Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2018 | Aug. 17, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | Trafalgar Resources, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
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 | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | tflg |
Trafalgar Resources, Inc. BALAN
Trafalgar Resources, Inc. BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Cash | $ 16,473 | $ 15,140 |
Prepaid expenses | 834 | 3,333 |
Total Current Assets | 17,307 | 18,473 |
TOTAL ASSETS | 17,307 | 18,473 |
Current Liabilities | ||
Accounts payable and accrued expenses | 4,632 | 632 |
Interest payable - related party | 123,939 | 103,589 |
Income taxes payable | 0 | 100 |
Notes payable current - related party | 220,000 | 190,000 |
Total Current Liabilities | 348,571 | 294,321 |
Long-term Liability | ||
Notes payable - related party | 20,000 | 30,000 |
Total Liabilities | 368,571 | 324,321 |
Stockholders' Deficit | ||
Common stock no par value, 100,000,000 shares authorized, 5,251,309 shares issued and outstanding | 137,413 | 137,413 |
Accumulated Deficit | (488,677) | (443,261) |
Total Stockholders' Deficit | (351,264) | (305,848) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 17,307 | $ 18,473 |
Trafalgar Resources, Inc. Bala3
Trafalgar Resources, Inc. Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2018 | Sep. 30, 2017 |
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 (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement | ||||
Income | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of Sales | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Operating expenses: | ||||
General and administrative | 10,430 | 7,439 | 25,066 | 23,852 |
Professional fees | 0 | 0 | 0 | 0 |
Total operating expenses | 10,430 | 7,439 | 25,066 | 23,852 |
Profit (Loss) from operations | (10,430) | (7,439) | (25,066) | (23,852) |
Interest expense, related parties | (7,050) | (6,650) | (20,350) | (19,050) |
Profit (Loss) before income taxes | (17,480) | (14,089) | (45,416) | (42,902) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net profit (loss) | $ (17,480) | $ (14,089) | $ (45,416) | $ (42,902) |
Weighted number of shares outstanding Basic and diluted | 5,251,309 | 5,251,309 | 5,251,309 | 5,251,309 |
Trafalgar Resources, Inc. STAT5
Trafalgar Resources, Inc. STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net loss | $ (45,416) | $ (42,902) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
(Increase)/Decrease Accounts payable and accrued expenses | 4,000 | 0 |
Increase/(Decrease) Prepaid Expenses | 2,499 | (2,395) |
Increase/(Decrease) Interest payable | 20,350 | 19,050 |
Increase/(Decrease) Income taxes payable | (100) | (100) |
NET CASH (USED) BY OPERATING ACTIVITIES | (18,667) | (26,347) |
NET CASH FLOW FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of notes payable, related party | 20,000 | 30,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 20,000 | 30,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,333 | 3,653 |
CASH AND CASH EQUIVALENTS at beginning of period | 15,140 | 15,191 |
CASH AND CASH EQUIVALENTS at end of period | 16,473 | 18,844 |
Supplemental disclosure of cash flow information | ||
Interest | 0 | 0 |
Income Taxes | $ 100 | $ 100 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Nature of Operations and Basis of Presentation | NOTE 1 NATURE OF OPERATIONS AND BASIS OF PRESENTATION Trafalgar Resources, Inc. (the "Company") was incorporated under the laws of the State of Utah on October 25, 1972. The Company 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. Basis of Presentation The financial statements present the balance sheets, statements of operations and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X of the United States Securities and Exchange Commission. They do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements for the year ended September 30, 2017 included in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. Loss per Common Share Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There was no dilutive financial instruments issued or outstanding for the nine months ended June 30, 2018 or June 30, 2017. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. 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. Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of June 30, 2018 the carrying value of cash, interest payable, notes payable, accounts payable and accrued liabilities approximated fair value. 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. Going concern As shown in the accompanying financial statements, the Company had a deficit working capital and a loss incurred through June 30, 2018 which raise substantial doubt about the Companys 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. 