Company Quick10K Filing
Bally
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 10 $10
10-Q 2020-02-11 Quarter: 2019-12-31
10-K 2019-12-17 Annual: 2019-09-30
10-Q 2019-08-13 Quarter: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-Q 2019-02-08 Quarter: 2018-12-31
10-K 2018-12-11 Annual: 2018-09-30
10-Q 2018-08-20 Quarter: 2018-06-30
10-Q 2018-05-14 Quarter: 2018-03-31
10-Q 2018-02-20 Quarter: 2017-12-31
10-K 2018-01-16 Annual: 2017-09-30
10-Q 2017-08-14 Quarter: 2017-06-30
10-Q 2017-05-22 Quarter: 2017-03-31
10-Q 2017-02-14 Quarter: 2016-12-31
10-K 2016-12-29 Annual: 2016-09-30
10-Q 2016-08-22 Quarter: 2016-06-30
10-Q 2016-05-16 Quarter: 2016-03-31
10-Q 2016-02-11 Quarter: 2015-12-31
10-K 2016-01-13 Annual: 2015-09-30
10-Q 2015-08-12 Quarter: 2015-06-30
10-Q 2015-05-15 Quarter: 2015-03-31
10-Q 2015-02-10 Quarter: 2014-12-31
10-K 2014-12-29 Annual: 2014-09-30
10-Q 2014-08-14 Quarter: 2014-06-30
10-Q 2014-05-15 Quarter: 2014-03-31
8-K 2018-10-10 Accountant, Exhibits
8-K 2018-04-04 Control, Officers, Exhibits
BLYQ 2019-12-31
Part I - Financial Information
Item 1. Financial Statements
Note 1 - Organization and Description of Business
Note 2 - Summary of Significant Accounting Policies
Note 3 - Going Concern and Liquidity Considerations
Note 4 - Related Party Transactions
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 blyq_ex311.htm
EX-32.1 blyq_ex321.htm

Bally Earnings 2019-12-31

BLYQ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
SPYR 10 0 4 0 0 -3 -2 10 143% -4.1 -819%
SUWN 10 31 27 20 2 -4 -5 9 10% -2.0 -13%
BDMS 10 15 19 61 2 -3 -3 10 3% -3.8 -22%
BLYQ 10 0 0 0 0 -0 -0 10 -465.1
DPDW 10 24 7 20 6 -4 -3 7 31% -2.7 -17%
OVAS 10 68 13 0 0 -32 -32 -47 20% 1.4 -47%
IORG 10 0 3 0 0 -1 -0 10 -20.4 -1,133%
BDCO 10 71 79 327 3 -5 3 42 1% 15.9 -7%
ALDA 10 0 3 0 0 -0 -0 10 -26.9
MMTRS 10 0 0 0 0 10 -0%

10-Q 1 blyq_10q.htm FORM 10-Q blyq_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

(Mark One)

 

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the quarterly period ended December 31, 2019            

 

 

or

 

 

¨

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the transition period from _____________ to_____________

 

Commission File Number 333-192387

  

BALLY, CORP.

(Exact name of registrant as specified in its charter)

 

Nevada

 

80-0917804

(State or other jurisdiction of incorporation or organization)

 

(IRS Employer Identification No.)

  

986 Dongfang Rd., One Hundred Shanshan Bldg 25th Fl
Pudong Shanghai China

 

200122

(Address of principal executive offices)

 

(Zip Code)

  

(86) 138 1833 3008

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

None

None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x YES     ¨  NO

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x YES     ¨  NO 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

  

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

x

Emerging growth company

¨

  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) x YES     ¨  NO

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

9,850,000 common shares issued and outstanding as of February 4, 2020

  

 
 
 
 

 

FORM 10-Q

 

TABLE OF CONTENTS

 

  

 
2
 
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BALLY, CORP.

 

INDEX TO UNAUDITED INTERIM FINANCIAL STATEMENTS

 

FOR THE PERIOD ENDED DECEMBER 31, 2019

 

Page

   

Unaudited Balance Sheets

F-2

   

Unaudited Statements of Operations

F-3

   

 

Unaudited Statements of Changes in Stockholders’ Deficit

 

F-4

 

     

Unaudited Statements of Cash Flows

 

F-5

    

Notes to the Unaudited Financial Statements

F-6

 

 
F-1
 
Table of Contents

    

BALLY, CORP.

