0001493152-20-009673.txt : 20200522 0001493152-20-009673.hdr.sgml : 20200522 20200522072132 ACCESSION NUMBER: 0001493152-20-009673 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 36 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200522 DATE AS OF CHANGE: 20200522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Syndicated Resorts Association,Inc. CENTRAL INDEX KEY: 0001723177 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS, ROOMING HOUSE, CAMPS & OTHER LODGING PLACES [7000] IRS NUMBER: 475018835 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 000-56033 FILM NUMBER: 20903633 BUSINESS ADDRESS: STREET 1: 5530 SOUTH VALLEY VIEW BLVD STREET 2: SUITE 105 CITY: LAS VEGAS STATE: NV ZIP: 89118 BUSINESS PHONE: 702-389-7554 MAIL ADDRESS: STREET 1: 5530 SOUTH VALLEY VIEW BLVD STREET 2: SUITE 105 CITY: LAS VEGAS STATE: NV ZIP: 89118 10-Q/A 1 form10-qa.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Amendment No. 1)

 

(Mark One)

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2020

 

or

 

[  ] 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. 000-56033

 

SYNDICATED RESORTS ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)

 

Nevada   47-5018835
(State or other jurisdiction of   (I.R.S. Employer
 incorporation or organization)   Identification No.)

 

5530 South Valley View Blvd, Suite 105

Las Vegas, Nevada 89118

(Address of principal executive offices) (zip code)

 

480-666-4116
(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [X] Smaller Reporting Company [X]
Emerging growth company [X]    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   N/A   N/A

 

As of May 22, 2020, the Company had 7,990,000 shares of its common stock, par value $.0001 per share, issued and outstanding.

 

 

 

 

 

 

EXPLANATORY NOTE:

 

This Amendment No. 1 to the quarterly report on Form 10-Q for the period ended March 31, 2020, originally filed with the Securities and Exchange Commission on May 20, 2020 (the “Original Filing”), is being filed for the purpose of attaching as exhibits the applicable XBRL files. Otherwise, this Amendment No. 1 is the same as the Original Filing.

 

 
 

 

SYNDICATED RESORTS ASSOCIATION INC.

TABLE OF CONTENTS

 

    Page
   
PART I. FINANCIAL INFORMATION  
     
Item 1. Financial Statements  
  Unaudited Balance Sheets, March 31, 2020 and December 31, 2019 3
  Unaudited Statement of Operations for the Three Months Ended March 31, 2020 and 2019 4
  Unaudited Statements of Changes in Stockholders’ Equity for the Three Months Ended March 31, 2020 and 2019 5
  Unaudited Statement of Cash Flows for the Three Months Ended March 31, 2020 and 2019 6
  Notes to Unaudited Financial Statements 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
Item 4. Controls and Procedures 13
     
PART II. OTHER INFORMATION 13
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13
Item 5. Other Information 13
Item 6. Exhibits 14

 

2

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

UNAUDITED BALANCE SHEETS

 

   March 31,   December 31, 
   2020   2019 
         
ASSETS          
Current Assets          
Cash  $1,023   $1,669 
Prepaid Expense   5,000    0 
           
Total Assets  $6,023   $1,669 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
           
Liabilities          
Accounts Payable  $3,198   $1,258 
Credit Card Payable   12,205    1,931 
Accrued Expenses   0    1,800 
Total Liabilities   15,403    4,989 
           
Commitments and Contingencies (Note 8)          
           
Stockholders’ Equity (Deficit)          
Preferred Stock - Par Value $0.0001, 20,000,000 Shares
Authorized, Issued and Outstanding
   0    0 
Common Stock - Par Value $0.0001, 100,000,000 Shares  Authorized, 7,990,000 Issued and Outstanding   799    799 
Additional Paid in Capital   197,563    181,563 
Retained Deficit   (207,742)   (185,682)
Total Stockholder’s Equity (Deficit)   (9,380)   (3,320)
           
Total Liabilities and Stockholders’ Equity (Deficit)  $6,023   $1,669 

 

The accompanying notes are an integral part of these condensed financial statements.

 

3

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

UNAUDITED STATEMENTS OF OPERATIONS

 

   For the Three Months Ended March 31, 
   2020   2019 
         
Operating Expenses          
General and Administrative  $3,884   $5,318 
Legal and Professional   18,140    20,985 
           
Total Operating Expenses   22,024    26,303 
           
Loss from Operations   (22,024)   (26,303)
           
Other Income (Expense)          
Other Expense   (36)   (657)
Total Other Income (Expense)   (36)   (657)
           
Loss from Operations before Income Taxes   (22,060)   (26,960)
           
Provision for Income Taxes   0    0 
           
Net Loss  $(22,060)  $(26,960)
           
Weighted Average Number of Common Shares -          
Basic and Diluted   7,990,000    7,990,000 
           
Net Loss per Common Shares -          
Basic and Diluted  $(0.00)  $(0.00)

 

The accompanying notes are an integral part of these condensed financial statements.

