the same terms and conditions, until July 8, 2016, the entire balance of $25,682 payable in one lump sum. In the event of default, unless such default is cured within 10 days, holder has the option of charging the Company an additional 10% of the note amount. Pursuant to a loan waiver letter dated June 30, 2016, the entire balance was forgiven during the period. On May 18, 2016, the Company borrowed $10,000 from a former related party and $790 was paid back on June 30, 2016. Pursuant to a loan waiver letter dated June 30, 2016, the entire remaining balance of $9,210 was forgiven during the period. On June 30, 2016, $93,515 was the total of the above former related party loan, notes payable and accrued interest which was waived. Since this transaction was with a related party the write-off of the debt was recorded as additional paid in capital. As of September 30, 2016, the Company was obligated to the CEO for an unsecured, non-interest demand bearing loan with a balance of 2,306. As of March 31, 2016, the Company had an outstanding advance to the former Company's President, in the amount of $1,351. The advance was for working capital purposes. The advance has no specific repayments terms or maturity and is non-interest bearing and unsecured. Pursuant to a waiver letter dated June 30, 2016, the entire balance was forgiven by the Company during the period. The Company has been provided office space by its chief executive officer at no cost. Management has determined that such cost is nominal and has not recognized any rent expense in its financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto for the years ended December 31, 2015 and 2014, contained in the Company's Form 10K, originally filed with the Securities and Exchange Commission on March 30, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 2,799,212 | $ 2,772,947 |
COMMITMENT (Details Narrative)
COMMITMENT (Details Narrative) - Agreement [Member] - Mr. Chris Moneymaker [Member] | May 21, 2014USD ($) |
Signing bonus amount | $ 10,000 |
Monthly compensation paid | $ 1,000 |
Term period of consulting contract | 24 months |
Amount raised from the contract initiated | $ 1,000,000 |
Additional amount of compensation paid per month for every $1,000,000 thereafter that is raised | $ 500 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 8 Months Ended | 9 Months Ended | |
Sep. 01, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | |
Website development costs | $ 6,400 | ||
General and Administrative Expense [Member] | |||
Website development costs | $ 1,600 | $ 1,600 |
RELATED TRANSACTIONS (Details N
RELATED TRANSACTIONS (Details Narrative) - USD ($) | Aug. 14, 2015 | Jun. 02, 2014 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2013 | Jul. 08, 2016 | Jun. 01, 2016 | May 18, 2016 | Dec. 31, 2015 | Jul. 08, 2015 | Jun. 08, 2015 | Jun. 01, 2015 |
Related Party Transaction [Line Items] | ||||||||||||||
Loan payable - related party | $ 30,000 | |||||||||||||
Loan from related party | $ 25,000 | |||||||||||||
Related party receivable | $ 1,351 | |||||||||||||
Chief Executive Officer [Member] | Unsecured Debt [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Description of interest rate terms | Loan is non-interest bearing | |||||||||||||
Loan payable - related party | $ 2,306 | |||||||||||||
Former Related Party [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt forgiven amount | $ 93,515 | |||||||||||||
Former Related Party [Member] | 5% Secured Debt [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt face amount | $ 25,000 | |||||||||||||
Debt forgiven amount | 26,322 | |||||||||||||
Debt balloon payment | $ 26,322 | $ 26,250 | ||||||||||||
Description of collateral | Secured by not less than 2,000,000 shares of the Company's common stock. | |||||||||||||
Additional interest rate | 5.00% | |||||||||||||
Interest rate | $ 1,322 | |||||||||||||
Former Related Party [Member] | 2% Loans Payable [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt face amount | $ 25,000 | |||||||||||||
Debt forgiven amount | 25,682 | |||||||||||||
Debt balloon payment | $ 25,682 | $ 25,042 | ||||||||||||
Additional percentage of note amount charged | 10.00% | |||||||||||||
Former Related Party [Member] | Loans Payable [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt face amount | $ 10,000 | |||||||||||||
Debt forgiven amount | 9,210 | |||||||||||||
Repayment of debt | 790 | |||||||||||||
Former Officer & Director [Member] | Unsecured Debt [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt face amount | $ 30,000 | |||||||||||||
Description of interest rate terms | Loan is non-interest bearing | |||||||||||||
Description of repayment terms | No specific repayment terms or maturity date. | |||||||||||||
Loan payable - related party | $ 30,000 | |||||||||||||
Former Officer & Director [Member] | Unsecured Debt [Member] | Loan Waiver Letter [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Debt forgiven amount | $ 30,000 | |||||||||||||
Loans Receivable [Member] | Former President [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Description of interest rate terms receivable | Loan is non-interest bearing | |||||||||||||
Related party receivable | $ 1,351 |