10-Q
2012-11-30
false
Global Lines Inc
0001532390
--08-31
2800000
Non-accelerated Filer
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<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS</b></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Global Lines Inc. (the "Company" or “Global”) was incorporated under the laws of the State of Nevada on June 6, 2011. We are a development stage company that is involved in a limousine service.  Global Lines Inc. will be actively engaged in providing chauffeuring and transportation services to residents within its local Florida market.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 2 – CONDENSED FINANCIAL STATEMENTS</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>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.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>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 August 31, 2012 audited financial statements. The results of operations for the period ended November 30, 2012 are not necessarily indicative of the operating results for the full year.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 3 – GOING CONCERN</b></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern.  However, the Company had no revenues as of November 30, 2012.  The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.  </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='margin:0in;margin-bottom:.0001pt'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%'><u><font style='line-height:115%'>Development Stage Company</font></u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:justify'><font style='line-height:115%'>The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.  </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Accounting Basis</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted August 31 as a fiscal year end.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-1.0pt;text-autospace:none'><u><font style='letter-spacing:-.1pt'>Cash</font></u><u> and Cash <font style='letter-spacing:-.15pt'>E</font>q<font style='letter-spacing:-.1pt'>ui</font><font style='letter-spacing:-.15pt'>v</font>a<font style='letter-spacing:-.1pt'>lents</font></u></p> <p style='margin:0in;margin-bottom:.0001pt;margin-right:-1.0pt;text-autospace:none'> </p> <p style='margin:0in;margin-bottom:.0001pt;layout-grid-mode:line;text-align:justify'><font style='letter-spacing:-.1pt'>T</font>h<font style='letter-spacing:-.1pt'>e</font><font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>C</font>o<font style='letter-spacing:-.2pt'>m</font>p<font style='letter-spacing:-.1pt'>a</font>ny<font style='letter-spacing:.1pt'> </font><font style='letter-spacing:-.1pt'>c</font>o<font style='letter-spacing:-.1pt'>nsi</font>d<font style='letter-spacing:-.1pt'>ers</font><font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>all</font><font style='letter-spacing:.15pt'> </font>h<font style='letter-spacing:-.1pt'>i</font>gh<font style='letter-spacing:-.1pt'>ly</font><font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>li</font>qu<font style='letter-spacing:-.15pt'>i</font>d<font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>inves</font>t<font style='letter-spacing:-.2pt'>m</font><font style='letter-spacing:-.1pt'>e</font>n<font style='letter-spacing:-.1pt'>ts</font><font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>wit</font>h<font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>t</font>h<font style='letter-spacing:-.1pt'>e</font><font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>ori</font>g<font style='letter-spacing:-.15pt'>i</font>n<font style='letter-spacing:-.1pt'>a</font>l<font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.2pt'>m</font>atu<font style='letter-spacing:-.1pt'>ritie</font>s<font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>o</font>f<font style='letter-spacing:.15pt'> </font><font style='letter-spacing:-.1pt'>thre</font>e<font style='letter-spacing:.1pt'> </font><font style='letter-spacing:-.2pt'>m</font>on<font style='letter-spacing:-.1pt'>t</font>hs<font style='letter-spacing:.2pt'> </font>or<font style='letter-spacing:.2pt'> </font><font style='letter-spacing:-.1pt'>les</font>s<font style='letter-spacing:.1pt'> </font><font style='letter-spacing:-.1pt'>to </font>be ca<font style='letter-spacing:-.15pt'>s</font>h <font style='letter-spacing:-.15pt'>e</font><font style='letter-spacing:-.1pt'>q</font>u<font style='letter-spacing:-.1pt'>i</font>v<font style='letter-spacing:-.15pt'>a</font><font style='letter-spacing:-.1pt'>le</font>n<font style='letter-spacing:-.1pt'>t</font>s. The Company had $180 and $1,462 of cash as of November 30, 2012 and August 31, 2012.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'><u>Fair Value of Financial Instruments</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'>The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'><u>Income Taxes</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:12.0pt;margin-left:0in;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify'>Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%'><u><font style='line-height:115%'>Use of Estimates</font></u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:justify'><font style='line-height:115%'>The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Basic Income (Loss) Per Share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of November 30, 2012.</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><u>Comprehensive Income</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances.  When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity.  Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%'><u><font style='line-height:115%'>Recent Accounting Pronouncements</font></u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;text-align:justify'><font style='line-height:115%'>Global Lines Inc. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.</font></p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt'><b>NOTE 5 – RELATED PARTY TRANSACTIONS</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>During the period from inception on June 6, 2011 through November 30, 2012, the company Director loaned $22,304 to the Company for business operations.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The loan is unsecured, non-interest bearing and due on demand.</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;text-align:center'> </p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 6 – STOCKHOLDERS’ EQUITY</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The Company has 75,000,000, $0.001 par value shares of common stock authorized.  There were 7,300,000 shares of common stock issued and outstanding as of November 30, 2012 and August 31, 2012.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>For the year ended August 31, 2011, the Company issued 4,500,000 shares of common stock for cash proceeds of $ 4,500 at $0.001 per share.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>For the year ended August 31, 2012, the Company issued 500,000 shares of common stock for cash proceeds of $500 at $0.001 per share.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>On February 14, 2012, the company issued 2,300,000 shares of common stock for cash proceeds of $23,000 at $0.01 per share.</p>
<!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 7 – SUBSEQUENT EVENTS</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>In accordance with SFAS 165 (ASC 855-10) the Company <strong><font style='font-weight:normal'>has analyzed its operations subsequent to November 30, 2012 through the date of this report, and has determined that it does not have any material subsequent events to disclose in these financial statements. </font></strong></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p>
7300000
0001532390
2012-09-01
2012-11-30
0001532390
2012-11-30
0001532390
2012-08-31
0001532390
2011-09-01
2012-11-30
0001532390
2011-06-06
2012-11-30
0001532390
2011-09-01
2011-11-30
0001532390
2011-11-30
0001532390
2011-08-31
iso4217:USD
shares
iso4217:USD
shares
Common stock, par value $0.001; 75,000,000 shares authorized, 7,300,000 and 7,300,000 shares issued and outstanding