SouthCorp Capital (STHC) 10-Q 13 Mar 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Jan. 31, 2015	Mar. 11, 2015
Document And Entity Information
Entity Registrant Name	Southcorp Capital, Inc.
Entity Central Index Key	1000955
Document Type	10-Q
Document Period End Date	31-Jan-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-26
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		249,057,315
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

Balance_Sheet

Balance Sheet (USD $)	Jan. 31, 2015	Apr. 30, 2014
ASSETS:
Cash or cash equivalents	$3,411	$200
Loan receivable – Related Party	10,266
Loan receivable	3,000
Prepaid expenses	30,000
Note receivable from sale of property	4,333
Total current assets	51,010	200
Fixed assets:
Real estate	87,763	68,000
Renovations	38,169
Total assets	176,942	68,200
LIABILITIES AND SHAREHOLDERS' DEFICIT
Accounts payable	974
Notes payable	42,500
Loans payable- mortgage	11,592	13,692
Accrued interest	339
Accrued dividend	6,520
Loans payable- related party	183,571	54,938
Total liabilities	245,496	68,630
Shareholders' equity:
Class C Preferred Stock, Par Value $.0001, 50,000,000 authorized, 23,000,000 issued and outstanding	2,300	2,300
Common stock, par value $0.0001, 750,000,000 authorized, 249,057,315 and 224,057,315 issued and outstanding, respectively	24,906	22,406
Additional paid in capital	224,794	-22,706
Accumulated deficit	-320,554	-2,430
Total shareholders' deficit	-68,554	-430
Total liabilities and shareholders' deficit	$176,942	$68,200

Balance_Sheet_Parenthetical

Balance Sheet (Parenthetical) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Shareholders' equity:
Preferred Stock Class C, par value	$0.00	$0.00
Preferred Stock Class C, shares authorized	50,000,000	50,000,000
Preferred Stock Class C, shares issued	23,000,000	23,000,000
Preferred Stock Class C, shares outstanding	23,000,000	23,000,000
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	750,000,000	750,000,000
Common Stock, shares issued	249,057,315	224,057,315
Common Stock, shares outstanding	249,057,315	224,057,315

Statement_of_Operation_Unaudit

Statement of Operation (Unaudited) (USD $)	3 Months Ended	9 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
Statement Of Operation
Income	$723	$6,223
Cost of properties sold		5,500
Gross Profit	723	723
Operating Expenses
SG&A	11,653	298,923
Total operating expenses	11,653	298,923
Net Loss	($10,930)	($298,200)
Net loss per share, basic and diluted	$0	$0
Weighted average shares outstanding	249,057,315	241,539,199

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jan. 31, 2015
Cash flows from operating activities
Net income (loss)	($298,200)
Stock based compensation	250,000
Accounts payable	974
Accrued interest	339
Prepaid expenses	-30,000
Net cash used in operating activities	-76,887
Cash flows from investing activities
Loan to Related Party	-10,266
Loan to 3rd party	-3,000
Note receivable from sale of properties	1,167
Real estate purchased	-25,263
Renovations to properties	-26,419
Net cash provided by investing activities	-63,781
Cash flows from financing activities
Proceeds from Note payable	42,500
Repayment of mortgage	-2,100
Dividend payment	-13,404
Payment of related party advances	-31,268
Proceeds from related party advances	148,151
Net cash provided by financing activities	143,879
Net change in cash	3,211
Cash balance, beginning of period	200
Cash balance, end of period	3,411
Supplemental disclosures:
Cash paid for interest
Cash paid for income taxes
Noncash investing and financing activities:
Payments for real estate renovations by related party	11,750
Accrued dividend	$6,520

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 1 - Basis of Presentation	The accompanying unaudited financial statements of SouthCorp Capital, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's registration statement filed with the SEC on Form 10. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2014 as reported in Form 10-K, have been omitted.
	Sale of the Company’s real estate property will occur through the use of a sales contract where revenues from renovated real estate property sales will be recognized upon closing of the sale. In accordance with FASB ASC 360-20, the Company will use the accrual method and recognize revenue on the sale of its properties when the earnings process is complete and the collectability of the sales price and additional proceeds is reasonably assured, which is typically when the sale of the property closes. At the time of sale the Company will determine it the transaction will be recognized under the full accrual method, installment method, cost recovery method, deposit method or reduced profit method. Rental Income is recognized at the time the Company deposits the monies.

Going_Concern

Going Concern	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 2 - Going Concern	The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has negative working capital, recurring losses, and does not have an established source of revenues sufficient to cover its operating costs. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
	The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.
	In the coming year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the payment of expenses associated with operations and business developments. The Company may experience a cash shortfall and be required to raise additional capital.
	Historically, it has mostly relied upon internally generated funds such as shareholder loans and advances to finance its operations and growth. Management may raise additional capital by retaining net earnings or through future public or private offerings of the Company’s stock or through loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s failure to do so could have a material and adverse effect upon it and its shareholders.

