China Foods (CFOO) 10-Q 7 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document and Entity Information:
Entity Registrant Name	Trafalgar Resources, Inc.
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Entity Central Index Key	1,310,630
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	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	tflg

Trafalgar Resources, Inc. BALAN

Trafalgar Resources, Inc. BALANCE SHEETS - USD ($)	Jun. 30, 2015	Sep. 30, 2014
CURRENT ASSETS
Cash	$ 16,078	$ 9,836
TOTAL CURRENT ASSETS	16,078	9,836
TOTAL ASSETS	16,078	9,836
CURRENT LIABILITIES
Accounts payable	0	200
Interest payable - related party	47,952	36,502
Income taxes payable	0	100
Note Payable - Related Party - Current	130,000	110,000
TOTAL CURRENT LIABILITIES	177,952	146,802
LONG-TERM LIABILITIES
Note payable -- Related party (Note 2)	30,000	20,000
TOTAL LIABILITIES	207,952	166,802
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)	(329,287)	(294,379)
TOTAL STOCKHOLDERS' (DEFICIT)	(191,874)	(156,966)
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT)	$ 16,078	$ 9,836

Trafalgar Resources, Inc. Bala3

Trafalgar Resources, Inc. Balance Sheet (Parenthetical) - $ / shares	Jun. 30, 2015	Sep. 30, 2014
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. STATE

Trafalgar Resources, Inc. STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement
Income	$ 0	$ 0	$ 0	$ 0
Cost of Sales	0	0	0	0
GROSS PROFIT	0	0	0	0
Expenses
General and Administrative	3,851	4,271	23,466	16,118
Total Expenses	3,851	4,271	23,466	16,118
Other Income and (Expenses)
Interest (Expense)	(3,950)	(3,350)	(11,450)	(8,842)
Other Income	3	2	8	3
Total other Income and (Expense)	(3,947)	(3,348)	(11,442)	(8,839)
(LOSS) BEFORE TAXES	(7,798)	(7,619)	(34,908)	(24,957)
PROVISION FOR TAXES	0	0	0	0
NET (LOSS)	$ (7,798)	$ (7,619)	$ (34,908)	$ (24,957)
(LOSS) PER COMMON SHARE
Basic and fully diluted loss per weighted average common share outstanding	$ 0	$ 0	$ (0.01)	$ 0
Weighted average number of common shares outstanding	5,251,309	5,251,309	5,251,309	5,251,309

Trafalgar Resources, Inc. STAT5

Trafalgar Resources, Inc. STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
NET (LOSS)	$ (34,908)	$ (24,957)
Adjustments to reconcile net (loss) to net cash (used) by operating activities:
Increase/(Decrease) Interest payable	11,450	8,842
Increase/(Decrease) Accounts payable	(200)	(800)
Increase/ (Decrease) Income taxes payable	(100)	(100)
NET CASH (USED) BY OPERATING ACTIVITIES	(23,758)	(17,015)
FINANCING ACTIVITIES
Loans - Notes payable - Related party	30,000	20,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	30,000	20,000
NET INCREASE (DECREASE) IN CASH	6,242	2,985
CASH AT BEGINNING OF PERIOD	9,836	10,580
CASH AT END OF PERIOD	16,078	13,565
Supplemental Disclosure of Cash Flow Information:
CASH PAID FOR TAXES	100	100
CASH PAID FOR INTEREST	$ 0	$ 0

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2015
Notes
Summary of Significant Accounting Policies	Note 1: Summary of Significant Accounting Policies Trafalgar Resources, Inc. (the "Company") was incorporated under the laws of the State of Utah on October 25, 1972. 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, 2015, 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, 2015. 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 working capital deficit and a retained deficit incurred through June 30, 2015 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. 2015-11, 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, 2015
Notes
Related Party Transactions	NOTE 2: RELATED PARTY TRANSACTIONS At June 30, 2015, the Company owed $47,952 of interest and $160,000 to its President. Note 1 is for $10,000 and bears interest of 4.5% per year. Note 2 is for $10,000and bears interest of 4.5% per year and $10,450 in interest and principal is 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, 2014 and 2015. Note 4 is in default resulting in a 14% default rate of interest accruing. 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, 2014 and 2015. 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 $21,600 is due on March 1, 2015. Note 5, 6 and 7 are in default resulting in a 12% default rate of interest accruing. 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. Note 9 is for $30,000 and bears interest of 8.0% per year. Interest of $2,400 is due December 12, 2016. Interest and principle of $32,400 is due December 12, 2016. 2015 $110,000 2016 $50,000 Total $160,000

