China Foods (CFOO) 10-Q14 Aug 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Jun. 30, 2014	Aug. 07, 2014
Document and Entity Information:	'	'
Entity Registrant Name	'Trafalgar Resources, Inc.	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Entity Central Index Key	'0001310630	'
Current Fiscal Year End Date	'--09-30	'
Entity Common Stock, Shares Outstanding	'	5,251,309
Entity Filer Category	'Smaller Reporting Company	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well-known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Trafalgar_Resources_Inc_BALANC

Trafalgar Resources, Inc. BALANCE SHEETS Unaudited (USD $)	Jun. 30, 2014	Sep. 30, 2013
CURRENT ASSETS	'	'
Cash	$13,565	$10,580
Prepaid Expenses	0	0
TOTAL CURRENT ASSETS	13,565	10,580
TOTAL ASSETS	13,565	10,580
CURRENT LIABILITIES	'	'
Accounts payable	0	800
Interest payable - related party	33,152	24,310
Income taxes payable	0	100
Note Payable - Related Party - Current	110,000	60,000
TOTAL CURRENT LIABILITIES	143,152	85,210
LONG-TERM LIABILITIES	'	'
Note payable -- Related party (Note 2)	20,000	50,000
TOTAL LIABILITIES	163,152	135,210
STOCKHOLDERS' (DEFICIT)	'	'
Common stock no par value, 100,000,000 shares authorized, 5,251,309 shares issued and outstanding	137,413	137,413
Retained (Deficit)	-103,925	-103,925
(Deficit) from re-entering development stage	-183,075	-158,118
TOTAL STOCKHOLDERS' (DEFICIT)	-149,587	-124,630
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$13,565	$10,580

Recovered_Sheet1

Trafalgar Resources, Inc. Balance Sheet (Parenthetical) (USD $)	Jun. 30, 2014	Sep. 30, 2013
Statement of Financial Position	'	'
Common stock authorized	100,000,000	100,000,000
Common stock no par value	$0	$0
Common stock outstanding	5,251,309	5,251,309
Common stock issued	5,251,309	5,251,309

Trafalgar_Resources_Inc_STATEM

Trafalgar Resources, Inc. STATEMENTS OF OPERATIONS (Unaudited) (USD $)	3 Months Ended		9 Months Ended		129 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Statement of Income	'	'	'	'	'
Income	$0	$0	$0	$0	$2
Cost of Sales	0	0	0	0	0
GROSS PROFIT	0	0	0	0	2
Expenses	'	'	'	'	'
General and Administrative	4,271	3,843	16,118	16,676	147,061
Total Expenses	4,271	3,843	16,118	16,676	147,061
Other Income and (Expenses)	'	'	'	'	'
Interest (Expense)	-3,350	-2,275	-8,842	-6,158	-35,069
Other Income	2	0	3	0	53
Total other Income and (Expense)	-3,348	-2,275	-8,839	-6,158	-35,016
(LOSS) BEFORE TAXES	-7,619	-6,118	-24,957	-22,834	-182,075
PROVISION FOR TAXES	0	0	0	0	1,000
NET (LOSS)	($7,619)	($6,118)	($24,957)	($22,834)	($183,075)
Basic and fully diluted loss per weighted average common share outstanding	$0	$0	$0	$0	'
Weighted average number of common shares outstanding	5,251,309	5,251,309	5,251,309	5,251,309	'

Trafalgar_Resources_Inc_STATEM1

Trafalgar Resources, Inc. STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended		129 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
OPERATING ACTIVITIES	'	'	'
NET (LOSS)	($24,957)	($22,834)	($183,075)
Adjustments to reconcile net (loss) to net cash (used) by operating activities:	'	'	'
(Increase)/Decrease Prepaid Expenses	0	2,200	0
Increase/(Decrease) Interest payable	8,842	6,158	33,152
Increase/(Decrease) Accounts payable	-800	0	-5,269
Increase/ (Decrease) Income taxes payable	-100	-100	-1,243
NET CASH (USED) BY OPERATING ACTIVITIES	-17,015	-14,576	-156,435
FINANCING ACTIVITIES	'	'	'
Loans - Notes payable - Related party	20,000	20,000	130,000
Stock Sold	0	0	40,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	20,000	20,000	170,000
NET INCREASE (DECREASE) IN CASH	2,985	5,424	13,565
CASH AT BEGINNING OF PERIOD	10,580	9,069	0
CASH AT END OF PERIOD	13,565	14,493	13,565
CASH PAID FOR TAXES	100	100	2,024
CASH PAID FOR INTEREST	$0	$0	$2,407

