0001165527-12-000762.txt : 20120718 0001165527-12-000762.hdr.sgml : 20120718 20120718115428 ACCESSION NUMBER: 0001165527-12-000762 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120531 FILED AS OF DATE: 20120718 DATE AS OF CHANGE: 20120718 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GLOBAL LINES INC CENTRAL INDEX KEY: 0001532390 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 990367049 STATE OF INCORPORATION: NV FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-177567 FILM NUMBER: 12967286 BUSINESS ADDRESS: STREET 1: 16400 COLLINS AVENUE UNIT 2142 CITY: SUNNY ISLES BEACH STATE: FL ZIP: 33160 BUSINESS PHONE: 954-889-7573 MAIL ADDRESS: STREET 1: 16400 COLLINS AVENUE UNIT 2142 CITY: SUNNY ISLES BEACH STATE: FL ZIP: 33160 10-Q 1 g6150.txt U.S. 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 May 31, 2012 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File No. 333-170091 GLOBAL LINES INC. (Exact name of registrant as specified in its charter)
Nevada 4700 EIN 99-0367049 (State or Other Jurisdiction of (Primary Standard Industrial (IRS Employer Incorporation or Organization) Classification Number) Identification Number)
16400 Collins Avenue unit 2142 Sunny Isles Beach FL 33160 954-889-7573 (Address and telephone number of principal executive offices) Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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. Yes [X] No[ ] Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES [X] NO [ ] Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes[ ] No[ ] Applicable Only to Corporate Registrants Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the most practicable date: Class Outstanding as of May 31, 2012 ----- ------------------------------ Common Stock, $0.001 7,300,000 PART 1. FINANCIAL INFORMATION Item 1. Condensed Financial Statements (Unaudited) 3 Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Cash Flows 5 Notes to Condensed Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3. Quantitative and Qualitative Disclosures About Market Risk 12 Item 4. Controls and Procedures 12 PART II. OTHER INFORMATION Item 1. Legal Proceedings 13 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3. Defaults Upon Senior Securities 13 Item 4. Mine Safety Disclosures 13 Item 5. Other Information 13 Item 6. Exhibits 13 Signatures 14 2 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED BALANCE SHEETS
ASSETS May 31, August 31, 2012 2011 -------- -------- (Unaudited) CURRENT ASSETS Cash and cash equivalents $ 17,861 $ 4,588 -------- -------- TOTAL CURRENT ASSETS 17,861 4,588 -------- -------- PROPERTY AND EQUIPMENT, NET 10,481 -- -------- -------- TOTAL ASSETS $ 28,342 $ 4,588 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Notes payable $ 8,000 $ -- Loan from shareholder 6,604 604 -------- -------- TOTAL CURRENT LIABILITIES 14,604 604 -------- -------- STOCKHOLDERS EQUITY Common stock, par value $0.001; 75,000,000 shares authorized, 7,300,000 and 4,500,000 shares issued and outstanding, respectively 7,300 4,500 Additional paid in capital 20,700 -- Deficit accumulated during the development stage (14,262) (516) -------- -------- TOTAL STOCKHOLDERS' EQUITY 13,738 3,984 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 28,342 $ 4,588 ======== ========
See accompanying notes to condensed financial statements. 3 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
For the For the For the period three months nine months from June 6, 2011 ended ended (Inception) to May 31, May 31, May 31, 2012 2012 2012 ---------- ---------- ---------- REVENUES $ -- $ -- $ -- ---------- ---------- ---------- OPERATING EXPENSES Professional fees 5,099 11,659 11,659 General & administrative 391 568 1,085 Depreciation 605 1,518 1,518 ---------- ---------- ---------- TOTAL OPERATING EXPENSES 6,095 13,745 14,262 ---------- ---------- ---------- NET LOSS FROM OPERATIONS (6,095) (13,745) (14,262) PROVISION FOR INCOME TAXES -- -- -- ---------- ---------- ---------- NET LOSS $ (6,095) $ (13,745) $ (14,262) ========== ========== ========== NET LOSS PER SHARE: BASIC AND DILUTED $ (0.00) $ (0.00) ========== ========== WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 5,879,891 5,280,839 ========== ==========
See accompanying notes to condensed financial statements. 4 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the For the period nine months from June 6, 2011 ended (Inception) to May 31, May 31, 2012 2012 -------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net loss for the period $(13,745) $(14,261) Adjustments to reconcile net loss to net cash (used in) operating activities: Depreciation expense 1,518 1,518 Expenses paid on behalf of company -- 504 -------- -------- CASH FLOWS USED IN OPERATING ACTIVITIES (12,227) (12,239) -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (4,000) (4,000) -------- -------- CASH FLOWS USED IN INVESTING ACTIVITIES (4,000) (4,000) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from sale of common stock 23,500 28,000 Director loans 6,000 6,100 -------- -------- CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 29,500 34,100 -------- -------- NET INCREASE (DECREASE) IN CASH 13,273 17,861 Cash, beginning of period 4,588 -- -------- -------- CASH, END OF PERIOD $ 17,861 $ 17,861 ======== ======== SUPPLEMENTAL CASH FLOW INFORMATION: Interest paid $ -- $ -- ======== ======== Income taxes paid $ -- $ -- ======== ======== SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Note payable issued for purchase of fixed assets $ 8,000 $ 8,000
