Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | TRANSATLANTIC CAPITAL INC. | |
Entity Central Index Key | 1,228,386 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
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 Common Stock, Shares Outstanding | 21,365,622 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5 | $ 463 |
Total Current Assets | 5 | 463 |
OTHER ASSESTS: | ||
TOTAL ASSETS | 5 | 463 |
CURRENT LIABILITIES | ||
Accounts payable | 93,596 | 74,700 |
Advances - related parties | 132,962 | 91,588 |
Total Current Liabilities | 226,558 | 166,288 |
TOTAL LIABILITIES | 226,558 | 166,288 |
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 June 30, 2016 and 21,365,622 at December 31, 2015 | 21,366 | 21,366 |
Additional paid-in-capital | 5,610,968 | 5,610,968 |
Deficit accumulated | (5,858,887) | (5,798,159) |
TOTAL STOCKHOLDERS' DEFICIT | (226,553) | (165,825) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 5 | $ 463 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 21,365,622 |
Common stock; shares outstanding | 21,365,622 | 21,365,622 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Expenses | ||||
General and administrative expenses | $ (15,151) | $ (5,971) | $ (60,728) | $ (9,455) |
Total Operating Expenses | (15,151) | (5,971) | (60,728) | (9,455) |
Operating Loss | (15,151) | (5,971) | (60,728) | (9,455) |
Net Income (Loss) | $ (15,151) | $ (5,971) | $ (60,728) | $ (9,455) |
Basic and diluted net loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares used in computing basic and diluted net loss per share | 21,365,622 | 21,365,622 | 21,365,622 | 21,006,506 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (60,728) | $ (9,455) |
Changes in operating assets and liabilities: | ||
Accounts payable and Accounts payable - related parties | 18,896 | (613) |
Net cash used in operating activities | (41,832) | (10,068) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party advances | 41,374 | 10,068 |
Net Cash Provided by Financing Activities | 41,374 | 10,068 |
Net increase (decrease) in cash and cash equivalents | (458) | |
Cash and cash equivalents at beginning of the year | 463 | |
Cash and cash equivalents at year end | 5 | |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid | ||
Supplemental disclosure of non cash financing activity | ||
Debt converted into stocks | $ 1,000 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
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 | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of Transatlantic Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys annual report on Form 10-K for the period ended December 31, 2015 as filed with the SEC. 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 as reported in the annual report on Form 10-K have been omitted. 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 ($60,728 in the six months ended June 30, 2016) and has a negative working capital ($226,553 in the six months ended June 30, 2016). 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. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS From time to time, the Company received advances from a stockholder, IMIR Management LLC, as a loan with no interest and due on demand. During six months ended June 30, 2016, $25,374 was loaned to the Company. As of June 30, 2016, advances from IMIR total $31,214. 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 six months ended June 30, 2016, $16,000 was loaned to the Company. As of June 30, 2016, advances from NFA total $101,748.The advances had no interest and were due on demand. The total related parties balance as of June 30, 2016 and December 31, 2015 are $132,962 and $91,588, respectively. |
Summary of Significant Account9
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of Transatlantic Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Companys annual report on Form 10-K for the period ended December 31, 2015 as filed with the SEC. 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 as reported in the annual report on Form 10-K have been omitted. |
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 ($60,728 in the six months ended June 30, 2016) and has a negative working capital ($226,553 in the six months ended June 30, 2016). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accoun10
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||||
Net Income (Loss) | $ (15,151) | $ (5,971) | $ (60,728) | $ (9,455) |
Net Capital Deficiency | $ (226,553) | $ (226,553) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 01, 2014 | Jun. 30, 2016 | Dec. 31, 2015 |
Advances due to related parties | $ 132,962 | $ 91,588 | |
IMIR Management LLC [Member] | |||
Loan from stockholder | 25,374 | ||
Advances due to related parties | 31,214 | ||
NFA Securities L3C [Member] | |||
Funding available | $ 150,000 | ||
Loan from stockholder | 16,000 | ||
Advances due to related parties | $ 101,748 |