EDGAR 10-K Filing

Company CIK: 1642365
Filing Year: 2022
Filename: 1642365_10-K_2022_0001829126-22-001067.json

---

ITEM 1. BUSINESS
ITEM
1. DESCRIPTION OF BUSINESS
As
used in this annual report, the terms “we”, “us”, “our”, “the Company”, mean Balincan
International Inc. unless otherwise indicated.
Cautionary
Note Regarding Forward-Looking Statements
This
annual report contains forward-looking statements. These statements relate to future events or our future financial performance.
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.
The
results anticipated by any or all of these forward-looking statements might not occur. Important factors, uncertainties, and risks
that may cause actual results to differ materially from these forward-looking statements include those described in Item 1A. -
Risk Factors. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result of
new information, future events, or otherwise.
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 also provided dealer services,
for a fee.
The
Company was incorporated as Alpine Auto Brokers, Inc. on May 12, 2011, in the State of Nevada to locate and purchase 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 Eighth 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.
David
Lazar, 31, has been CEO and Chairman of the Company since August 18, 2021. David Lazar is a private investor. Mr. Lazar has been
a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing.
From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February
of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public
companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing
in distressed public companies. David has a diverse knowledge of financial, legal, and operations management; public company management,
accounting, audit preparation, due diligence reviews, and SEC regulations.
Competition
and Market Conditions
We
will face substantial competition in our efforts to identify and pursue a business venture. The primary source of competition
is expected to be from other companies organized and funded for similar purposes, including small venture capital firms, blank
check companies, and wealthy investors, many of which may have substantially greater financial and other resources than we do.
In light of our limited financial and human resources, we are at a competitive disadvantage compared to many of our competitors
in our efforts to obtain an operating business or assets necessary to commence our operations in a new field. Additionally, with
the economic downturn caused by the coronavirus pandemic, many venture capital firms and similar firms and individuals have been
seeking to acquire businesses at discounted rates, and we therefore currently face additional competition and resultant difficulty
obtaining a business. We expect these conditions to persist at least until the economy recovers. Further, even if we are successful
in obtaining a business or assets for new operations, we expect there to be enhanced barriers to entry in the marketplace in which
we decide to operate as a result of reduced demand and/or increased raw material costs caused by the pandemic and other economic
forces that are beyond our control.
Regulation
As
of the date of this Report, we are required to file reports with the Securities and Exchange Commission (the “SEC”)
by Section 13 of the Securities Exchange Act of 1934 (the “Exchange Act”).
Depending
on the direction management decides to take and a business or businesses we may acquire in the future, we may become subject to
other laws or regulations that require us to make material expenditures on compliance including the increasing state-level regulation
of privacy. Any such requirements could require us to divert significant human and capital resources on compliance, which could
have an adverse effect on our future operating results.
Employees
As
of the date of this Report, we do not have employees. However, an entity controlled by our Chief Executive Officer provides part-time
consulting services to us without compensation.

