Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Jun. 30, 2013 | Oct. 14, 2013 | |
Document and Entity Information: | ||
Entity Registrant Name | ALAS AVIATION CORP. | |
Document Type | 10-K | |
Document Period End Date | 30-Jun-13 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 774937 | |
Current Fiscal Year End Date | -24 | |
Entity Common Stock, Shares Outstanding | 45,000,000 | |
Entity Public Float | $18,310,206 | |
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 | Q4 |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS - Unaudited (USD $) | Oct. 14, 2013 | Jun. 30, 2012 |
ASSETS | ||
TOTAL ASSETS | $0 | $0 |
CURRENT LIABILITIES | ||
Accounts payable | 6,322 | 300 |
Advances from shareholder | 47,015 | |
Accrued interest to shareholders | 10,444 | |
TOTAL LIABILITIES | 6,322 | 57,759 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value $0.01, authorized: 1 million shares, none issued or outstanding at June 30, 2013 and 2012 | ||
Common stock: $0.01 par value; 100,000,000 and 60,000,000 shares authorized at June 30, 2013 and 2012 respectively: 93,310,458 and 78,312,300 shares issued and outstanding at June 30, 2013 and 2012, respectively | 933,104 | 783,123 |
Additional paid-in capital | 90,216,142 | 90,287,268 |
Accumulated other comprehensive loss | -63,201 | -63,201 |
Accumulated deficit from prior operations | -91,024,442 | -91,024,442 |
Deficit accumulated during the exploration stage | -67,925 | -40,507 |
TOTAL STOCKHOLDERS' DEFICIT | -6,322 | -57,759 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $0 | $0 |
BALANCE_SHEETS_Unaudited_Paren
BALANCE SHEETS - Unaudited (Parenthetical) (USD $) | Oct. 14, 2013 | Jun. 30, 2012 |
Balance Sheets - Unaudited | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 93,310,458 | 78,312,300 |
Common stock, shares outstanding | 93,310,458 | 78,312,300 |
STATEMENTS_OF_EXPENSES_Unaudit
STATEMENTS OF EXPENSES - Unaudited (USD $) | 12 Months Ended | 53 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
REVENUES | |||
General and administrative expenses | 27,418 | 11,727 | 57,481 |
Total operating expenses | -27,418 | -11,727 | -57,481 |
Loss from operations | -27,418 | -11,727 | -57,481 |
Interest expense | -3,761 | -10,444 | |
Total other expenses | -3,761 | -10,444 | |
Net loss | ($27,418) | ($15,488) | ($67,925) |
Net loss per share, basic and diluted | $0 | $0 | |
Weighted average number of shares outstanding, basic and diluted | 81,536,333 | 78,312,300 |
Shareholders_Equity
Shareholders Equity (USD $) | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) | Accumulated Deficit From Prior Operations | Accumulated (Deficit) During the Exploration Stage | Total |
Begnning Balance, Amount at Jun. 30, 2011 | $783,123 | $90,275,841 | ($63,201) | ($91,024,442) | ($25,019) | ($53,698) |
Begnning Balance, Shares at Jun. 30, 2011 | 78,312,300 | |||||
Net Loss | -15,488 | -15,488 | ||||
Shareholder paid expenses | 11,427 | 11,427 | ||||
Ending Balance, Amount at Jun. 30, 2012 | 783,123 | 90,287,268 | -63,201 | -91,024,442 | -40,507 | -57,759 |
Begnning Balance, Shares at Jun. 30, 2012 | 78,312,300 | |||||
Net Loss | -27,418 | |||||
Forgiveness of related party advances and accrued interest | 57,459 | 57,459 | ||||
Common stock issued in connection with exercise of warrants, Shares | 15,000,000 | |||||
Common stock issued in connection with exercise of warrants, Amount | 150,000 | -150,000 | ||||
Rounding adjustment, Shares | -1,842 | |||||
Rounding adjustment, Amount | -19 | 19 | ||||
Shareholder paid expenses | 21,396 | 21,396 | ||||
Ending Balance, Amount at Jun. 30, 2013 | $933,104 | $90,216,142 | ($63,201) | ($91,024,442) | $67,925 | ($6,322) |
Ending Balance, Shares at Jun. 30, 2013 | 93,310,458 |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS - Unaudited (USD $) | 12 Months Ended | 53 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2013 | |
Statement of Cash Flows [Abstract] | |||
Net loss | ($27,418) | ($15,488) | ($67,925) |
Adjustments to reconcile net loss with cash used in operations: | |||
Operating expenses incurred by related party on behalf of the Company | 21,396 | 21,396 | |
Change in operating liabilities: | |||
Accounts payable and accrued liabilities | 6,022 | 4,061 | 15,800 |
Net cash used in operating activities | -11,427 | -30,729 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net cash provided by investing activities | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Contributed Capital | 11,427 | 30,729 | |