Related_Party_Transaction

Related Party Transaction	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 3 - Related Party Transaction	During the nine months ending January 31, 2015, the Company borrowed $42,475 from Joseph Wade, our CEO, related to the purchase and/or renovation of the Company’s properties and working capital. Of this amount, $11,750 was paid directly to vendors for the renovation of real estate property. The Company has repaid $14,368. The total amount owed is $83,045 as of January 31, 2015. The loan is at 0% interest and is to be repaid by December 31, 2015.
	During the nine months ending January 31, 2015, the Company borrowed $12,676 from Matt Billington, our COO, related to the purchase and/or renovation of the Company’s properties and working capital. The Company has repaid $7,500. The total amount owed is $5,176 as of January 31, 2015. The loan is at 0% interest and is to be repaid by December 31, 2015.
	During the nine months ending January 31, 2015, the Company borrowed $104,750 from WB Partners, our majority shareholder, related to the purchase and/or renovation of the Company’s properties and working capital. The Company has repaid $9,400. The total amount owed is $95,350 as of January 31, 2015. The loan is at 0% interest and is to be repaid by December 31, 2015.
	During the nine months ending January 31, 2015, the Company lent $10,266 to Nate’s Food Company. The loan is at 0% interest and is to be repaid by December 31, 2015.
	During the nine months ending January 31, 2015, the Company purchased product from Nate’s Food Company. The Company booked a prepaid expense of $30,000 related to this purchase.

Equity

Equity	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 4 - Equity	On July 21, 2014, we issued 12,500,000 shares to our CEO under the Company’s S-8 and stock compensation plan. The company expensed $125,000 related to this transaction.
	On July 21, 2014, we issued 12,500,000 shares to our COO under the Company’s S-8 and stock compensation plan. The company expensed $125,000 related to this transaction.
	During the period ended January 31, 2015, the Company declared $19,924 in dividends. As of January 31, 2015, the Company paid $13,404 and has accrued $6,520 in dividends.

Mortgage_Notes_Payable

Mortgage Notes Payable	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 5 - Mortgage Notes Payable	In conjunction with the purchase of one of the properties, the Company entered into a noninterest bearing installment promissory note for a mortgage on the property of $13,600. The amount is repayable in monthly installments of $350 and the remaining balance due on maturity date of April 1, 2015. As of January 31, 2015, $11,592 was due.

Deferred_Revenue

Deferred Revenue	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 6 - Deferred Revenue	In August 2014, the Company agreed to sell 3 of its properties for $105,000. The closing occurred on September 15, 2014 and the Company provided financing to the buyer. The Company will receive $291.66 per month with a balloon payment on March 15, 2017 of $99,750. The Company has accounted for the sale of the properties under the cost recovery method in accordance with ASC 360-20 and as such no profit is recognized until cash payments by the buyer, including principal and interest on debt due to the seller and on existing debt assumed by the buyer, exceed the seller's cost of the property sold. As of January 1, 2015, the payments have not exceeded the cost and therefore there is no recognized gross profit.
	The below table summarizes the activity for the quarter ended January 31, 2015:
	Sales – Properties	$	105,000
	Cost of the sales of properties		5,500
	Gross Profit		99,500
	Less: Note receivable		105,000
	Recognized gross profit		-
	Payments		1,167
	Unrecognized Gross profit		99,500
	Total note receivable	$	4,333

Real_Estate

Real Estate	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 7 - Real Estate	The following table provides an overview of our properties:
	Property	City, State	Acquisition Date	Type	Purchase Price
	808 N. Franklin Street	Portland, Indiana	14-Apr	Single Family	$	1,500
	465 Fulton	Berne, Indiana	14-Apr	Vacant Land	$	1,500
	Jefferson Street	Berne, Indiana	14-Apr	Vacant Industrial	$	2,500
	356 Franklin Street	Berne, Indiana	14-Apr	Single Family	$	16,000
	163 Behring Street	Berne, Indiana	14-Apr	Commercial	$	35,000
	7003 Balsam Lane	Fort Wayne, Indiana	14-May	Single Family	$	6,000
	1063 Winchester	Decatur, Indiana	14-Aug	Single Family	$	1,890
	448 E Line	Geneva, Indiana	14-Nov	Commercial	$	1,919
	664 Seminary	Roanoke, Indiana	14-Nov	Single Family	$	10,727
	3217
	Renovations: During the Nine Months Ending January 31, 2015, the Company spent $38,169 in renovations related to its properties.
	Acquisitions: The Company acquired 3 properties in Indiana for $23,373.

Convertible_Notes_Payable

Convertible Notes Payable	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 8 - Convertible Notes Payable	KBM Worldwide September 5, 2014 convertible note.
	On September 5, 2014 the Company received a note in the amount of $42,500 from KBM Worldwide, Inc. The note bears a simple interest of 8% per annum from the date hereof (the “Issue Date”) until it becomes due and payable, whether at maturity date on June 5, 2015. The note cannot be converted until 180 days from the Issue date as such the Company concluded that there is no embedded derivative or benefit to convert on issuance date or as of January 5, 2014. The note is convertible into shares of Common Stock, $0.0001 par value per share.