Balance Sheets

(Unaudited)

 

 

 

December 31,

 

 

September 30,

 

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

ASSETS

Current Assets

 

 

 

 

 

 

Cash

 

$-

 

 

$-

 

Total Current Assets

 

 

-

 

 

 

-

 

Total Assets

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Liabilities

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$3,955

 

 

$1,089

 

Due to shareholder

 

 

46,510

 

 

 

34,260

 

Total Current Liabilities and Total Liabilities

 

 

50,465

 

 

 

35,349

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 20,000,000 shares authorized 0 shares issued and outstanding;

 

 

-

 

 

 

-

 

Common stock, $0.0001 par value, 100,000,000 shares authorized 9,850,000 shares issued and outstanding

 

 

985

 

 

 

985

 

Additional paid-in capital

 

 

178,395

 

 

 

178,395

 

Accumulated deficit

 

 

(229,845)

 

 

(214,729)

Total Stockholders’ Deficit

 

 

(50,465)

 

 

(35,349)

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

$-

 

 

$-

 

 

The accompanying notes are an integral part of these unaudited interim financial statements.

 

 
F-2
 
Table of Contents

    

BALLY, CORP.

Statements of Operations

(Unaudited)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Revenue

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

General and administrative

 

 

15,116

 

 

 

9,989

 

Total expenses

 

 

15,116

 

 

 

9,989

 

 

 

 

 

 

 

 

 

 

Loss before income tax

 

 

(15,116)

 

 

(9,989)

Income tax provision

 

 

-

 

 

 

-

 

Net loss

 

$(15,116)

 

$(9,989)

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

$(0.00)

 

$(0.00)

 

 

 

 

 

 

 

 

 

Basic and Diluted Weighted Average Number of Common Shares Outstanding

 

 

9,850,000

 

 

 

9,850,000

 

 

The accompanying notes are an integral part of these unaudited interim financial statements.

    

 
F-3
 
Table of Contents

 

BALLY, CORP.

Statements of Change in Stockholders’ Deficit

(Unaudited)

 

For the Three Months Ended December 31, 2019

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – September 30, 2019

 

 

-

 

 

$-

 

 

 

9,850,000

 

 

$985

 

 

$178,395

 

 

$(214,729)

 

$(35,349)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,116)

 

 

(15,116)

Balance – December 31, 2019

 

 

-

 

 

$-

 

 

 

9,850,000

 

 

$985

 

 

$178,395

 

 

$(229,845)

 

$(50,465)

 

For the Three Months Ended December 31, 2018

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Deficit

 

Balance – September 30, 2018

 

 

-

 

 

$-

 

 

 

9,850,000

 

 

$985

 

 

$178,395

 

 

$(189,851)

 

$(10,471)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(9,989)

 

 

(9,989)

Balance – December 31, 2018

 

 

-

 

 

$-

 

 

 

9,850,000

 

 

$985

 

 

$178,395

 

 

$(199,840)

 

$(20,460)

 

The accompanying notes are an integral part of these unaudited interim financial statements.

  

 
F-4
 
Table of Contents

    

BALLY, CORP.

Statements of Cash Flows

(Unaudited)

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

Net loss

 

$(15,116)

 

$(9,989)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Shareholder advances funding operations

 

 

12,250

 

 

 

9,989

 

Accounts payable and accrued liabilities

 

 

2,866

 

 

 

-

 

Net Cash Used in Operating Activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

-

 

 

 

-

 

Cash - beginning of period

 

 

-

 

 

 

-

 

Cash - end of period

 

$-

 

 

$-

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosure:

 

 

 

 

 

 

 

 

Interest paid

 

$-

 

 

$-

 

Taxes paid

 

$-

 

 

$-

 

 

The accompanying notes are an integral part of these unaudited interim financial statements

    

 
F-5
 
Table of Contents

 

BALLY, CORP.

Notes to Financial Statements

December 31, 2019

(Unaudited)

 

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

BALLY, CORP. (the “Company”) was incorporated in the State of Nevada on March 13, 2013 and it is based in Shanghai, China. The Company is seeking an acquisition candidate. To date, the Company’s activities have been limited to its formation and the raising of equity capital.

 

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 2019 and the results of operations and cash flows for the periods presented. The results of operations for the period ended December 31, 2019 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K/A for the year ended September 30, 2019 filed with the SEC on December 18, 2019.

 

Reclassification

 

Certain amounts from prior periods have been reclassified to confirm to the current period presentation.

 

NOTE 3 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS

 

The accompanying 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 has not generated any revenues since inception and has an accumulated deficit of $229,845. These factors among others raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due. We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

 

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors.