Net cash provided by financing activities | 11,427 | 30,729 | |
Cash at beginning of period | |||
Cash at end of period | |||
SUPPLEMENTAL DISCLOSURES | |||
Cash paid for interest | |||
Cash paid for income taxes | |||
NON CASH INVESTING AND FINANCING ACTIVITIES: | |||
Reclassification from additional paid in capital to common stock due to stock dividend | 522,082 | 522,082 | |
Forgiveness of advances from shareholders and accrued interest | 57,459 | 57,459 | |
Issuance of common stock upon exercise of warrants | $150,000 | $150,000 |
1_The_Company_and_a_Summary_of
1 The Company and a Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2013 | |
Accounting Policies [Abstract] | |
The Company and a Summary of Significant Accounting Policies | |
Note 1 — The Company and a Summary of Significant Accounting Policies | |
The Company and basis of presentation | |
Alas Aviation Corp., formerly LMK Global Resources, Inc. (“we”, “our” or the “Company”), was formed under the laws of the state of Delaware 1982. On June 22, 2013, the Company entered into a Share Exchange Agreement to acquire Corporacion Cygnus Air, S.A., a Spanish based regional air cargo company (“CYNUS Air”). The consummation of the acquisition is subject to financing and the undertaking of customary due diligence procedures. There can be no assurances that the Company will consummate the acquisition of CYGNUS Air. | |
On June 22, 2013, pursuant to the Delaware Holding Company formation statute, LMK Global Resources, Inc. ("LMK") entered into an Agreement and Plan of Merger into a holding company (the “Agreement") with Alas Aviation Corp. ("Alas Aviation") and Alas Acquisition Company ("AAC"), both wholly-owned subsidiaries of LMK. The Agreement provided for the merger of LMK with and into Alas Aviation, with Alas Aviation being the surviving corporation in that merger. Contemporaneously with LMK’s merger with and into Alas Aviation, the shareholders of LMK became shareholders of Alas Aviation on a one share for one share basis pursuant to the Agreement. | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. | |
Management estimates and assumptions | |
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 of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Basic and Diluted Net Income (loss) per share | |
Basic loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during a period. The Company had no dilutive securities outstanding as of June 30, 2013. | |
Recent Accounting Pronouncements | |
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operating, financial position or cash flows. | |
Income Taxes | |
The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of timing differences such as deferred officers’ compensation and stock based compensation accounting. | |
Reclassification | |
Certain reclassifications have been made to prior periods' data to conform to the current period's presentation. These reclassifications had no effect on reported income or losses. |
2_Going_Concern
2 Going Concern | 12 Months Ended |
Jun. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
2 Going Concern | |
Note 2 – Going Concern | |
The accompanying consolidated 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 is currently a development stage entity and has not established any sources of revenue to cover its operating expenses. As shown in the accompanying consolidated financial statements, the Company has not generated any revenues, no assets, and a working capital deficit of $6,322 as of June 30, 2013. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. | |
The ability of the Company to continue as a going concern is dependent on the Company's ability to further implement its business plan, raise capital, and generate revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Additionally, current economic conditions in the United States and globally create significant challenges attaining sufficient funding | |