 

4

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

UNAUDITED STATEMENT OF STOCKHOLDERS’ EQUITY (DEFICIT)

For the Three Months Ended March 31, 2020 and 2019

 

   Common       Additional   Retained     
   Stock   Common   Paid-in   Earnings     
   Shares   Stock   Capital   (Deficit)   Total 
                     
Balance January 1, 2020   7,990,000   $799   $181,563   $(185,682)  $(3,320)
                          
Capital Contributions             16,000         16,000 
                          
Net Loss for the Three Months Ended March 31, 2020                  (22,060)   (22,060)
Balance March 31, 2020   7,990,000   $799   $197,563   $(207,742)  $(9,380)
                          
Balance January 1, 2019   7,990,000   $799   $130,953   $(143,275)  $(11,523)
                          
Capital Contributions             810         810 
                          
Net Loss for the Three Months Ended March 31, 2019                  (26,960)   (26,960)
Balance March 31, 2019   7,990,000   $799   $131,763   $(170,235)  $(37,673)

 

The accompanying notes are an integral part of these condensed financial statements.

 

5

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

UNAUDITED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31,

 

   2020   2019 
         
Cash Flows from Operating Activities          
Net Loss  $(22,060)  $(26,960)
Adjustments to Reconcile Net Loss to          
Net Cash Used by Operating Activities:          
Change in Operating Assets and Liabilities          
Increase in Prepaid Expenses   (5,000)   0 
Increase in Accounts Payable   1,940    16,686 
Increase in Credit Card Payable   10,274    9,298 
Decrease in Accrued Expenses   (1,800)   0 
Net Cash Used by Operating Activities   (16,646)   (976)
           
Cash Flows from Financing Activities          
Contributed Capital   16,000    810 
           
Net Decrease in Cash   (646)   (166)
Cash Balance - Beginning of Period   1,669    1,797 
           
Cash Balance - End of Period  $1,023   $1,631 

 

The accompanying notes are an integral part of these condensed financial statements.

 

6

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

March 31, 2020 and 2019 and December 31, 2019

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business – Syndicated Resorts Association, Inc. (the “Company”), is a corporation which organized originally as Royale Associates, LLC - a Nevada single member LLC, which began operations in 2015. The Company is a marketing and sales entity working within the vacation industry. The Company is designed to optimize relationships between resort destinations and potential vacationers. The Company markets to prospective clients through accredited distributors and customer support centers located throughout the United States.

 

Basis of Presentation – The accompanying unaudited interim financial statements have been prepared in accordance with the same accounting policies as the Company’s last annual financial statements. They do not include all the information required for a complete set of financial statements, however selected explanatory notes are included to explain events and transactions that are significant to the Company’s financial position and performance since the last annual financial statements.

 

The Company’s policies conform to accounting principles generally accepted in the United States of America as contained in the Accounting Standards Codification (ASC) issued by the Financial Accounting Standards Board (FASB) and have been consistently applied.

 

Method of Accounting – The Company uses the accrual method of accounting, in accordance with accounting principles generally accepted in the United States of America. The accounting policies have been applied consistently for purposes of preparation of these interim financial statements.

 

Recent Accounting Pronouncements – FASB has issued a new standard for accounting for leases under ASC 842, which is required to be adopted as of January 1, 2019. Since the Company currently has no leases, this new standard currently does not apply to the Company. There were no other new accounting pronouncements that impact the reporting for the Company as of March 31, 2020 and 2019, respectively.

 

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents - For purpose of the statements of cash flow, cash and cash equivalents include all cash balances and highly liquid investments with a maturity of three months or less.

 

7

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

March 31, 2020 and 2019 and December 31, 2019

 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Income Taxes – The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken, or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination. The Company has examined its tax positions and concluded that there are no unrecognized tax benefits that will have a material impact on the financial statements for the quarters ended March 31, 2020 and 2019.

 

The Company’s tax returns are subject to possible examination by the taxing authorities. For federal income tax purposes the tax returns essentially remain open to possible examination for a period of three years after the respective filing deadlines of those returns.

 

NOTE 2 – CASH AND CASH EQUIVALENTS

 

As of March 31, 2020 and December 31, 2019, the cash balances were below the FDIC insured limits, and there were no restrictions on cash. The cash balances were $1,023 and $1,669 as of March 31, 2020 and December 31, 2019, respectively.

 

NOTE 3 – PREPAID EXPENSE

 

The Company has entered into an agreement to repurchase stock (see Note 8). The agreement has not been executed as of March 31, 2020. The balance of $5,000 in prepaid expense as of March 31, 2020 represents an advance payment made toward this agreement.

 

NOTE 4 – CREDIT CARD PAYABLE

 

The credit card payable represents the balances accrued on company credit cards. As of March 31, 2020, and December 31, 2019, the accrued balance totaled $12,205 and $1,931, respectively.

