Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Dec. 20, 2013 | |
Document and Entity Information: | ' | ' |
Entity Registrant Name | 'ALAS AVIATION CORP. | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000774937 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,060,458 |
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 | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS - Unaudited (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
ASSETS | ' | ' |
TOTAL ASSETS | $0 | $0 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 39,478 | 6,322 |
TOTAL LIABILITIES | 39,478 | 6,322 |
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 | 190,604 | 933,104 |
Additional paid-in capital | 91,041,859 | 90,216,142 |
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 | -184,298 | -67,925 |
TOTAL STOCKHOLDERS' DEFICIT | -39,478 | -6,322 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $0 | $0 |
BALANCE_SHEETS_Unaudited_Paren
BALANCE SHEETS - Unaudited (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
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 | 100,000,000 | 100,000,000 |
Common stock, shares issued | 19,060,458 | 93,310,458 |
Common stock, shares outstanding | 19,060,458 | 93,310,458 |
STATEMENTS_OF_EXPENSES_Unaudit
STATEMENTS OF EXPENSES - Unaudited (USD $) | 3 Months Ended | 56 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' |
REVENUES | ' | ' | ' |
General and administrative expenses | 116,373 | 14,893 | 173,854 |
Interest expense | ' | 940 | 10,444 |
Total expenses | -116,373 | -15,833 | -184,298 |
Net loss | ($116,373) | ($15,833) | ($184,298) |
Net loss per share, basic and fully diluted | $0 | $0 | ' |
Weighted average number of shares outstanding | 60,217,523 | 78,312,300 | ' |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS - Unaudited (USD $) | 3 Months Ended | 56 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net loss | ($116,373) | ($15,833) | ($184,298) |
Adjustments to reconcile net loss with cash used in operations: | ' | ' | ' |
Stock based compensation | 75,000 | ' | 75,000 |
Operating expenses incurred by related party on behalf of the Company | 8,217 | ' | 29,613 |
Change in assets and liabilities: | ' | ' | ' |
Accounts payable and accrued liabilities | 33,156 | 1,237 | 48,956 |
Net cash used in operating activities | ' | -14,596 | -30,729 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Net cash provided by investing activities | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Contributed Capital | ' | 14,596 | 30,729 |
Net cash provided by financing activities | ' | 14,596 | 30,729 |
Cash at beginning of period | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES | ' | ' | ' |
Cash paid for interest | ' | ' | ' |
Cash paid for income taxes | ' | ' | ' |
STATEMENTS_OF_CASH_FLOWS_Unaud1
STATEMENTS OF CASH FLOWS - Unaudited (Parenthetical) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' |
Common stock issued for services | 300,000 |
Value of stock issued for services | $75,000 |
1_Organization_History_and_Bus
1 Organization, History and Business | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
1 Organization, History and Business | ' |
Note 1 — Organization, History and Business | |
Alas Aviation Corp. was incorporated under the name LMK Global Resources in the state of Delaware on October 26, 1986. | |
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 condensed consolidated financial statements include the accounts of the Company and its subsidiary. All material intercompany balances and transactions have been eliminated in consolidation. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Alas Aviation Corp., f/k/a LMK Global Resources, Inc., contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of September 30, 2013, and the results of its operations and cash flows for the three months ended September 30, 2013 and 2012. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”). The Company believes that the disclosures in the unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. However, the unaudited condensed consolidated financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013 filed with the Commission on October 15, 2013. | |
Going Concern | |
As shown in the accompanying financial statements, the Company has no assets, a working capital deficit of $39,478 as of September 30, 2013 and is not currently generating revenue from operations. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. Management has established plans to begin generating revenues and decrease debt. These plans, if successful, will mitigate the factors, which raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Alas executed and closed a share exchange agreement into escrow with Arnold Leonora and Air Transport Group Private Equity Group, Inc. ("ATG") in June 2013 providing for Leonora to deliver control of Corporación Ygnus Air, S.A. (“Cygnus”), a Madrid, Spain based air cargo services operator and allowing Leonora and new management to pursue its acquisition initiative in the aviation services sector. With the expiration of Leonora’s agreement with the sellers of Cygnus, he intends to continue implementing his business plan within Alas. If the Director refuses to allow for completion of the Share Exchange Agreement with Leonora and ATG from escrow, the Officers of the Company will resign leaving it without a management team or business plan. | |
Reclassifications - Certain prior year amounts have been reclassified to conform with the current year presentation. |
2_Summary_of_Significant_Accou
2 Summary of Significant Accounting Policies | 3 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
2 Summary of Significant Accounting Policies | ' | ||
Note 2 – Summary of Significant Accounting Policies | |||
a. | Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Accordingly, actual results could differ from those estimates. | |||
b. | Issuances Involving Non-cash Consideration | ||
All issuances of the Company’s stock for non-cash consideration have been assigned a dollar amount equaling the market value of the shares issued on the date the shares were issued for such services and property. The non-cash consideration paid pertains to legal services (See Note 3). | |||
c. | Income Taxes | ||
