TransAtlantic Capital (TACI) 10-Q 5 Feb 15 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Feb. 04, 2015
Document And Entity Information
Entity Registrant Name	TRANSATLANTIC CAPITAL INC.
Entity Central Index Key	1228386
Document Type	10-Q
Document Period End Date	30-Jun-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
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		195,516
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2014

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents
Accounts receivable		793
Total Current Assets		793
TOTAL ASSETS	0	793
CURRENT LIABILITIES
Accounts payable and accrued liabilities		2,750
Total Current Liabilities		2,750
Related parties	600	275,182
Related party - convertible promissory note	20,000
Convertible promissory note	1,000
Total Other Current Liabilities	21,600	275,182
TOTAL LIABILITIES	21,600	277,932
STOCKHOLDERS' EQUITY (DEFICIENCY)
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, 195,517 shares at June 30, 2014 and 129,730 at December 31, 2013	196	19,349
Additional paid-in-capital	5,592,095	4,272,052
Deficit accumulated	-5,613,891	-5,463,767
Capital Reserve		895,227
TOTAL STOCKHOLDERS' EQUITY (DEFICIENCY)	-21,600	-277,139
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIENCY	$0	$793

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Preferred stock; par value	$0.00
Preferred stock; shares authorized	50,000,000
Preferred stock; shares issued
Preferred stock; shares outstanding
Common stock; par value	$0.00	$0.01
Common stock; shares authorized	700,000,000	700,000,000
Common stock; shares issued	195,517	129,730
Common stock; shares outstanding	195,517	129,730

Condensed_Statements_of_Compre

Condensed Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]
Revenues
Cost of goods sold
Gross Profit
Operating Expenses
General and administrative expenses*	-13,668	-85,206	-38,348	-182,211
Total Operating Expenses	-13,668	-85,206	-38,348	-182,211
Operating Loss	-13,668	-85,206	-38,348	-182,211
Interest and other expenses, net	-964	31,290	-2,602	-2,139
Expenses for benefit conversion feature	-81,880		-109,174
Net loss before taxes on income	-96,512	-53,916	-150,124	-184,350
Provisions for income taxes
Net loss	($96,512)	($53,916)	($150,124)	($184,350)
Basic and diluted net loss per common share	($0.61)	($0.42)	($1.05)	($1.42)
Weighted average shares used in computing basic and diluted net loss per share	157,202	129,730	143,542	129,730

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	($150,124)	($184,350)
Adjustments to reconcile net loss to net cash used by operating activities:
Services contributed by officers
Depreciation and Amortization		391
Expenses for beneficial conversion feature	109,174
Stock-based compensation
Interest expense	2,602
Change in assets and liabilities:
Increase in prepaid expenses and accounts receivable
Increase in related party and accounts payable	38,348	183,959
Net cash used in operating activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at Beginning of the Period
Cash and cash equivalents at End of Period
APPENDIX A-Supplemental disclosure of non-cash financing activities and cash flow information:
Conversion of debt to equity	9,868
Interest paid
Income taxes paid

Organization

Organization	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	NOTE 1 - ORGANIZATION
	Organization and Line of Business
	Transalantic 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 Transalantic 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.
	The Company’s 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_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared in conformity with United States of America generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected or the year ended December 31, 2014.  The accompanying financial statements and the notes thereto should be read in conjunction with the company’s audited consolidated financial statements as of and for the year ended December 31, 2013 included in the Company’s Form 10-K filed March 28, 2014.
	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 ($150 thousand in the six months ended June 30, 2014) and has a net capital deficiency ($22 thousand for the six months ended June 30, 2014). 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.
	Use of Estimates
	The preparation of financial statements in conformity with United States of America generally accepted accounting principles require 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. Actual results could differ from these estimates.
	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 financial income or expenses, as appropriate.
	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.
	Recent Accounting Pronouncements
	In June 2014, the FASB issued guidance which eliminates the concept of a development stage entity. Accordingly, the incremental reporting requirements for a development stage entity, including inception-to-date information, will no longer apply. The Company has adopted early implementation of the amendments, as permitted.  The amendments will be effective for the Company for reporting periods beginning after March 31, 2014. The Company will apply the guidance using a retrospective approach, except for certain disclosure requirements which will be applied prospectively. The Company does not expect these amendments to have a material effect on its financial position, results of operations, or cash flows.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 3 – RELATED PARTY TRANSACTIONS
	On February 1, 2014, the Company entered into a new employment agreement with Mr. Porat, its President, CEO, and CFO. 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 six-month period ended June 30, 2014 and 2013, the Company incurred an expense of $33,901 and $35,000, respectively, for consulting services provided by Mr. Porat.
	In May of 2014, the Company received advances from a stockholder as a loan with no interest and due on demand in the amount of $600 for filings with the State of Nevada.