 

NOTE 5 – STOCKHOLDERS’ EQUITY

 

During the three months ended March 31, 2020 and 2019, capital contributions of $16,000 and $810 were made by the major shareholder, respectively.

 

Preferred Stock – The Company has authorized 20,000,000 shares of $.0001 par value preferred stock. As of March 31, 2020, and 2019, there were 0 shares issued and outstanding.

 

Common Stock – The Company has authorized 100,000,000 shares of $.0001 par value common stock. As of March 31, 2020 and 2019 there were 7,990,000 shares issued and outstanding, respectively.

 

8

 

 

SYNDICATED RESORTS ASSOCIATION, INC.

(a Nevada Corporation)

March 31, 2020 and 2019 and December 31, 2019

 

NOTE 6 – EARNINGS (LOSS) PER COMMON SHARE – BASIC AND DILUTED

 

Earnings (Loss) per share of common stock are computed in accordance with FASB ASC 260.

 

Basic - Basic earnings per share is calculated by dividing the net profit (loss) for the year by the weighted average number of ordinary shares outstanding during the financial year held by the Company.

 

Diluted – For the purpose of calculating diluted earnings per share, the profit attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding during the financial year have been adjusted for the dilutive effects of all potential ordinary shares, warrants, and share options granted. The dilutive earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of shares that would have been in issue upon full exercise of the remaining warrants, adjusted by the number of such shares that would have been issued at fair value.

 

NOTE 7 – GOING CONCERN

 

The financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying unaudited financial statements for the quarters ending March 31, 2020 and 2019, the Company has had significant operating losses, raising substantial doubt about its ability to continue as a going concern.

 

During the year ending December 31, 2019, the Company sold stock and raised capital to move forward with its business plan. They continue to move forward with this plan during the quarter ending March 31, 2020. The Company is still in its beginning stages, and has not had the opportunity to fully develop the operations it expects to have. With the additional capital raised, the Company expects to continue to work towards sales under its business plan. While the Company anticipates success in this venture, there is no assurance that this will occur.

 

As a result, there continues to be substantial doubt about the Company’s ability to continue as a going concern within one year after issuance of the financial statements.

 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

The Company did not have any leases, pending litigation, or other commitments and contingencies at March 31, 2020 and 2019, respectively.

 

During 2019, the Company entered into a stock repurchase agreement, which calls for the cancellation of 333,333 shares of stock, and the repurchase of 666,667 shares of stock. The agreement had not been executed as of March 31, 2020, but payment of $5,000 toward the repurchase of stock was made in January 2020 (see note 3).

 

NOTE 9 – SUBSEQUENT EVENTS

 

The date to which events occurring after March 31, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the financial statements or additional disclosures as of May 20, 2020, which is the date on which the financial statements were available to be issued.

 

9

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with our unaudited financial statements and notes to our financial statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors discussed elsewhere in this report.

 

Certain information included herein contains statements that may be considered forward-looking statements, such as statements relating to our anticipated revenues, gross margin and operating results, future performance and operations, plans for future expansion, capital spending, sources of liquidity, and financing sources. This forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made herein. These risks and uncertainties include those relating to our liquidity requirements, the continued growth of the Company’s industry, the success of our business development, marketing and sales activities, vigorous competition in the Company’s industry, dependence on existing management, leverage and debt service (including sensitivity to fluctuations in interest rates), domestic or global economic conditions, the inherent uncertainty and costs of prolonged arbitration or litigation, and changes in federal or state tax laws or the administration of such laws.

 

Overview

 

Syndicated Resorts Association, Inc., then known as Royale Associates LLC (“SRA” or the “Company”), was incorporated in Nevada on August 1, 2014 as a Nevada limited liability company.

 

On October 26, 2017, the Company filed Articles of Conversion with the Nevada Secretary of State pursuant to which the Company changed its name to Syndicated Resorts Association, Inc. and was converted into a Nevada corporation (the “Conversion”).

 

The Company currently offers tickets to shows located in Las Vegas to travelers through its website, Showplusdinner.com. The Company’s website is designed to function as a digital concierge whereby customers can purchase discounted tickets for shows on the Las Vegas Strip, with the goal of expanding the Company’s offerings to include dinner and hotel offerings and to partner with venues worldwide in the future. As an authorized vendor of Caesars Enterprise Services, LLC (“Caesars”), the Company’s product offerings have included tickets to attend shows at Caesars affiliated properties featuring world-renowned performers. The Company intends to expand its product offerings to enable customers to purchase discounted hotel and travel packages within a network of member properties, hotel resorts, and recreational facilities with whom the Company expects to establish partnerships.

