10-Q
2012-11-30
false
BAHAMAS CONCIERGE, INC.
0001526759
--05-31
Smaller Reporting Company
No
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2013
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<!--egx--><p style="TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.25in"><b>1. Nature of Operations and Continuance of Business</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><font lang="EN-GB">Bahamas Concierge, Inc. (the “Company”) was incorporated in the State of Nevada on May 2, 2011. The Company is a development stage company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, <i>Development Stage Entities.</i></font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><font lang="EN-GB"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><i><u>Going Concern</u></i></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><i><u><font style="TEXT-DECORATION:none"> </font></u></i></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in">These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of November 30, 2012, the Company has not recognized any revenue, and has a working capital deficit of $115,847 and an accumulated deficit of $160,847. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 0pt 0.25in; tab-stops:.25in"><b> </b></p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.25in; tab-stops:.25in"><b>2. Summary of Significant Accounting Policies</b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in">a)<font style="FONT:7pt 'Times New Roman'"> </font>Basis of Presentation</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is May 31.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in"><font lang="EN-CA">The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2012, and for all periods presented herein, have been made.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in"><font lang="EN-CA">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s May 31, 2012 audited financial statements. </font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in">b)<font style="FONT:7pt 'Times New Roman'"> </font>Use of Estimates</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; TEXT-AUTOSPACE:">c)<font style="FONT:7pt 'Times New Roman'"> </font>Cash and cash equivalents</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in">d)<font style="FONT:7pt 'Times New Roman'"> </font>Interim Financial Statements</p> <p style="TEXT-ALIGN:justify; MARGIN:8pt 0in 6pt 0.5in; tab-stops:.5in .8in 1.05in 1.3in 1.55in 1.8in 2.05in 2.3in 2.55in 2.8in 3.05in 3.3in 3.55in 3.8in 4.05in 4.3in 4.55in 4.8in 5.05in 5.3in 5.55in 5.8in 6.05in 6.3in 6.55in">These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">e)<font style="FONT:7pt 'Times New Roman'"> </font>Basic and Diluted Net Loss per Share </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in; tab-stops:35.35pt 35.4pt 53.0pt 70.8pt 88.6pt 106.45pt 124.2pt 142.1pt 159.9pt 177.7pt 195.55pt 213.3pt 231.2pt 249.0pt 266.8pt 284.65pt 4.2in 320.3pt 338.1pt 355.9pt 373.75pt 391.5pt 409.4pt 427.2pt 445.0pt 462.85pt">The Company computes net loss per share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at November 30, 2012, the Company did not have any potentially dilutive shares. </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in">f) Recent Accounting Pronouncements</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in 355.5pt 400.5pt 6.25in 7.5in 7.75in 625.5pt">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt; tab-stops:.25in"><b>4. Related Party Transactions</b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">a)<font style="FONT:7pt 'Times New Roman'"> </font>During the period ended November 30, 2012, the Company incurred management fees of $6,000 (November 30, 2011 - $6,000) to the President and Director of the Company.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">b)<font style="FONT:7pt 'Times New Roman'"> </font>As at November 30, 2012, the Company has prepaid management fees of $nil (May 31, 2012 - $4,000) to the President and Director of the Company.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">c)<font style="FONT:7pt 'Times New Roman'"> </font>As at November 30, 2012, the Company owes $686 (May 31, 2012 - $1,750) to the President and Director of the Company for payment of general expenses. The amount owing is unsecured, non-interest bearing, and due on demand.</p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt; tab-stops:.25in"><b>3. Notes Payable</b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">a)<font style="FONT:7pt 'Times New Roman'"> </font>On May 3, 2011, the Company issued a $17,500 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at November 30, 2012, the Company recorded accrued interest of $2,766 (May 31, 2012 - $1,889), which has been recorded as accrued liabilities.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">b)<font style="FONT:7pt 'Times New Roman'"> </font>On July 1, 2011, the Company issued a $5,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at November 30, 2012, the Company recorded accrued interest of $711 (May 31, 2012 - $460), which has been recorded as accrued liabilities.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">c)<font style="FONT:7pt 'Times New Roman'"> </font>On July 5, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at November 30, 2012, the Company recorded accrued interest of $2,822 (May 31, 2012 - $1,819), which has been recorded as accrued liabilities.</p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">d)<font style="FONT:7pt 'Times New Roman'"> </font>On October 24, 2011, the Company issued a $20,000 note to a non-related party. Under the terms of the note, the amount is unsecured, due interest at 10% per annum, and due on demand. As at November 30, 2012, the Company recorded accrued interest of $2,378 (May 31, 2012 - $1,376), which has been recorded as accrued liabilities.</p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt; tab-stops:.25in"><b>5. Common Shares</b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt; tab-stops:.25in">On October 25, 2012, the Company issued 562,500 common shares at $0.08 per share to non-related parties for proceeds of $45,000.</p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt; tab-stops:.25in"><b>6. Subsequent Events </b></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 0pt 0.25in; tab-stops:22.5pt .6in .9in 1.2in 1.5in 1.8in 2.1in 2.4in 2.7in 3.0in 3.3in 3.6in 3.9in 302.7pt 4.5in 4.8in 5.1in 5.4in 409.7pt 6.0in 6.3in 6.6in">We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.</p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in">a)<font style="FONT:7pt 'Times New Roman'"> </font>Basis of Presentation</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is May 31.</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in"><font lang="EN-CA">The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2012, and for all periods presented herein, have been made.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in"><font lang="EN-CA">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s May 31, 2012 audited financial statements. </font></p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in">b)<font style="FONT:7pt 'Times New Roman'"> </font>Use of Estimates</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; TEXT-AUTOSPACE:">c)<font style="FONT:7pt 'Times New Roman'"> </font>Cash and cash equivalents</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in">The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. </p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in">d)<font style="FONT:7pt 'Times New Roman'"> </font>Interim Financial Statements</p> <p style="TEXT-ALIGN:justify; MARGIN:8pt 0in 6pt 0.5in; tab-stops:.5in .8in 1.05in 1.3in 1.55in 1.8in 2.05in 2.3in 2.55in 2.8in 3.05in 3.3in 3.55in 3.8in 4.05in 4.3in 4.55in 4.8in 5.05in 5.3in 5.55in 5.8in 6.05in 6.3in 6.55in">These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period.</p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in; tab-stops:.25in">e)<font style="FONT:7pt 'Times New Roman'"> </font>Basic and Diluted Net Loss per Share </p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in; tab-stops:35.35pt 35.4pt 53.0pt 70.8pt 88.6pt 106.45pt 124.2pt 142.1pt 159.9pt 177.7pt 195.55pt 213.3pt 231.2pt 249.0pt 266.8pt 284.65pt 4.2in 320.3pt 338.1pt 355.9pt 373.75pt 391.5pt 409.4pt 427.2pt 445.0pt 462.85pt">The Company computes net loss per share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at November 30, 2012, the Company did not have any potentially dilutive shares. </p>
5062500
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-0.25in; MARGIN:0in 0in 6pt 0.5in">f) Recent Accounting Pronouncements</p> <p style="TEXT-ALIGN:justify; MARGIN:0in 0in 6pt 0.5in; tab-stops:.5in 355.5pt 400.5pt 6.25in 7.5in 7.75in 625.5pt">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p>
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0001526759
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2012-11-30
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2012-11-30
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2011-11-30
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0001526759
2011-07-05
0001526759
2011-10-24
0001526759
2012-04-10
0001526759
2012-10-25
iso4217:USD
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iso4217:USD
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