See accompanying notes to condensed financial statements. 5 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS MAY 31, 2012 (UNAUDITED) NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS 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. NOTE 2 - CONDENSED FINANCIAL STATEMENTS 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 May 31, 2012, and for all periods presented herein, have been made. 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, 2011 audited financial statements. The results of operations for the period ended May 31, 2012 are not necessarily indicative of the operating results for the full year. NOTE 3 - PROPERTY AND EQUIPMENT The company put up a deposit for Toyota Highlander or Lincoln town in the amount of $4,000 payable to Baltrade Inc. The remainder of $8,000 is due by May 31, 2012. The total purchase price for vehicle is $12,000. The company does not intend to sell the vehicle, but rather to use it in order to generate revenue. May 31, August 31, 2012 2011 -------- -------- Vehicles $ 12,000 $ -- Less: accumulated depreciation (1,518) -- -------- -------- Net Property and Equipment $ 10,481 $ -- ======== ======== NOTE 4 - GOING CONCERN 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 May 31, 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. 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. NOTE 5 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Development Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. 6 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS MAY 31, 2012 (UNAUDITED) NOTE 5 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Development Stage Company (Continued) 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. Basis of Presentation 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. Accounting Basis 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. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $17,861 and $4,588 of cash as of May 31, 2012 and August 31, 2011. Fair Value of Financial Instruments 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. Income Taxes 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. Use of Estimates 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. Basic Income (Loss) Per Share 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 May 31, 2012. 7 GLOBAL LINES INC. (A DEVELOPMENT STAGE COMPANY) NOTES TO CONDENSED FINANCIAL STATEMENTS MAY 31, 2012 (UNAUDITED) NOTE 5 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Comprehensive Income 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. Recent Accounting Pronouncements 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. NOTE 6 - RELATED PARTY TRANSACTIONS During the period from inception on June 6, 2011 through May 31, 2011, the a company Director loaned $604 to the Company for business operations, of which $504 consisted of expenses paid on behalf of the Company by the Director. During the nine month period ended May 31, 2012, the same company Director loaned an additional $6,000 to the Company for business operations, leaving a balance due of $6,604. The loan is unsecured, non-interest bearing and due on demand. NOTE 7 - STOCKHOLDERS' EQUITY 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 May 31, 2012 and 4,500,000 shares of common stock issued and outstanding as of August 31, 2011. On August 29, 2011, the Company issued 5,000,000 shares of common stock for cash proceeds of $4,500 at $0.001 per share. 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. NOTE 8 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to May 31, 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. 8 FORWARD LOOKING STATEMENTS Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION GENERAL We were incorporated in the State of Nevada on June 6, 2011. We are involved the chauffeured transportation business. Global lines Inc. will be providing chauffeuring and transportation services to residents within its local market. We will primarily provide transportation services such as private school student transport, sightseeing trips, and elderly transportation. We will also offer transportation to the airport and special event such as proms and weddings. We plan to serve a repeat clientele who demand--and can afford--reliable, secure service from drivers with detailed knowledge of the area. We have not generated any revenues to date. We have executed an agreement with "Super Limousines", developed our business plan and paid deposit of $4,000 on one car to be used for Limosine Service. Since inception through May 31, 2012, the Company has not generated any revenue and has accumulated losses of $14,262. LIMOUSINE SERVICE The customer needs in the limousine transportation market are quite diverse. Corporate and airport transfer clients are mostly interested in reliable and fast service. For these clients, limousine services save time and add convenience compared to using public transportation or personal vehicles. Prom and bachelor party clients are more interested in the social status associated with the limousine service; however, this segment is less loyal and shops around for the best value. At the same time, wedding and funeral transportation clients, who also seek the emotional benefits of using a limousine service, may be less price sensitive than other segments. Further, the sightseeing segment, which is currently underserved, does not only need spacious and comfortable accommodation during the trip, but also benefits from a driver who is very familiar with the area and who can serve as a guide as well. Global Lines Inc. will concentrate in the areas of private school student transport, sightseeing trips, and elderly transportation. We believe that these markets have higher margins and are less price sensitive. According to www.localschooldirectory.com, Ft Lauderdale has 33 private schools with 32000 students. According to www.broward.org, Ft Lauderdale airport traffic (December-June 2010) is 10,367,009 passengers--potential clients for the sightseeing service. There are 150 assisted living facilities in the area--potential clients for elderly transportation service. 