The Company’s ability to continue existence is dependent upon commencing its planned operations, management’s ability to develop and achieve profitable operations and/or upon obtaining additional financing to carry out its planned business. The Company intends to fund its business development, acquisition endeavors and operations through equity and debt financing arrangements. The Company is dependent upon its Chief Executive Officer to provide financing for working capital purposes. However, there can be no assurance that these arrangements will be sufficient to fund its ongoing capital expenditures, working capital, and other cash requirements. The outcome of these matters cannot be predicted at this time. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might necessary should the Company be unable to continue as a going concern. |
3_Advances_from_Related_Party
3 Advances from Related Party | 12 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | |
Advances from Related Party | |
Note 3 — Advances from Related Party | |
During the twelve months ended June 30, 2013, a shareholder has paid expenses of $21,396 on behalf of the Company which has been recorded as contributed capital. | |
As of June 30, 2012, the Company had related party advances of $47,015 due to a major shareholder, for operating expenses paid on the Company’s behalf. The related party advances accrued interest at a rate of 8% per annum, was unsecured and payable upon demand. This debt and the accrued interest were forgiven by the shareholder as of June 30, 2013, and accordingly, the Company recorded as contributed capital the previously incurred debt of $57,459 during the year ended June 30, 2013. |
4_Income_Taxes
4 Income Taxes | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Schedule of Investments [Abstract] | |||||||||
4 Income Taxes | Note 4 — Income Taxes | ||||||||
The Company utilizes ASC 740 “Income Taxes”, which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The components of the net deferred income tax assets and liabilities at June 30, 2013 and 2012, are as follows: | |||||||||
30-Jun-13 | 30-Jun-12 | ||||||||
Deferred tax asset | $ | 29,004 | $ | 8,506 | |||||
Valuation allowance | (29,004 | ) | (8,506 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Cumulative net operating loss carryforwards at June 30, 2013 and 2012 are $67,925 and $40,507, respectively and begin to expire in 2031. | |||||||||
The difference between income tax expense computed by applying the federal statutory corporate tax rate and actual income tax expense is as follows: | |||||||||
Statutory federal income tax rate | 34.00% | ||||||||
State income taxes rate | 8.70% | ||||||||
Effective tax rate | 42.70% | ||||||||
Internal Revenue Code Section 382 limits the use of net operating losses in certain situations where changes occur in the stock ownership of a company. The availability and timing of net operating losses carried forward to offset future taxable income will be significantly limited due to the changes of ownership. | |||||||||
The provisions of ASC 740 require companies to recognize in their financial statements the impact of a tax position if that position is more likely than not to be sustained upon audit, based upon the technical merits of the position. ASC 740 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure. | |||||||||
Management does not believe that the Company has any material uncertain tax positions requiring recognition or measurement in accordance with the provisions of ASC 740. Accordingly, the adoption of these provisions of ASC 740 did not have a material effect on the Company’s consolidated financial statements. The Company’s policy is to record interest and penalties on uncertain tax positions, if any, as income tax expense. | |||||||||
All tax years for the Company remain subject to future examinations by the applicable taxing authorities. |
5_Capitalization
5 Capitalization | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Notes to Financial Statements | ||||||
5 Capitalization | Note 5 — Capitalization | |||||
Preferred stock | ||||||
The Company has authorized 1,000,000 shares of preferred stock, with a par value of $0.01 per share. As of June 30, 2013 and 2012, the Company has -0- shares of preferred stock issued and outstanding. | ||||||
Common stock | ||||||
The Company has authorized 60,000,000 and 60,000,000 shares of common stock, with a par value of $0.01 per share as of June 30, 2013 and 2012, respectively. As of June 30, 2013 and 2012, the Company has 93,310,458 and 78,312,300 shares of common stock issued and outstanding, respectively. | ||||||