 

Effective as of February 28, 2020, the Company, lxtapa Palace Resort SA de CV, a company based in Mexico that operates as an affiliate of Interval International Inc. representing a Vacation Exchange Network of 3,200 globally located affiliate resorts (“IPR”) and SynchroTec 2 LLC, a company based in Florida that provides certain technology and operational services (“Sync”), entered into a Retail and Travel Services Agreement (the “Agreement”) pursuant to which (1) SRA, at its cost and expense, will establish a network of independent and company-owned dealerships, to be known as the “IPR Vacation Club,” for sales of travel offerings provided by IPR and its affiliates and (2) Sync will provide related technology and administrative services. The initial term of the Agreement shall continue for one (5) year term (the “Initial Term”) unless otherwise terminated earlier under the terms hereof. Unless written notice of termination is delivered to the other party at least sixty (60) days before the end of the Initial Term, then this Agreement shall be automatically extended for an additional one (5) year term unless otherwise terminated earlier. The consideration to be paid to SRA, IPR and Sync in exchange for the services rendered and products offered under the Agreement shall be determined in the ordinary course of business.

 

As of March 31, 2020, the Company had not generated significant, recurring revenues and had not shown a history of positive income or cash flows from operations since inception. At March 31, 2020, the Company had sustained a net loss of $22,060 and had a retained deficit of $207,742. However, the Company has entered into agreements to resell travel services, lodgings and other amenities in furtherance of its business model.

 

10

 

 

For the period ended December 31, 2019, the Company’s independent auditors issued a report raising substantial doubt about the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon financial support from its principal stockholders, its ability to obtain necessary equity financing, or its ability to sell its services to generate consistent profitability.

 

The Company has filed a registration statement on Form S-1 to register the resales of common stock shares held by certain existing shareholders of the Company. The registration statement was declared effective by the Securities and Exchange Commission on February 12, 2019.

 

Revenues and Losses

 

During the three months ended March 31, 2020, the Company posted net revenues of $0, total operating expenses of $22,024, consisting of general and administrative expenses of $3,884 and costs for legal and professional services of $18,140, and a net loss of $22,024. In comparison, during the three months ended March 31, 2019, the Company posted net revenues of $0, total operating expenses of $26,303, consisting of general and administrative expenses of $5,318 and costs for legal and professional services of $20,985, and a net loss of $26,303.

 

Liquidity and Capital Resources

 

The Company had a cash balance of $1,023 as of March 31, 2020.

 

Since its inception, the Company has devoted most of its efforts to business planning, research and development, recruiting management and staff and raising capital. Accordingly, the Company was considered to be in the development stage until it recently began formal operations. The Company generated no revenues since its inception and there is no assurance of future revenues.

 

The Company’s proposed activities will necessitate significant uses of capital beyond 2020.

 

For the next few months, the Company will be focusing on engaging new partners to expand its travel and entertainment offerings, obtaining increased visibility for its platforms through the implementation of its marketing strategy and by improving its website and continuing to develop strategic relationships to sell travel products.

 

Currently, these efforts are being funded by the management of the Company and through the proceeds of the Company’s private placements. Management of the Company believes that having a trading market for the Company’s common stock will make other sources of financing available and assist it in becoming more marketable.

 

There is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital, or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company. Accordingly, given the Company’s limited cash and cash equivalents on hand, the Company will be unable to implement its business plans and proposed operations unless it obtains additional financing or otherwise is able to generate revenues and profits. The Company may raise additional capital through sales of debt or equity, obtain loan financing or develop and consummate other alternative financial plans. In the near term, the Company plans to rely on its primary stockholder to continue his commitment to funding the Company’s continuing operating requirements. Management anticipates a total capital raise between $5-10M USD over the course of the following four consecutive quarters; provided, however, that the Company will require a minimum of $100,000 for the next 12 months to fund its operations, which will be used to fund expenses related to operations, office supplies, travel, salaries and other incidental expenses. Management believes that this capital would allow the Company to meet its operating cash requirements, and would facilitate the Company’s business of selling and distributing its products. Management also believes that the acquisition of such assets would generate revenue to cover the overhead cost and general liabilities of the Company, and allow the Company to achieve overall sustainable profitability.

 

Discussion of the Three Months ended March 31, 2020 as compared to the Three Months ended March 31, 2019

 

The Company generated no revenues during the three months ended March 31, 2020 and 2019, respectively. The Company has focused its efforts on business development, and devoted little attention or resources to sales and marketing or generating near-term revenues and profits other than engaging in strategic partnerships to further its business model.

 

11

 

 

During the three months ended March 31, 2020, the Company posted total operating expenses of total operating expenses of $22,024, consisting of general and administrative expenses of $3,884 and costs for legal and professional services of $18,140. In comparison, during the three months ended March 31, 2019, the Company posted total operating expenses of $26,303, consisting of general and administrative expenses of $5,318 and costs for legal and professional services of $20,985. These decreases in operating costs largely resulted from reduced legal and accounting fees related to being a public company and reduced expenses in connection with the development of operations.

 

During the three months ended March 31, 2020, the Company posted a net loss of $22,024 as compared to net loss of $26,303 for the three months ended March 31, 2019. The decrease in net loss largely resulted from reduced legal and accounting fees related to being a public company and reduced expenses in connection with the development of operations.