9 INDUSTRY STATISTICS: The latest LCT (limousine, charter and tours) Fact Book (http://www.lctmag.com) statistics: PROFITS: The average overall percentage profit margin for chauffeured transportation companies in 2010: 17%, up from 15% in 2009. Small chauffeured transportation companies recorded an average profit margin of: 21% in 2010, compared to 18% for 2009. FLEET VEHICLES: Median number of vehicles in fleet as of 1Q 2011: 8 WAGES: Average hourly wages for Chauffeurs: $13.92 TOP 5 BEST BUSINESS CLIMATES: 1. South Dakota 2. Alaska 3. Wyoming 4. Nevada 5. Florida AGREEMENT We have executed an agreement with "Super Limousines" under which, Super Limousines agrees to provide work to Global Lines Inc., collect payment from customers and provide payment to Global Lines Inc. for performed services The consideration fee shall be calculated as ten per cent (10%) of the net value of transportation services sold by the "Super limousines" to customer and performed by Global Lines Inc. Either party may terminate this agreement at any time by giving the other party ten (10) days prior written notice. PRICING Average hourly cost to hire Limousine in South Florida is $60 (July 2011). We plan to price our service approximately at the same rate. RESULTS OF OPERATION Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities. THREE MONTHS PERIOD ENDED MAY 31, 2012 Our net loss for the three months period ended May 31, 2012 was $6,095. During the three months periods ended May 31, 2012 we have not generated any revenue. During the three months period ended May 31, 2012, our operating expenses were general and administrative expenses $391, professional fees of $5,099 and depreciation expenses $605. The weighted average number of shares outstanding was 5,879,891 for the three months period ended May 31, 2012. 10 LIQUIDITY AND CAPITAL RESOURCES THREE MONTHS PERIOD ENDED MAY 31, 2012 As at May 31, 2012, our total assets were $28,342 compared to $4,588 in total assets at August 31, 2011. Total assets were comprised of $17,861 in cash. As at, our current liabilities were $14,604. Stockholders' equity was $ 13,738 as of May 31, 2012 compare to stockholders' equity of $3,984 as of August 31, 2011. CASH FLOWS FROM OPERATING ACTIVITIES We have not generated positive cash flows from operating activities. For the nine months period ended May 31, 2012, net cash flows used in operating activities was $(12,227). For the period from inception (June 6, 2011) to May 31, 2012, net cash used in operating activities was $12,239. CASH FLOWS FROM INVESTING ACTIVITIES For the nine months period ended May 31, 2012, the Company generated $4,000 cash flow. CASH FLOWS FROM FINANCING ACTIVITIES We have financed our operations primarily from either advancements or the issuance of equity. For the nine months period ended May 31, 2012, net cash provided by financing activities was $29,500. For the period from inception (June 6, 2011) to May 31, 2012, net cash provided by financing activities was $34,100 received from proceeds from issuance of common stock. PLAN OF OPERATION AND FUNDING We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business. Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing. 11 OFF-BALANCE SHEET ARRANGEMENTS As of the date of this Quarterly Report, we do not have any 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, capital expenditures or capital resources that are material to investors. GOING CONCERN The independent auditors' review report accompanying our May 31, 2012 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK No report required. ITEM 4. CONTROLS AND PROCEDURES Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2012. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended May 31, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. 12 PART II. OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS No report required. ITEM 3. DEFAULTS UPON SENIOR SECURITIES No report required. ITEM 4. MINE SAFETY DISCLOSURES No report required. ITEM 5. OTHER INFORMATION No report required. ITEM 6. EXHIBITS Exhibits: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. 101 Interactive data files pursuant to Rule 405 of Regulation S-T. 13 SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GLOBAL LINES INC. Dated: July 16, 2012 By: /s/ Sergejs Belkovs ---------------------------------- Sergejs Belkovs, President and Chief Executive Officer and Chief Financial Officer 14
EX-31.1 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER I, Sergejs Belkovs, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Global Lines Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 16, 2012 By: /s/ Sergejs Belkovs ------------------------------ Sergejs Belkovs, President and Chief Executive Officer and Chief Financial Officer EX-31.2 3 ex31-2.txt EXHIBIT 31.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER I, Sergejs Belkovs, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Global Lines Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Dated: July 16, 2012 By: /s/ Sergejs Belkovs ------------------------------ Sergejs Belkovs, President and Chief Executive Officer and Chief Financial Officer EX-32.1 4 ex32-1.txt EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. 