The accompanying notes are an integral part of these condensed
financial statements.
The accompanying notes are an integral part of these condensed
financial statements.
The accompanying notes are an integral part of these condensed
financial statements.
Notes to Unaudited Condensed
Financial Statements
1. ORGANIZATION
AND PRINCIPAL ACTIVITIES
Pacific
Vegas Global Strategies, Inc. (the “Company”), formerly known as Goaltimer International, Inc., was incorporated in
Colorado on December 19, 1990.
Upon
the expiry of an International Gaming License granted by the government of the Commonwealth of Dominica on December 6, 2004, the
Board of Directors of the Company resolved to cease the then business due to significant losses incurred. After the full discontinuance
of such business in 2005, the Company became a shell company since January 1, 2006.
The Company
has been in an inactive or non-operating status since December 6, 2004, and remained as a shell company with its only activity
of incurring non-operating expenses.
2. PREPARATION
OF INTERIM FINANCIAL STATEMENTS
The accompanying
unaudited condensed financial statements as of March 31, 2020 have been prepared based upon Securities and Exchange Commission
(“SEC”) rules that permit reduced disclosure for interim periods and include, in the opinion of management, all adjustments
(consisting of normal recurring adjustments and reclassifications) necessary to present fairly the financial position, results
of operations and cash flows as of March 31, 2020 and for all periods presented. Information as of December 31, 2019 was derived
from the audited financial statements of the Company for the year ended December 31, 2019.
Certain
information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles
generally accepted in the United States of America (“USGAAP”) have been condensed or omitted. These condensed financial
statements should be read in conjunction with the audited financial statements and notes thereto in the Company’s Form 10-K
for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 are not necessarily indicative
of the operating results to be expected for the full year.
The condensed
financial statements and accompanying notes are presented in United States dollars and prepared in conformity with USGAAP which
requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
The Company
had a negative working capital and a stockholders’ deficit of US$779,704 as of March 31, 2020. The accompanying condensed
financial statements have been prepared in conformity with USGAAP, which contemplate continuation of the Company as a going concern.
However, a substantial doubt has been raised with regard to the ability of the Company to continue as a going concern as the Company
had total liabilities in excess of its total assets and maintained no revenue-generating operations since December 6, 2004. In
light of the situation, the Company has been contemplating practical plans for a business restructuring and/or possible arrangements
to raise additional capital funds to support its continuation as a going concern, but there can be no assurance that the Company
will be successful in procuring of such efforts.
The principal
stockholder of the Company, who is also the sole director of the Company, has undertaken to finance the Company for a “reasonable”
period of time for the Company to continue as a going concern, assuming that in such a period of time the Company would be able
to restructure its business and restart on a revenue-generating operation and/or raise additional capital funds to support its
continuation as a going concern. However, the principal stockholder retains her right to discontinue such financing at her own
discretion in case the Company is unable to accomplish so in such period of time. It is uncertain as for how long or to what extent
such a period of time would be “reasonable” in the discretion of the principal stockholder, and there can be no assurance
that the financing from the principal stockholder will not be discontinued at any time.
These
uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements
do not include or reflect any adjustments that might result from the outcome of these uncertainties.
3. RECENTLY
ISSUED ACCOUNTING STANDARDS
As of
the date that this quarterly report is filed, due to the Company being inactive, there are no recently issued accounting pronouncements
whose adoption would have a material impact on the Company’s financial statements.
4. INCOME
TAXES
Subject
to the provision of Accounting Standard Codification (“ASC”) Topic 740, the Company has analyzed its filing position
in the jurisdictions where it is subject to income tax. The Company has identified United States in which it is subject to income
tax. Based on the evaluations noted above, the Company has concluded that there are no significant uncertain tax positions requiring
recognition in its financial statements. As of March 31, 2020 and December 31, 2019, the Company has not recognized tax benefits
or accruals for the potential payment of interest and penalties. The Company is subject to examination by U.S. federal authorities.
5. LOSS
PER SHARE
Basic
loss per share of common stock is calculated based on the weighted average number of common stock outstanding during each period
presented.
The Company
had no potential common stock instruments with a dilutive effect for any period presented and therefore basic and diluted loss
per share are the same.
6. DEPOSITS
AND PREPAYMENTS
The amount represents
retainer fee paid in advance to the Company’s lawyer.
7. DUE
TO A STOCKHOLDER
The amount due
is unsecured, interest-free and repayable on demand.
8. COMMITMENTS
AND CONTINGENCIES
The Company
was delinquent in filing its U.S. Federal tax returns and information forms for numerous years. Although for most of such years
the Company incurred losses and would not owe taxes except for minimum fees to Colorado, the failure to file may have resulted
in interest and penalties imposed upon the Company which would have a material adverse effect upon the Company’s financial
condition. The Company has completed its delinquent filing through the Delinquent International Information Return Submission Procedures
(“DIIRSP”) for the past due U.S. Federal tax returns and information forms as per the 2012 Offshore Voluntary Disclosure
Program. As of March 31, 2020, management does not foresee significant tax liabilities arising from the DIIRSP.
The Company’s
income tax returns for all the lapsed years are subject to examination by the Internal Revenue Service and State tax authorities,
generally for three years after they are due or filed, whichever is later.
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC Topic 825, “Financial
Instruments”, requires disclosing fair value to the extent practicable for financial instruments which are recognized or
unrecognized in the balance sheets. The fair values of the financial instruments are not necessarily representative of the amount
that could be realized or settled, nor does fair value amount consider the tax prepayments and accrued expenses, the fair values
were determined based on the near term maturities of such assets and obligations.
The Company’s financial
instruments consist of deposits and prepayments and accrued expenses which are carried at amounts that generally approximate their
fair values because of the short-term maturity of these instruments.
It
is not practicable to estimate the fair value of the amount due to a stockholder due to its related party nature.