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
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1.
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ORGANIZATION AND PRINCIPAL ACTIVITIES
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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.
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2.
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PREPARATION OF INTERIM FINANCIAL STATEMENTS
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The accompanying unaudited condensed financial statements
as of September 30, 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 September 30, 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 nine months ended September 30, 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$803,175 as of September 30, 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 reflect any adjustments that might
result from the outcome of these uncertainties.
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3.
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RECENTLY ISSUED ACCOUNTING STANDARDS
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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.
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 September 30, 2020 and December 31, 2019, the Company has not recognized tax benefits or accruals for the potential
payment for interest and penalties. The Company is subject to examination by U.S. federal authorities.
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.
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6.
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DEPOSITS AND PREPAYMENTS
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The amount represents retainer fee paid in advance
to the Company’s lawyer.
The amount due is unsecured, interest-free and repayable
on demand.
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8.
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COMMITMENTS AND CONTINGENCIES
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The Company is 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 September 30,
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
it is due or filed, whichever is later.
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9.
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FAIR VALUE OF FINANCIAL INSTRUMENTS
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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 the 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.
