Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 21, 2016 | Jun. 30, 2015 | |
Document And Entity Information | |||
Entity Registrant Name | TRANSATLANTIC CAPITAL INC. | ||
Entity Central Index Key | 1,228,386 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 25,593 | ||
Entity Common Stock, Shares Outstanding | 21,365,622 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 463 | |
Total Current Assets | 463 | |
OTHER ASSESTS: | ||
Deposits | ||
Total Other Assets | ||
TOTAL ASSETS | 463 | $ 0 |
CURRENT LIABILITIES | ||
Accounts payable | 74,700 | 74,813 |
Advances - related parties | $ 91,588 | 69,155 |
Convertible promissory note | 1,000 | |
Total Current Liabilities | $ 166,288 | 144,968 |
TOTAL LIABILITIES | $ 166,288 | $ 144,968 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock: 50,000,000 shares authorized par value $0.001 per share; none issued and outstanding | ||
Common Stock: 700,000,000 shares authorized par value $0.001 per share; issued and outstanding, 21,365,622 shares at December 31, 2015 and 20,365,622 shares at December 31, 2014 | $ 21,366 | $ 20,366 |
Additional paid-in-capital | 5,610,968 | 5,610,968 |
Deficit accumulated | (5,798,159) | (5,776,302) |
TOTAL STOCKHOLDERS' DEFICIT | (165,825) | (144,968) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 463 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock; par value | $ 0.001 | $ 0.001 |
Preferred stock; shares authorized | 50,000,000 | 50,000,000 |
Preferred stock; shares issued | ||
Preferred stock; shares outstanding | ||
Common stock; par value | $ 0.001 | $ 0.001 |
Common stock; shares authorized | 700,000,000 | 700,000,000 |
Common stock; shares issued | 21,365,622 | 20,365,622 |
Common stock; shares outstanding | 21,365,622 | 20,365,622 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Expenses | ||
General and administrative expenses | $ (21,857) | $ (179,759) |
Total Operating Expenses | (21,857) | (179,759) |
Operating Loss | $ (21,857) | (179,759) |
Interest expenses | (2,602) | |
Expenses for benefit conversion feature | (130,174) | |
Net loss | $ (21,857) | $ (312,535) |
Basic and diluted net loss per common share | $ 0 | $ (0.04) |
Weighted average shares used in computing basic and diluted net loss per share | 21,187,540 | 8,230,259 |
Statement of Changes in Shareho
Statement of Changes in Shareholders Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Dec. 31, 2013 | 299,835 | |||
Beginning Shares, Amount at Dec. 31, 2013 | $ 300 | $ 5,186,328 | $ (5,463,767) | $ (277,139) |
Common shares issued for settlement of convertible debt, shares | 20,065,787 | |||
Common shares issued for settlement of convertible debt, amount | $ 20,066 | 9,802 | 29,868 | |
Beneficial conversion feature | 21,000 | 21,000 | ||
Liabilities forgiven by related party | 393,838 | 393,838 | ||
Net loss | (312,535) | (312,535) | ||
Ending Balance, Shares at Dec. 31, 2014 | 20,365,622 | |||
Ending Balance, Amount at Dec. 31, 2014 | $ 20,366 | 5,610,968 | (5,776,302) | (144,968) |
Common shares issued for settlement of convertible debt, shares | 1,000,000 | |||
Common shares issued for settlement of convertible debt, amount | $ 1,000 | 1,000 | ||
Net loss | (21,857) | (21,857) | ||
Ending Balance, Shares at Dec. 31, 2015 | 21,365,622 | |||
Ending Balance, Amount at Dec. 31, 2015 | $ 21,366 | $ 5,610,968 | $ (5,798,159) | $ (165,825) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (21,857) | $ (312,535) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Expenses for benefit conversion feature | 130,174 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 793 | |
Accounts payable and Accounts payable - related parties | $ (113) | 112,413 |
Net cash used in operating activities | (21,970) | (69,155) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party advances | 22,433 | 69,155 |
Net Cash Provided by Financing Activities | 22,433 | $ 69,155 |
Net increase (decrease) in cash and cash equivalents | $ 463 | |
Cash and cash equivalents at beginning of the year | ||
Cash and cash equivalents at year end | $ 463 | |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid | ||
Supplemental disclosure of non cash financing activity | ||
Debt discount originated from beneficial conversion feature | $ 21,000 | |
Common shares issued for conversion of convertible debt | $ 1,000 | 29,868 |