Convertible_Promissory_Note

Convertible Promissory Note	6 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]
Convertible Promissory Note	NOTE 4 – CONVERTIBLE PROMISSORY NOTE
	On December 31, 2013 the Company signed an amended convertible promissory note with Top Alpha Capital Ltd in the amount of $103,339.  This note shall accrue interest at the rate of 6% per annum, the interest shall be payable semi-annually on June 30 and December 31. The original note was dated June 30, 2012 for $62,255. The due date for the note has been extended to December 31, 2014, and in consideration for this extension, the conversion rate has been amended from one share of Common Stock for each $2.480745 principal amount of the note and accrued interest, to one share of Common Stock for each $0.15 principal amount of the note and accrued interest.
	On May 22, 2014, the Company had a total of $424,706 in convertible debts outstanding consisting of salary owed to Mr. Porat in the amount of $168,068, Top Alpha Capital Ltd consulting agreement for $147,464, and Top Alpha Capital Ltd promissory note in the amount of $109,174. Convertible debt of $9,867.99 was converted into 65,787 shares of common stock and issued to Top Alpha Capital Ltd. Convertible debt of $393,838.01 was written off.  The balance of the debt, $21,000, was assumed in three new convertible promissory notes that shall be converted into 21,000,000 of newly issued restricted shares of common stock.  Shares shall 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. These notes shall accrue interest at the rate of 5% per annum.  The interest shall be payable on the maturity date of November 22, 2014.

Shareholders_Deficiency

Shareholders Deficiency	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]
Shareholders Deficiency	NOTE 5 – SHAREHOLDERS’ DEFICIENCY
	On May 24, 2014, The Company executed a 150 to 1 reverse split of all common shares.  Following the reverse split, the number of outstanding common shares decreased from 29,216,990 to 195,517 and 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.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
	The accompanying unaudited condensed financial statements have been prepared in conformity with United States of America generally accepted accounting principles for interim financial information and with Rule 8-03 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal and recurring adjustments) necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2014 are not necessarily indicative of the results that may be expected or the year ended December 31, 2014.  The accompanying financial statements and the notes thereto should be read in conjunction with the company’s audited consolidated financial statements as of and for the year ended December 31, 2013 included in the Company’s Form 10-K filed March 28, 2014.
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 ($150 thousand in the six months ended June 30, 2014) and has a net capital deficiency ($22 thousand for the six months ended June 30, 2014). 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.
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with United States of America generally accepted accounting principles require 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. Actual results could differ from these estimates.
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 financial income or expenses, as appropriate.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In June 2014, the FASB issued guidance which eliminates the concept of a development stage entity. Accordingly, the incremental reporting requirements for a development stage entity, including inception-to-date information, will no longer apply. The Company has adopted early implementation of the amendments, as permitted.  The amendments will be effective for the Company for reporting periods beginning after March 31, 2014. The Company will apply the guidance using a retrospective approach, except for certain disclosure requirements which will be applied prospectively. The Company does not expect these amendments to have a material effect on its financial position, results of operations, or cash flows.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]
Losses from operations	($150,000)
Net Capital Deficiency	($22,000)

Related_Party_Transactions_Det

Related Party Transactions (Details Narrative) (USD $)	0 Months Ended	6 Months Ended
	Feb. 01, 2014	Jun. 30, 2014	Jun. 30, 2013
Related Party Transactions [Abstract]
Annual salary of company CEO, President and CFO	$90,000
Term of employment	2 years
Consulting Services		33,901	35,000
Advance from stockholder		$600

Convertible_Promissory_Note_De

Convertible Promissory Note (Details Narrative 1) (Top Alpha Capital, LTD[Member], USD $)	6 Months Ended
	Jun. 30, 2014	22-May-14	Dec. 31, 2013
Top Alpha Capital, LTD[Member]
Debt Conversion [Line Items]
Promissory Note			$103,339
Interest rate	6.00%
Date issued	2013-06
Note Issued,face value	$62,255	$109,174
Due date of note	31-Dec-14
Common stock conversion	one share for $2.480745 of principal
Conversion price	$0.15

Convertible_Promissory_Note_De1

Convertible Promissory Note (Details Narrative 2) (USD $)	6 Months Ended	5 Months Ended
	Jun. 30, 2014	22-May-14
Debt Conversion [Line Items]
Debt converted to common stock, value	$9,868
Convertible Debt [Member]
Debt Conversion [Line Items]
Note Issued, face value		424,706
Debt converted to common stock, value		9,868
Debt converted to common stock,shares		65,787
Debt converted, written off		393,838
Convertible debt balance		21,000
Interest rate		5.00%
Date issued		2014-05
Due date of note		22-Nov-14
CEO, President and CFO [Member]
Debt Conversion [Line Items]
Note Issued, face value		168,068
Top Alpha Capital, LTD, consulting agreement [Member]
Debt Conversion [Line Items]
Note Issued, face value		147,464
Top Alpha Capital, LTD[Member]
Debt Conversion [Line Items]
Note Issued, face value	$62,255	$109,174
Interest rate	6.00%
Date issued	2013-06
Due date of note	31-Dec-14
Common stock conversion	one share for $2.480745 of principal
Conversion price	$0.15
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 & Heat, LLC [Member]
Debt Conversion [Line Items]
Debt converted to common stock,shares		1,000,000

Shareholders_Deficiency_Detail

Shareholders Deficiency (Details Narrative) (USD $)	0 Months Ended
	24-May-15	Jun. 30, 2014	23-May-14	Dec. 31, 2013
Shareholders Deficiency (Textual)
Reverse stock split	150 to 1
Common stock; shares issued before split			29,216,990
Common stock; shares issued		195,517		129,730
Common stock; par value		$0.00	$0.01	$0.01
Authorized shares of stock	750,000,000
Common stock; shares authorized		700,000,000		700,000,000
Preferred stock; par value		$0.00
Preferred stock; shares authorized		50,000,000