 

For the three months ended March 31, 2020, the Company used cash in operating activities of $16,646. During such period, the Company also generated cash in financing activities in the amount of $16,000 from capital contributions from management and did not use or generate cash from investing activities. In comparison, for the three months ended March 31, 2019, the Company used cash in operating activities of $976. During such period, the Company did not use or generate cash in investing activities and generated cash from financing activities in the amount of $810 from capital contributions from management.

 

The Company had a cash balance of $1,023 and $1,631 as of March 31, 2020 and 2019, respectively.

 

Off-Balance Sheet Arrangements

 

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Equipment Financing

 

The Company has no existing equipment financing arrangements.

 

Potential Revenue

 

The Company expects to generate revenue from selling its travel products and services. The Company currently offers tickets to shows located in Las Vegas to travelers through its website, Showplusdinner.com. The Company plans to develop its platforms further to expand its product offerings to include discounted hotel and travel packages within a network of member properties, hotel resorts, timeshare, and recreational facilities with whom the Company expects to establish partnerships. The Company has already partnered with Caesars Enterprises LLC, Discount Network to act as an authorized reseller of their entertainment and travel products. Furthermore, the Company has entered into agreement with lxtapa Palace Resort SA de CV to become an authorized reseller of travel products in order to expand its product offerings further.

 

Alternative Financial Planning

 

The Company has no alternative financial plans at the moment. If the Company is not able to successfully raise monies as needed through a private placement or other securities offering (including, but not limited to, a primary public offering of securities), the Company’s ability to survive as a going concern and implement any part of its business plan or strategy will be severely jeopardized.

 

12

 

 

Critical Accounting Policies

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Information not required to be filed by a smaller reporting company.

 

ITEM 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

Pursuant to Rules adopted by the Securities and Exchange Commission, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rules. This evaluation was done as of the end of the period covered by this report by the Company’s principal executive officer (who is also the principal financial officer) in consultation with an outside accounting advisor.

 

Based upon that evaluation, the Company’s principal executive officer has concluded that the Company’s disclosure controls and procedures were not effective in gathering, analyzing and disclosing information needed to ensure that the information required to be disclosed by the Company in its periodic reports 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 Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

The Company intends to engage outside accounting advisors to assist the Company in implementing effective disclosure controls and procedures.

 

Changes in Internal Controls

 

There was no change in the Company’s internal control over financial reporting that was identified in connection with such evaluation that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II — OTHER INFORMATION

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

There are no sales of unregistered securities to report that have not been previously included in the Company’s past Quarterly Reports on Form 10-Q.

 

ITEM 5. OTHER INFORMATION

 

No Changes in Nomination Procedures

 

During the quarter covered by this Report, there were not any material changes to the procedures by which security holders may recommend nominees to the Board of Directors.

 

13

 

 

ITEM 6. EXHIBITS

 

Exhibit No.     Description
2.1     Agreement and Plan of Conversion between Royale Associates LLC and Syndicated Resorts Association, Inc. (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
3.1     Articles of Incorporation (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
3.2     By-laws (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
3.3     Sample stock certificate (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
3.4     Articles of Conversion filed with the Secretary of State of Nevada on October 26, 2017 (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
10.1     Letter of Intent by and between Royale Associates LLC and Ixtapa Palace Resort (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
10.2     Agreement by and between William Barber and Tiber Creek Corporation (filed as an Exhibit to the Form S-1 filed on December 28, 2017)
       
10.3     Prepay Voucher Agreement by and between the Company and Caesars’ Entertainment LLC (filed as an Exhibit to the Form S-1 filed on May 3, 2018)
       
10.4     Market Affiliation Agreement by and between the Company, Discount Network and Impact Services (filed as an Exhibit to the Form S-1 filed on May 3, 2018)
       
10.5     Sub-ISO Agency/Portfolio Management Agreement by and between the Company and 2C Processor USA LLC (filed as an Exhibit to the Form S-1 filed on May 3, 2018)
       
10.6     Travel Products Purchase Agreement by and between the Company and FASTRACK Promotions, Inc. (filed as an Exhibit to the Form S-1 filed on May 3, 2018)
       
10.7     Form of Travel Agency Agreement by and between the Company and lxtapa Palace Resort, SA de CV (filed as an Exhibit to the Form S-1 filed on July 11, 2018)
       
10.8     Form of Retail and Travel Services Agreement by and between the Company, lxtapa Palace Resort, SA de CV and SynchroTec 2 LLC (filed as an Exhibit to the Form 8-K filed on March 6, 2020)
       
31*     Rule 15d-14(a) Certification by Principal Executive Officer and Principal Financial Officer
       
32*     Section 1350 Certification of Principal Executive Officer and Principal Financial Officer
       
101.INS*     XBRL Instance Document
       
101.SCH*     XBRL Taxonomy Extension Schema
       
101.CAL*     XBRL Taxonomy Extension Calculation Linkbase
       
101.DEF*     XBRL Taxonomy Extension Definition Linkbase
       
101.LAB*     XBRL Taxonomy Extension Label Linkbase
       
101.PRE*     XBRL Taxonomy Extension Presentation Linkbase

 

* Filed herewith

 

14

 

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 22, 2020.

