NOTES TO (UNAUDITED) FINANCIAL STATEMENTS
NOTE 1 – ORGANIZATION AND DESCRIPTION OF
BUSINESS
Balincan
International Inc. f/k/a Alpine Auto Brokers, Inc. (“Balincan or the “Company”) was organized as Alpine Auto Brokers,
LLC in the state of Utah in December 2010. The Company sold automobiles and provided dealer services, for a fee.
The Company
was incorporated as Alpine Auto Brokers, Inc. on May 12, 2011, in the State of Nevada for the purpose of locating and purchasing used
vehicles at auctions, from private individuals, from other dealers and selling these vehicles specifically to consumers in Salt Lake City,
Utah. On January 1, 2014, the Company acquired 100 percent of the membership interests of Alpine Auto Brokers, LLC, a Utah Limited Liability
Company formed on December 10, 2010. The Company operated through its wholly owned subsidiary Alpine Auto Brokers, LLC.
The acquisition
was accounted for as a reverse recapitalization in which the operating entity’s historical financial statements become those of
the “accounting acquirer” in which historical operating results are presented from inception.
The Company
has been dormant since October 27, 2016.
On August
18, 2021, the Eight Judicial District Court in Clark County, Nevada Case No: A-20-816619-B appointed Custodian Ventures, managed by David
Lazar as the Company’s Receiver.
The Company’s year-end is December
31,
NOTE 2 – SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements
have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard
Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized
by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted
accounting principles (“GAAP”) in the United States.
Management’s
Representation of Interim Financial Statements
The accompanying
unaudited financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). The Company uses the same accounting policies in preparing quarterly and annual financial
statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting
principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations,
and management believes that the disclosures are adequate to make the information presented not misleading. These financial statements
include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results
of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for
a full year.
NOTE 2 – SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES (continued)
Use of Estimates
The preparation
of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts
of revenue and expenses during the reporting period. Management makes these estimates using the best information available at the time
the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions
include income taxes and contingencies.
Income taxes
The Company accounts for income taxes
under FASB ASC 740, ”Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply
to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect
on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
FASB ASC 740-10-05, ”Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a
measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax
return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.
The amount recognized is measured
as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses
the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might
cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.
Net Loss per Share
Net loss per common share is computed
by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards,
ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing
net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations
are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.
Recent Accounting Pronouncements
There are no recent accounting pronouncements
that impact the Company’s operations.
NOTE 3
- GOING CONCERN
As of March
31, 2020, the Company had $-0- in cash and cash equivalents. The Company has net loss of $-0- for the three months ended March 31,
2020 and has negative working capital of $14,704 and accumulated deficit of $251,360 on March 31, 2020. The Company’s
principal sources of liquidity have been cash provided by operating activities, as well as financial support from related parties. The
Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be
able to maintain profitability and continue growth for the foreseeable future. If management is not able to increase revenue and/or manage
operating expenses in line with revenue forecasts, the Company may not be able to maintain profitability. These factors raise substantial
doubt about the Company’s ability to continue as a going concern.
NOTE 3
- GOING CONCERN (continued)
The Company
will focus on improving operation efficiency and cost reduction, developing core cash-generating business, and enhancing marketing function.
Actions include developing more customers, as well as creating synergy using the Company’s resources.
The Company
believes that available cash and cash equivalents, the cash provided by operating activities, together with actions as developing more
customers and create synergy of the Company’s resources, should enable the Company to meet presently anticipated cash needs for
at least the next 12 months after the date that the financial statements are issued and the Company has prepared the financial statements
on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management
will be required to take various measures to conserve liquidity, which could include, but not necessarily be limited to, obtaining financial
support from related parties, and controlling overhead expenses. Management cannot provide any assurance that the Company’s efforts
will be successful. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties.
NOTE 4 – EQUITY
The Company has authorized 100,000,000 shares
of $0.001 par value, common stock. As of March 31, 2020 there were 44,550,000 shares of Common Stock issued and outstanding.
The Company also has 10,000,000 shares
of $0.001 par value preferred stock. As of March 31, 2020 there were no shares of preferred stock issued and outstanding.
NOTE 5– ACCRUED EXPENSES
As of March 31, 2020 the Company had
$14,704 of liabilities which date back to 2016.
NOTE 6 – COMMITMENTS
AND CONTINGENCIES
The Company did not have any contractual
commitments as of March 31, 2020.
NOTE 7– SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10)
management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued
and has determined that it does not have any material subsequent events to disclose in these financial