Liabilities forgiven by related party | $ 393,838 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | NOTE 1 - ORGANIZATION Organization and Line of Business Transatlantic Capital Inc. was incorporated on May 22, 2002, under the laws of the State of Nevada, as Medina International Corp. On May 4, 2006, the Company changed its name to ACRO Inc., and again on May 24, 2014 to Transatlantic Capital Inc. The Company was originally an oil and gas consulting company in Canada and the United States that later shifted operations to Israel to engage in development of products for the detection of military and commercial explosives for the homeland security market. On May 24, 2014 a change of control took place and the Company changed its business model to develop and manage real estate. As a result, the Companys address was moved from Israel to Georgia. The Companys common stock was first listed on the Over-the-Counter Bulletin Board, or OTC Bulletin Board in April of 2003. It now trades on the OTCQB under the ticker symbol TACI. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP). Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The reported amounts of revenues and expenses during the reporting period may be affected by the estimates and assumptions management is required to make. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. It is at least reasonably possible that managements estimates could change in the near term with respect to these matters, as actual results could differ from these estimates. Going Concern In conformity with generally accepted accounting principles, it has been assumed that the Company will continue as a going concern. The Company, however, continues to incur losses from operations ($21,857 in the year ended December 31, 2015) and has a negative working capital ($165,825 as of December 31, 2015). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Financial Statements in U.S. Dollars The Company has determined the U.S. dollar as the currency of its primary economic environment and thus, its functional and reporting currency. Non-U.S. dollar transactions and balances have been re-measured into U.S. dollars. All transaction gains and losses from the re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as other income or expenses, as appropriate. Cash and Cash Equivalents Cash in bank accounts are at risk to the extent that they exceed U.S. Federal Deposit Insurance Corporation insured amounts. All investments purchased with a maturity of three months or less are cash equivalents. Convertible debt with beneficial conversion feature The Company accounts for convertible debt with beneficial conversion feature in accordance with ASC 470-20 which requires the Company to recognize separately, at issuance, the embedded beneficial conversion feature in additional paid-in capital. The recognition is done by allocating a portion of the proceeds equal to the intrinsic value of that feature in additional paid-in capital. The intrinsic value is calculated as the difference between the effective conversion price of the convertible debt and the fair value of the shares at issuance date. Income taxes The Company accounts for income taxes by the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary to reduce the amount of deferred tax assets to their estimated realizable value. Related Parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding during each year. Diluted income (loss) per share is computed based on the weighted average number of common shares outstanding during each year, plus dilutive potential common shares considered outstanding during the year. Reclassifications Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. These reclassifications had no effect on the net loss or stockholders equity. Recent Accounting Pronouncements The Company has implemented all new relevant accounting pronouncements that are in effect through the date of these financial statements. The pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS During the year ended December 31, 2014, the following three liabilities were assigned to a related party, and then forgiven by the related party, Top Alpha consulting agreement, Porat employment agreement, and Top Alpha convertible promissory note. There were no changes in terms. For the year ended December 31, 2013, the Company had incurred and accrued an expense of $141,015 related to consulting services provided by Top Alpha, majority shareholder (presented as Accounts Payable related parties on the accompanying balance sheets). During 2014, additional expenses were incurred and accrued in the amount of $6,449, leaving an accrued balance prior to the assignment and forgiveness on May 22, 2014 of $147,464, which was written off and charged to Additional Paid-in-Capital as a liability forgiven by a related party. On February 1, 2014, the Company entered into a new employment agreement with Mr. Porat. Pursuant to this new employment agreement, Mr. Porat shall continue to serve as President, CEO, and CFO of the Company at an annual salary of $90,000. The new employment agreement was effective as of February 1, 2014, and was to be in effect for a term of two years. However, Mr. Porat submitted a letter of resignation on