---

ITEM 1A. RISK FACTORS
ITEM
1A. RISK FACTORS
Risks
Relating to Our Business and Financial Condition
We
currently have no operations, and investors therefore have no basis on which to evaluate the Company’s future prospects.
We
currently have no operations and will be reliant upon a merger with or acquisition of an operating business to commence operations
and generate revenue. Because we have no operations and have not generated revenues, investors have no basis upon which to evaluate
our ability to achieve our business objective of locating and completing a business combination with a target business. We have
no current arrangements or understandings with any prospective target business concerning a business combination and may be unable
to complete a business combination in a reasonable timeframe, on reasonable terms, or at all. If we fail to complete a business
combination as planned, we will never generate any operating revenues.
We
may face difficulties or delays in our search for a business combination, and we may not have access to sufficient capital to
consummate a business combination.
We
may face difficulty identifying a viable business opportunity or negotiating or paying for any resulting business combination.
Economic factors that are beyond our control, including the COVID-19 pandemic and consequent economic downturn, as well as increased
competition for acquisitions of operating entities that we expect to encounter as a result thereof, may hinder our efforts to
locate and/or obtain a business that is suitable for our business goals at a price we can afford and on terms that will enable
us to sufficiently grow our business to generate value to our shareholders. We have limited capital, and we may not be able to
take advantage of any available business opportunities on favorable terms or at all due to the limited availability of capital.
There can be no assurance that we will have sufficient capital to provide us with the necessary funds to successfully develop
and implement our plan of operation or acquire a business we deem to be appropriate or necessary to accomplish our objectives,
in which case we may be forced to terminate our business plan and your investment in the Company could become worthless.
If
we are not successful in acquiring a new business and generating material revenues, investors will likely lose their investment.
If
we are not successful in developing a viable business plan and acquiring a new business through which to implement it, our investors’
entire investment in the Company could become worthless. Even if we are successful in combining with or acquiring the assets of
an operating entity, we can provide no assurances that the Company will be able to generate significant revenue therefrom in the
short-term or at all or that investors will derive a profit from their investment. If we are not successful, our investors will
likely lose their entire investment.
If
we cannot manage our growth effectively, we may not become profitable.
Businesses,
including development-stage companies such as ours and/or any operating business or businesses we may acquire, often grow rapidly,
and tend to have difficulty managing their growth. If we can acquire an operating business, we will likely need to expand our
management team and other key personnel by recruiting and employing experienced executives and key employees and/or consultants
capable of providing the necessary support.
We
cannot assure you that our management will be able to manage our growth effectively or successfully. Our failure to meet these
challenges could cause us to lose money, and your investment could be lost.
Because
we have limited capital, we may need to raise additional capital in the future by issuing debt or equity securities, the terms
of which may dilute our current investors and/or reduce or limit their liquidation or other rights.
We
may require additional capital to acquire a business. We may not be able to obtain additional capital when required. Future business
development activities, as well as administrative expenses such as salaries, insurance, general overhead, legal and compliance
expenses, and accounting expenses, will require a substantial amount of additional capital. The terms of securities we issue in
future capital raising transactions may be more favorable to new investors and may include liquidation preferences, superior voting
rights, or the issuance of other derivative securities, which could have a further dilutive effect on or subordinate the rights
of our current investors. Any additional capital raised through the sale of equity securities will likely dilute the ownership
percentage of our shareholders. Additionally, any debt securities we issue would likely create a liquidation preference superior
to that of our current investors and, if convertible into shares of Common Stock, would also pose the risk of dilution.
We
may be unable to obtain the necessary financing if and when required.
Our
ability to obtain financing, if and when necessary, may be impaired by such factors as the capital markets (both in general and
in the particular industry or industries in which we may choose to operate), our limited operating history, and current lack of
operations, the national and global economies, and the condition of the market for microcap securities. Further, economic downturns
such as the current global depression caused by the COVID-19 pandemic may increase our requirements for capital, particularly
if such economic downturn persists for an extended period of time or after we have acquired an operating entity, and may limit
or hinder our ability to obtain the funding we require. If the amount of capital we can raise from financing activities, together
with any revenues we may generate from future operations, is not sufficient to satisfy our capital needs, we may be required to
discontinue our development or implementation of a business plan, cancel our search for business opportunities, cease our operations,
divest our assets at unattractive prices or obtain financing on unattractive terms. If any of the foregoing should happen, our
shareholders could lose some or all of their investment.
Because
we are still developing our business plan, we do not have any agreement for a business combination.
We
have no current arrangement, agreement, or understanding with respect to engaging in a business combination with any specific
entity. We may not be successful in identifying and evaluating a suitable acquisition candidate or in consummating a business
combination. We are neutral as to what industry or segment for any target company. We have not established specific metrics and
criteria we will look for in a target company, and if and when we do we may face difficulty reaching a mutual agreement with any
such entity, including in light of market trends and forces beyond our control. Given our early-stage status, there is considerable
uncertainty and therefore inherent risk to investors that we will not succeed in developing and implementing a viable business
plan.
The
COVID-19 pandemic could materially adversely affect our financial condition, future plans, and results of operations.
This
COVID-19 pandemic has had a significant adverse effect on the economy in the United States and on most businesses. The Company
is not able to predict the ultimate impact that COVID -19 will have on its business; however, if the pandemic and government action
in response thereto impose limitations on our operations or result in a prolonged economic recession or depression, the Company’s
development and implementation of its business plan and our ability to commence and grow our operations, as well as our ability
to generate material revenue therefrom, will be hindered, which would have a material negative impact on the Company’s financial
condition and results of operations.
Because
we are dependent upon David Lazar, our Chief Executive Officer, and sole director to manage and oversee our Company, the loss
of him could adversely affect our plan and results of operations.
We
currently have a sole director and officer, David Lazar, who manages the Company and is presently evaluating a viable plan for
our future operations. We will rely solely on his judgment in connection with selecting a target company and the terms and structure
of any resulting business combination. The loss of our Chief Executive Officer could delay or prevent the achievement of our business
objectives, which could have a material adverse effect upon our results of operations and financial position. Further, because
Mr. Lazar serves as Chief Executive Officer and sole director and also holds a controlling interest in the Company’s Common
Stock, our other shareholders will have limited ability to influence the Company’s direction or management.
In
addition, although not likely, the officers and directors of an acquisition candidate may resign upon completion of a combination
with their business. The departure of a target’s key personnel could negatively impact the operations and prospects of our
post-combination business. The role of a target’s key personnel upon the completion of the transaction cannot be ascertained
at this time. Although we contemplate that certain or all members of a target’s management team may remain associated with
the target following a change of control thereof, there can be no assurance that all of such target’s management team will
decide to remain in place. The loss of key personnel, either before or after a business combination and including management of
either us or a combined entity could negatively impact the operations and profitability of our business.
Risks
Related to a Potential Business Acquisition
We
may encounter difficulty locating and consummating a business combination, including as a result of the competitive disadvantages
we have.
We
expect to face intense competition in our search for a revenue-producing business to combine with or acquire. Given the current
economic climate, venture capital firms, larger companies, blank check companies such as special purpose acquisition companies,
and other investors are purchasing operating entities or the assets thereof in high volumes and at relatively discounted prices.
These parties may have greater capital or human resources than we do and/or more experience in a particular industry within which
we choose to search. Most of these competitors have a certain amount of liquid cash available to take advantage of favorable market
conditions for prospective business purchasers such as those caused by the recent pandemic. Any delay or inability to locate,
negotiate and enter into a business combination as a result of the relative illiquidity of our current asset or other disadvantages
we have relative to our competitors could cause us to lose valuable business opportunities to our competitors, which would have
a material adverse effect on our business.
We
may expend significant time and capital on a prospective business combination that is not ultimately consummated.
The
investigation of each specific target business and any subsequent negotiation and drafting of related agreements, SEC disclosure,
and other documents will require substantial amounts of management’s time and attention and material additional costs in
connection with outsourced services from accountants, attorneys, and other professionals. We will likely expend significant time
and resources searching for, conducting due diligence on, and negotiating transaction terms in connection with a proposed business
combination that may not ultimately come to fruition. In such an event, all of the time and capital resources expended by the
Company in such a pursuit may be lost and unrecoverable by the Company or its shareholders. Unanticipated issues which may be
beyond our control or that of the seller of the applicable business may arise that force us to terminate discussions with a target
company, such as the target’s failure or inability to provide adequate documentation to assist in our investigation, a party’s
failure to obtain required waivers or consents to consummate the transaction as required by the inability to obtain the required
audits, applicable laws, charter documents and agreements, the appearance of a competitive bid from another prospective purchaser,
or the seller’s inability to maintain its operations for a sufficient time to allow the transaction to close. Such risks
are inherent in any search for a new business and investors should be aware of them before investing in an enterprise such as
ours.
Conflicts
of interest may arise between us and our shareholders, directors, or management, which may have a negative impact on our ability
to consummate a business combination or favorable terms or generate revenue.
Our
Chief Executive Officer, Mr. Lazar, is not required to commit his full time to our affairs, which may result in a conflict of
interest in allocating his time between managing the Company and other businesses in which he is or may be involved. We do not
intend to have any employees prior to the consummation of a business combination. Mr. Lazar is not obligated to contribute any
specific number of hours to our affairs, and he may engage in other business endeavors while he provides consulting services to
the Company. If any of his other business affairs require him to devote substantial amounts of time to such matters, it could
materially limit his ability to devote his time and attention to our business which could have a negative impact on our ability
to consummate a business combination or generate revenue.
It
is possible that we obtain an operating company in which a director or officer of the Company has an ownership interest in or
that he or she is an officer, director, or employee of. If we do obtain any business affiliated with an officer or director, such
business combination may be on terms other than what would be arrived at in an arms-length transaction. If any conflict of interest
arises, it could adversely affect a business combination or subsequent operations of the Company, in which case our shareholders
may see diminished value relative to what would have been available through a transaction with an independent third party.
We
may engage in a business combination that causes tax consequences to us and our shareholders.
Federal
and state tax consequences will, in all likelihood, be a significant factor in considering any business combination that we may
undertake. Under current federal law, such transactions may be subject to significant taxation to the buyer and its shareholders
under applicable federal and state tax laws. While we intend to structure any business combination so as to minimize the federal
and state tax consequences to the extent practicable in accordance with our business objectives, there can be no assurance that
any business combination we undertake will meet the statutory or regulatory requirements of a tax-free reorganization or similar
favorable treatment or that the parties to such a transaction will obtain the tax treatment intended or expected upon a transfer
of equity interests or assets. A non-qualifying reorganization, combination, or similar transaction could result in the imposition
of significant taxation, both at the federal and state levels, which may have an adverse effect on both parties to the transaction,
including our shareholders.
It
is unlikely that our shareholders will be afforded any opportunity to evaluate or approve a business combination.
It
is unlikely that our shareholders will be afforded the opportunity to evaluate and approve a proposed business combination. In
most cases, business combinations do not require shareholder approval under applicable law, and our Articles of Incorporation
and Bylaws do not afford our shareholders with the right to approve such a transaction. Further, Mr. Lazar, our Chief Executive
Officer, and sole director owns the vast majority of our outstanding Common Stock. Accordingly, our shareholders will be relying
almost exclusively on the judgment of our board of directors (“Board”) and Chief Executive Officer and any persons
on whom they may rely with respect to a potential business combination. In order to develop and implement our business plan, may