Previously the Company had certain shares of its common stock issued and held in escrow that had been mistakenly issued at the by the Company. Subsequesnt to the date of the financial statements, 74,550,000 shares were returned to the Company’s transfer agent and cancelled to correct the error. On August 21, 2013 the Company issued 300,000 shares of restricted common stock for a deemed issuance price of $0.01 per share to its counsel under the terms of a legal services agreement in a transaction exempt from registration under Section 4(2) of the Securities Act of 1933, as amended. The company issued on October 11, 2013 an additional 25,939,542 shares into escrow with Davisson & Associates, PA for distribution to Arnold Leonora and Air Transport Group Private Equity, Inc. under for delivery upon closing of the Share Exchange Agreement to acquire Cygnus Air, S.A., as amended (See Note 1). | ||||||
At the time the share exchange was completed with LMK Global Resources, Inc. the controlling shareholders of the Company had agreed to cancel a portion of their shares. Concurrent with the dissolution of the business combination, the agreement was amended, so that the controlling shareholder would reduce its holdings to reflect a total of 45,000,000 shares issued and outstanding. As stated in the Company's previous filings the formalities of the terms of this agreement have been implemented and now reflect the correct issued and outstanding shares as well as the correct authorized capital. | ||||||
Stock Dividend | ||||||
Effective on August 20, 2012, the Company completed two shares for every existing share stock dividend. Per Para 25-3 of "ASC 505-20 Stock Dividend and Stock Split", the issuance of additional shares on account of 2:1 stock dividend is at least 20% or 25% of the number of previously outstanding shares, hence transaction has been accounted for as a "Forward Stock Split of 2:1". | ||||||
All references in the accompanying consolidated financial statements and notes thereto have been retroactively restated to reflect the August 20, 2012 stock dividend in substance as a stock split. | ||||||
Stock Warrants | ||||||
On the 27th day of June, 2008, pursuant to the terms of the DIP Loan and Plan, we issued 3,000,000 New shares and warrants for 15,000,000 (adjusted for the forward stock split) new shares to Venture Fund I, Inc., for providing the DIP Loan. The warrants are exercisable at $8.33 per share at any time on or prior to November 30, 2016. The number of shares called or exercised at any given time and the purchase price per share shall be subject to adjustment from time to time by the Board of Directors of the Company. | ||||||
In October 2012, the Company's Board of Directors adjusted the warrant's exercise price to $0.001 per share and the holders of the warrants exercised their rights to acquire the 15,000,000 shares for an aggregate price of $5,000. | ||||||
The warrant activity for the year ended June 30, 2013 is as follows: | ||||||
Warrants | Weighted | |||||
Outstanding | Average | |||||
Exercise Price | ||||||
Outstanding at June 30, 2012 | 15,000,000 | $ | 8.33 | |||
Issued | - | - | ||||
Exercised | (15,000,000 | ) | (0.001 | ) | ||
Expired or canceled | - | - | ||||
Outstanding at June 30, 2013 | - | $ | - | |||
. |
6_Commitments_and_Contingencie
6 Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
6 Commitments and Contingencies | Note 6 – Commitments and Contingencies |
Leases Obligations | |
As of June 30, 2013, the Company does not lease space for offices or operations. | |
Consulting Agreements | |
The Company has consulting agreements with outside contractors to provide marketing and financial advisory services. The Agreements are generally for a term of 12 months from inception and renewable automatically from year to year unless either the Company or Consultant terminates such engagement by written notice. | |
Litigation | |
From time to time, the Company may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm Company’s business. The company is currently not party to any such legal proceedings that it believes will have, individually or in the aggregate, a material adverse effect on its business, financial condition or operating results. | |
Commitments | |
Share Exchange Agreement | |