Subsequent_Events

Subsequent Events	9 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 9 - Subsequent Events	On February 17, 2015, the Company filed for permits to begin construction of a factory on its Behring Street property. The property is approximately 1 acre in size.

Deferred_Revenue_Tables

Deferred Revenue (Tables)	9 Months Ended
	Jan. 31, 2015
Deferred Revenue Tables
Summary of the deffered revenue	The below table summarizes the activity for the quarter ended January 31, 2015:
	Sales – Properties	$	105,000
	Cost of the sales of properties		5,500
	Gross Profit		99,500
	Less: Note receivable		105,000
	Recognized gross profit		-
	Payments		1,167
	Unrecognized Gross profit		99,500
	Total note receivable	$	4,333

Real_Estate_Tables

Real Estate (Tables)	9 Months Ended
	Jan. 31, 2015
Real Estate Tables
Summary Of Properties	The following table provides an overview of our properties:
	Property	City, State	Acquisition Date	Type	Purchase Price
	808 N. Franklin Street	Portland, Indiana	14-Apr	Single Family	$	1,500
	465 Fulton	Berne, Indiana	14-Apr	Vacant Land	$	1,500
	Jefferson Street	Berne, Indiana	14-Apr	Vacant Industrial	$	2,500
	356 Franklin Street	Berne, Indiana	14-Apr	Single Family	$	16,000
	163 Behring Street	Berne, Indiana	14-Apr	Commercial	$	35,000
	7003 Balsam Lane	Fort Wayne, Indiana	14-May	Single Family	$	6,000
	1063 Winchester	Decatur, Indiana	14-Aug	Single Family	$	1,890
	448 E Line	Geneva, Indiana	14-Nov	Commercial	$	1,919
	664 Seminary	Roanoke, Indiana	14-Nov	Single Family	$	10,727
	3217

Related_Party_Transaction_Deta

Related Party Transaction (Details Narrative) (USD $)	9 Months Ended	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
Joseph Wade [Member]
Total amount owed	$42,475
Working capital	11,750
Matt Billington [Member]
Total amount owed	12,676
Working capital	7,500
WB Partners
Total amount owed		104,750
Working capital		9,400
Nates Food Company
Amount lent		10,266
Prepaid expense	$30,000	$30,000

Equity_Details_Narrative

Equity (Details Narrative) (USD $)	9 Months Ended
	Jan. 31, 2015
Equity Details Narrative
Dividend declared	$19,924
Dividend paid	13,404
Dividend accured	$6,520

Mortgage_Notes_Payable_Details

Mortgage Notes Payable (Details Narrative) (USD $)	Jan. 31, 2015	Apr. 30, 2014
Mortgage Notes Payable Details Narrative
Loans payable- mortgage	$11,592	$13,692

Deferred_Revenue_Details

Deferred Revenue (Details) (USD $)	9 Months Ended
	Jan. 31, 2015
Deferred Revenue Details
Sales b Properties	$105,000
Cost of the sales of properties	5,500
Gross Profit	99,500
Less: Note receivable	105,000
Recognized gross profit
Payments	1,167
Unrecognized Gross profit	99,500
Total note receivable	$4,333

Real_Estate_Details

Real Estate (Details) (USD $)	9 Months Ended	12 Months Ended
	Jan. 31, 2015	Jan. 31, 2015
808 N. Franklin Street [Member]
City, State of Real State	Portland, Indiana
Acquisition Date	14-Apr
Type of Property	Single Family
Purchase Price	$1,500
465 Fulton [Member]
City, State of Real State	Berne, Indiana
Acquisition Date	14-Apr
Type of Property	Single Family
Purchase Price	1,500
Jefferson Street [Member]
City, State of Real State	Berne, Indiana
Acquisition Date	14-Apr
Type of Property	Vacant Industrial
Purchase Price	2,500
356 Franklin Street [Member]
City, State of Real State	Berne, Indiana
Acquisition Date	14-Apr
Type of Property	Single Family
Purchase Price	16,000
163 Behring Street [Member]
City, State of Real State	Berne, Indiana
Acquisition Date	14-Apr
Type of Property	Commercial
Purchase Price	35,000
7003 Balsam Lane [Member]
City, State of Real State	Fort Wayne, Indiana
Acquisition Date	14-May
Type of Property	Single Family
Purchase Price	6,000
1063 Winchester [Member]
City, State of Real State	Decatur, Indiana
Acquisition Date	14-Aug
Type of Property	Single Family
Purchase Price	1,890
448 E Line [Member]
City, State of Real State		Geneva, Indiana
Acquisition Date		14-Nov
Type of Property		Commercial
Purchase Price		1,919
664 Seminary [Member]
City, State of Real State		Roanoke, Indiana
Acquisition Date		14-Nov
Type of Property		Single Family
Purchase Price		$10,727

Real_Estate_Details_Narrative

Real Estate (Details Narrative) (USD $)	9 Months Ended
	Jan. 31, 2015
Real Estate Details Narrative
Renovations to properties	$38,169