in the future hire lawyers, accountants, technical experts, appraisers, or other consultants to assist with determining the Company’s
direction and consummating any transactions contemplated thereby. We may rely on such persons in making difficult decisions in
connection with the Company’s future business and prospects. The selection of any such persons will be made by our Board,
and any expenses incurred or decisions made based on any of the foregoing could prove to be adverse to the Company in hindsight,
the result of which could be diminished value to our shareholders.
Because
our search for a business combination is not presently limited to a particular industry, sector, or any specific target businesses,
prospective investors will be unable to evaluate the merits or risks of any particular target business’s operations until
such time as they are identified and disclosed.
We
are still determining the Company’s business plan, and we may seek to complete a business combination with an operating
entity in any number of industries or sectors. Because we have not yet entered into any letter of intent or agreement to acquire
a particular business, prospective investors currently have no basis to evaluate the possible merits or risks of any particular
target business’s operations, results of operations, cash flows, liquidity, financial condition, prospects or other metrics
or qualities they deem appropriate in considering to invest in the Company. Further, if we complete a business combination, we
may be affected by numerous risks inherent in the operations of the business we acquire. For example, if we acquire a financially
unstable business or an entity lacking an established operating history, we may be affected by the risks inherent in the business
and operations of a new business or a development stage entity. Although our management intends to evaluate and weigh the merits
and risks inherent in a particular target business and make a decision based on the Company and its shareholders’ interests,
there can be no assurance that we will properly ascertain or assess all the significant risks inherent in a target business, that
we will have adequate time to complete due diligence or that we will ultimately acquire a viable business and generate material
revenue therefrom. Furthermore, some of these risks may be outside of our control and leave us with no ability to reduce the likelihood
that those risks will adversely impact a target business or mitigate any harm to the Company caused thereby. Should we select
a course of action, or fail to select a course of action, that ultimately exposes us to unknown or unidentified risks, our business
will be harmed and you could lose some or all of your investment.
Past
performance by our management and their affiliates may not be indicative of future performance of an investment in us.
While
our Chief Executive Officer has prior experience in advising businesses, his past performance, the performance of other entities
or persons with which he is involved, or the performance of any other personnel we may retain in the future will not necessarily
be an indication of either (i) that we will be able to locate a suitable candidate for our initial business combination or (ii)
the future operating results of the Company including with respect to any business combination we may consummate. You should not
rely on the historical record of him or any other of our personnel or their affiliates’ performance as indicative of our
future performance or that an investment in us will be profitable. In addition, an investment in the Company is not an investment
in any entities affiliated with our management or other personnel. While management intends to endeavor to locate a viable business
opportunity and generate shareholder value, there can be no assurance that we will succeed in this endeavor.
We
may seek business combination opportunities in industries or sectors that are outside of our management’s area of expertise.
We
will consider a business combination outside of our management’s area of expertise if a business combination candidate is
presented to us and we determine that such candidate offers an attractive opportunity for the Company. Although management intends
to endeavor to evaluate the risks inherent in any particular business combination candidate, we cannot assure you that we will
adequately ascertain or assess all the significant risks, or that we will accurately determine the actual value of a prospective
operating entity to acquire. In the event we elect to pursue an acquisition outside of the areas of our management’s expertise,
our management’s ability to evaluate and make decisions on behalf of the Company may be limited, or we may make material
expenditures on additional personnel or consultants to assist management in the Company’s operations. Investors should be
aware that the information contained herein regarding the areas of our management’s expertise will not necessarily be relevant
to an understanding of the business that we ultimately elect to acquire. As a result, our management may not be able to adequately
ascertain or assess all the significant risks or strategic opportunities that may arise. Accordingly, any shareholders in the
Company following a business combination could suffer a reduction in the value of their shares, and any resulting loss will likely
not be recoverable.
We
may attempt to complete a business combination with a private target company about which little information is available, and
such target entity may not generate revenue as expected or otherwise be compatible with us as expected.
In
pursuing our search for a business to acquire, we will likely seek to complete a business combination with a privately held company.
Very little public information generally exists about private companies, and the only information available to us prior to making
a decision may be from documents and information provided directly to us by the target company in connection with the transaction.
Such documents or information or the conclusions we draw therefrom could prove to be inaccurate or misleading. As such, we may
be required to make our decision on whether to pursue a potential business combination based on limited, incomplete, or faulty
information, which may result in our subsequent operations generating less revenue than expected, which could materially harm
our financial condition and results of operations.
Our
ability to assess the management of a prospective target business may be limited and, as a result, we may acquire a target business
whose management does not have the skills, qualifications, or abilities to enable a seamless transition, which could, in turn,
negatively impact our results of operations.
When
evaluating the desirability of a potential business combination, our ability to assess the target business’s management
may be limited due to a lack of time, resources, or information. Our management’s assessment of the capabilities of the
target’s management, therefore, may prove to be incorrect and such management may lack the skills, qualifications, or abilities
expected. Further, in most cases, the target’s management may be expected to want to manage us and replace our Chief Executive
Officer. Should the target’s management not possess the skills, qualifications, or abilities necessary to manage a public
company or assist with their former entity’s merger or combination into ours, the operations and profitability of the post-acquisition
business may be negatively impacted and our shareholders could suffer a reduction in the value of their shares.
Any
business we acquire will likely lack diversity of operations or geographical reach, and in such a case, we will be subject to
risks associated with dependence on a single industry or region.
Our
search for a business will likely be focused on entities with a single or limited business activity and/or that operate in a limited
geographic area. While larger companies can manage their risk by diversifying their operations among different industries and
regions, smaller companies such as ours and the entities we anticipate reviewing for a potential business combination generally
lack diversification, in terms of both the nature and geographic scope of their business. As a result, we will likely be impacted
more acutely by risks affecting the industry or the region in which we operate than we would if our business were more diversified.
In addition to general economic risks, we could be exposed to natural disasters, civil unrest, technological advances, and other
uncontrollable developments that will threaten our viability if and to the extent our future operations are limited to a single
industry or region. If we do not diversify our operations, our financial condition and results of operations will be at risk.
Changes
in laws or regulations, or a failure to comply with the laws and regulations applicable to us, may adversely affect our business,
ability to negotiate and complete a business combination, and results of operations.
We
are subject to laws and regulations enacted by federal, state, and local governments. In addition to SEC regulations, any business
we acquire in the future may be subject to substantial legal or regulatory oversight and restrictions, which could hinder our
growth and expend material amounts on compliance. Compliance with, and monitoring of, applicable laws and regulations may be difficult,
time-consuming, and costly. Those laws and regulations and their interpretation and application by courts and administrative judges
may also change from time to time, and any such changes could be unfavorable to us and could have a material adverse effect on
our business, investments, and results of operations. In addition, a failure to comply with applicable laws or regulations, as
interpreted and applied, could result in material defense or remedial costs and/or damages have a material adverse effect on our
financial condition.
Risks
Related to Our Common Stock
Due
to factors beyond our control, our stock price may be volatile.
There
is currently a limited market for our Common Stock, and there can be no guarantee that an active market for our Common Stock will
develop, even if we are successful in consummating a business combination. Recently, the price of our Common Stock has been volatile
for no reason. Further, even if an active market for our Common Stock develops, it will likely be subject to significant price
volatility when compared to more seasoned issuers. We expect that the price of our Common Stock will continue to be more volatile
than more seasoned issuers for the foreseeable future. Fluctuations in the price of our Common Stock can be based on various factors
in addition to those otherwise described in this Report, including:
● General
speculative fever;
● A
prospective business combination and the terms and conditions thereof;
● The
operating performance of any business we acquire, including any failure to achieve material revenues therefrom;
● The
performance of our competitors in the marketplace, both pre-and post-combination;
● The
public’s reaction to our press releases, SEC filings, website content, and other public announcements and information;
● Changes
in earnings estimates of any business that we acquire or recommendations by any research analysts who may follow us or other
companies in the industry of a business that we acquire;
● Variations
in general economic conditions, including as may be caused by uncontrollable events such as the COVID-19 pandemic and the
resulting decline in the economy;
● The
public disclosure of the terms of any financing we disclose in the future;
● The
number of shares of our Common Stock that are publicly traded in the future;
● Actions
of our existing shareholders, including sales of Common Stock by our then directors and then executive officers or by significant
investors; and
● The
employment or termination of key personnel.
Many
of these factors are beyond our control and may decrease the market price of our Common Stock, regardless of whether we can consummate
a business combination and of our current or subsequent operating performance and financial condition. In the past, following
periods of volatility in the market price of a company’s securities, securities class action litigation has often been instituted.
A securities class action suit against us could result in substantial costs and divert our management’s time and attention,
which would otherwise be used to benefit our business.
Because
trading in our Common Stock is so limited, investors who purchase our Common Stock may depress the market if they sell Common
Stock.
Our
Common Stock trades on the OTC Pink Market, the successor to the pink sheets. The OTC Pink Market generally is illiquid, and most
stocks traded there are of companies that are not required to file reports with the SEC under the Exchange Act. Our Common Stock
itself infrequently trades.
The
market price of our Common Stock may decline if a substantial number of shares of our Common Stock are sold at once or in large
blocks.
Presently
the market for our Common Stock is limited. If an active market for our shares develops in the future, some or all of our shareholders
may sell their shares of our Common Stock which may depress the market price. Any sale of a substantial number of these shares
in the public market, or the perception that such a sale could occur, could cause the market price of our Common Stock to decline,
which could reduce the value of the shares held by our other shareholders.
Future
issuance of our Common Stock could dilute the interests of our existing shareholders, particularly in connection with an acquisition
and any resulting financing.
We
may issue additional shares of our Common Stock in the future. The issuance of a substantial amount of our Common Stock could
substantially dilute the interests of our shareholders. In addition, the sale of a substantial amount of Common Stock in the public
market, either in the initial issuance or in a subsequent resale by the target company in a business combination which received
our Common Stock as consideration or by investors who has previously acquired such Common Stock could have an adverse effect on
the market price of our Common Stock.
Due
to recent changes to Rule 15c2-11 under the Securities Exchange Act of 1934, our Common Stock may become subject to limitations
or reductions on stock price, liquidity, or volume.
On
September 16, 2020, the SEC adopted amendments to Rule 15c2-11 under the Securities Exchange Act of 1934 (the “Exchange
Act”). This Rule applies to broker-dealers who quote securities listed on over-the-counter markets such as our Common Stock.
The Rule as amended prohibits broker-dealers from publishing quotations on OTC markets for an issuer’s securities unless
they are based on current publicly available information about the issuer. When it becomes effective, the amended Rule will also
limit the Rule’s “piggyback” exception, which allows broker-dealers to publish quotations for a security in
reliance on the quotations of a broker-dealer that initially performed the information review required by the Rule, to issuers
with current publicly available information or issuers that are up-to-date in their Exchange Act reports. As of this date, we
are uncertain as to what actual effect the Rule may have on us.
The
Rule changes could harm the liquidity and/or market price of our Common Stock by either preventing our shares from being quoted
or driving up our costs of compliance. Because we are a voluntary filer under Section 15(d) of the Exchange Act and not a public
reporting company, the practical impact of these changes is to require us to maintain a level of periodic disclosure we are not
presently required to maintain, which would cause us to incur material additional expenses. Further, if we cannot or do not provide
or maintain current public information about our company, our stockholders may face difficulties in selling their shares of our
Common Stock at desired prices, quantities, or times, or at all, as a result of the amendments to the Rule.