On June 22, 2013, Alas Aviation entered into a Share Exchange Agreement (the “Share Exchange”) with Arnold Leonora (“Leonora”) and Air Transport Group Private Equity, Inc., a Delaware corporation (“Air Transport”) for the exchange of all of Air Transport’s holdings in Corporacion Yygnus Air, S.A., a corporation formed under the laws of Spain (“Cygnus”). Air Transport held forty nine percent (49%) of the shares of Cygnus while Leonora will continue to hold fifty one percent (51%) of the issued and outstanding shares of Cygnus. These interests in Cygnus are being exchanged for 31,500,000 fully paid nonassessable shares of Alas. Under the terms of the Share Exchange, Leonora will continue to have sole voting control over the shares of Cygnus he holds individually, however all of the financial rights related to his individual ownership were assigned to Alas Aviation under the terms of the Share Exchange. The arrangement was established in order for Cygnus to maintain its flight certificate in Spain. Under the rules and regulations of the Spanish Civil Aviation Authority, in order to maintain eligibility to hold a flight certificate Cygnus must be “controlled” by a member of the European Union. As a citizen of the Netherlands, Leonora meets this requirement. Therefor following closing of the Share Exchange Agreement, Alas Aviation will hold 100% of the financial rights in Cygnus and 49% of the voting rights. | |
The closing of the Share Exchange Agreement is conditioned upon certain, limited customary representations and warranties as well as conditions to close such as the total issued and outstanding shares of Alas being limited to 35,000,000 issued and outstanding post-closing. Following the closing of the Agreement and Plan of Merger and Share Exchange Agreement, we intend to continue Alas Aviation and Cygnus’ historical businesses and proposed businesses. Our historical business and operations will continue independently through a newly formed wholly owned subsidiary. | |
On October 11, 2013 the Company, Arnold Leonora and Air Transport Group Private Equity, Inc. entered into an amendment to the Share Exchange entered into on June 26, 2013. Under the terms of the amendment an additional 10,000,000 shares of the Company’s common stock are to be issued to third parties upon Closing. In addition, the parties added an additional covenant that prohibits the Company from entering into a reverse stock split or similar recapitalization of its common stock for a period of 2 years following closing of the Share Exchange. | |
The consummation of the acquisition is subject to financing and the undertaking of customary due diligence procedures. There can be no assurances that the Company will consummate the acquisition of CYGNUS Air. |
7_Subsequent_Events
7 Subsequent Events | 12 Months Ended |
Jun. 30, 2013 | |
Subsequent Events [Abstract] | |
7 Subsequent Events | Note 7 – Subsequent Events |
Removal and Appointments of Officers | |
On August 2, 2013, Frank Drechsler, President, Chief Executive Officer, Treasurer and Chief Financial Officer of the Company, resigned from these positions with the Company. The board of directors accepted Mr. Drechsler’s resignations, effective immediately. | |
On August 2, 2013, board of directors appointed Arnold Leonora as President and Chief Executive Officer and Warrick Morgan as Chief Financial Officer and Arancha Gonzбlez as Treasurer. Frank Drechsler will retain his current position as a director and Secretary of the Company until final closing of the aforementioned merger and share exchange agreements or until his earlier resignation or removal. | |
On September 19, 2013, board of directors appointed Franklin Darrell Richardson as Chief Operating Officer of the Company to serve until his earlier resignation or removal. | |
Change in Fiscal Year | |
On August 2, 2013, in contemplation of closing on the share exchange, we changed our fiscal year end from June 30 to December 31 to conform to the fiscal year end of Corporatiуn Ygnus Air, S.A. (“Cygnus”). | |
Entry into a Material Definitive Agreement | |
On September 13, 2013, the Company entered into a binding letter of intent (the “LOI”) to acquire 100% of the membership units of, Ohio based, Ultimate Jet, LLC and its wholly owned subsidiaries, Ultimate Jet Charters, LLC and Ultimate Real Estate, LLC (collectively, “Ultimate Jets”). The purchase price of $50.5 million, in a taxable transaction, will be paid in a combination of cash, assumption of debt and the Common Stock of Alas at a price per share of $3.00. Closing of the acquisition is scheduled to take place on or before December 15, 2013, with the execution and delivery of a definitive agreement, subject to Alas’ due diligence, Ultimate Jet’s completion of a PCAOB financial audit and such representations and warranties as are customary with respect to similar transactions. | |