1350 (AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002) In connection with the Quarterly Report on Form 10-Q of Global Lines Inc. (the "Company") for the period ended May 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, I, Sergejs Belkovs, as Chief Executive Officer and Chief Financial Officer, hereby certify that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Global Lines Inc. Dated: July 16, 2012 By: /s/ Sergejs Belkovs ------------------------------ Sergejs Belkovs, President and Chief Executive Officer and Chief Financial Officer EX-101.INS 5 glob-20120531.xml 10-Q 2012-05-31 false GLOBAL LINES INC 0001532390 --08-31 7300000 Smaller Reporting Company Yes No No 2012 Q3 17861 4588 17861 4588 10481 0 28342 4588 8000 0 6604 604 14604 604 7300 4500 20700 0 -14262 -516 13738 3984 28342 4588 0.001 0.001 75000000 75000000 7300000 4500000 7300000 4500000 0 0 0 5099 11659 11659 391 568 1085 605 1518 1518 6095 13745 14262 -6095 -13745 -14262 0 0 0 -6095 -13745 -14262 0 0 5879891 5280839 -13745 -14261 1518 1518 0 504 -12227 -12239 -4000 -4000 23500 28000 6000 6100 29500 34100 13273 17861 4588 0 17861 0 0 0 0 8000 8000 <!--egx--><pre>NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS</pre><pre>&nbsp;</pre><pre>Global Lines Inc. (the "Company" or "Global") was incorporated under the laws of</pre><pre>the State of Nevada on June 6, 2011. We are a development&nbsp; stage company that is</pre><pre>involved in a limousine&nbsp; service.&nbsp; Global Lines Inc. will be actively engaged in</pre><pre>providing chauffeuring and transportation services to residents within its local</pre><pre>Florida market.</pre> <!--egx--><pre>NOTE 2 - CONDENSED FINANCIAL STATEMENTS</pre><pre>&nbsp;</pre><pre>The accompanying&nbsp; financial statements have been prepared by the Company without</pre><pre>audit. In the opinion of management,&nbsp; all adjustments (which include only normal</pre><pre>recurring&nbsp; adjustments)&nbsp; necessary&nbsp; to present&nbsp; fairly the&nbsp; financial&nbsp; position,</pre><pre>results of&nbsp; operations,&nbsp; and cash&nbsp; flows at May 31,&nbsp; 2012,&nbsp; and for all&nbsp; periods</pre><pre>presented herein, have been made.</pre><pre>&nbsp;</pre><pre>Certain&nbsp; information&nbsp; and footnote&nbsp; disclosures&nbsp; normally&nbsp; included in financial</pre><pre>statements prepared in accordance with accounting&nbsp; principles generally accepted</pre><pre>in the United States of America have been condensed or omitted.&nbsp; It is suggested</pre><pre>that&nbsp; these&nbsp; condensed&nbsp; financial&nbsp; statements&nbsp; be read in&nbsp; conjunction&nbsp; with the</pre><pre>financial statements and notes thereto included in the Company's August 31, 2011</pre><pre>audited financial statements. The results of operations for the period ended May</pre><pre>31, 2012 are not&nbsp; necessarily&nbsp; indicative of the operating&nbsp; results for the full</pre><pre>year.</pre> <!--egx--><pre>NOTE 3 - PROPERTY AND EQUIPMENT</pre><pre>&nbsp;</pre><pre>The company put up a deposit for Toyota Highlander or Lincoln town in the amount</pre><pre>of $4,000&nbsp; payable to Baltrade&nbsp; Inc.&nbsp; The&nbsp; remainder of $8,000 is due by May 31,</pre><pre>2012.&nbsp; The total&nbsp; purchase&nbsp; price for vehicle is $12,000.&nbsp; The company&nbsp; does not</pre><pre>intend to sell the vehicle, but rather to use it in order to generate revenue.</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; May 31,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; August 31,</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2012&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2011</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>Vehicles&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 12,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>Less: accumulated depreciation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,518)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; --------</pre><pre>&nbsp;</pre><pre>Net Property and Equipment&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $ 10,481&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; --</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ========</pre> <!--egx--><pre>NOTE 4 - GOING CONCERN</pre><pre>&nbsp;</pre><pre>The&nbsp; accompanying&nbsp; financial&nbsp; statements&nbsp; have been prepared in conformity&nbsp; with</pre><pre>generally accepted accounting principle,&nbsp; which contemplate&nbsp; continuation of the</pre><pre>Company as a going concern.&nbsp; However,&nbsp; the Company had no revenues as of May 31,</pre><pre>2012. The Company&nbsp; currently has limited working capital,&nbsp; and has not completed</pre><pre>its efforts to establish a&nbsp; stabilized&nbsp; source of revenues&nbsp; sufficient&nbsp; to cover</pre><pre>operating costs over an extended period of time.</pre><pre>&nbsp;</pre><pre>Management anticipates that the Company will be dependent,&nbsp; for the near future,</pre><pre>on additional&nbsp; investment capital to fund operating expenses The Company intends</pre><pre>to position itself so that it may be able to raise&nbsp; additional funds through the</pre><pre>capital markets. In light of management's efforts,&nbsp; there are no assurances that</pre><pre>the&nbsp; Company&nbsp; will &nbsp;be&nbsp; successful&nbsp; in this or any of its&nbsp; endeavors&nbsp; or&nbsp; become</pre><pre>financially viable and continue as a going concern.</pre> <!--egx--><pre>NOTE 5 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</pre><pre>&nbsp;</pre><pre>Development Stage Company</pre><pre>&nbsp;</pre><pre>The&nbsp; accompanying&nbsp; financial&nbsp; statements&nbsp; have been prepared in accordance&nbsp; with</pre><pre>generally accepted accounting principles related to development stage companies.