---

ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM
1B. UNRESOLVED STAFF COMMENTS.
Not
applicable.

---

ITEM 2. PROPERTIES
ITEM
2. PROPERTIES
The
Company’s principal business and corporate address is 1185 Avenue of the Americas, 3rd Floor New York, New
York 10036.

---

ITEM 3. LEGAL PROCEEDINGS
ITEM
3. LEGAL PROCEEDINGS
We
are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.

---

ITEM 4. MINE SAFETY DISCLOSURE
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
PART
II

---

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM
5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Market
Information
Our
Common Stock is not listed on any securities exchange and is quoted on the OTC Pink Market under the symbol “ALTD”.
Such quotations reflect inter-dealer prices, without retail mark-up, mark-down, or commission and do not necessarily represent
actual transactions.
The
last reported sales price of our common stock on the OTCQB on December 10, 2021 was $1.20.
Holders
As
of December 31, 2021, there were 19 shareholders of record of the Company’s Common Stock based upon the records of the shareholders
provided by the Company’s transfer agent. The Company’s transfer agent is VStock Transfer, LLC, 18 Lafayette Place
Woodmere, NY 11598, Telephone 212-828-8436
Dividends
We
have never paid or declared any dividends on our Common Stock and do not anticipate paying cash dividends in the foreseeable future.
Securities
Authorized For Issuance Under Equity Compensation Plans
We
currently do not have any equity compensation plans.
Unregistered
Sales of Equity Securities
We
have previously disclosed all sales of securities without registration under the Securities Act of 1933.

---

ITEM 6. SELECTED FINANCIAL DATA
ITEM
6. SELECTED FINANCIAL DATA
Not
Applicable.