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. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB approved a one-year deferral of the effective date of this standard to annual reporting periods, and interim reporting periods within those years, beginning after December 15, 2017. The adoption of this guidance did not have a significant impact on the Companys financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Related Party Transactions | NOTE 2 RELATED PARTY TRANSACTIONS At June 30, 2018 the Company owed $123,939 of interest and $240,000 of notes payable to its President, Anthony Escobar. 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 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 was 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 was due on May 7, 2011, 2012, 2013, and 2014. Interest and principal of $10,450 was due May 7, 2015. Note 4 is in default resulting in a 14% default rate of interest accruing. Note 5 is for $20,000 and bears interest of 4.75% per year. Interest of $950 was due on February 1, 2012, 2013, and 2014. Interest and principal of $20,950 was due on February 1, 2015. Note 5 is in default resulting in a 12% default rate of interest accruing. Note 6 is for $20,000 and bears interest of 8.0% per year. Interest of $1,600 was due on February 1, 2013. Interest and principal of $21,600 was due on February 1, 2014. Note 6 is in default resulting in a 12% default rate of interest. Note 7 is for $20,000 and bears interest of 8.0% per year. Interest of $1,600 was due on March 1, 2014. Interest and principal of $21,600 was due on March 1, 2015. Note 7 is 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 was due February 3, 2015. Interest and principal of $21,600 was due on February 3, 2016. Note 8 is in default resulting in a 12% default rate of interest accruing. 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 principal of $32,400 is due December 12, 2016. Note 9 is in default resulting in a 12% default rate of interest accruing. Note 10 is for $30,000 and bears interest of 8% per year. Interest of $2,400 was due January 5, 2017. Interest and principal of $32,400 was due January 5, 2018. Note 10 is in default resulting in a 12% default rate of interest accruing. Note 11 is for $30,000 and bears interest of 8.0%. Interest of $2,400 was due December 27, 2017. Interest and principal of $32,400 is due December 27, 2018. Note 12 is for $20,000 and bears interest of 8.0%. Interest of $1,600 is due March 8, 2019. Interest and principal of $21,600 is due March 9, 2020. Related party notes payable are due as follows: In addition to the $190,000 in related party notes now due or past due, additional related party notes are due for the Years ending September 30, 2019 $30,000 2020 $20,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2018 | |
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 carry forwards 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 2015, 2016 and 2017 are open for examination by taxing authorities. The income tax expense (benefit) for the period ended June 30, 2018 differs from the amount computed using the federal statutory rates as follows: Nine Months Ended June 30, 2018 Nine Months Ended June 30, 2017 Income tax expense (benefit) at Federal tax rate of 21% for 2018 and 35% for 2017 (11,225) (14,513) Effect of rate changes on deferred tax assets and valuation allowance 6,358 0 Valuation Allowance 4,867 14,513 0 0 On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax. We have remeasured our U.S. deferred tax assets at a statutory income tax rate of 21%. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118. Deferred tax assets for the quarter ending June 30, 2018 are comprised primarily of the following: June 30, 2018 Net Operating Loss Carryforward 55,529 Related party interest 26,027 Valuation allowance (81,556) Total deferred tax asset $ 0 At June 30, 2018, the Companys deferred tax assets were made up of approximately $124,000 in accrued related party interest and a net operating loss carry forward of approximately $265,000 that may be offset against future taxable income through 2036. These losses will start to expire in the year 2016 through 2036. 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 period ended June 30, 2018 by approximately $4,867. Deferred tax assets related to operating loss carryforwards and related party interest decreased by approximately $37,000 and $$17,300, respectively, due to the Tax Act. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2018 | |
