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 $ -- ======== ======== |
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 |
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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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. |
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 |
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 |
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 |
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. |
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. |
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. |
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 |
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. |