---

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
The
Company has no operations or revenue as of the date of this Report. We are currently in the process of developing a business plan.
Management intends to explore and identify viable business opportunities within the U.S. including seeking to acquire a business
in a reverse merger. Our ability to effectively identify, develop and implement a viable plan for our business may be hindered
by risks and uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus
pandemic on the U.S. and global economies. For more information about the risk of Covid-19 on our business, see Item 1.A. - “Risk
Factors”.
Plan
of Operation
The
Company has no operations from a continuing business other than the expenditures related to running the Company and has no revenue
from continuing operations as of the date of this Report.
Management
intends to explore and identify business opportunities within the U.S., including a potential acquisition of an operating entity
through a reverse merger, asset purchase, or similar transaction. Our Chief Executive Officer has experience in business consulting,
although no assurances can be given that he can identify and implement a viable business strategy or that any such strategy will
result in profits. Our ability to effectively identify, develop and implement a viable plan for our business may be hindered by
risks and uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus
pandemic on the U.S. and global economies. For more information about the risk of coronavirus on our business, see Item 1A “Risk
Factors.”
We
do not currently engage in any business activities that provide revenue or cash flow. During the next 12-month period we anticipate
incurring costs in connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports,
and consummating an acquisition of an operating business.
Given
our limited capital resources, we may consider a business combination with an entity which has recently commenced operations,
is a developing company or is otherwise in need of additional funds for the development of new products or services or expansion
into new markets, or is an established business experiencing financial or operating difficulties and is in need of additional
capital. Alternatively, a business combination may involve the acquisition of, or merger with, an entity which desires access
to the U.S. capital markets.
As
of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a
potential business combination. Any target business that is selected may be financially unstable or in the early stages of development.
In such event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or
early-stage entity. In addition, we may effect a business combination with an entity in an industry characterized by a high level
of risk or in which our management has limited experience, and, although our management will endeavor to evaluate the risks inherent
in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.
Our
management anticipates that we will likely only be able to effect one business combination due to our limited capital. This lack
of diversification will likely pose a substantial risk in investing in the Company for the indefinite future because it will not
permit us to offset potential losses from one venture or operating territory against gains from another. The risks we face will
likely be heightened to the extent we acquire a business operating in a single industry or geographical region.
We
anticipate that the selection of a business combination will be a complex and risk-prone process. Because of general economic
conditions, including unfavorable conditions caused by the coronavirus pandemic, rapid technological advances being made in some
industries and shortages of available capital, management believes that there are a number of firms seeking business opportunities
at this time at discounted rates with which we will compete. We expect that any potentially available business combinations may
appear in a variety of different industries or regions and at various stages of development, all of which will likely render the
task of comparative investigation and analysis of such business opportunities extremely difficult and complicated. Once we have
developed and begun to implement our business plan, management intends to fund our working capital requirements through a combination
of our existing funds and future issuances of debt or equity securities. Our working capital requirements are expected to increase
in line with the implementation of a business plan and commencement of operations.
Based
upon our current operations, we do not have sufficient working capital to fund our operations over the next 12 months. If we are
able to close a reverse merger, it is likely we will need capital as a condition of closing that acquisition. Because of the uncertainties,
we cannot be certain as to how much capital we need to raise or the type of securities we will be required to issue. In connection
with a reverse merger, we will be required to issue a controlling block of our securities to the target’s shareholders which
will be very dilutive.
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
anticipate that we will incur operating losses in the next 12 months, principally costs related to our being obligated to file
reports with the SEC. Our prospects must be considered in light of the risks, expenses and difficulties frequently encountered
by companies in their early stage of development. Such risks for us include, but are not limited to, an evolving and
unpredictable business model, recognition of revenue sources, and the management of growth. To address these risks, we must, among
other things, develop, implement, and successfully execute our business and marketing strategy, respond to competitive developments,
and attract, retain, and motivate qualified personnel. There can be no assurance that we will be successful in addressing
such risks, and the failure to do so could have a material adverse effect on our business prospects, financial condition, and
results of operations.
COVID-19
Update
To
date, the COVID-19 pandemic has not had a material impact on the Company, particularly due to our current lack of operations.
The pandemic may, however, have an impact on our ability to evaluate and acquire an operating entity through a reverse merger
or otherwise. See Item 1A “Risk Factors” for more information.
Off
Balance Sheet Arrangements
As
of the date of this 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 registered public accounting firm auditors’ report accompanying our December 31, 2021 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 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
applicable.
BALINCAN INTERNATIONAL INC.
December 31, 2021
Page
Consolidated Financial
Statements
Report of Independent Registered Public Accounting Firm
Balance Sheets
Statements of Operations and Comprehensive Loss
Statements of Changes in Stockholders’ Equity
Statements of Cash Flows
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
To the shareholders and the board of directors of Balincan International, Inc.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Balincan International, Inc. as of December 31, 2021 and 2020, the related statements of operations, stockholders’ equity (deficit), and cash flows for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States.
Substantial Doubt about the Company’s Ability to Continue as a Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/S/ BF Borgers CPA PC
BF Borgers CPA PC
We have served as the Company’s auditor since 2021
Lakewood, CO
January 19, 2022
Balincan
International, Inc.
Balance Sheets
December 31, December 31,
Assets
Current
assets $ - $ -
Total
assets $ - $ -
Liabilities
and Stockholders’ Deficit
Current
Liabilities
Accrued
expenses and other liabilities 14,704 14,704
Notes
payable related parties - 12,835
Total
current liabilities 14,704 27,539
Total
liabilities 14,704 27,539
Stockholders’
Deficit
Preferred
stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding 10,000 -
Common
Stock - $0.001 par value, 100,000,000 shares authorized; 44,550,000 shares and 44,550,000 shares issued and outstanding
December 31, 2021 and December 31, 2020 44,550 44,550
Additional
paid in capital 540,297 192,106
Accumulated
deficit (609,551 ) (264,195 )
Total
stockholders’ deficit (14,704 ) (27,539 )
Total
liabilities and stockholders’ deficit $ - $ -
The
accompanying notes are an integral part of these financial statements
Balincan
International, Inc.
Statements of Operations
Year
ended
December 31,
Year
ended
December 31,
Revenue $ - $ -
Operating
expenses
Administrative
expenses 345,356 12,835
Total
operating expenses 345,356 12,835
Loss
from Operations (345,356 ) (12,835 )
Net
Loss $ (345,356 ) $ (12,835 )
Earnings
per share
Basic
and diluted $ (0.01 ) $ (0.00 )
Weighted
average number of ordinary shares
Basic
and diluted 44,550,000 44,550,000
The
accompanying notes are an integral part of these financial statements
Balincan
International, Inc.
Statements of Changes in Shareholders’ Deficit
Preferred
Stock Common
Stock Additional
paid in Accumulated
Shares Amount Shares Amount capital Deficit Total
Balance,
December 31, 2019 - $ - 44,550,000 $ 44,550 $ 192,106 $ (251,360 ) $ (14,704 )
Net
loss
- - - - (12,835 ) (12,835 )
Balance,
December 31, 2020 - $ - 44,550,000 $ 44,550 $ 192,106 $ (264,195 ) $ (27,539 )
Preferred
Stock Common
Stock Additional
paid in Accumulated
Shares Amount Shares Amount capital Deficit Total
Balance,
December 31, 2020 - $ - 44,550,000 $ 44,550 $ 192,106 $ (264,195 ) $ (27,539 )
Net
loss
-
- - (345,356 ) (345,356 )
Issuance
of preferred stock to related party 10,000,000 10,000
348,191
358,191
Balance,
December 31, 2021 10,000,000 $ 10,000 44,550,000 $ 44,550 $ 540,297 $ (609,551 ) $ (14,704 )
The
accompanying notes are an integral part of these financial statements
Balincan
International, Inc.
Statements of Cash Flows
Year
ended
December 31,
Year
ended
December 31,
Net loss $ (345,356 ) $ (12,835 )
Stock-based compensation 300,000
Changes
in assets and liabilities
Net
cash used in operating activities (45,356 ) (12,835 )
Cash Flows
From Financing Activities
Notes
payable related parties-net 45,356 12,835
Net cash (used in) provided
by financing activities 45,356 12,835
Net (decrease) increase in
cash and cash equivalents - -
Cash
and cash equivalents, beginning of year - -
Cash
and cash equivalents, end of year $ - $ -
Supplemental
disclosure of cash flow information $ - $ -
Cash
paid for income tax expense $ - $ -
Cash paid for interest expense -
The
accompanying notes are an integral part of these financial statements
BALINCAN
INTERNATIONAL INC.
NOTES
TO CONSOLIDATED 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 also 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.
Principles
of consolidation
The
consolidated financial statements include the financial statements of all the subsidiaries. All inter-company transactions and
balances have been eliminated upon consolidation.
Use
of estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, determination of the inputs to calculate the fair market value of preferred stock issuances, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of 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 valuation of inventory, and recoverability of carrying amount and the estimated useful lives of long-lived assets.
Cash
and cash equivalents
Cash
and cash equivalents consist of cash on hand, cash in bank with no restrictions, as well as highly liquid investments which are
unrestricted as to withdrawal or use, and which have remaining maturities of three months or less when initially purchased. As
of December 31, 2021 the Company had no cash on hand.
BALINCAN
INTERNATIONAL INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
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 December 31, 2021, the Company had $-0- in cash and cash equivalents. The Company had net loss of $345,356 for the year ended
December 31, 2021, has negative working capital of $14,704 and accumulated deficit of $609,551 on December 31, 2021. 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.
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 consolidated 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 consolidated 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.
BALINCAN
INTERNATIONAL INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 - EQUITY
Common
stock
The Company has authorized 100,000,000 100,000,000 shares of $0.001 par value, common stock. As of December 31, 2021 and December 31, 2020 there were 44,550,000 shares of Common Stock issued and outstanding.
Preferred
stock
On
November 12, 2021, the Company filed a Certificate of Designation with the State of Nevada creating 10,000,000 shares of Series
A Preferred Stock (“Series A) with a par value of $0.001. Series A have the following attributes:
Dividend
Provisions
Subject
to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time
to time hereafter come into existence, the holders of shares of Series A Preferred Stock shall be entitled to receive dividends,
out of any assets legally available therefor, upon any payment of any dividend (payable other than in Common Stock or other securities
and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock
of the Corporation) on the Common Stock of the Corporation, as and if declared by the Board of Directors, as if the Series A Preferred
Stock had been converted into Common Stock.
Liquidation
Preference
In
the event of any liquidation, dissolution, or winding up of the Corporation, either voluntary or involuntary, the holders of the
Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the
Corporation to the holders of Common Stock, or any other series or class of common stock of the Corporation, whether now in existence
or hereafter created by amendment to the articles of incorporation of the Corporation or by a certificate of designation, by reason
of their ownership thereof, and senior, prior, and in preference to any other series or class of preferred stock of the Corporation,
whether now in existence or hereafter created by amendment to the articles of incorporation of the Corporation or by a certificate
of designation, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of
the Series A Preferred Stock (each, the “the Original Issue Price”) for each share of Series A Preferred Stock then
held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection
with a particular sale of Series A Preferred Stock, the Original issue price shall be $0.001 per share for the Series A Preferred
Stock. If, upon the occurrence of any liquidation, dissolution or winding up of the Corporation, the assets and funds thus distributed
among the holders of the Series A Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid
preferential amounts, then, the entire assets and funds of the corporation legally available for distribution shall be distributed