</pre><pre>&nbsp;</pre><pre>A&nbsp; development-stage&nbsp; company is one in which planned principal&nbsp; operations have</pre><pre>not commenced or if its operations have commenced, there has been no significant</pre><pre>revenues there from.</pre><pre>&nbsp;</pre><pre>Basis of Presentation</pre><pre>&nbsp;</pre><pre>The financial&nbsp; statements&nbsp; of the Company have been prepared in accordance&nbsp; with</pre><pre>generally accepted accounting principles in the United States of America and are</pre><pre>presented in US dollars.</pre><pre>&nbsp;</pre><pre>Accounting Basis</pre><pre>&nbsp;</pre><pre>The Company&nbsp; uses the accrual&nbsp; basis of&nbsp; accounting&nbsp; and&nbsp; accounting&nbsp; principles</pre><pre>generally&nbsp; accepted in the United&nbsp; States of America&nbsp; ("GAAP"&nbsp; accounting).&nbsp; The</pre><pre>Company has adopted August 31 as a fiscal year end.</pre><pre>&nbsp;</pre><pre>Cash and Cash Equivalents</pre><pre>&nbsp;</pre><pre>The Company considers all highly liquid investments with the original maturities</pre><pre>of three&nbsp; months or less to be cash&nbsp; equivalents.&nbsp; The&nbsp; Company&nbsp; had $17,861 and</pre><pre>$4,588 of cash as of May 31, 2012 and August 31, 2011.</pre><pre>&nbsp;</pre><pre>Fair Value of Financial Instruments</pre><pre>&nbsp;</pre><pre>The Company's&nbsp; financial&nbsp; instruments&nbsp; consist of cash and cash&nbsp; equivalents and</pre><pre>amounts due to shareholder.&nbsp; The carrying amount of these financial&nbsp; instruments</pre><pre>approximates&nbsp; fair value due either to length of maturity or interest rates that</pre><pre>approximate&nbsp;&nbsp; prevailing&nbsp; market&nbsp; rates&nbsp; unless&nbsp; otherwise&nbsp; disclosed&nbsp; in&nbsp; these</pre><pre>financial statements.</pre><pre>&nbsp;</pre><pre>Income Taxes</pre><pre>&nbsp;</pre><pre>Income taxes are computed using the asset and liability method.&nbsp; Under the asset</pre><pre>and liability method,&nbsp; deferred income tax assets and liabilities are determined</pre><pre>based on the differences between the financial reporting and tax bases of assets</pre><pre>and liabilities and are measured using the currently enacted tax rates and laws.</pre><pre>A valuation&nbsp; allowance&nbsp; is provided&nbsp; for the amount of deferred tax assets that,</pre><pre>based on available evidence, are not expected to be realized.</pre><pre>&nbsp;</pre><pre>Use of Estimates</pre><pre>&nbsp;</pre><pre>The preparation of financial&nbsp; statements in conformity&nbsp; with generally&nbsp; accepted</pre><pre>accounting principles requires management to make estimates and assumptions that</pre><pre>affect&nbsp; the&nbsp; reported&nbsp; amounts&nbsp; of assets&nbsp; and&nbsp; liabilities&nbsp; and&nbsp; disclosure&nbsp; of</pre><pre>contingent&nbsp; assets and liabilities at the date the financial&nbsp; statements and the</pre><pre>reported&nbsp; amount of revenues and expenses&nbsp; during the reporting&nbsp; period.&nbsp; Actual</pre><pre>results could differ from those estimates.</pre><pre>&nbsp;</pre><pre>Basic Income (Loss) Per Share</pre><pre>&nbsp;</pre><pre>Basic income&nbsp; (loss) per share is&nbsp; calculated by dividing the Company's net loss</pre><pre>applicable&nbsp; to common&nbsp; shareholders&nbsp; by the&nbsp; weighted&nbsp; average&nbsp; number of common</pre><pre>shares during the period.&nbsp; Diluted&nbsp; earnings per share is calculated by dividing</pre><pre>the&nbsp; Company's&nbsp; net&nbsp; income&nbsp; available&nbsp; to common&nbsp; shareholders&nbsp; by the&nbsp; diluted</pre><pre>weighted&nbsp; average&nbsp; number of shares&nbsp; outstanding&nbsp; during the year.&nbsp; The&nbsp; diluted</pre><pre>weighted&nbsp; average number of shares&nbsp; outstanding is the basic weighted&nbsp; number of</pre><pre>shares adjusted for any potentially&nbsp; dilutive debt or equity.&nbsp; There are no such</pre><pre>common stock equivalents outstanding as of May 31, 2012.</pre><pre>&nbsp;</pre><pre>Comprehensive Income</pre><pre>&nbsp;</pre><pre>The&nbsp; Company&nbsp; has which&nbsp; established&nbsp; standards&nbsp; for&nbsp; reporting&nbsp; and&nbsp; display of</pre><pre>comprehensive income, its components and accumulated balances.&nbsp; When applicable,</pre><pre>the Company would disclose this&nbsp; information&nbsp; on its Statement of&nbsp; Stockholders'</pre><pre>Equity.&nbsp; Comprehensive&nbsp; income&nbsp; comprises&nbsp; equity&nbsp; except those&nbsp; resulting&nbsp; from</pre><pre>investments by owners and&nbsp; distributions to owners.&nbsp; The Company has not had any</pre><pre>significant transactions that are required to be reported in other comprehensive</pre><pre>income.</pre><pre>&nbsp;</pre><pre>Recent Accounting Pronouncements</pre><pre>&nbsp;</pre><pre>Global&nbsp; Lines Inc.&nbsp; does not expect the adoption of recently&nbsp; issued&nbsp; accounting</pre><pre>pronouncements&nbsp; to&nbsp; have a&nbsp; significant&nbsp; impact&nbsp; on&nbsp; the&nbsp; Company's&nbsp; results&nbsp; of</pre><pre>operations, financial position or cash flow.</pre> <!--egx--><pre>NOTE 6 - RELATED PARTY TRANSACTIONS</pre><pre>&nbsp;</pre><pre>During the period from&nbsp; inception on June 6, 2011&nbsp; through May 31,&nbsp; 2011,&nbsp; the a</pre><pre>company&nbsp; Director loaned $604 to the Company for business&nbsp; operations,&nbsp; of which</pre><pre>$504 consisted of expenses paid on behalf of the Company by the Director.</pre><pre>&nbsp;</pre><pre>During the nine month&nbsp; period&nbsp; ended May 31,&nbsp; 2012,&nbsp; the same&nbsp; company&nbsp; Director</pre><pre>loaned an additional&nbsp; $6,000 to the Company for business&nbsp; operations,&nbsp; leaving a</pre><pre>balance due of $6,604.