Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Feb. 04, 2014 | |
Document And Entity Information | ||
Entity Registrant Name | TRANSATLANTIC CAPITAL INC. | |
Entity Central Index Key | 1228386 | |
Document Type | 10-Q | |
Document Period End Date | 30-Sep-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 | Q3 | |
Document Fiscal Year Focus | 2014 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ||
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 September 30, 2014 and 129,730 at December 31, 2013 | 196 | 130 |
Additional paid-in-capital | 5,592,095 | 4,291,271 |
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 $) | Sep. 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 | $0.00 |
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 | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Cost of goods sold | ||||
Gross Profit | ||||
Operating Expenses | ||||
General and administrative expenses* | -24,420 | -38,348 | -206,631 | |
Total Operating Expenses | -24,420 | -38,348 | -206,631 | |
Operating Loss | -24,420 | -38,348 | -206,631 | |
Interest and other expenses, net | -1,068 | -2,602 | -3,207 | |
Expenses for benefit conversion feature | -109,174 | |||
Net loss before taxes on income | -25,488 | -150,124 | -209,838 | |
Provisions for income taxes | ||||
Net loss | ($25,488) | ($150,124) | ($209,838) | |
Basic and diluted net loss per common share | ($0.20) | ($0.93) | ($1.62) | |
Weighted average shares used in computing basic and diluted net loss per share | 195,517 | 129,730 | 161,057 | 129,730 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | ($150,124) | ($209,838) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Services contributed by officers | ||
Depreciation and Amortization | 560 | |
Expenses for beneficial conversion feature | 109,174 | |
Stock-based compensation | ||
Interest expense | 2,602 | 3,207 |
Change in assets and liabilities: | ||
Increase in prepaid expenses and accounts receivable | ||
Increase in related party and accounts payable | 38,348 | 206,071 |
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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 nine months ended September 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 nine months ended September 30, 2014) and has a net capital deficiency ($22 thousand for the nine months ended September 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 September 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 | 9 Months Ended |
Sep. 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 nine-month period ended September 30, 2014 and 2013, the Company incurred an expense of $33,901 and $52,500, 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 nine months ended September 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 nine months ended September 30, 2014) and has a net capital deficiency ($22 thousand for the nine months ended September 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 $) | 9 Months Ended |
Sep. 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 | 9 Months Ended | |
Feb. 01, 2014 | Sep. 30, 2014 | Sep. 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 | 52,500 | |
Advance from stockholder | $600 |
Convertible_Promissory_Note_De
Convertible Promissory Note (Details Narrative 1) (Top Alpha Capital, LTD Note #1 [Member], USD $) | 9 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Top Alpha Capital, LTD Note #1 [Member] | ||
Debt Conversion [Line Items] | ||
Promissory Note | $103,339 | |
Interest rate | 6.00% | |
Date issued | 2013-06 | |
Note Issued,face value | $62,255 | |
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 $) | 9 Months Ended | 5 Months Ended |
Sep. 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,shares | 21,000,000 | |
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 | 109,174 | |
Debt converted to common stock, value | $9,868 | |
Debt converted to common stock,shares | 65,787 | |
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-14 | Sep. 30, 2014 | 22-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 | $0.00 | |
Authorized shares of stock | 750,000,000 | |||
Common stock; shares authorized | 700,000,000 | 700,000,000 | 700,000,000 | 700,000,000 |
Preferred stock; par value | $0.00 | $0.00 | ||
Preferred stock; shares authorized | 50,000,000 | 50,000,000 |