first to the Series A Preferred Stock, and then ratably among the holders of the each other series of Preferred Stock in proportion
to the preferential amount each such holder is otherwise entitled to receive.
Redemption
The
Series A Preferred Stock shares are non-redeemable other than upon the mutual agreement of the Corporation and the holder of shares
to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s
Articles of Incorporation and applicable law.
BALINCAN
INTERNATIONAL INC.
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 - EQUITY (continued)
Right
to Convert
The
holder of issued and outstanding shares of Series A Preferred Stock shall be entitled to convert the Series A Preferred Stock,
at the option of the holder(s) thereof, at any time after the date of issuance of such shares, at the office of the Corporation
or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock that are equal to
ninety percent (90%), post conversion, of the total number of issued and outstanding shares of Common Stock of the Corporation,
as if all i) Series A Preferred Stock, ii) other issued and outstanding classes or series of common or preferred stock of the
Corporation convertible into Common Stock of the Corporation, and iii) outstanding warrants, notes, indentures and/or other instruments,
obligations or securities convertible into Common Stock of the Corporation are converted (the “Conversion Shares”),
with the shares of Series A Preferred Stock so converted to be converted into the number of common shares equal to the Conversion
Shares multiplied by the quotient of the number of the shares of Series A Preferred Stock converted by a holder divided by the
number of all Series A Preferred Stock issued and outstanding.
On
November 16, 2021, the Company issued these 10,000,000 Series A shares to Custodian Ventures to settle a judgement due of $7,457
due to Custodian Ventures, to pay off $50,734 in debt owed by the Company to Custodian Ventures and for services provided by David
Lazar, the managing director of Custodian Ventures. The Series A shares which are convertible into 90% of the common shares outstanding
of the Company, were valued at $300,000, and recorded as stock based compensation on the Company’s Statements of Operations
for the year ended December 31, 2021. The fair market value of $300,000 for these preferred shares was based upon a comparison of recent selling prices of shell companies with attributes similar to the Company.
NOTE
5 - RELATED PARTY NOTES PAYABLE, AND ACCRUED EXPENSES AND OTHER LIABILITIES
The
Company’s court appointed Receiver, Custodian Ventures, LLC has provided interest free demand loans to the Company to help
fund operations. As of December 31, 2021 and December 31, 2020 the amounts due to the Custodian Ventures was $-0- and $12,385,
respectively.
Additionally,
the Company has $14,704 in accrued expenses and other liabilities as of December 31, 2021 and December 31, 2020. These liabilities
date back to 2016.
NOTE
6 - COMMITMENTS AND CONTINGENCIES
The
Company did not have any contractual commitments as of December 31, 2021.
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
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not
applicable
ITEM
9A. CONTROLS AND PROCEDURES
Evaluation
of Disclosure 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.
Management’s
Report on Internal Control over Financial Reporting.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies
and procedures that:
● pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of our assets;
● provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with
authorizations of our management and directors; and
● provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets
that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with policies or procedures may deteriorate.
Our
management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above
and has concluded that as of December 31, 2021, our internal control over financial reporting was not effective to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with U.S. generally accepted accounting principles as a result of the following material weaknesses:
● The
Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited
resources.
● The
Company does not have an independent board of directors or an audit committee.
● The
Company does not have written documentation of our internal control policies and procedures.
● All
of the Company’s financial reporting is carried out by a financial consultant.
We
plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures
for our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse
merger or similar business acquisition.
Changes
in Internal Control over Financial Reporting.
There
have been no change in our internal control over financial reporting during the year December 31, 2021 that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM
9B. OTHER INFORMATION.
None.
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The
following table sets forth the names and positions of our executive officers and directors. Directors will be elected at our annual
meeting of stockholders and serve for one year or until their successors are elected and qualify. Officers are elected by the
Board and their terms of office are, except to the extent governed by employment contract, at the discretion of the Board.
Name
Age
Positions
David
Lazar
Director,
Chief Executive Officer, Treasurer, and Secretary
David
Lazar, 30, has been CEO and Chairman of the Company since December 30, 2021. David Lazar is a private investor. Mr. Lazar has
been a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing.
From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February
of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public
companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing
in distressed public companies. David has a diverse knowledge of financial, legal and operations management; public company management,
accounting, audit preparation, due diligence reviews and SEC regulations.
MARKET
FROM
TO
NAME
OF ISSUER
TRADED ON
POSITION(S) HELD
MM
YYYY
MM
YYYY
Rarus
Technologies, Inc. (RARS)
OTCBB
CEO,
Director
DRS,
Inc. (DRSX)
CEO,
Director
Energenx,
Inc. (EENX)
OTC
CEO
Melt,
Inc. (MLTC)
OTC
Director
Nevtah
Capital Management Corporation (NTAH)
OTC
- US
President,
Chief Executive Officer & Secretary
Mediashift,
Inc. (MSHFQ)
OTC
Chairman,
President, CEO, CFO & Secretary
Sollensys
Corp. (SOLS)
OTC
Market
President,
CEO, Secretary & Director
Foru
Holdings, Inc (FORU)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Superbox,
Inc (SBOX)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Petrone
Worldwide, Inc (PFWIQ)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Gushen,
Inc (GSHN)
OTC
- US
Chairman,
President, CEO, CFO & Secretary
Reliance
Global Group Inc. (RELI)
OTC
Director
GHAR,
Inc. (GHAR)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
PhoneBrasil
(PHBR)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
XXStream
Entertainment, Inc.
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Adorbs
Inc.
N/A
Chairman,
President, CEO, CFO & Secretary
Current
China
Botanic Pharmaceutical, Inc (CBPI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
C2E
Energy Inc. (OOGI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Finotec
(FTGI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
3D
Makerjet Inc. (MRJT)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Pan
Global Corp. (PGLO)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Balincan
International, Inc. (ALTB)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Shengshi
Elevator International (SSDT)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Romulus
Corp. (RMLS)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
David
Lazar was also the sole officer and director of Shentang International, Inc. (“Shentang”), which is a blank check
company. On April 29, 2020, Plentiful Limited, a Samoan company, purchased 10,000,000 shares of Shentang’s preferred stock,
par value $0.001 per share, representing 98% of the voting stock, from Custodian Ventures for $225,000. This concluded Mr. Lazar’s
association with Shentang. A business combination has yet to occur. Shentang has not registered any offerings under the Securities
Act.
David
Lazar was also the sole officer and director of Guozi Zhongyu Capital Holdings (formerly Melt Inc.) (“Guozi”), which
was a blank check company. On February 27, 2019, Zhicheng RAO, purchased 2,185,710,000 shares of Guozi’s common stock, par
value $0.00001 per share, from Custodian Ventures for $325,000, representing 99% of the voting stock. This concluded Mr. Lazar’s
association with Guozi. Guozi has not registered any offerings under the Securities Act.
David
Lazar was also the sole officer and director of Cang Bao Tian Xia International Art Trade Center Inc. (formerly Zhongchai Machinery,
Inc.) (“Cang”), which is a blank check company. On December 16, 2018, Xingtao Zhou and Yaqin Fu purchased 3,096,200
shares of common stock and 10,000,000 shares (the “Shares”) of preferred stock, each par value $0.001 per share, representing
approximately 99% of the voting capital, from Custodian Ventures for $375,000. This concluded Mr. Lazar’s association with
Cang. A business combination has yet to occur. Cang has not registered any offerings under the Securities Act.
Except
for GHAR, Inc, Adorbs, Inc. and Reliance Global Group Inc., Mr. Lazar took control of all of the companies listed by becoming
the Court-appointed custodian through Custodian Ventures LLC and entity in which he is the managing member.
Election
of Directors and Officers
Directors
are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified.
Officers are appointed to serve until the meeting of the Board following the next annual meeting of stockholders and until their
successors have been elected and qualified.
Audit
Committee
We
do not have any committees of the Board as we only have one director.
Director
Independence
We
do not currently have any independent directors. We evaluate independence by the standards for director independence established
by Marketplace Rule 5605(a)(2) of the Nasdaq Stock Market, Inc.
Board
Leadership Structure
We
have chosen to combine the Chief Executive Officer and Board Chairman positions since one person is our sole officer and director.
Code
of Ethics
Our
Board has not adopted a Code of Ethics due to the Company’s size and lack of employees. As of the date of this Report, our
sole director is also our Chief Executive Officer.
Delinquent
Section 16(a) Reports
Section
16(a) of the Exchange Act requires the Company’s directors, executive officers, and persons who own more than 10% of the
Company’s Common Stock to file initial reports of ownership and changes in ownership of the Company’s Common Stock
with the SEC. These individuals are required by the regulations of the SEC to furnish us with copies of all Section 16(a) forms
they file. Based solely on a review of the copies of the forms furnished to us none of Company’s directors, executive officers,
and persons who own more than 10% of the Company’s Common Stock failed to comply with Section 16(a) filing requirements.
ITEM
11. EXECUTIVE COMPENSATION
The
following information is related to the compensation paid, distributed, or accrued by us for the fiscal year ended December 31,
2021 to our Chief Executive Officer (principal executive officer) during the last fiscal year and the two other most highly compensated
executive officers serving as of the end of the last fiscal year whose compensation exceeded $100,000 (the “Named Executive
Officers”):
We
did not pay any compensation to our Chief Executive Officers (the “Named Executive Officers”) during the last two
fiscal years.
Named
Executive Officer Employment Agreements
None.
Termination
Provisions
As
of the date of this Report, we have no contract, agreement, plan, or arrangement, whether written or unwritten, that provides
for payments to a Named Executive Officer at, following, or in connection with any termination, including without limitation resignation,
severance, retirement or a constructive termination of a Named Executive Officer, or a change in control of the Company or a change
in the Named Executive Officer’s responsibilities, with respect to each Named Executive Officer.
Outstanding
Equity Awards at Fiscal Year End
As
of December 31, 2021 none of our Named Executive Officers held any unexercised options, stock that have not vested, or other equity
incentive plan awards.
Director
Compensation
To
date, we have not paid our director any compensation for services on our Board.
Equity
Compensation Plan Information
The
Company does not have any securities authorized for issuance or outstanding under an equity compensation plan or equity compensation
grants made outside of such a plan.
ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The
following table sets forth certain information regarding beneficial ownership of the Company’s Common Stock as of December
31, 2021, by (i) each person who is known by the Company to own beneficially more than 5% of any classes of outstanding Common
Stock, (ii) each director of the Company, (iii) each of the Chief Executive Officers and the executive officers (collectively,
the “Named Executive Officers”) and (iv) all directors and executive officers of the Company as a group based
upon 44,550,000 shares outstanding.
Name and Address of Beneficial Owners of
Common Stock Title of Class
Amount and
Nature of
Beneficial
Ownership % of
Common
Stock
David
Lazar
Avenue of the Americas, 3rd Floor
New
York, New York 10036
Common
- 0 %
Preferred
10,000,000 90 %
DIRECTORS AND OFFICERS - TOTAL
(One Officer and Director)
- 0 %
Tsz Ting IP
FLAT 601 6/F PING WONG HOUSE
PING TIN ESTATE LAM TIN
KOWLOON
HONG KONG Common Stock
12,000,000 26.9 %
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Not
applicable.
ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
For
the years ended December 31, 2021 and December 31, 2020 the Company paid $7,800 and $7,800, respectively in accounting fees.
PART
IV
ITEM
15. EXHIBITS AND FINANCIAL STAATEMENT SCHEDULES
31.1
Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act
32.1
Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant Section 906 of the Sarbanes-Oxley Act
101.INS
XBRL
Instance Document (furnished herewith)*
101.SCH
XBRL
Taxonomy Extension Schema Document (furnished herewith)*
101.CAL
XBRL
Taxonomy Extension Calculation Linkbase Document (furnished herewith)*
101.DEF
XBRL
Taxonomy Extension Definition Linkbase Document (furnished herewith)*
101.LAB
XBRL
Taxonomy Extension Label Linkbase Document (furnished herewith)*
101.PRE
XBRL
Taxonomy Extension Presentation Linkbase Document (furnished herewith)*
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.
BALINCAN
INTERNATIONAL INC.
Dated:
January 19, 2022 By: /s/
David Lazar
David
Lazar
Chief
Executive Officer
(Principal
Executive Officer)