 

  SYNDICATED RESORTS ASSOCIATION, INC.
     
  By: /s/ William Barber
  Title: President (Principal Executive Officer)
     
  By: /s/ William Barber
  Title: Chief Financial Officer (Principal Financial Officer)
     
  By: /s/ William Barber
  Title: Chief Financial Officer (Principal Accounting Officer)

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on May 22, 2020.

 

  By: /s/ William Barber
  Title: Chief Executive Officer (Principal Executive Officer)
     
  By: /s/ William Barber
  Title: Treasurer (Principal Financial Officer)
     
  By: /s/ William Barber
  Title: Treasurer (Principal Accounting Officer)

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons, constituting all of the members of the board of directors, in the capacities and on the dates indicated.

 

Signature   Capacity   Date
         
/s/ William Barber   Director   May 22, 2020

William Barber

 

15

 

EX-31 2 ex31.htm

 

EXHIBIT 31

 

CERTIFICATION PURSUANT TO SECTION 302

 

I, William Barber, certify that:

 

1. I have reviewed the Quarterly Report on Form 10-Q/A of Syndicated Resorts Association, Inc. for the period ended March 31, 2020.
   
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(s) 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 evaluations; 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(s) and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of 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 control 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: May 22, 2020 /s/ William Barber
  Chief Executive Officer (Principal Executive Officer)
  Chief Financial Officer (Principal Financial Officer)

 

 

 

EX-32 3 ex32.htm

 

EXHIBIT 32

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q/A of Syndicated Resorts Association, Inc. (the “Company”) for the period ending March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his or her knowledge:

 

(1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 22, 2020 By: /s/ William Barber
    William Barber Chief Executive Officer (Principal Executive Officer)
     
Dated: May 22, 2020 By: /s/ William Barber
    William Barber Chief Financial Offcier (Principal Financial Officer)

 

This certification accompanies each Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

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NOTE 8 – Commitments And Contingencies

 

The Company did not have any leases, pending litigation, or other commitments and contingencies at March 31, 2020 and 2019, respectively.

 

During 2019, the Company entered into a stock repurchase agreement, which calls for the cancellation of 333,333 shares of stock, and the repurchase of 666,667 shares of stock. The agreement had not been executed as of March 31, 2020, but payment of $5,000 toward the repurchase of stock was made in January 2020 (see note 3).

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Dec. 31, 2019
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Nature of Business – Syndicated Resorts Association, Inc. (the “Company”), is a corporation which organized originally as Royale Associates, LLC - a Nevada single member LLC, which began operations in 2015. The Company is a marketing and sales entity working within the vacation industry. The Company is designed to optimize relationships between resort destinations and potential vacationers. The Company markets to prospective clients through accredited distributors and customer support centers located throughout the United States.

 

Basis of Presentation – The accompanying unaudited interim financial statements have been prepared in accordance with the same accounting policies as the Company’s last annual financial statements. They do not include all the information required for a complete set of financial statements, however selected explanatory notes are included to explain events and transactions that are significant to the Company’s financial position and performance since the last annual financial statements.

 

The Company’s policies conform to accounting principles generally accepted in the United States of America as contained in the Accounting Standards Codification (ASC) issued by the Financial Accounting Standards Board (FASB) and have been consistently applied.

 

Method of Accounting – The Company uses the accrual method of accounting, in accordance with accounting principles generally accepted in the United States of America. The accounting policies have been applied consistently for purposes of preparation of these interim financial statements.

 

Recent Accounting Pronouncements – FASB has issued a new standard for accounting for leases under ASC 842, which is required to be adopted as of January 1, 2019. Since the Company currently has no leases, this new standard currently does not apply to the Company. There were no other new accounting pronouncements that impact the reporting for the Company as of March 31, 2020 and 2019, respectively.

 

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents - For purpose of the statements of cash flow, cash and cash equivalents include all cash balances and highly liquid investments with a maturity of three months or less.

 

Income Taxes – The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken, or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination. The Company has examined its tax positions and concluded that there are no unrecognized tax benefits that will have a material impact on the financial statements for the quarters ended March 31, 2020 and 2019.

 

The Company’s tax returns are subject to possible examination by the taxing authorities. For federal income tax purposes the tax returns essentially remain open to possible examination for a period of three years after the respective filing deadlines of those returns.

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Subsequent Events

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The date to which events occurring after March 31, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the financial statements or additional disclosures as of May 20, 2020, which is the date on which the financial statements were available to be issued.

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3 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Stockholders' Equity

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Preferred Stock – The Company has authorized 20,000,000 shares of $.0001 par value preferred stock. As of March 31, 2020, and 2019, there were 0 shares issued and outstanding.

