Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Jun. 20, 2017 | |
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 | Mar. 31, 2017 | |
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 | 21,605,622 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 70 | $ 5 |
Total Current Assets | 70 | 5 |
OTHER ASSESTS: | ||
TOTAL ASSETS | 70 | 5 |
CURRENT LIABILITIES | ||
Accounts payable | 45,827 | 42,060 |
Advances - related parties | 146,380 | 140,862 |
Total Current Liabilities | 192,207 | 182,922 |
TOTAL LIABILITIES | 192,207 | 182,922 |
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, 21,605,622 shares at March 31, 2017 and 21,605,622 shares at December 31, 2016 | 21,606 | 21,606 |
Additional paid-in-capital | 5,640,631 | 5,637,428 |
Accumulated Deficit | (5,854,374) | (5,841,951) |
TOTAL STOCKHOLDERS' DEFICIT | (192,137) | (182,917) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 70 | $ 5 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 21,605,622 | 21,605,622 |
Common stock; shares outstanding | 21,605,622 | 21,605,622 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Expenses | ||
General and administrative expenses | $ 12,423 | $ 45,577 |
Total Operating Expenses | 12,423 | 45,577 |
Operating Loss | (12,423) | (45,577) |
Net Loss | $ (12,423) | $ (45,577) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Weighted average shares used in computing basic and diluted net loss per share | 21,605,622 | 21,365,622 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (12,423) | $ (45,577) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Stock-based compensation | 3,203 | |
Changes in operating assets and liabilities: | ||
Accounts payable and Accounts payable - related parties | 5,085 | 19,846 |
Net cash used in operating activities | (4,135) | (25,731) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related party advances | 4,200 | 25,274 |
Net Cash Provided by Financing Activities | 4,200 | 25,274 |
Net increase (decrease) in cash and cash equivalents | 65 | (457) |
Cash and cash equivalents at beginning of the year | 5 | 463 |
Cash and cash equivalents at year end | 70 | 6 |
Supplemental disclosure of cash flow information | ||
Interest paid | ||
Income taxes paid | ||
Supplemental disclosure of non cash financing activity | ||
Expenses paid directly by related party on behalf of the Company | $ 1,318 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2017 | |
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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 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 and has a negative working capital. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS From time to time, the Company received advances from a significant stockholder, IMIR Management LLC, as a loan which are unsecured, non-interest bearing and due on demand. During the three months ended March 31, 2017, $3,518 was loaned to the Company, of which $1,318 was directly paid on behalf of the Company. As of March 31, 2017, advances from IMIR total $34,932. 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 three months ended March 31, 2017, $2,000 was loaned to the Company. As of the three months ended March 31, 2017, advances from NFA total $111,448. These advances are unsecured, non-interest bearing and are due on demand. The total related parties balance as of March 31, 2017 and December 31, 2016 are $146,380 and $140,862, respectively. |
Shareholders Deficit
Shareholders Deficit | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Shareholders Deficit | NOTE 4 SHAREHOLDERS DEFICIT On November 1, 2016 the Company issued 240,000 shares of restricted common stock, with a par value of $0.001 per share and a market value of $0.23 per share, according to a consulting agreement with Capital Markets which included stock-based compensation. Capital Markets was engaged on May 16, 2016 to assist with the Companys capital raise. Upon execution of the consulting agreement, 60,000 shares were vested. The remaining 180,000 shares have a vesting schedule that extends through May 15, 2017. As of December 31, 2016, a total of 165,000 shares were vested, and the recognized value of the vested stock was $26,700. During the three months ended March 31, 2017, 45,000 shares were vested, and the recognized value of the vested stock was $3,203. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 5 SUBSEQUENT EVENTS Related Party Transactions Subsequent to March 31, 2017, the Company received advances from a significant stockholder, IMIR Management LLC, of $5,596 as a non-interest bearing, unsecured loan due on demand. Of which, $496 of expenses were directly paid on behalf of the Company. This resulted in total advances from IMIR of $40,528. Subsequent to March 31, 2017, NFA Securities L3C loaned the Company $4,000 under the funding agreement resulting in a balance due of $115,448. Contractual Agreements On May 24, 2017 the Company entered into a six month consulting agreement with First Look Equities, LLC, capital campaign management consultants. Compensation for services under this agreement consist of six monthly payments of $5,000 and stock financing of 70,000 shares of stock issued at $0.50 per share, equaling $35,000 in value. The stock issuance is to occur within 20 days of the signing of the contract. |
Summary of Significant Accoun11
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 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 and has a negative working capital. 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 (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 01, 2014 | Mar. 31, 2017 | May 24, 2017 | Dec. 31, 2016 |
Expenses paid directly by related party on behalf of the Company | $ 1,318 | |||
Advances due to related parties | 146,380 | $ 140,862 | ||
IMIR Management LLC [Member] | ||||
Loan from related party | 3,518 | $ 5,596 | ||
Expenses paid directly by related party on behalf of the Company | 496 | |||
Advances due to related parties | 34,932 | 40,528 | ||
NFA Securities L3C [Member] | ||||
Funding available | $ 150,000 | |||
Loan from related party | 2,000 | 4,000 | ||
Advances due to related parties | $ 111,448 | $ 115,448 |
Shareholders Deficit (Details N
Shareholders Deficit (Details Narrative) - USD ($) | May 16, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Shareholders Deficit Details Narrative | |||
Common stock issued for consulting agreement | 240,000 | ||
Common stock; par value | $ 0.001 | $ 0.001 | |
Common stock, market value | $ 0.23 | ||
Shares vested | 60,000 | 45,000 | 165,000 |
Shares vested, amount | $ 3,203 | $ 26,700 | |
Shares not vested | 180,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 5 Months Ended | 12 Months Ended |
Mar. 31, 2017 | May 24, 2017 | Dec. 31, 2016 | |
Expenses paid directly by related party on behalf of the Company | $ 1,318 | ||
Advances due to related parties | 146,380 | $ 140,862 | |
Common stock issued for consulting agreement | 240,000 | ||
IMIR Management LLC [Member] | |||
Loan from stockholder | 3,518 | $ 5,596 | |
Expenses paid directly by related party on behalf of the Company | 496 | ||
Advances due to related parties | 34,932 | 40,528 | |
NFA Securities L3C [Member] | |||
Loan from stockholder | 2,000 | 4,000 | |
Advances due to related parties | $ 111,448 | $ 115,448 |