---

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

---

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not
applicable

---

ITEM 9A. CONTROLS AND PROCEDURES
ITEM
9A. CONTROLS AND PROCEDURES
Evaluation
of Disclosure 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.
Management’s
Report on Internal Control over Financial Reporting.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed 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. Our internal control over financial reporting includes those policies
and procedures that:
● pertain
to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of our assets;
● provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with
authorizations of our management and directors; and
● provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets
that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with policies or procedures may deteriorate.
Our
management assessed the effectiveness of our internal control over financial reporting based on the parameters set forth above
and has concluded that as of December 31, 2021, our internal control over financial reporting was not effective to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with U.S. generally accepted accounting principles as a result of the following material weaknesses:
● The
Company does not have sufficient segregation of duties within accounting functions due to only having one officer and limited
resources.
● The
Company does not have an independent board of directors or an audit committee.
● The
Company does not have written documentation of our internal control policies and procedures.
● All
of the Company’s financial reporting is carried out by a financial consultant.
We
plan to rectify these weaknesses by implementing an independent board of directors, establishing written policies and procedures
for our internal control of financial reporting, and hiring additional accounting personnel at such time as we complete a reverse
merger or similar business acquisition.
Changes
in Internal Control over Financial Reporting.
There
have been no change in our internal control over financial reporting during the year December 31, 2021 that has materially affected,
or is reasonably likely to materially affect, our internal control over financial reporting.