&nbsp; The loan is unsecured,&nbsp; non-interest&nbsp; bearing and due on</pre><pre>demand.</pre> <!--egx--><pre>NOTE 7 - STOCKHOLDERS' EQUITY</pre><pre>&nbsp;</pre><pre>The Company has 75,000,000,&nbsp; $0.001 par value shares of common stock authorized.</pre><pre>There were 7,300,000 shares of common stock issued and outstanding as of May 31,</pre><pre>2012 and 4,500,000&nbsp; shares of common stock issued and&nbsp; outstanding&nbsp; as of August</pre><pre>31, 2011.</pre><pre>&nbsp;</pre><pre>On August 29, 2011, the Company issued 5,000,000 shares of common stock for cash</pre><pre>proceeds of $4,500 at $0.001 per share. On February 14, 2012, the Company issued</pre><pre>2,300,000&nbsp; shares of common&nbsp; stock for cash&nbsp; proceeds&nbsp; of&nbsp; $23,000&nbsp; at $0.01 per</pre><pre>share.</pre> <!--egx--><pre>NOTE 8 - SUBSEQUENT EVENTS</pre><pre>&nbsp;</pre><pre>In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations</pre><pre>subsequent to May 31, 2012 through the date of this report,&nbsp; and has&nbsp; determined</pre><pre>that it does&nbsp; not have any&nbsp; material&nbsp; subsequent&nbsp; events&nbsp; to&nbsp; disclose&nbsp; in these</pre><pre>financial statements.</pre> 0001532390 2011-09-01 2012-05-31 0001532390 2012-05-31 0001532390 2011-08-31 0001532390 2012-03-01 2012-05-31 0001532390 2011-06-06 2012-05-31 0001532390 2011-06-05 shares iso4217:USD iso4217:USD shares EX-101.SCH 6 glob-20120531.xsd 000030 - Statement - Condensed Balance Sheets (Unaudited) Parentheticals link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - CONDENSED FINANCIAL STATEMENTS link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Condensed Balance Sheets (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - GOING CONCERN link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - PROPERTY AND EQUIPMENT link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - STOCKHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 000060 - Disclosure - ORGANIZATION AND NATURE OF BUSINESS link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 glob-20120531_cal.xml EX-101.DEF 8 glob-20120531_def.xml EX-101.LAB 9 glob-20120531_lab.xml STOCKHOLDERS' EQUITY GOING CONCERN {1} GOING CONCERN The entire disclosure for the entity as a going concern, with a description that it will continue in operation for the foreseeable future Document Type Cash, beginning of period Cash, beginning of period CASH, END OF PERIOD Purchase of property and equipment CASH FLOWS USED IN OPERATING ACTIVITIES CASH FLOWS FROM OPERATING ACTIVITIES TOTAL CURRENT ASSETS Entity Current Reporting Status PROVISION FOR INCOME TAXES Professional fees Deficit accumulated during the development stage CURRENT LIABILITIES Entity Registrant Name NET LOSS PER SHARE: BASIC AND DILUTED NET LOSS TOTAL OPERATING EXPENSES Document Fiscal Period Focus IncomeStatementAbstract Entity Voluntary Filers SUBSEQUENT EVENTS {1} SUBSEQUENT EVENTS RELATED PARTY TRANSACTIONS ASSETS SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES {1} SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Expenses paid on behalf of company Expenses paid by related parties on behalf of the entity. TOTAL STOCKHOLDERS EQUITY Loan from shareholder Current Fiscal Year End Date RELATED PARTY TRANSACTIONS {1} RELATED PARTY TRANSACTIONS PROPERTY AND EQUIPMENT CONDENSED FINANCIAL STATEMENTS SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: Document Fiscal Year Focus Entity Filer Category GOING CONCERN PROPERTY AND EQUIPMENT {1} PROPERTY AND EQUIPMENT CONDENSED FINANCIAL STATEMENTS {1} CONDENSED FINANCIAL STATEMENTS The entire disclosure for consolidation and presentation of financial statements ORGANIZATION AND NATURE OF BUSINESS {1} ORGANIZATION AND NATURE OF BUSINESS Note payable issued for purchase of fixed assets The value of notes issued for purchasing of fixed assets in a noncash transcation. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. NET LOSS FROM OPERATIONS REVENUES Common Stock, shares issued Common Stock, shares authorized Common stock, par value $0.001; 75,000,000 shares authorized, 7,300,000 and 4,500,000 shares issued and outstanding, respectively Cash and cash equivalents CASH FLOWS FROM FINANCING ACTIVITIES Depreciation expense WEIGHTED AVERAGE NUMBER OF SHARESOUTSTANDING: BASIC AND DILUTED The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS. Depreciation STOCKHOLDERS EQUITY TOTAL CURRENT LIABILITIES PROPERTY AND EQUIPMENT, NET Document Period End Date ORGANIZATION AND NATURE OF BUSINESS Proceeds from sale of common stock TOTAL LIABILITIES AND STOCKHOLDERS EQUITY TOTAL ASSETS Amendment Flag Income taxes paid CASH FLOWS PROVIDED BY FINANCING ACTIVITIES General and administrative OPERATING EXPENSES Stockholders Equity Number Of Shares Par Value And Other Disclosures Abstract Entity Central Index Key SUBSEQUENT EVENTS STOCKHOLDERS' EQUITY {1} STOCKHOLDERS' EQUITY Notes payable Entity Well-known Seasoned Issuer Entity Common Stock, Shares Outstanding Interest paid NET INCREASE (DECREASE) IN CASH Adjustments to reconcile net loss to net cash (used in) operating activities: Net loss for the period Common Stock, shares outstanding Common Stock, par or stated value Additional paid in capital Document and Entity Information SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Director loans CASH FLOWS FROM INVESTING ACTIVITIES Statement [Line Items] Statement [Table] SUPPLEMENTAL CASH FLOW INFORMATION: LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT ASSETS EX-101.PRE 10 glob-20120531_pre.xml XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN
9 Months Ended
May 31, 2012
GOING CONCERN  
GOING CONCERN
NOTE 4 - GOING CONCERN
 