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2014
Notes	'
Summary of Significant Accounting Policies	'

	Note 1: Summary of Significant Accounting Policies

	Development stage enterprise

	Trafalgar Resources, Inc. (the "Company") was incorporated under the laws of the State of Utah on October 25, 1972. The Company is considered a development stage enterprise because since October 1, 2003 it has not commenced operations that have resulted in significant revenue and the Company's efforts have been devoted primarily to activities related to raising capital and attempting to acquire an operating entity.

	Unaudited Information

	The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, they do not include all of the information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles.

	In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position and results of operations for the periods presented have been made. These financial statements for the nine months ending June 30, 2014, should be read in conjunction with the accompanying notes and with the historical financial information of the Company, and are not necessarily indicative of the results that may be expected for the year ending September 30, 2014.


	Cash and Cash Equivalents

	The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

	Use of estimates

	These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and require that management make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. The use of estimates and assumptions may also affect the reported amounts of revenues and expenses. Actual results could differ from those estimates or assumptions.

	Net loss per share of common stock

	The loss per share of common stock is computed by dividing the net loss during the period presented by the weighted average number of shares outstanding during that same period.

	Income taxes

	We account for income taxes in accordance with FASB ASC 740-10-05, “Accounting for Income Taxes”. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets will be reflected on the balance sheet when it is determined that it is more likely than not that the asset will be realized. A valuation allowance has currently been recorded to reduce our deferred tax asset to $0.

	Revenue recognition

	We recognize revenue in accordance with FASB ASC 605, “Revenue Recognition.” Under FASB ASC 605, revenue is recognized at the point of passage to the customer of title and risk of loss, when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. We recognize revenue as services are provided.

	Fair value of financial instruments

	The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, and other current assets, accounts payable, taxes payable, accrued expenses and other current liabilities, approximate their fair values because of the short maturity of these instruments.

	Going concern

	As shown in the accompanying financial statements, the Company had a deficit working capital and a retained deficit incurred through June 30, 2014 which raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Management intends to seek new capital from a related party to provide needed funds.

	New accounting pronouncements

	Various ASU’s through ASU No. 2014-14, which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Jun. 30, 2014
Notes	'
Related Party Transactions	'

	NOTE 2: RELATED PARTY TRANSACTIONS

	At June 30, 2014 the Company owed $33,152 of interest and $130,000 to its President. Note 1 is for $10,000 and bears interest of 4.5% per year. Note 2 is for $10,000 and bears interest of 4.5% per year and $10,450 in interest and principal was due February 28, 2011. Note 3 is for $20,000 and bears interest of 4.5% per year. $900 in interest is due on January 15, 2011, 2012, and 2013. $20,900 in interest and principal is due January 15, 2014. Note 1, 2 and 3 are in default resulting in an 18% default rate of interest accruing. Note 4 is for $10,000 and bears interest of 4.5% per year. Interest of $450 is due on May 7, 2011, 2012, 2013 and 2014. Interest and principal of $10,450 is due May 7, 2015. Note 5 is for $20,000 and bears interest of 4.75% per year. Interest of $950 is due on February 1, 2012, 2013 and 2014. Interest and principal of $20,950 is due on February 1, 2015. Note 6 is for $20,000 and bears interest of 8.0% per year. Interest of $1,600 is due on February 1, 2013. Interest and Principal of $21,600 is due on February 1, 2014. Note 7 is for $20,000 and bears interest of 8.0% per year. Interest of $1,600 is due on March 1, 2014. Interest and Principal of of $21,600 is due on March 1, 2015. Note 8 is for $20,000 and bears interest of 8.0% per year. Interest of $1,600 is due February 3, 2015. Interest and principle of $21,600 is due on February 3, 2016.