May 27, 2014. During the year ended December 31, 2014, the Company incurred an expense of $33,901 for Mr. Porats salary. As of May 22, 2014 the Company had accrued and owed salary to Mr. Porat in the amount of $168,068, prior to the assignment and forgiveness, which was written off and charged to Additional Paid-in Capital as a liability forgiven by a related party. On May 23, 2014, related party liabilities totaling $393,838 were written off and charged to Additional Paid-in Capital as liabilities forgiven by a related party. These liabilities consisted of salary owed to Mr. Porat in the amount of $168,068, debt due to Top Alpha Capital related to a consulting agreement for $147,464, and a portion of the Top Alpha Capital convertible promissory note in the amount of $78,306. Refer to Note 4 Convertible Promissory Note for details related to the conversion, assignment, and the debt forgiven under the promissory note. In November of 2014, the Company engaged NFA Seneca, LLC for consulting services. NFA Seneca, LLC and NFA Securities L3C, a stockholder, have common principal owners. During the year ended December 31, 2014 the Company incurred an expense of $28,000 for consulting services including traveling expenses. During the year ended December 31, 2014, the Company had received $600 in advances from IMIR Management LLC, a stockholder, as a loan with no interest and due on demand for various operational expenses. During the year ended, December 31, 2015, an additional $5,240 was loaned to the Company. Advances due to the stockholder as of the year ended December 31, 2015 were $5,840, due on demand with no interest. On June 1, 2014, the Company executed a funding agreement with NFA Securities L3C, a stockholder, to fund ongoing company operations with a loan of up to $150,000. During the year ended December 31, 2014, the Company had received $68,555 in advances from NFA Securities L3C. During the twelve months ended December 31, 2015, NFA Securities L3C loaned the Company $17,193 under the funding agreement resulting in a balance due of $85,748. The advances had no interest and were due on demand. |
Convertible Promissory Note
Convertible Promissory Note | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Promissory Note | NOTE 4 CONVERTIBLE PROMISSORY NOTE On May 22, 2014, the Company had convertible debt outstanding in the amount of $109,174, which was assigned by Top Alpha to a related party. Out of the $109,174, $9,868 was converted into 65,787 shares of common stock. $21,000 was assigned by the related party to other parties, and the $78,306 was forgiven and charged to Additional Paid-in-Capital as a liability forgiven by a related party. Refer to Note 3 Related Party Transactions for details related to related party liabilities forgiven. Upon assignment of the $21,000 in convertible debt, three new convertible promissory notes were created, the conversion price changed from $0.15 per common stock share to $$0.001 per share, the interest rate was modified from 6% to 5% per annum, and the due date was modified from December 31, 2014 to November 22, 2014. As a result, the Company evaluated the application of ASC 470-50 and ASC 470-60 and modifications constituted a debt extinguishment rather than a troubled debt restructuring, with the old debt written off and the new debt initially recorded at fair value with a new effective interest rate. The Company accounted for the intrinsic value of a beneficial conversion feature inherent to the new convertible promissory notes and a total debt discount of $21,000 was recorded. These promissory notes totaling $21,000 were to be converted into 21,000,000 of newly issued restricted shares of common stock. These shares were to be issued as follows, 13,333,333 shares of common stock to NFA Securities L3C and 6,666,667 shares of common stock to IMIR Management LLC, and 1,000,000 shares of common stock to Friction & Heat, LLC, a third party. As of December 31, 2014 $20,000 of the debt was converted into 20,000,000 shares. The Friction & Heat convertible promissory note in the amount of $1,000 remained outstanding, but was converted on March 6, 2015 to 1,000,000 shares of common stock. During the year ended December 31, 2014 in respect of the promissory note, a debt discount originating from the beneficial conversion feature in the amount of $21,000 was charged to Additional Paid-in Capital and $130,174 debt discount was amortized to expense. |
Shareholders Deficiency