Notes | |
Subsequent Events | NOTE 4 SUBSEQUENT EVENTS On July 13, 2018, HY (HK) Financial Investments Co., Ltd. a Hong Kong limited company (HY) purchased 5,000,000 shares of common stock (the Shares) of Trafalgar Resources, Inc. (the Company) for $ 410,000 . Of the Shares, 4,937,500 , were acquired from Anthony Escobar, the Companys Chief Executive Officer and Director, 31,250 were acquired from Anthony Coletti, the Companys Principal Accounting Officer, Secretary, Treasurer, and Director, and 31,250 were acquired from Sean Escobar, a Company Vice President and Director. The Shares represent approximately 95% of the Companys issued and outstanding common stock. HY used funds from its working capital to acquire the Shares and the transaction completed on July 13, 2018. On July 13, 2018, the Company and Anthony Escobar cancelled, re-paid or otherwise satisfied all the promissory notes that the Company had issued to him. As of July 13, 2018, the principal amount of these promissory notes (Note 1 to Note 12) were $ 240,000 . On July 13, 2018, the Companys board of directors appointed Mr. Kong Xiao Jun, age 46, as its Chief Executive Officer, and as director to hold office until the next annual meeting of shareholders and until his successor is duly elected and qualified or until his resignation or removal. Mr. Kong currently serves as the Chief Executive Officer of Guangdong HY Capital Management Co., Ltd and has served in that role since 2011. Previously, Mr. Kong was the Executive Director of the Asia Aluminum Group from 2007 through 2011. Mr. Kong has experience in leading large-scale M&A and investment projects in different industries such as agriculture, film and media, and cultural tourism. Mr. Kong holds a bachelor degree in accounting from Southwestern University of Finance and Economics in Chengdu, Sichuan, China. He is also qualified as Chinese Certified Public Accountant, Certified Tax Agent, US Chartered Financial Analyst, and Fellow of the Institute of Financial Accountants UK. The Board of Directors appointed Mr. Kong in recognition of the importance of his abilities to assist the Company in expanding its business and the contributions he can make to its strategic direction. The Company has not entered into any compensation arrangements with Mr. Kong. Following the appointment of Mr. Kong as an officer and director of the Company, Sean Escobar resigned his position as Company Vice President and Director and Anthony Coletti resigned his position as Principal Accounting Officer, Secretary, Treasurer, and Director. Both resignations are effective as of July 13, 2018. Mr. Anthony Escobar tendered his resignation as Chief Executive Officer and Director, with such resignation to be effective 10 days following the mailing of a Schedule 14-F1 Information Statement to the Companys stockholders. That Schedule 14-F1 Information Statement was filed on the EDGAR system maintained by the Securities and Exchange Commission on July 18, 2018. |
Nature of Operations and Basi10
Nature of Operations and Basis of Presentation (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
Policies | |
Basis of Presentation | Basis of Presentation The financial statements present the balance sheets, statements of operations and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X of the United States Securities and Exchange Commission. They do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements for the year ended September 30, 2017 included in the Companys Annual Report on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. |
Net Loss Per Share of Common Stock | Loss per Common Share Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. There was no dilutive financial instruments issued or outstanding for the nine months ended June 30, 2018 or June 30, 2017. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of June 30, 2018 the carrying value of cash, interest payable, notes payable, accounts payable and accrued liabilities approximated fair value. |
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. |
Going Concern | Going concern As shown in the accompanying financial statements, the Company had a deficit working capital and a loss incurred through June 30, 2018 which raise substantial doubt about the Companys 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. |
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. |
New Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, which supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB approved a one-year deferral of the effective date of this standard to annual reporting periods, and interim reporting periods within those years, beginning after December 15, 2017. The adoption of this guidance did not have a significant impact on the Companys financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule of Long-term Related Notes Payable | 2019 $30,000 2020 $20,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | Nine Months Ended June 30, 2018 Nine Months Ended June 30, 2017 Income tax expense (benefit) at Federal tax rate of 21% for 2018 and 35% for 2017 (11,225) (14,513) Effect of rate changes on deferred tax assets and valuation allowance 6,358 0 Valuation Allowance 4,867 14,513 0 0 |
Schedule of Deferred Tax Assets and Liabilities | June 30, 2018 Net Operating Loss Carryforward 55,529 Related party interest 26,027 Valuation allowance (81,556) Total deferred tax asset $ 0 |
Nature of Operations and Basi13
Nature of Operations and Basis of Presentation (Details) | Jun. 30, 2018USD ($) |
Details | |
Deferred Tax Assets, Valuation Allowance, Current | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 9 Months Ended | |||||||||||||||||
Jun. 30, 2018 | Mar. 09, 2020 | Mar. 08, 2019 | Dec. 27, 2018 | Jan. 05, 2018 | Dec. 27, 2017 | Sep. 30, 2017 | Jan. 05, 2017 | Dec. 12, 2016 | May 07, 2015 | Mar. 01, 2015 | Feb. 03, 2015 | Feb. 01, 2015 | Mar. 01, 2014 | Feb. 01, 2014 | Jan. 15, 2014 | Feb. 01, 2013 | Feb. 28, 2011 | |
Details | ||||||||||||||||||
Interest payable - related party | $ 123,939 | $ 103,589 | ||||||||||||||||
Notes Payable, Related Parties | $ 240,000 | |||||||||||||||||
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 4 Default Interest Rate | 14.00% | |||||||||||||||||
Note 5 amount | $ 20,000 | |||||||||||||||||
Note 5 interest rate | 4.75% | |||||||||||||||||
Note 5 interest | $ 950 | |||||||||||||||||
Note 5 principal and interest | $ 20,950 | |||||||||||||||||
Note 5 Default Interest Rate | 12.00% | |||||||||||||||||
Note 6 amount | $ 20,000 | |||||||||||||||||
Note 6 interest rate | 8.00% | |||||||||||||||||
Note 6 interest | $ 1,600 | |||||||||||||||||
Note 6 principal and interest | $ 21,600 | |||||||||||||||||
Note 6 Default Interest Rate | 12.00% | |||||||||||||||||
Note 7 amount | $ 20,000 | |||||||||||||||||
Note 7 interest rate | 8.00% | |||||||||||||||||
Note 7 interest | $ 1,600 | |||||||||||||||||
Note 7 principal and interest | $ 21,600 | |||||||||||||||||
Note 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 8 Default Interest Rate | 12.00% | |||||||||||||||||
Note 9 amount | $ 30,000 | |||||||||||||||||
Note 9 Interest Rate | 8.00% | |||||||||||||||||
Note 9 Interest | $ 2,400 | |||||||||||||||||
Note 9 Principal and Interest | $ 32,400 | |||||||||||||||||
Note 9 Default Interest Rate | 12.00% | |||||||||||||||||
Note 10 Amount | $ 30,000 | |||||||||||||||||
Note 10 Interest Rate | 8.00% | |||||||||||||||||
Note 10 Interest | $ 2,400 | |||||||||||||||||
Note 10 Principal And Interest | $ 32,400 | |||||||||||||||||
Note 10 Default Interest Rate | 12.00% | |||||||||||||||||
Note 11 Amount | $ 30,000 | |||||||||||||||||
Note 11 Interest Rate | 8.00% | |||||||||||||||||
Note 11 Interest | $ 2,400 | |||||||||||||||||
Note 11 Principal and Interest | $ 32,400 | |||||||||||||||||
Note 12 Amount | $ 20,000 | |||||||||||||||||
Note 12 Interest Rate | 8.00% | |||||||||||||||||
Note 12 Interest | $ 1,600 | |||||||||||||||||
Note 12 Principal and Interest | $ 21,600 | |||||||||||||||||
Long-term related note payable 2018 | $ 190,000 | |||||||||||||||||
Long-term related note payable 2019 | 30,000 | |||||||||||||||||
Long Term Related Note Payable 2020 | $ 20,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 9 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Details | ||
Income Tax Expense (benefit) | $ (11,225) | $ (14,513) |
Effect of rate changes | 6,358 | 0 |
Valutation allowance | 4,867 | $ 14,513 |
Net Operating Loss Carryforward | 55,529 | |
Related Party Interest | 26,027 | |
Change in valuation allowance | (81,556) | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 124,000 | |
Operating Loss Carryforwards, Valuation Allowance | 265,000 | |
Deferred Tax Assets operating loss carryforwards change in amount | 37,000 | |
related party interest change in amount | $ 17,300 |
Subsequent Events (Details)
Subsequent Events (Details) | 9 Months Ended |
Jun. 30, 2018USD ($)shares | |
Details | |
HY Financial Investments total shares purchased | 5,000,000 |
HY Financial Investments amount paid for total shares purchased | $ | $ 410,000 |
HY Financial Investments shares purchased from Anthony Escobar | 4,937,500 |
HY Financial Investments shares purchased from Anthony Coletti | 31,250 |
HY Financial Investments shares purchased from Sean Escobar | 31,250 |
Accounts Payable, Related Parties | $ | $ 240,000 |