	Long-term related note payable due as follows:

	2014	$60,000
	2015	$50,000
	2016	$20,000
	Total	$130,000

Income_Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2014
Notes	'
Income Taxes	'

	NOTE 3: INCOME TAXES

	Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Income tax periods 2011, 2012 and 2013 are open for examination by taxing authorities.

	The income tax expense (benefit) for the quarter ended June 30, 2014 differs from the amount computed using the federal statutory rates as follows:

		Quarter Ended June 30, 2014	Quarter Ended June 30, 2013
	Income tax expense (benefit) at 35%	($2,667)	($2,141)
	Valuation allowance	2,667	2,141
	Total	$ 0	$ 0

	Deferred tax assets for the quarter ending June 30, 2014 are comprised primarily of the following:

		30-Jun-14
	Net Operating Loss Carryforward	$ 64,077
	Valuation allowance	-64,077
		$ 0

	At June 30, 2014, the Company had a net operating loss carry forward of approximately $183,075 that may be offset against future taxable income through 2034. These losses will start to expire in the year 2011 through 2034. No tax benefit has been reported in the financial statements because the Company believes that it is more likely than not that the carryforwards will expire unused. The utilization of future losses may be limited under various provisions of the Internal Revenue Code pertaining to continuity of business operations limits and substantial changes in ownership. Accordingly, the potential tax benefits of the loss carryforwards are offset by a valuation allowance of the same amount. The valuation allowance increased during the quarter ending June 30, 2014 by approximately $2,667.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Jun. 30, 2014
Notes	'
Subsequent Events	'

	Note 4: SUBSEQUENT EVENTS

	The Company has evaluated subsequent events from the balance sheet date and through the date the financial statements were issued. During this period the Company did not have any material recognizable subsequent events.

Capital_Stock

Capital Stock	9 Months Ended
Capital Stock	Jun. 30, 2014
Notes	'
Capital Stock	'

	Note 5: CAPITAL STOCK

	In January 2012 the Company changed its transfer agent to Colonial Stock Transfer. As part of the change in transfer agents, it was noticed the number of shares shown authorized was off by 380 shares coming from the reverse merger in 1997 as a result of rounding issues. As such, the board of directors authorized the issuance of 380 shares, which was part of the original authorization back in 1997, but now will be specifically stated as authorized.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2014
Policies	'
Development Stage Enterprise	'

	Development stage enterprise

	Trafalgar Resources, Inc. (the "Company") was incorporated under the laws of the State of Utah on October 25, 1972. The Company is considered a development stage enterprise because since October 1, 2003 it has not commenced operations that have resulted in significant revenue and the Company's efforts have been devoted primarily to activities related to raising capital and attempting to acquire an operating entity.
Unaudited Information	'

	Unaudited Information

	The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X of the United States Securities and Exchange Commission. Accordingly, they do not include all of the information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles.

	In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position and results of operations for the periods presented have been made. These financial statements for the nine months ending June 30, 2014, should be read in conjunction with the accompanying notes and with the historical financial information of the Company, and are not necessarily indicative of the results that may be expected for the year ending September 30, 2014.
Cash and Cash Equivalents	'

	Cash and Cash Equivalents

	The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Use of Estimates	'

	Use of estimates

	These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and require that management make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. The use of estimates and assumptions may also affect the reported amounts of revenues and expenses. Actual results could differ from those estimates or assumptions.
Net Loss Per Share of Common Stock	'

	Net loss per share of common stock

	The loss per share of common stock is computed by dividing the net loss during the period presented by the weighted average number of shares outstanding during that same period.
Income Taxes	'

	Income taxes

	We account for income taxes in accordance with FASB ASC 740-10-05, “Accounting for Income Taxes”. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets will be reflected on the balance sheet when it is determined that it is more likely than not that the asset will be realized. A valuation allowance has currently been recorded to reduce our deferred tax asset to $0.
Revenue Recognition	'