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2015
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 2012, 2013 and 2014 are open for examination by taxing authorities. The income tax expense (benefit) for the quarter ended June 30, 2015 differs from the amount computed using the federal statutory rates as follows: Quarter Ended June 30, 2015 Quarter Ended June 30, 2014 Income tax expense (benefit) at 35% $(2,730) $(2,667) Valuation allowance 2,730 2,667 Total $ 0 $ 0 Deferred tax assets for the quarter ending June 30, 2015 are comprised primarily of the following: June 30, 2015 Net Operating Loss Carryforward $78,877 Valuation allowance (78,877) $ 0 At June 30, 2015 the Company had a net operating loss carry forward of approximately $225,363 that may be offset against future taxable income through 2035. These losses will start to expire in the year 2015 through 2035. 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, 2015 by approximately $2,730.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2015
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
	Jun. 30, 2015
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 Accoun11

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2015
Policies
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, 2015, 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, 2015.
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 working capital deficit and a retained deficit incurred through June 30, 2015 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. 2015-11, 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, 2015
Tables/Schedules
Schedule of Long-term Related Notes Payable	2015 $110,000 2016 $50,000 Total $160,000

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2015
Tables/Schedules
Schedule of Components of Income Tax Expense (Benefit)	Quarter Ended June 30, 2015 Quarter Ended June 30, 2014 Income tax expense (benefit) at 35% $(2,730) $(2,667) Valuation allowance 2,730 2,667 Total $ 0 $ 0
Schedule of Deferred Tax Assets and Liabilities	June 30, 2015 Net Operating Loss Carryforward $78,877 Valuation allowance (78,877) $ 0

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Details)	Jun. 30, 2015USD ($)
Details
Deferred Tax Assets, Valuation Allowance, Current	$ 0

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	9 Months Ended
	Jun. 30, 2015	Dec. 12, 2016	Feb. 03, 2016	May. 07, 2015	Mar. 01, 2015	Feb. 03, 2015	Feb. 01, 2015	Sep. 30, 2014	Mar. 01, 2014	Feb. 01, 2014	Jan. 15, 2014	Feb. 01, 2013	Feb. 28, 2011
Details
Interest payable - related party	$ 47,952							$ 36,502
Notes Payable, Related Parties	$ 160,000
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 Default Interest Rate	14.00%
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
Notes 5, 6, and 7 Default Interest Rate	12.00%
Note 8 amount	$ 20,000
Note 8 interest rate	8.00%
Note 8 interest						$ 1,600
Note 8 principal and interest			$ 21,600
Note 9 amount	$ 30,000
Note 9 Interest Rate	8.00%
Note 9 Interest		$ 2,400
Note 9 Principal and Interest		$ 32,400
Long-term related note payable 2015	$ 110,000
Long-term related note payable 2016	$ 50,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Details
Income Tax Expense (benefit)	$ (2,730)	$ (2,667)
Valuation allowance	2,730	2,667
PROVISION FOR TAXES	0	$ 0	$ 0	$ 0
Net Operating Loss Carryforward	78,877		78,877
Valutation allowance	(78,877)		(78,877)
Change in valuation allowance	$ 2,730		$ 2,730

Capital Stock (Details)

Capital Stock (Details)	9 Months Ended
	Jun. 30, 2015shares
Details
Stock Issued During Period, Shares, Period Increase (Decrease)	380

Uncategorized Items - tflg-2015

Label	Element	Value
NET (LOSS)	us-gaap_NetIncomeLoss	$ (7,619)
NET (LOSS)	us-gaap_NetIncomeLoss	$ (7,798)