1_The_Company_and_a_Summary_of1
1 The Company and a Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2013 | |
Company And Summary Of Significant Accounting Policies Policies | |
The Company and basis of presentation | The Company and basis of presentation |
Alas Aviation Corp., formerly LMK Global Resources, Inc. (“we”, “our” or the “Company”), was formed under the laws of the state of Delaware 1982. On June 22, 2013, the Company entered into a Share Exchange Agreement to acquire Corporacion Cygnus Air, S.A., a Spanish based regional air cargo company (“CYNUS Air”). The consummation of the acquisition is subject to financing and the undertaking of customary due diligence procedures. There can be no assurances that the Company will consummate the acquisition of CYGNUS Air. | |
On June 22, 2013, pursuant to the Delaware Holding Company formation statute, LMK Global Resources, Inc. ("LMK") entered into an Agreement and Plan of Merger into a holding company (the “Agreement") with Alas Aviation Corp. ("Alas Aviation") and Alas Acquisition Company ("AAC"), both wholly-owned subsidiaries of LMK. The Agreement provided for the merger of LMK with and into Alas Aviation, with Alas Aviation being the surviving corporation in that merger. Contemporaneously with LMK’s merger with and into Alas Aviation, the shareholders of LMK became shareholders of Alas Aviation on a one share for one share basis pursuant to the Agreement. | |
The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. | |
Management estimates and assumptions | Management estimates and assumptions |
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 of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operating, financial position or cash flows. | |
Income Taxes | Income Taxes |
The Company has adopted Accounting Standards Codification subtopic 740-10, Income Taxes (“ASC 740-10”) which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Temporary differences between taxable income reported for financial reporting purposes and income tax purposes consist primarily of timing differences such as deferred officers’ compensation and stock based compensation accounting. |
4_Income_Taxes_Tables
4 Income Taxes (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2013 | |||||||||
Schedule of Investments [Abstract] | |||||||||
Deferred tax | |||||||||
30-Jun-13 | 30-Jun-12 | ||||||||
Deferred tax asset | $ | 29,004 | $ | 8,506 | |||||
Valuation allowance | (29,004 | ) | (8,506 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Tax rates | Statutory federal income tax rate | 34.00% | |||||||
State income taxes rate | 8.70% | ||||||||
Effective tax rate | 42.70% |
5_Capitalization_Tables
5 Capitalization (Tables) | 12 Months Ended | |||||
Jun. 30, 2013 | ||||||
Notes to Financial Statements | ||||||
Warrant activity for the year ended June 30, 2013 | Warrants | Weighted | ||||
Outstanding | Average | |||||
Exercise Price | ||||||
Outstanding at June 30, 2012 | 15,000,000 | $ | 8.33 | |||
Issued | - | - | ||||
Exercised | (15,000,000 | ) | (0.001 | ) | ||
Expired or canceled | - | - | ||||
Outstanding at June 30, 2013 | - | $ | - |
2_Going_Concern_Details_Narrat
2 Going Concern (Details Narrative) (USD $) | Jun. 30, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Working capital deficit | $6,322 |
3_Advances_from_Related_Party_
3 Advances from Related Party (Details Narrative) (USD $) | 12 Months Ended |
Jun. 30, 2013 | |
Related Party Transactions [Abstract] | |
Related party advances | $47,015 |
Contributed capital | $21,396 |
Interest Rate | 8.00% |
4_Income_Taxes_Details
4 Income Taxes - (Details) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Investments [Abstract] | ||
Deferred tax asset | $29,004 | $8,506 |
Valuation allowance | -29,004 | -8,506 |
Net deferred tax asset |
4_Income_Taxes_Tax_rates_Detai
4 Income Taxes - Tax rates (Details) | 12 Months Ended |
Jun. 30, 2013 | |
Schedule of Investments [Abstract] | |
Statutory federal income tax rate | 34.00% |
State income taxes rate | 8.70% |
Effective tax rate | 42.70% |
4_Income_Taxes_Details_Narrati
4 Income Taxes (Details Narrative) (USD $) | Jun. 30, 2013 | Jun. 30, 2012 |
Schedule of Investments [Abstract] | ||
net operating loss carryforward | $67,925 | $40,507 |