FORWARD LOOKING STATEMENTS
Except for historical information, this report contains forward-looking
statements. Such forward-looking statements involve risks and uncertainties,
including, among other things, statements regarding our business strategy,
future revenues and anticipated costs and expenses. Such forward-looking
statements include, among others, those statements including the words
"expects," "anticipates," "intends," "believes" and similar language. Our actual
results may differ significantly from those projected in the forward-looking
statements. Factors that might cause or contribute to such differences include,
but are not limited to, those discussed herein as well as in the "Description of
Business" section in our Form 10-K, as filed with the
Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
All references in this Form 10-Q to the "Company," "Bally," "we," "us," or "our"
are to
Corporate Overview
We were incorporated under the laws of the
On
On
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Concurrently with the closing of the Agreements, Ming Chun Lung was appointed a
director, Chief Executive Officer, President and Secretary and
On
Pursuant to a stock purchase agreement (the "Agreement"), effective as of
In connection with the Transaction,
Our address is
We do not have any subsidiaries. We do not have a corporate website.
We have not ever declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.
Our Current Business
We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. In certain instances, a target business may wish to become our subsidiary or may wish to contribute assets to us rather than merge. We have not yet begun negotiations or entered into any definitive agreements for potential new business opportunities, and there can be no assurance that we will be able to enter into any definitive agreements.
Any new acquisition or business opportunities that we may acquire will require additional financing. There can be no assurance, however, that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our company requires additional financing and we are unable to acquire such funds, our business may fail.
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Management of our company believes that there are benefits to being a reporting
company with a class of securities quoted on the OTC Markets, such as: (i) the
ability to use registered securities to acquire assets or businesses; (ii)
increased visibility in the financial community; (iii) the facilitation of
borrowing from financial institutions; (iv) potentially improved trading
efficiency; (v) potential stockholder liquidity; (vi) potentially greater ease
in raising capital subsequent to an acquisition; (vii) potential compensation of
key employees through stock awards or options; (viii) potentially enhanced
corporate image; and (ix) a presence in
We may seek a business opportunity with entities that have recently commenced operations, or entities who wish to utilize the public marketplace in order to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly- owned subsidiaries in various businesses or acquire existing businesses as subsidiaries.
In implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is anticipated that our sole officer and two directors will continue to manage the Company.
As of the date hereof, we have not entered into any formal written agreements for a business combination or opportunity. When any such agreement is reached, we intend to disclose such an agreement by filing a current report on Form 8-K.
We anticipate that the selection of a business opportunity in which to participate will be complex and without certainty of success. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. Business opportunities that we believe are in the best interests of our company may be scarce, or we may be unable to obtain the ones that we want. We can provide no assurance that we will be able to locate compatible business opportunities.
Currently, we do not have a source of revenue. We are not able to fund our cash requirements through our current operations. We have been reliant on loans by affiliated and non-affiliated parties to provide financial contributions and services to keep our company operating. Further, we believe that our company may have difficulties raising capital from other sources until we locate a prospective merger candidate through which we can pursue our plan of operation. If we are unable to secure adequate capital to continue our acquisition efforts, our shareholders may lose some or all of their investment and our business may fail. We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions.
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Three months ended
The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months endedDecember 31, 2020 and 2019. Three Months Ended December 31, 2020 2019 Change Revenue $ - $ - $ - General and administrative 15,500 15,116 384 Net loss$ 15,500 $ 15,116 $ 384
During the three months ended
Our financial statements report a net loss of
Our operating expenses for the three months ended
Liquidity and Capital Resources
The following table provides selected financial data about our company as of
Working Capital December 31, September 30, 2020 2020 Changes Current Assets $ - $ - $ - Current Liabilities 79,676 64,176 15,500
Working Capital Deficiency
As at
As at
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Net cash used in operating activities $ - $ - Net cash used in investing activities
- - Net cash provided by financing activities - - Net change in cash $ - $ - Operating Activities
The Company did not use any funds for operating activities during the three
months ended
Investing Activities
The Company did not use any funds for investing activities during the nine
months ended
Financing Activities
The Company did not use any funds for financing activities during the three
months ended
Going Concern
As reflected in the accompanying financial statements, the Company had an
accumulated deficit of
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.
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