Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 23, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Barrel Energy Inc. | |
Entity Central Index Key | 1,631,463 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,786,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 5,897 | $ 455 |
Total current assets | 5,897 | 455 |
Oil lease - unproved | 46,063 | 44,738 |
Total assets | 51,960 | $ 45,193 |
Current liabilities: | ||
Accounts payable | 950 | |
Accrued interest | 11,269 | $ 7,762 |
Advance from shareholder | 18,395 | 15,683 |
Convertible note - related party | 2,088 | 2,088 |
Convertible notes | 74,818 | 55,923 |
Total current liabilities | $ 107,520 | 81,456 |
Convertible notes payable | 16,742 | |
Total liabilities | $ 107,520 | $ 98,198 |
Stockholders" equity (deficit): | ||
Preferred stock, $0.001 par value, 5,000,000 authorized, zero issued and outstanding | ||
Common stock, $0.001 par value, 70,000,000 authorized, 10,578,000 and 10,000,000 issued and outstanding, respectively | $ 9,567 | $ 8,989 |
Paid in capital | 13,872 | |
Accumulated other comprehensive income | 3,236 | $ 5,500 |
Accumulated deficit | (82,235) | (67,494) |
Total stockholders" deficit | (55,560) | (53,005) |
Total liabilities and stockholders" equity | $ 51,960 | $ 45,193 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Sep. 30, 2015 |
Stockholders" equity (deficit): | ||
Preferred Stock, Par value | $ 0.001 | $ 0.001 |
Preferred Stock, Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Issued | 0 | 0 |
Preferred Stock, Outstanding | 0 | 0 |
Common Stock, Par value | $ 0.001 | $ 0.001 |
Common Stock, Authorized | 70,000,000 | 70,000,000 |
Common Stock, Issued | 10,578,000 | 10,000,000 |
Common Stock, Outstanding | 10,578,000 | 10,000,000 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Operating expenses: | ||||
General and administrative expense | $ 3,094 | $ 16,782 | $ 12,013 | $ 23,068 |
Loss from operations | (3,094) | (16,782) | (12,013) | (23,068) |
Other income (expense) | ||||
Interest expense | (1,555) | (1,880) | (3,158) | (3,860) |
Currency (gain) loss | 430 | 23 | 430 | (588) |
Total other income (expense) | (1,125) | (1,857) | (2,728) | (4,448) |
Net loss | (4,219) | (18,639) | (14,741) | (27,516) |
Foreign currency translation adjustment | (2,768) | (2,151) | (2,264) | (3,246) |
Comprehensive (loss) | $ (6,987) | $ (20,790) | $ (17,005) | $ (30,762) |
Net loss per common share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic and diluted | 10,338,440 | 10,000,000 | 10,178,732 | 10,000,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (14,741) | $ (27,516) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock issued for services | $ 900 | |
Comprehensive loss | $ (605) | |
Changes in operating assets and liabilities: | ||
Accounts payable | $ 950 | 1,181 |
Accrued interest | 3,507 | 3,487 |
Net cash used in operating activities | (9,384) | $ (23,453) |
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 13,550 | |
Advances from related party | 4,731 | |
Repayment of related party advances | $ (2,019) | |
Proceeds from convertible note payable-related party | $ 2,408 | |
Proceeds from convertible note payable | 16,590 | |
Net cash provided by financing activities | $ 16,262 | 18,998 |
Effects of currency translation | (1,436) | 3,246 |
Net increase in cash | 5,442 | (1,209) |
Cash - beginning of period | 455 | 1,770 |
Cash - end of period | $ 5,897 | $ 561 |
SUPPLEMENT DISCLOSURES: | ||
Interest paid | ||
Income taxes paid |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF BUSINESS | Barrel Energy Inc (Barrel) was incorporated on January 27, 2014 under the laws of the State of Nevada. The Company was formed to invest in producing oil and gas properties. On September 26, 2014 the Company leased a non-producing oil and gas property in the province of Alberta, Canada. BASIS OF PRESENTATION The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2016. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period, as reported in the Form 10-K, have been omitted. The accompanying unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Companys form 10-K filed with the SEC on September 30, 2015. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The Companys interim financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company, as shown in the accompanying balance sheets, has a working capital deficit of $101,623 and an accumulated deficit of $82,235 as of March 31, 2016. The Company has not established any source of revenue to cover its operating costs. These factors raise substantial doubt about the companys ability to continue as a going concern. The Company will engage in very limited activities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - COMMON STOCK | During the three months period ended March 31, 2016 the Company sold 542,000 shares of common stock at $0.025 per share with a value of $13,550 to 40 individuals for cash. During the three months period ended March 31, 2016 the Company issued 36,000 shares of common stock at $0.025 per share with a value of $900 to one entity for service. |
CONVERTIBLE NOTE
CONVERTIBLE NOTE | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - CONVERTIBLE NOTE | On July 1, 2014 the Company issued a USD $57,580 (CAD $75,000) convertible note for cash. The note bears an interest rate of 9.5% and matures on December 31, 2015. The note, plus accrued interest, is convertible by the holder, in part or whole, until the date of maturity into common stock of the Company at CAD one cent ($0.01) per share. The note is in default. On October 23, 2014, the Company issued a USD $17,238(CAD $22,454) convertible note for cash. The note bears an interest rate of 9.5% and matures on December 31, 2016. The note, plus accrued interest, is convertible by the holder, in part or whole, until the date of maturity into common stock of the Company at CAD one cent ($0.01) per share. As of March 31, 2016 the convertible debt outstanding was US $74,818 plus accrued interest of US $11,269 for a total liability of $86,087. |
RELATED PARTY
RELATED PARTY | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY | During the six months period ended March 31, 2016 an officer and director of the Company advances the Company $4,731 and was repaid $2,019 from the Company. The funds are payable on demand and bear no interest. As of March 31, 2016 the total amount due to the officer and director is US$ 18,395. On December 1, 2014 the Company issued to a related party, who is an officer and director of the Company, a convertible note for US$ 2,088 (CAD $2,800). The note bears an interest rate of 5% per annum and matures on December 31, 2015. The note holder may until the date of maturity convert the principal and accrued interest into common stock of the Company at the rate of $0.025 CAD per share. The note is in default. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - SUBSEQUENT EVENT | During the period from April 1, 2016 to through the date of the issuance of this report, the Company sold 208,000 shares of common stock at $0.025 per share with a value of $5,200 to 12 individuals for cash. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Going Concern Details Narrative | ||
Working capital deficit | $ 101,623 | |
Accumulated deficit | $ (82,235) | $ (67,494) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | 3 Months Ended |
Mar. 31, 2016USD ($)Number$ / sharesshares | |
Common Stock Details Narrative | |
Number of common shares sold | shares | 542,000 |
Number of common shares sold, per share | $ / shares | $ 0.025 |
Number of common shares sold, value | $ | $ 13,550 |
Number of common shares sold, individuals for cash | Number | 40 |
Issuance of common shares | shares | 36,000 |
Issuance of common shares, per share | $ / shares | $ 0.025 |
Issuance of common shares, value | $ | $ 900 |
Issuance of common shares, entity for service | Number | 1 |
CONVERTIBLE NOTE (Details Narra
CONVERTIBLE NOTE (Details Narrative) | Mar. 31, 2016USD ($) |
Convertible Note Details Narrative | |
Convertible debt outstanding | $ 74,818 |
Accrued interest | 11,269 |
Total liability | $ 86,087 |
RELATED PARTY (Details Narrativ
RELATED PARTY (Details Narrative) - USD ($) | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 | |
Related Party Details Narrative | |||
Advances from related party | $ 4,731 | ||
Repayment of related party debt | 2,019 | ||
Due to the officer and director | $ 18,395 | $ 15,683 |