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 May 31,
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.
 
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.
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PROPERTY AND EQUIPMENT
9 Months Ended
May 31, 2012
PROPERTY AND EQUIPMENT  
PROPERTY AND EQUIPMENT
NOTE 3 - PROPERTY AND EQUIPMENT
 
The company put up a deposit for Toyota Highlander or Lincoln town in the amount
of $4,000  payable to Baltrade  Inc.  The  remainder of $8,000 is due by May 31,
2012.  The total  purchase  price for vehicle is $12,000.  The company  does not
intend to sell the vehicle, but rather to use it in order to generate revenue.
 
                                                     May 31,          August 31,
                                                      2012              2011
                                                    --------          --------
Vehicles                                            $ 12,000          $     --
Less: accumulated depreciation                        (1,518)               --
                                                    --------          --------
 
Net Property and Equipment                          $ 10,481          $     --
                                                    ========          ========

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (Unaudited) (USD $)
May 31, 2012
Aug. 31, 2011
CURRENT ASSETS    
Cash and cash equivalents $ 17,861 $ 4,588
TOTAL CURRENT ASSETS 17,861 4,588
PROPERTY AND EQUIPMENT, NET 10,481 0
TOTAL ASSETS 28,342 4,588
CURRENT LIABILITIES    
Notes payable 8,000 0
Loan from shareholder 6,604 604
TOTAL CURRENT LIABILITIES 14,604 604
STOCKHOLDERS EQUITY    
Common stock, par value $0.001; 75,000,000 shares authorized, 7,300,000 and 4,500,000 shares issued and outstanding, respectively 7,300 4,500
Additional paid in capital 20,700 0
Deficit accumulated during the development stage (14,262) (516)
TOTAL STOCKHOLDERS EQUITY 13,738 3,984
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 28,342 $ 4,588
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
ORGANIZATION AND NATURE OF BUSINESS
9 Months Ended
May 31, 2012
ORGANIZATION AND NATURE OF BUSINESS  
ORGANIZATION AND NATURE OF BUSINESS
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS
 
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.
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XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED FINANCIAL STATEMENTS
9 Months Ended
May 31, 2012
CONDENSED FINANCIAL STATEMENTS  
CONDENSED FINANCIAL STATEMENTS
NOTE 2 - CONDENSED FINANCIAL STATEMENTS
 
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 May 31,  2012,  and for all  periods
presented herein, have been made.
 