The Company accounts for its income taxes under the provisions of ASC Topic 740, “Income Taxes.” The method of accounting for income taxes under ASC 740 is an asset and liability method. The asset and liability method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. The Company’s sole deferred tax asset consists of its net operating loss carryforwards totaling $184,298. The Company has established a valuation allowance at September 30 2013 equaling the total tax benefit the Company would derive from its net operating loss carry forwards. | |||
d. | Loss per share | ||
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10, "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of September 30, 2013, the Company had no potential common shares outstanding. Potential common shares at September 30, 2012 consisted of 15,000,000 warrants at an exercise price of $0.001 per share, and the potential issuance of 10,000,000 shares of common as discussed further in Note 3. | |||
e. | Recent Accounting Pronouncements | ||
The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s financial position, results of operations, or cash flow. |
3_Equity
3 Equity | 3 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
3 Equity | ' |
Note 3 — Equity | |
During the three months ended September 30, 2013, the Company issued 300,000 of its common shares to its outside legal counsel for services. The shares were valued at $75,000 and charged to operations. | |
Pursuant to a stock cancellation agreement, IACE Investments Two, Inc. returned 74,550,000 of the Company’s common shares for cancelation in August 2013. The cancelation of the shares was agreed to subject to the Company entering into a merger with another company that would generate earnings after taxes of $4,000,000 within 18 months after the merger is consummated. If the Company does not meet the indicated requirement within the 18 month period, it must issue 10,000,000 shares of its common stock to IACE. |
4_Contingencies
4 Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
4 Contingencies | ' |
Note 4 - Contingencies | |
Current management discovered that the Company’s former management recorded various obligations to itself and to third parties of expenditures not deemed benefitting the Company or authorized by the Company’s sole director as required. The amount of these unauthorized expenditures totaled $91,172 including $60,000 in management fees. These expenditures were reversed and not part of the accompanying financial statements. While current management believes that none of the $91,172 is an obligation of the Company, it is not known what representations were made to these vendors or whether the Company could in fact be eventually responsible to pay some or all of the indicated amount. |
5_Subsequent_Events
5 Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
5 Subsequent Events | ' |
Note 5. Subsequent Events | |
In October 2013, the Company issued 25,939,542 shares of its common stock that is held in escrow by its outside legal counsel. The shares are issued in reserve to be used in a future potential merger or acquisition. |
1_Organization_History_and_Bus1
1 Organization, History and Business (Policies) | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Alas Aviation Corp., f/k/a LMK Global Resources, Inc., contain all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position of the Company as of September 30, 2013, and the results of its operations and cash flows for the three months ended September 30, 2013 and 2012. Certain information and footnote disclosures normally included in financial statements have been condensed or omitted pursuant to rules and regulations of the U.S. Securities and Exchange Commission (the “Commission”). The Company believes that the disclosures in the unaudited condensed consolidated financial statements are adequate to make the information presented not misleading. However, the unaudited condensed consolidated financial statements included herein should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2013 filed with the Commission on October 15, 2013. |
2_Summary_of_Significant_Accou1
2 Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||
Sep. 30, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Use of Estimates | ' | ||
a. | Use of Estimates | ||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Accordingly, actual results could differ from those estimates. | |||
Issuances Involving Non-cash Consideration | ' | ||
b. | Issuances Involving Non-cash Consideration | ||
All issuances of the Company’s stock for non-cash consideration have been assigned a dollar amount equaling the market value of the shares issued on the date the shares were issued for such services and property. The non-cash consideration paid pertains to legal services (See Note 3). | |||
c. Income Taxes | ' | ||
c. | Income Taxes | ||
The Company accounts for its income taxes under the provisions of ASC Topic 740, “Income Taxes.” The method of accounting for income taxes under ASC 740 is an asset and liability method. The asset and liability method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. The Company’s sole deferred tax asset consists of its net operating loss carryforwards totaling $184,298. The Company has established a valuation allowance at September 30 2013 equaling the total tax benefit the Company would derive from its net operating loss carry forwards. | |||
d. Loss per share | ' | ||
d. | Loss per share | ||
The Company reports earnings (loss) per share in accordance with ASC Topic 260-10, "Earnings per Share." Basic earnings (loss) per share is computed by dividing income (loss) available to common shareholders by the weighted average number of common shares available. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As of September 30, 2013, the Company had no potential common shares outstanding. Potential common shares at September 30, 2012 consisted of 15,000,000 warrants at an exercise price of $0.001 per share, and the potential issuance of 10,000,000 shares of common as discussed further in Note 3. | |||
e. Recent Accounting Pronouncements | ' | ||
e. | Recent Accounting Pronouncements | ||
The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s financial position, results of operations, or cash flow. |
3_Equity_Details_Narrative
3 Equity (Details Narrative) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Value of stock issued for services | $75,000 |
Shares returned for cencellation from Jace Investments Two, Inc. | 74,550,000 |