TransAtlantic Capital (TACI) 10-Q 17 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 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	Jun. 30, 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	Q2
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 36	$ 5
Total Current Assets	36	5
OTHER ASSESTS:
TOTAL ASSETS	36	5
CURRENT LIABILITIES
Accounts payable	46,703	42,060
Advances - related parties	162,606	140,862
Total Current Liabilities	209,309	182,922
TOTAL LIABILITIES	209,309	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	5,642,618	5,637,428
Accumulated Deficit	(5,873,497)	(5,841,951)
TOTAL STOCKHOLDERS' DEFICIT	(209,273)	(182,917)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 36	$ 5

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating Expenses
General and administrative expenses	$ 19,123	$ 15,151	$ 31,546	$ 60,728
Total Operating Expenses	19,123	15,151	31,546	60,728
Operating Loss	(19,123)	(15,151)	(31,546)	(60,728)
Net Loss	$ (19,123)	$ (15,151)	$ (31,546)	$ (60,728)
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	21,605,622	21,365,622	21,605,622	21,365,622

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (31,546)	$ (60,728)
Adjustments to reconcile net loss to net cash used by operating activities:
Stock-based compensation	5,190
Changes in operating assets and liabilities:
Accounts payable and Accounts payable - related parties	7,037	18,896
Net cash used in operating activities	(19,319)	(41,832)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party advances	19,350	41,374
Net Cash Provided by Financing Activities	19,350	41,374
Net increase (decrease) in cash and cash equivalents	31	(458)
Cash and cash equivalents at beginning of the year	5	463
Cash and cash equivalents at year end	36	5
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	$ 2,394

Organization

Organization	6 Months Ended
	Jun. 30, 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 Company’s address was moved from Israel to Georgia.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 Company’s 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017, $14,244 was loaned to the Company, of which $2,394 was directly paid on behalf of the Company. As of June 30, 2017, advances from IMIR total $45,657. 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 six months ended June 30, 2017, $7,500 was loaned to the Company. As of the six months ended June 30, 2017, advances from NFA total $116,949. These advances are unsecured, non-interest bearing and are due on demand. The total related parties balance as of June 30, 2017 and December 31, 2016 are $162,606 and $140,862, respectively.

Commitments

Commitments	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments	NOTE 4 – COMMITMENTS 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 common shares with a fair value of $2,275. The share issuance was to occur within 20 days of the signing of the contract, but has not occurred as of June 30, 2017. The Company is in the process of negotiating the terms of the common shares and have not come to an agreement as of June 30, 2017.

Shareholders Deficit

Shareholders Deficit	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Shareholders Deficit	NOTE 5 – 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 Company’s capital raise. Upon execution of the consulting agreement, 60,000 shares were vested. The remaining 180,000 shares have a vesting schedule that extended 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 six months ended June 30, 2017, 75,000 shares were vested, and the recognized value of the vested stock was $5,190. As of June 30, 2017, all 240,000 shares were vested, and the recognized value of the vested stock was $31,890.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS Related Party Transactions Subsequent to June 30, 2017, the Company received advances from a significant stockholder, IMIR Management LLC, of $19,250 as a non-interest bearing, unsecured loan due on demand. Of which, $2,750 of expenses were directly paid on behalf of the Company. This resulted in total advances from IMIR of $64,907.

Summary of Significant Accoun12

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 Company’s 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	Jun. 30, 2017	Aug. 16, 2017	Dec. 31, 2016
Expenses paid directly by related party on behalf of the Company		$ 2,394
Advances due to related parties		162,606		$ 140,862
IMIR Management LLC [Member]
Loan from related party		14,244	$ 19,250
Expenses paid directly by related party on behalf of the Company		2,394	2,750
Advances due to related parties		45,657	$ 64,907
NFA Securities L3C [Member]
Funding available	$ 150,000
Loan from related party		7,500
Advances due to related parties		$ 116,949

Commitments (Details Narrative)

Commitments (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Monthly payments	$ 5,000
Shares issued for services, shares	70,000	240,000
Shares issued for services, amount	$ 2,275

Shareholders Deficit (Details N

Shareholders Deficit (Details Narrative) - USD ($)	May 16, 2016	Jun. 30, 2017	Dec. 31, 2016
Common stock issued for consulting agreement		70,000	240,000
Common stock; par value		$ 0.001	$ 0.001
Common stock, market value			$ 0.23
Shares vested	60,000	75,000	165,000
Shares vested, amount		$ 5,190	$ 26,700
Shares not vested	180,000
Total Vested [Member]
Shares vested		240,000
Shares vested, amount		$ 31,890

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	6 Months Ended	8 Months Ended
	Jun. 30, 2017	Aug. 16, 2017	Dec. 31, 2016
Expenses paid directly by related party on behalf of the Company	$ 2,394
Advances due to related parties	162,606		$ 140,862
Monthly commitment	5,000
IMIR Management LLC [Member]
Loan from stockholder	14,244	$ 19,250
Expenses paid directly by related party on behalf of the Company	2,394	2,750
Advances due to related parties	$ 45,657	$ 64,907