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, 2011
audited financial statements. The results of operations for the period ended May
31, 2012 are not  necessarily  indicative of the operating  results for the full
year.
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheets (Unaudited) Parentheticals (USD $)
May 31, 2012
Aug. 31, 2011
Common Stock, par or stated value $ 0.001 $ 0.001
Common Stock, shares authorized 75,000,000 75,000,000
Common Stock, shares issued 7,300,000 4,500,000
Common Stock, shares outstanding 7,300,000 4,500,000
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
9 Months Ended
May 31, 2012
Document and Entity Information  
Entity Registrant Name GLOBAL LINES INC
Document Type 10-Q
Document Period End Date May 31, 2012
Amendment Flag false
Entity Central Index Key 0001532390
Current Fiscal Year End Date --08-31
Entity Common Stock, Shares Outstanding 7,300,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q3
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended
May 31, 2012
May 31, 2012
May 31, 2012
REVENUES $ 0 $ 0 $ 0
OPERATING EXPENSES      
Professional fees 5,099 11,659 11,659
General and administrative 391 568 1,085
Depreciation 605 1,518 1,518
TOTAL OPERATING EXPENSES 6,095 13,745 14,262
NET LOSS FROM OPERATIONS (6,095) (13,745) (14,262)
PROVISION FOR INCOME TAXES 0 0 0
NET LOSS $ (6,095) $ (13,745) $ (14,262)
NET LOSS PER SHARE: BASIC AND DILUTED $ 0 $ 0  
WEIGHTED AVERAGE NUMBER OF SHARESOUTSTANDING: BASIC AND DILUTED 5,879,891 5,280,839  
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
STOCKHOLDERS' EQUITY
9 Months Ended
May 31, 2012
STOCKHOLDERS' EQUITY  
STOCKHOLDERS' EQUITY
NOTE 7 - STOCKHOLDERS' EQUITY
 
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 May 31,
2012 and 4,500,000  shares of common stock issued and  outstanding  as of August
31, 2011.
 
On August 29, 2011, the Company issued 5,000,000 shares of common stock for cash
proceeds of $4,500 at $0.001 per share. 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.
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
RELATED PARTY TRANSACTIONS
9 Months Ended
May 31, 2012
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS
NOTE 6 - RELATED PARTY TRANSACTIONS
 
During the period from  inception on June 6, 2011  through May 31,  2011,  the a
company  Director loaned $604 to the Company for business  operations,  of which
$504 consisted of expenses paid on behalf of the Company by the Director.
 
During the nine month  period  ended May 31,  2012,  the same  company  Director
loaned an additional  $6,000 to the Company for business  operations,  leaving a
balance due of $6,604.  The loan is unsecured,  non-interest  bearing and due on
demand.
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
9 Months Ended
May 31, 2012
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS
NOTE 8 - SUBSEQUENT EVENTS
 
In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations
subsequent to May 31, 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.
XML 26 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 12 Months Ended
May 31, 2012
May 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss for the period $ (13,745) $ (14,261)
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Depreciation expense 1,518 1,518
Expenses paid on behalf of company 0 504
CASH FLOWS USED IN OPERATING ACTIVITIES (12,227) (12,239)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (4,000) (4,000)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock 23,500 28,000
Director loans 6,000 6,100
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 29,500 34,100
NET INCREASE (DECREASE) IN CASH 13,273 17,861
Cash, beginning of period 4,588 0
CASH, END OF PERIOD 17,861 17,861
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 0 0
Income taxes paid 0 0
SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Note payable issued for purchase of fixed assets $ 8,000 $ 8,000
XML 27 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
9 Months Ended
May 31, 2012
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES  
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
NOTE 5 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Development Stage Company
 
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.
 
Basis of Presentation
 
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.
 
Accounting Basis
 
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.
 
Cash and Cash Equivalents
 
The Company considers all highly liquid investments with the original maturities
of three  months or less to be cash  equivalents.  The  Company  had $17,861 and
$4,588 of cash as of May 31, 2012 and August 31, 2011.
 
Fair Value of Financial Instruments
 
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.
 
Income Taxes
 
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.
 
Use of Estimates
 
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.
 
Basic Income (Loss) Per Share
 
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 May 31, 2012.
 
Comprehensive Income
 
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.
 
Recent Accounting Pronouncements
 
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.
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