 

Common Stock – The Company has authorized 100,000,000 shares of $.0001 par value common stock. As of March 31, 2020 and 2019 there were 7,990,000 shares issued and outstanding, respectively.

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Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current Assets    
Cash $ 1,023 $ 1,669
Prepaid Expense 5,000 0
Total Assets 6,023 1,669
Liabilities    
Accounts Payable 3,198 1,258
Credit Card Payable 12,205 1,931
Accrued Expenses 0 1,800
Total Liabilities 15,403 4,989
Commitments and Contingencies (Note 8)
Stockholders' Equity (Deficit)    
Preferred Stock - Par Value $0.0001, 20,000,000 Shares Authorized, Issued and Outstanding 0 0
Common Stock - Par Value $0.0001, 100,000,000 Shares Authorized, 7,990,000 Issued and Outstanding 799 799
Additional Paid in Capital 197,563 181,563
Retained Deficit (207,742) (185,682)
Total Stockholder's Equity (Deficit) (9,380) (3,320)
Total Liabilities and Stockholders' Equity (Deficit) $ 6,023 $ 1,669
XML 24 R6.htm IDEA: XBRL DOCUMENT v3.20.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net Loss $ (22,060) $ (26,960)
Change in Operating Assets and Liabilities    
Increase in Prepaid Expenses (5,000) 0
Increase in Accounts Payable 1,940 16,686
Increase in Credit Card Payable 10,274 9,298
Decrease in Accrued Expenses (1,800) 0
Net Cash Used by Operating Activities (16,646) (976)
Cash Flows from Financing Activities    
Contributed Capital 16,000 810
Net Decrease in Cash (646) (166)
Cash Balance - Beginning of Period 1,669 1,797
Cash Balance - End of Period $ 1,023 $ 1,631
XML 25 R21.htm IDEA: XBRL DOCUMENT v3.20.1
Stockholders' Equity (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Equity [Abstract]      
Capital contributions by major shareholder $ 16,000 $ 810  
Preferred stock, par value $ .0001   $ .0001
Preferred stock, shares authorized 20,000,000   20,000,000
Preferred stock, shares issued 0   0
Preferred stock, shares outstanding 0   0
Common stock, par value $ .0001   $ .0001
Common stock, shares authorized 100,000,000   100,000,000
Common stock, shares issued 7,990,000   7,990,000
Common stock, shares outstanding 7,990,000   7,990,000
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Accounting Policies [Abstract]    
Unrecognized tax benefits
XML 27 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Going Concern
3 Months Ended
Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 7 – GOING CONCERN

 

The financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the accompanying unaudited financial statements for the quarters ending March 31, 2020 and 2019, the Company has had significant operating losses, raising substantial doubt about its ability to continue as a going concern.

 

During the year ending December 31, 2019, the Company sold stock and raised capital to move forward with its business plan. They continue to move forward with this plan during the quarter ending March 31, 2020. The Company is still in its beginning stages, and has not had the opportunity to fully develop the operations it expects to have. With the additional capital raised, the Company expects to continue to work towards sales under its business plan. While the Company anticipates success in this venture, there is no assurance that this will occur.

 

As a result, there continues to be substantial doubt about the Company’s ability to continue as a going concern within one year after issuance of the financial statements.

XML 28 R4.htm IDEA: XBRL DOCUMENT v3.20.1
Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating Expenses    
General and Administrative $ 3,884 $ 5,318
Legal and Professional 18,140 20,985
Total Operating Expenses 22,024 26,303
Loss from Operations (22,024) (26,303)
Other Income (Expense)    
Other Expense (36) (657)
Total Other Income (Expense) (36) (657)
Loss from Operations before Income Taxes (22,060) (26,960)
Provision for Income Taxes 0 0
Net Loss $ (22,060) $ (26,960)
Weighted Average Number of Common Shares - Basic and Diluted 7,990,000 7,990,000
Net Loss per Common Shares - Basic and Diluted $ (0.00) $ 0.00
XML 29 R8.htm IDEA: XBRL DOCUMENT v3.20.1
Cash and Cash Equivalents
3 Months Ended
Mar. 31, 2020
Cash and Cash Equivalents [Abstract]  
Cash and Cash Equivalents

NOTE 2 – CASH AND CASH EQUIVALENTS

 

As of March 31, 2020 and December 31, 2019, the cash balances were below the FDIC insured limits, and there were no restrictions on cash. The cash balances were $1,023 and $1,669 as of March 31, 2020 and December 31, 2019, respectively.

XML 31 R16.htm IDEA: XBRL DOCUMENT v3.20.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Nature of Business

Nature of Business – Syndicated Resorts Association, Inc. (the “Company”), is a corporation which organized originally as Royale Associates, LLC - a Nevada single member LLC, which began operations in 2015. The Company is a marketing and sales entity working within the vacation industry. The Company is designed to optimize relationships between resort destinations and potential vacationers. The Company markets to prospective clients through accredited distributors and customer support centers located throughout the United States.