 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

During the three months ended December 31, 2019, the Company’s sole officer advanced to the Company an amount of $12,250 by paying for expenses on behalf of the Company. As of December 31, 2019, and September 30, 2019, the Company was obligated to the officer, for an unsecured, non-interest-bearing demand loan with a balance of $46,510 and $34,260, respectively.

  

 
F-6
 
Table of Contents

     

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

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/A, as filed with the SEC on December 18, 2019. You should carefully review the risks described in our Annual Report and in other documents we file from time to time with the Securities and Exchange Commission. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

 

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 Bally, Corp.

 

Corporate Overview

 

We were incorporated under the laws of the State of Nevada on March 13, 2013. From inception, it was our intent to import small farming, household gardening and general small tools directly from manufacturers and market to consumers in the Republic of India. Management of our company is currently evaluating our future strategic business plans.

 

On June 24, 2016, Katiuska Moran our former CEO and Director and Surjeet Singh, our former secretary and a substantial shareholder cancelled any and all loans they made to our company.

 

On June 24, 2016, in connection with the sale of a controlling interest our company, Katiuska Moran our former CEO and Director and Surjeet Singh (individually and collectively the “Seller(s)”) our company, entered into and closed on certain Share Purchase Agreements (the “Agreements”) with Aureas Capital Co., Ltd., whereby Aureas purchased from the Sellers a total of 6,918,800 shares of our company’s common stock (the “Shares”) for an aggregate price of $100,000.00. The Shares acquired represented approximately 70.6% of the issued and outstanding shares of common stock of our company.

 

Concurrently with the closing of the Agreements, Ming Chun Lung was appointed a director, Chief Executive Officer, President and Secretary and Katiuska Moran and Surjeet Singh resigned from all positions held as an officer and director of our company.

 

On June 8, 2017, Ming Chun Lung resigned as Chief Executive Officer, President, Secretary, and as a director of our company and Kong Nguan Hong was appointed Chief Executive Officer, President, Secretary, Chief Financial Officer, Treasurer, and as a director.

 

Pursuant to a stock purchase agreement (the “Agreement”), effective as of April 4, 2018, by and among Aureas Capital Co Ltd, Chen Yi-Dou, Ming-Chun Lung, NYJJ Investments, Ti-Jung Chen, Yi-Fang Lin and Zhiqing Wu (together, the “Sellers”) and Haiping Hu (the “Purchaser”), the Sellers sold an aggregate of 9,797,600 shares of Common Stock of our company, to the Purchaser for cash consideration of $360,000 from personal funds of the Purchaser (the “Transaction”). Of the net proceeds, $7,500 have been held back in escrow for the payment of past due taxes. Following consummation of the Transaction on April 4, 2018, the Purchaser holds 99.5% of the voting securities of our company, based on 9,850,000 shares issued and outstanding as at that date. The Transaction resulted in a change in control of our Company.

 

In connection with the Transaction, Kong Nguan Hong, the sole officer and director of the Company, resigned from all of his officer positions with our company, including Chief Executive Officer, Chief Financial Officer and Secretary, effective immediately upon the consummation of the Transaction, and remained a director of our company until April 16, 2018, which date was ten (10) days following the date on which our company filed a Schedule 14F-1 with the SEC and mailed same to the holders of record of our company, in connection with the Transaction.

 

 
3
 
Table of Contents

    

Our address is 986 Dongfang Rd., One Hundred Shanshan Bldg 25th Fl, Pudong, Shanghai, China 200122. Our telephone number is +86 136 1833 3008.

 

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.

 

Management of our company believes that there are benefits to being a reporting company with a class of securities quoted on the OTCMarkets, 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 the United States’ capital market.

 

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.

    

 
4
 
Table of Contents

  

Results of Operations

 

Three months ended December 31, 2019 compared to December 31, 2018:

 

The following summary of our operations should be read in conjunction with our unaudited financial statements for the three months ended December 31, 2019 and 2018.

 

 

 

Three Months Ended

 

 

 

 

 

December 31,

 

 

 

 

 

2019

 

 

2018

 

 

Change

 

Revenue

 

$-

 

 

$-

 

 

$-

 

General and administrative

 

 

15,116

 

 

 

9,989

 

 

 

5,127

 

Net loss

 

$15,116

 

 

$9,989

 

 

$5,127

 

 

During the three months ended December 31, 2019 and 2018, we did not have any revenues.