Shareholders Deficiency | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders Deficiency | NOTE 5 SHAREHOLDERS DEFICIT In May of 2014 shares of common stock of 20,065,787 were issued for the settlement of $29,868 convertible debts. The assignment of $21,000 in convertible debt resulted in an extinguishment of debt. $21,000 debt discount originated from beneficial conversion feature inherent to the new convertible promissory notes was charged to additional paid-in capital; see Note 4 Convertible Promissory Note. Related party liabilities totaling $393,838 were written off and charged to Additional Paid-in Capital as liabilities forgiven by a related party. These liabilities consisted of salary owed to Mr. Porat in the amount of $168,068, debt due to Top Alpha Capital related to a consulting agreement for $147,464, and a portion of the Top Alpha Capital convertible promissory note in the amount of $78,306. On May 24, 2014, the Company executed a 150 to 1 reverse split of all common shares. Following the reverse split, the par value per common share decreased from $0.01 to $0.001. Each 150 shares of Common Stock (Old Stock) issued and outstanding were automatically, without any action by the holder, changed and reclassified into 1 share of fully-paid and non-assessable Common Stock (New Stock). All fractional shares were rounded up to the next whole share. All shares under 100 shares were rounded to 100 shares. The earnings per share calculations and outstanding share information for all periods presented have been recast to reflect the impact of the stock split. In addition, the Company increased the authorized shares from 700,000,000 to 750,000,000 shares of stock consisting of 700,000,000 shares of common stock with a par value of $0.001 and 50,000,000 shares of preferred stock with a par value of $0.001. On March 6, 2015, 1,000,000 shares of common stock were issued for the conversion of $1,000 convertible debt; see Note 4 Convertible Promissory Note. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Leases | NOTE 6 LEASES Operating Leases On August 3, 2015, the Company entered into a month to month sublease agreement securing office space in an executive suite for a monthly rental amount of $100.00 due on the first day of each month. During the twelve months ended December 31, 2015, the Company incurred cost of $500 under this operating lease. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 INCOME TAXES Tax rates Transatlantic is subject to a 15%-35% corporate tax rate in the United States. For financial reporting purposes, income (loss) before income taxes includes the following: Year ended December 31, 2015 2014 United States $ (21,857 ) $ (312,535 ) For the years ended December 31, 2015 and 2014, the Company did not recognize expenses for the benefit conversion feature of $0 and $130,174 respectively, for tax purposes. Deferred Tax Year ended December 31, 2015 2014 Deferred tax assets: Net Operating loss carry forwards $ 1,139,445 $ 1,132,014 Valuation allowance (1,139,445 ) (1,132,014 ) Net deferred tax assets $ $ The deferred tax assets have been fully offset by a valuation allowance. The net change in the total valuation allowance for the years ended December 31, 2015 and 2014 was an increase of $7,431 and a decrease of $62,003 respectively. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are reducible. Management considers projected taxable income and tax planning strategies in making this assessment. In order to fully realize the deferred tax asset, the Company will need to generate future taxable income prior to the expiration of the deferred tax assets governed by the tax code. Based on the level of historical taxable losses, management believes that it is more likely than not that the Company will not realize the benefits of these deductible differences. As of December 31, 2015, the Company has net operating loss carry forwards for federal income tax purposes of approximately $3.3 million, after consideration of approximately $201,400 of net operating loss carry forwards that are expected to expire unused due to an ownership change as defined under the Internal Revenue Code section 382 that occurred in early 2006. These federal net operating loss carry forwards will expire if not utilized on various dates through 2027. Reconciliation of Income Tax Benefit (Expense) A reconciliation of the theoretical income tax computed on the loss before income taxes at the statutory tax rate and the actual income tax provision is presented as follows: Year ended December 31, 2015 2014 Loss before income taxes as per the income statement $ (21,857 ) $ (312,535 ) Tax calculated according to the statutory tax rate of 34% (7,431 ) (106,262 ) Increase (decrease) in income tax resulting from: Non tax benefit losses 7,431 106,262 Total income tax benefit $ $ The income tax payable as of December 31, 2015 and 2014 was $0. Accounting for Uncertainty in Income Taxes As of January 1, 2015 and for the 12 months ended December 31, 2015, the Company did not have any unrecognized tax benefits and do not expect that the amount of unrecognized tax benefits will change significantly within the next 12 months. The Companys accounting policy is to accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in accordance with generally accepted accounting principles in the United States (US GAAP). |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The reported amounts of revenues and expenses during the reporting period may be affected by the estimates and assumptions management is required to make. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the period that they are determined to be necessary. It is at least reasonably possible that managements estimates could change in the near term with respect to these matters, as actual results could differ from these estimates. |
Going Concern | Going Concern In conformity with generally accepted accounting principles, it has been assumed that the Company will continue as a going concern. The Company, however, continues to incur losses from operations ($21,857 in the year ended December 31, 2015) and has a negative working capital ($165,825 as of December 31, 2015). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Financial Statements in U.S. Dollars | Financial Statements in U.S. Dollars The Company has determined the U.S. dollar as the currency of its primary economic environment and thus, its functional and reporting currency. Non-U.S. dollar transactions and balances have been re-measured into U.S. dollars. All transaction gains and losses from the re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as other income or expenses, as appropriate. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash in bank accounts are at risk to the extent that they exceed U.S. Federal Deposit Insurance Corporation insured amounts. All investments purchased with a maturity of three months or less are cash equivalents. |
Convertible debt with beneficial conversion feature | Convertible debt with beneficial conversion feature The Company accounts for convertible debt with beneficial conversion feature in accordance with ASC 470-20 which requires the Company to recognize separately, at issuance, the embedded beneficial conversion feature in additional paid-in capital. The recognition is done by allocating a portion of the proceeds equal to the intrinsic value of that feature in additional paid-in capital. The intrinsic value is calculated as the difference between the effective conversion price of the convertible debt and the fair value of the shares at issuance date. |
Income taxes | Income taxes The Company accounts for income taxes by the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary to reduce the amount of deferred tax assets to their estimated realizable value. |
Related Parties | Related Parties A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party. |
Basic and Diluted Net Income (Loss) per Share | Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share is computed based on the weighted average number of common shares outstanding during each year. Diluted income (loss) per share is computed based on the weighted average number of common shares outstanding during each year, plus dilutive potential common shares considered outstanding during the year. |
Reclassifications | Reclassifications Certain prior period amounts were reclassified to conform to the manner of presentation in the current period. These reclassifications had no effect on the net loss or stockholders equity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new relevant accounting pronouncements that are in effect through the date of these financial statements. The pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial position or results of operations. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (loss) before income taxes components | Year ended December 31, 2015 2014 United States $ (21,857 ) $ (312,535 ) |
Deferred Tax | Year ended December 31, 2015 2014 Deferred tax assets: Net Operating loss carry forwards $ 1,139,445 $ 1,132,014 Valuation allowance (1,139,445 ) (1,132,014 ) Net deferred tax assets $ $ |
Reconciliation of Income Tax Benefit (Expense) | Year ended December 31, 2015 2014 Loss before income taxes as per the income statement $ (21,857 ) $ (312,535 ) Tax calculated according to the statutory tax rate of 34% (7,431 ) (106,262 ) Increase (decrease) in income tax resulting from: Non tax benefit losses 7,431 106,262 Total income tax benefit $ $ |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Accounting Policies [Abstract] | |
Losses from operations | $ (21,857) |
Net Capital Deficiency | $ (165,825) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 01, 2014 | May. 22, 2014 | Nov. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2013 |
Liabilities forgiven by related party | $ 393,838 | |||||