---

ITEM 9B. OTHER INFORMATION
ITEM
9B. OTHER INFORMATION.
None.
PART
III

---

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The
following table sets forth the names and positions of our executive officers and directors. Directors will be elected at our annual
meeting of stockholders and serve for one year or until their successors are elected and qualify. Officers are elected by the
Board and their terms of office are, except to the extent governed by employment contract, at the discretion of the Board.
Name
Age
Positions
David
Lazar
Director,
Chief Executive Officer, Treasurer, and Secretary
David
Lazar, 30, has been CEO and Chairman of the Company since December 30, 2021. David Lazar is a private investor. Mr. Lazar has
been a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing.
From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February
of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public
companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing
in distressed public companies. David has a diverse knowledge of financial, legal and operations management; public company management,
accounting, audit preparation, due diligence reviews and SEC regulations.
MARKET
FROM
TO
NAME
OF ISSUER
TRADED ON
POSITION(S) HELD
MM
YYYY
MM
YYYY
Rarus
Technologies, Inc. (RARS)
OTCBB
CEO,
Director
DRS,
Inc. (DRSX)
CEO,
Director
Energenx,
Inc. (EENX)
OTC
CEO
Melt,
Inc. (MLTC)
OTC
Director
Nevtah
Capital Management Corporation (NTAH)
OTC
- US
President,
Chief Executive Officer & Secretary
Mediashift,
Inc. (MSHFQ)
OTC
Chairman,
President, CEO, CFO & Secretary
Sollensys
Corp. (SOLS)
OTC
Market
President,
CEO, Secretary & Director
Foru
Holdings, Inc (FORU)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Superbox,
Inc (SBOX)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Petrone
Worldwide, Inc (PFWIQ)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Gushen,
Inc (GSHN)
OTC
- US
Chairman,
President, CEO, CFO & Secretary
Reliance
Global Group Inc. (RELI)
OTC
Director
GHAR,
Inc. (GHAR)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
PhoneBrasil
(PHBR)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
XXStream
Entertainment, Inc.
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Adorbs
Inc.
N/A
Chairman,
President, CEO, CFO & Secretary
Current
China
Botanic Pharmaceutical, Inc (CBPI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
C2E
Energy Inc. (OOGI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Finotec
(FTGI)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
3D
Makerjet Inc. (MRJT)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Pan
Global Corp. (PGLO)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Balincan
International, Inc. (ALTB)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Current
Shengshi
Elevator International (SSDT)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
Romulus
Corp. (RMLS)
OTC
Markets
Chairman,
President, CEO, CFO & Secretary
David
Lazar was also the sole officer and director of Shentang International, Inc. (“Shentang”), which is a blank check
company. On April 29, 2020, Plentiful Limited, a Samoan company, purchased 10,000,000 shares of Shentang’s preferred stock,
par value $0.001 per share, representing 98% of the voting stock, from Custodian Ventures for $225,000. This concluded Mr. Lazar’s
association with Shentang. A business combination has yet to occur. Shentang has not registered any offerings under the Securities
Act.
David
Lazar was also the sole officer and director of Guozi Zhongyu Capital Holdings (formerly Melt Inc.) (“Guozi”), which
was a blank check company. On February 27, 2019, Zhicheng RAO, purchased 2,185,710,000 shares of Guozi’s common stock, par
value $0.00001 per share, from Custodian Ventures for $325,000, representing 99% of the voting stock. This concluded Mr. Lazar’s
association with Guozi. Guozi has not registered any offerings under the Securities Act.
David
Lazar was also the sole officer and director of Cang Bao Tian Xia International Art Trade Center Inc. (formerly Zhongchai Machinery,
Inc.) (“Cang”), which is a blank check company. On December 16, 2018, Xingtao Zhou and Yaqin Fu purchased 3,096,200
shares of common stock and 10,000,000 shares (the “Shares”) of preferred stock, each par value $0.001 per share, representing
approximately 99% of the voting capital, from Custodian Ventures for $375,000. This concluded Mr. Lazar’s association with
Cang. A business combination has yet to occur. Cang has not registered any offerings under the Securities Act.
Except
for GHAR, Inc, Adorbs, Inc. and Reliance Global Group Inc., Mr. Lazar took control of all of the companies listed by becoming
the Court-appointed custodian through Custodian Ventures LLC and entity in which he is the managing member.
Election
of Directors and Officers
Directors
are elected to serve until the next annual meeting of stockholders and until their successors have been elected and qualified.
Officers are appointed to serve until the meeting of the Board following the next annual meeting of stockholders and until their
successors have been elected and qualified.
Audit
Committee
We
do not have any committees of the Board as we only have one director.
Director
Independence
We
do not currently have any independent directors. We evaluate independence by the standards for director independence established
by Marketplace Rule 5605(a)(2) of the Nasdaq Stock Market, Inc.
Board
Leadership Structure
We
have chosen to combine the Chief Executive Officer and Board Chairman positions since one person is our sole officer and director.
Code
of Ethics
Our
Board has not adopted a Code of Ethics due to the Company’s size and lack of employees. As of the date of this Report, our
sole director is also our Chief Executive Officer.
Delinquent
Section 16(a) Reports
Section
16(a) of the Exchange Act requires the Company’s directors, executive officers, and persons who own more than 10% of the
Company’s Common Stock to file initial reports of ownership and changes in ownership of the Company’s Common Stock
with the SEC. These individuals are required by the regulations of the SEC to furnish us with copies of all Section 16(a) forms
they file. Based solely on a review of the copies of the forms furnished to us none of Company’s directors, executive officers,
and persons who own more than 10% of the Company’s Common Stock failed to comply with Section 16(a) filing requirements.

---

ITEM 11. EXECUTIVE COMPENSATION
ITEM
11. EXECUTIVE COMPENSATION
The
following information is related to the compensation paid, distributed, or accrued by us for the fiscal year ended December 31,
2021 to our Chief Executive Officer (principal executive officer) during the last fiscal year and the two other most highly compensated
executive officers serving as of the end of the last fiscal year whose compensation exceeded $100,000 (the “Named Executive
Officers”):
We
did not pay any compensation to our Chief Executive Officers (the “Named Executive Officers”) during the last two
fiscal years.
Named
Executive Officer Employment Agreements
None.
Termination
Provisions
As
of the date of this Report, we have no contract, agreement, plan, or arrangement, whether written or unwritten, that provides
for payments to a Named Executive Officer at, following, or in connection with any termination, including without limitation resignation,
severance, retirement or a constructive termination of a Named Executive Officer, or a change in control of the Company or a change
in the Named Executive Officer’s responsibilities, with respect to each Named Executive Officer.
Outstanding
Equity Awards at Fiscal Year End
As
of December 31, 2021 none of our Named Executive Officers held any unexercised options, stock that have not vested, or other equity
incentive plan awards.
Director
Compensation
To
date, we have not paid our director any compensation for services on our Board.
Equity
Compensation Plan Information
The
Company does not have any securities authorized for issuance or outstanding under an equity compensation plan or equity compensation
grants made outside of such a plan.

---

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The
following table sets forth certain information regarding beneficial ownership of the Company’s Common Stock as of December
31, 2021, by (i) each person who is known by the Company to own beneficially more than 5% of any classes of outstanding Common
Stock, (ii) each director of the Company, (iii) each of the Chief Executive Officers and the executive officers (collectively,
the “Named Executive Officers”) and (iv) all directors and executive officers of the Company as a group based
upon 44,550,000 shares outstanding.
Name and Address of Beneficial Owners of
Common Stock Title of Class
Amount and
Nature of
Beneficial
Ownership % of
Common
Stock
David
Lazar
Avenue of the Americas, 3rd Floor
New
York, New York 10036
Common
- 0 %
Preferred
10,000,000 90 %
DIRECTORS AND OFFICERS - TOTAL
(One Officer and Director)
- 0 %
Tsz Ting IP
FLAT 601 6/F PING WONG HOUSE
PING TIN ESTATE LAM TIN
KOWLOON
HONG KONG Common Stock
12,000,000 26.9 %

---

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Not
applicable.

---

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
For
the years ended December 31, 2021 and December 31, 2020 the Company paid $7,800 and $7,800, respectively in accounting fees.
PART
IV

---

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM
15. EXHIBITS AND FINANCIAL STAATEMENT SCHEDULES
31.1
Certification of Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act
32.1
Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant Section 906 of the Sarbanes-Oxley Act
101.INS
XBRL
Instance Document (furnished herewith)*
101.SCH
XBRL
Taxonomy Extension Schema Document (furnished herewith)*
101.CAL
XBRL
Taxonomy Extension Calculation Linkbase Document (furnished herewith)*
101.DEF
XBRL
Taxonomy Extension Definition Linkbase Document (furnished herewith)*
101.LAB
XBRL
Taxonomy Extension Label Linkbase Document (furnished herewith)*
101.PRE
XBRL
Taxonomy Extension Presentation Linkbase Document (furnished herewith)*