Basis of Presentation

Basis of Presentation – The accompanying unaudited interim financial statements have been prepared in accordance with the same accounting policies as the Company’s last annual financial statements. They do not include all the information required for a complete set of financial statements, however selected explanatory notes are included to explain events and transactions that are significant to the Company’s financial position and performance since the last annual financial statements.

 

The Company’s policies conform to accounting principles generally accepted in the United States of America as contained in the Accounting Standards Codification (ASC) issued by the Financial Accounting Standards Board (FASB) and have been consistently applied.

Method of Accounting

Method of Accounting – The Company uses the accrual method of accounting, in accordance with accounting principles generally accepted in the United States of America. The accounting policies have been applied consistently for purposes of preparation of these interim financial statements.

Recent Accounting Pronouncements

Recent Accounting Pronouncements – FASB has issued a new standard for accounting for leases under ASC 842, which is required to be adopted as of January 1, 2019. Since the Company currently has no leases, this new standard currently does not apply to the Company. There were no other new accounting pronouncements that impact the reporting for the Company as of March 31, 2020 and 2019, respectively.

Use of Estimates

Use of Estimates – The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents - For purpose of the statements of cash flow, cash and cash equivalents include all cash balances and highly liquid investments with a maturity of three months or less.

Income Taxes

Income Taxes – The accounting guidance for uncertainties in income tax prescribes a comprehensive model for the financial statement recognition, measurement, presentation, and disclosure of uncertain tax positions taken, or expected to be taken in income tax returns. The Company recognizes a tax benefit from an uncertain tax position in the financial statements only when it is more likely than not that the position will be sustained upon examination. The Company has examined its tax positions and concluded that there are no unrecognized tax benefits that will have a material impact on the financial statements for the quarters ended March 31, 2020 and 2019.

 

The Company’s tax returns are subject to possible examination by the taxing authorities. For federal income tax purposes the tax returns essentially remain open to possible examination for a period of three years after the respective filing deadlines of those returns.

XML 32 R12.htm IDEA: XBRL DOCUMENT v3.20.1
Earnings (Loss) Per Common Share - Basic and Diluted
3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share - Basic And Diluted

NOTE 6 – EARNINGS (LOSS) PER COMMON SHARE – BASIC AND DILUTED

 

Earnings (Loss) per share of common stock are computed in accordance with FASB ASC 260.

 

Basic - Basic earnings per share is calculated by dividing the net profit (loss) for the year by the weighted average number of ordinary shares outstanding during the financial year held by the Company.

 

Diluted – For the purpose of calculating diluted earnings per share, the profit attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding during the financial year have been adjusted for the dilutive effects of all potential ordinary shares, warrants, and share options granted. The dilutive earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of shares that would have been in issue upon full exercise of the remaining warrants, adjusted by the number of such shares that would have been issued at fair value.

XML 33 R9.htm IDEA: XBRL DOCUMENT v3.20.1
Prepaid Expense
3 Months Ended
Mar. 31, 2020
Prepaid Expense Abstract  
Prepaid Expense

NOTE 3 – PREPAID EXPENSE

 

The Company has entered into an agreement to repurchase stock (see Note 8). The agreement has not been executed as of March 31, 2020. The balance of $5,000 in prepaid expense as of March 31, 2020 represents an advance payment made toward this agreement.

XML 34 R1.htm IDEA: XBRL DOCUMENT v3.20.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2020
May 22, 2020
Document And Entity Information    
Entity Registrant Name Syndicated Resorts Association,Inc.  
Entity Central Index Key 0001723177  
Document Type 10-Q/A  
Document Period End Date Mar. 31, 2020  
Amendment Flag true  
Amendment Description Amendment No.1  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business Flag true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   7,990,000
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2020  
XML 35 R5.htm IDEA: XBRL DOCUMENT v3.20.1
Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings (Deficit) [Member]
Total
Balance at Dec. 31, 2018 $ 799 $ 130,953 $ (143,275) $ (11,523)
Balance, shares at Dec. 31, 2018 7,990,000      
Capital Contributions   810   810
Net Loss     (26,960) (26,960)
Balance at Mar. 31, 2019 $ 799 131,763 (170,235) (37,673)
Balance, shares at Mar. 31, 2019 7,990,000      
Balance at Dec. 31, 2019 $ 799 181,563 (185,682) (3,320)
Balance, shares at Dec. 31, 2019 7,990,000      
Capital Contributions   16,000   16,000
Net Loss     (22,060) (22,060)
Balance at Mar. 31, 2020 $ 799 $ 197,563 $ (207,742) $ (9,380)
Balance, shares at Mar. 31, 2020 7,990,000      
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Credit Card Payable (Details Narrative) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Payables and Accruals [Abstract]    
Credit card payable $ 12,205 $ 1,931