Advances due to related parties | 69,155 | $ 91,588 | ||||
IMIR Management LLC [Member] | ||||||
Loan from stockholder | 600 | 5,240 | ||||
Advances due to related parties | 5,840 | |||||
NFA Securities L3C [Member] | ||||||
Consulting Services | $ 28,000 | |||||
Funding available | $ 150,000 | |||||
Loan from stockholder | $ 68,555 | 17,193 | ||||
Advances due to related parties | $ 85,748 | |||||
Top Alpha [Member] | ||||||
Accounts payable - related parties | $ 141,015 | |||||
Consulting Services | $ 6,449 | |||||
Liabilities forgiven by related party | 147,464 | |||||
Convertible Promissory Note | 78,306 | |||||
Employment Agreement [Member] | ||||||
Liabilities forgiven by related party | 168,068 | |||||
Annual salary agreement | $ 90,000 | |||||
Term of employment | 2 years | |||||
Annual salary | $ 33,901 |
Convertible Promissory Note (De
Convertible Promissory Note (Details Narrative 1) - USD ($) | Mar. 06, 2015 | May. 22, 2014 | Dec. 31, 2014 |
Debt Conversion [Line Items] | |||
Debt converted to common stock,shares | 1,000,000 | 20,065,787 | |
Liabilities forgiven by related party | $ 393,838 | ||
Top Alpha Capital, LTD[Member] | |||
Debt Conversion [Line Items] | |||
Note Issued, face value | $ 109,174 | ||
Debt converted to common stock, value | $ 9,868 | ||
Debt converted to common stock,shares | 65,787 | ||
Convertible debt balance | $ 21,000 | ||
Convertible Debt [Member] | |||
Debt Conversion [Line Items] | |||
Debt converted to common stock,shares | 21,000,000 | 20,000,000 | |
Convertible debt balance | $ 21,000 | $ 20,000 | |
Liabilities forgiven by related party | $ 78,306 | ||
Interest rate | 6.00% | 5.00% | |
Date issued | 2014-05 | 2014-05 | |
Due date of note | Dec. 31, 2014 | Nov. 22, 2014 | |
Conversion price | $ 0.15 | $ 0.001 | |
Top Alpha Capital, LTD, consulting agreement [Member] | |||
Debt Conversion [Line Items] | |||
Note Issued, face value | $ 147,464 | ||
NFA Securities LLC [Member] | |||
Debt Conversion [Line Items] | |||
Debt converted to common stock,shares | 13,333,333 | ||
IMIR Management LLC [Member] | |||
Debt Conversion [Line Items] | |||
Debt converted to common stock,shares | 6,666,667 | ||
Fricition and Heat, LLC [Member] | |||
Debt Conversion [Line Items] | |||
Debt converted to common stock,shares | 1,000,000 |
Convertible Promissory Note (19
Convertible Promissory Note (Details Narrative 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Beneficial conversion feature | $ 21,000 | |
Expenses for benefit conversion feature | $ 130,174 |
Shareholders Deficiency (Detail
Shareholders Deficiency (Details Narrative) - USD ($) | Mar. 06, 2015 | May. 24, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Equity [Abstract] | ||||
Debt converted to common stock, value | $ 1,000 | $ 1,000 | $ 29,868 | |
Debt converted to common stock,shares | 1,000,000 | 20,065,787 | ||
Beneficial conversion feature | $ 21,000 | |||
Liabilities forgiven by related party | $ 393,838 | |||
Reverse stock split | 150 to 1 | |||
Common stock; shares issued | 21,365,622 | 20,365,622 | ||
a | $ 0.01 | $ 0.001 | $ 0.001 | |
Authorized shares of stock | 750,000,000 | |||
Common stock; shares authorized | 700,000,000 | 700,000,000 | ||
Preferred stock; par value | $ 0.001 | $ 0.001 | ||
Preferred stock; shares authorized | 50,000,000 | 50,000,000 |
Leases (Details Narrative)
Leases (Details Narrative) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Leases [Abstract] | |
Monthly lease | $ 100 |
Lease Expenses | $ 500 |
Income Taxes - Income (loss) be
Income Taxes - Income (loss) before income taxes components (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net loss | $ (21,857) | $ (312,535) |
United States [Member] | ||
Net loss | $ (21,857) | $ (312,535) |
Income Taxes - Deferred Tax (De
Income Taxes - Deferred Tax (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net Operating loss carry forwards | $ 1,139,445 | $ 1,132,014 |
Valuation allowance | $ (1,139,445) | $ (1,132,014) |
Net deferred tax assets |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Benefit (Expense) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Net loss | $ (21,857) | $ (312,535) |
Tax calculated according to the statutory tax rate of 34% | (7,431) | (106,262) |
Increase (decrease) in income tax resulting from: | ||
Non tax benefit losses | $ 7,431 | $ 106,262 |
Total income tax benefit |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Unrecognized expense for the benefit conversion feature | $ 0 | $ 130,174 |
Valuation allowance | 7,431 | $ (62,003) |
Net operating loss carryforward | 3,300,000 | |
Net operating loss carryforward to expire | $ 201,400 | |
Operating Loss Carryforwards Expiration Date | Dec. 31, 2027 | |
Minimum [Member] | ||
Tax rate | 15.00% | |
Maximum [Member] | ||
Tax rate | 35.00% |