	Revenue recognition

	We recognize revenue in accordance with FASB ASC 605, “Revenue Recognition.” Under FASB ASC 605, revenue is recognized at the point of passage to the customer of title and risk of loss, when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured. We recognize revenue as services are provided.
Fair Value of Financial Instruments	'

	Fair value of financial instruments

	The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, and other current assets, accounts payable, taxes payable, accrued expenses and other current liabilities, approximate their fair values because of the short maturity of these instruments.
Going Concern	'

	Going concern

	As shown in the accompanying financial statements, the Company had a deficit working capital and a retained deficit incurred through June 30, 2014 which raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. Management intends to seek new capital from a related party to provide needed funds.
New Accounting Pronouncements	'

	New accounting pronouncements

	Various ASU’s through ASU No. 2014-14, which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued. These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	9 Months Ended
	Jun. 30, 2014
Tables/Schedules	'
Schedule of Long-term Related Notes Payable	'

	2014	$60,000
	2015	$50,000
	2016	$20,000
	Total	$130,000

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
Income Taxes (Tables)	Jun. 30, 2014
Tables/Schedules	'
Schedule of Components of Income Tax Expense (Benefit)	'

		Quarter Ended June 30, 2014	Quarter Ended June 30, 2013
	Income tax expense (benefit) at 35%	($2,667)	($2,141)
	Valuation allowance	2,667	2,141
	Total	$ 0	$ 0
Schedule of Deferred Tax Assets and Liabilities	'

		30-Jun-14
	Net Operating Loss Carryforward	$ 64,077
	Valuation allowance	-64,077
		$ 0

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	Jun. 30, 2014
Details	'
Deferred Tax Assets, Valuation Allowance, Current	$0

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)

9 Months Ended

129 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Feb. 03, 2016

7-May-15

Mar. 01, 2015

Feb. 03, 2015

Feb. 01, 2015

Mar. 01, 2014

Feb. 01, 2014

Jan. 15, 2014

Sep. 30, 2013

Feb. 01, 2013

Feb. 28, 2011

Details

Interest payable - related party

$33,152

$24,310

Loans - Notes payable - Related party

20,000

130,000

Note 1 amount

10,000

Note 1 interest rate

4.50%

Note 2 amount

10,000

Note 2 interest rate

4.50%

Note 2 Principal and Interest

10,450

Note 3 amount

20,000

Note 3 interest rate

4.50%

Note 3 interest

900

Note 3 principal and interest

20,900

Note 1 Note 2 and Note 3 default interest rate

18.00%

Note 4 amount

10,000

Note 4 interest rate

4.50%

Note 4 interest

450

Note 4 principal and interest

10,450

Note 5 amount

20,000

Note 5 interest rate

4.75%

Note 5 interest

950

Note 5 principal and interest

20,950

Note 6 amount

20,000

Note 6 interest rate

8.00%

Note 6 interest

1,600

Note 6 principal and interest

21,600

Note 7 amount

20,000

Note 7 interest rate

8.00%

Note 7 interest

1,600

Note 7 principal and interest

21,600

Note 8 amount

20,000

Note 8 interest rate

8.00%

Note 8 interest

1,600

Note 8 principal and interest

21,600

Note Payable - Related Party - Current

110,000

60,000

Long-term related note payable 2015

50,000

Long-term related note payable 2016

$20,000

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
Income Taxes (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Details	'	'	'
Income Tax Expense (benefit)	($2,667)	($2,141)	'
Valuation allowance	2,667	2,141	'
Income Tax Expense (Benefit), Continuing Operations	0	0	'
Net Operating Loss Carryforward	64,077	'	64,077
Valutation allowance	-64,077	'	-64,077
NOL Carryforward	'	'	183,075
Change in valuation allowance	$2,667	'	$2,667

Capital_Stock_Details

Capital Stock (Details)	9 Months Ended
Capital Stock (Details)	Jun. 30, 2014
Details	'
Stock Issued During Period, Shares, Period Increase (Decrease)	380