 

Our financial statements report a net loss of $15,116 for the three months ended December 31, 2019 compared to a net loss of $9,989 for the three months ended December 31, 2018.

 

Our operating expenses for the three months ended December 31, 2019 were $15,116 compared to $9,989 for the three months ended December 31, 2018. Operating expenses consists primarily of professional fees.

 

Liquidity and Capital Resources

 

The following table provides selected financial data about our company as of December 31, 2019 and September 30, 2019, respectively.

 

Working Capital

 

 

 

December 31,

 

 

September 30,

 

 

 

 

 

2019

 

 

2019

 

 

Changes

 

Current Assets

 

$-

 

 

$-

 

 

$-

 

Current Liabilities

 

 

50,465

 

 

 

35,349

 

 

 

15,116

 

Working Capital Deficiency

 

$50,465

 

 

$35,349

 

 

$15,116

 

 

As at December 31, 2019 and September 30, 2019, our total current assets were $0.

 

As at December 31, 2019, our current liabilities were $50,465 compared to $35,349 in current liabilities as at September 30, 2019. Stockholders’ deficit was $50,465 as of December 31, 2019 compared to stockholders’ deficit of $35,349 as of September 30, 2019. The increase in current liabilities is primarily due to an increase in due to an officer for payments made for operating expenses.

 

Cash Flows

 

 

 

Three Months Ended

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Net cash used in operating activities

 

$-

 

 

$-

 

Net cash used in investing activities

 

 

-

 

 

 

-

 

Net cash provided by financing activities

 

 

-

 

 

 

-

 

Net change in cash

 

$-

 

 

$-

 

 

 
5
 
Table of Contents

  

Operating Activities

 

The Company did not use any funds for operating activities during the three months ended December 31, 2019 and December 31, 2018. During the three months ended December 31, 2019 and December 31, 2018, the Company’s sole officer paid $12,250 and $9,989, respectively, on behalf of the Company for operating expenses.

 

Investing Activities

 

The Company did not use any funds for investing activities during the three months ended December 31, 2019 and December 31, 2018.

 

Financing Activities

 

The Company did not use any funds for financing activities during the three months ended December 31, 2019 and December 31, 2018.

 

Going Concern

 

Our auditors issued a going concern opinion on our financial statements as of and for the year ended September 30, 2019. This means that there is substantial doubt that we can continue as an ongoing business for the next twelve months unless we obtain additional capital to pay for our expenses, as we have not generated any revenues and no sales are yet possible. There is no assurance we will ever reach this point. Accordingly, we must raise sufficient capital from sources. Our only other source for cash at this time is investment by our sole director and officer. We must raise cash to stay in business. In response to these problems, management intends to raise additional funds through public or private placement offerings. At this time, however, the Company does not have plans or intentions to raise additional funds by way of the sale of additional securities. We have no assurance that future financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to continue, develop or expand our operations. Equity financing could result in additional dilution to existing shareholders.

 

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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Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Management’s Report on Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and President (who is also our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

 

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer (who is also our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and President (who is also our principal executive officer and principal financial officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.

 

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; and (4) management dominated by a single individual without adequate compensating controls. The aforementioned material weaknesses were identified by our Chief Executive Officer and Chief Financial Officer (who is also our principal executive officer and principal financial officer) in connection with the review of our financial statements as of December 31, 2019.

 

Management believes that the material weaknesses set forth above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal controls over financial reporting that occurred during the period ended December 31, 2019, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

 

 
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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

From time to time, we may become involved in litigation relating to claims arising out of its operations in the normal course of business. We are not involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating any proceeding to which we area party or to which any of our properties is subject, which would reasonably be likely to have a material adverse effect on us.

 

Item 1A. Risk Factors

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

  

 
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Item 6. Exhibits

 

Exhibit

Number

 

Description

(31)

 

Rule 13a-14 (d)/15d-14d) Certifications

31.1*

 

Section 302 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

(32)

 

Section 1350 Certifications

32.1**

 

Section 906 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

101*

 

Interactive Data File

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document

__________

* Filed herewith.
** Furnished herewith.

 

 
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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

BALLY, CORP.

 

 

(Registrant)

 

 

 

Dated: February 11, 2020

 

/s/ Haiping Hu

 

 

Haiping Hu

 

 

Chief Executive Officer, Chief Financial Officer, Secretary and Director

 

 

(Principal Executive Officer, Principal Financial

 

 

 

Officer and Principal Accounting Officer)

 

 

 
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