Trenton Acquisition 10-Q 14 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jun. 30, 2017	Aug. 11, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Trenton Acquisition Corp.
Entity Central Index Key	1,527,722
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,250,000

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2017	Mar. 31, 2017
CURRENT ASSETS:
Cash	$ 497	$ 692
Total Current Assets	497	692
TOTAL ASSETS	497	692
CURRENT LIABILITIES:
Accounts payable and accrued expenses	4,000
Loans payable - related parties	37,000	85,000
Total Current Liabilities	41,000	85,000
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIENCY:
Preferred stock, $.0001 par value; 10,000,000 shares authorized;none issued and outstanding
Common stock, $.0001 par value; 100,000,000 shares authorized; 9,250,000 and 5,000,000 shares issued and outstanding, respectively	925	500
Additional paid-in capital	215,025	130,450
Accumulated deficit	(256,453)	(215,258)
Total Stockholders' Deficiency	(40,503)	(84,308)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY	$ 497	$ 692

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Balance Sheet [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	9,250,000	5,000,000
Common stock, shares outstanding	9,250,000	5,000,000

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Operations [Abstract]
REVENUES
GENERAL AND ADMINISTRATIVE EXPENSES	41,195	10,676
(LOSS) BEFORE BENEFIT FROM INCOME TAXES	(41,195)	(10,676)
BENEFIT FROM INCOME TAXES
NET (LOSS)	$ (41,195)	$ (10,676)
BASIC AND DILUTED (LOSS) PER SHARE
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	7,989,011	5,000,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (41,195)	$ (10,676)
Adjustment to reconcile net loss to net cash used in operating activities:
Increase in accounts payable and accrued expenses	4,000	3,676
Net cash used in Operating Activities	(37,195)	(7,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from loans payable - related parties	37,000	10,000
Net cash provided by Financing Activities	37,000	10,000
Net increase (decrease) in cash	(195)	3,000
Cash, at beginning of period	692	2,082
Cash, at end of period	497	5,082
NON-CASH FINANCING ACTIVITIES:
Conversion of loan payable - related party to common stock	$ 85,000

Organization and Business

Organization and Business	3 Months Ended
	Jun. 30, 2017
Organization and Business [Abstract]
Organization and Business	Note 1 - Organization and Business Business Activity Trenton Acquisition Corp. (“the Company”) was incorporated in the state of Delaware on January 18, 2011 with the objective to acquire, or merge with, an operating business. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company’s principal business objective over the next twelve months and beyond will be to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officers and directors of the Company. Change in Control Transaction On June 30, 2016, the Board of Directors of the Company (the “Board”) appointed Zvi Ben-Zvi to the positions of President and sole director of the Company to fill the vacancies in those positions due to the resignation of Arnold P. Kling. On August 8, 2016, the Board appointed Kenneth J. Kirsch to the position of Chief Financial Officer of the Company to fill the vacancy in that position due to the resignation of Thomas Pinou. On April 28, 2017, Rodman & Co., LLC (“Rodman”) purchased Rodman & Renshaw Conference LLC’s $15,000 loan to the Company. Subsequently, on the same day, Rodman converted the entire aggregate loan balance of $85,000 into 4,250,000 shares of the Company’s common stock. As a result of this transaction, the sole member of Rodman was deemed to beneficially own 7,500,000 shares of the Company’s common stock, representing 81% of the Company’s issued and outstanding shares and, as a result, has the ability to control the operations of the Company. On April 28, 2017, Rodman transferred its entire ownership position, 7,500,000 shares, to Cutter Mill Capital LLC (“Cutter Mill”). Rodman is the sole member of Cutter Mill.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash Equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents at the condensed balance sheet dates. Income Taxes The Company utilizes the accrual method of accounting for income taxes. Under the accrual method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more likely than not that such tax benefits will not be realized. The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position upon examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the condensed financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of June 30, 2017 and March 31, 2017, the Company has no accrued interest or penalties related to uncertain tax positions. Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments for either of the periods presented. Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Going Concern

Going Concern	3 Months Ended
	Jun. 30, 2017
Going Concern [Abstract]
Going Concern	Note 3 - Going Concern The accompanying condensed financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of approximately $256,000, and has negative working capital of approximately $41,000 at June 30, 2017, which among other factors raises substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon management’s plan to find a suitable acquisition or merger candidate, raise additional capital from the sales of stock, and receive additional loans from related parties. The accompanying condensed financial statements do not include any adjustments that might be required should the Company be unable to continue as a going concern.

Income Taxes

Income Taxes	3 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Income Taxes	Note 4 - Income Taxes As of June 30, 2017, the Company has net operating loss carryforwards of approximately $256,000, subject to certain change of control limitations, to reduce future federal and state taxable income through 2036. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company’s tax years are subject to federal and state tax examination. The benefit from income taxes consists of the following: For The For The Current Expense: Federal and state $ - $ - Deferred tax benefit: Federal and state 14,000 4,000 Valuation allowance (14,000 ) (4,000 ) Total $ - $ - The benefit from income taxes differs from the amount computed by applying the federal statutory income tax rate to the loss before income taxes due to the following: For The For The Statutory federal income tax rate (34 )% (34 )% Valuation allowance 34 % 34 % Effective income tax rate 0 % 0 %

Common Stock

Common Stock	3 Months Ended
	Jun. 30, 2017
Common Stock [Abstract]
Common Stock	Note 5 - Common Stock The Company is authorized to issue one hundred million (100,000,000) shares of $.0001 par value common stock, of which nine million two hundred fifty (9,250,000) shares have been issued.

Preferred Stock

Preferred Stock	3 Months Ended
	Jun. 30, 2017
Preferred Stock [Abstract]
Preferred Stock	Note 6 - Preferred Stock The Company is authorized to issue ten million (10,000,000) shares of $.0001 par value preferred stock with designations, voting, and other rights and preferences as may be determined from time to time by the Board of Directors of the Company, of which none are issued.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related Party Transactions	Note 7 - Related Party Transactions The Company utilizes the office space and equipment of its management at no cost. Loan Payable - related party consists of amounts advanced to the Company by Cutter Mill Capital LLC, the Company’s parent. The total loan balance of $37,000 at June 30, 2017 is unsecured, noninterest-bearing, and has no stipulated repayment terms.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents at the condensed balance sheet dates.
Income Taxes	Income Taxes The Company utilizes the accrual method of accounting for income taxes. Under the accrual method, deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. An allowance against deferred tax assets is recognized when it is more likely than not that such tax benefits will not be realized. The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position upon examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the condensed financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of June 30, 2017 and March 31, 2017, the Company has no accrued interest or penalties related to uncertain tax positions.
Loss Per Common Share	Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments for either of the periods presented.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Jun. 30, 2017
Income Taxes [Abstract]
Summary of benefit from income taxes	For The For The Current Expense: Federal and state $ - $ - Deferred tax benefit: Federal and state 14,000 4,000 Valuation allowance (14,000 ) (4,000 ) Total $ - $ -
Summary of federal statutory income tax rate to the loss before income taxes	For The For The Statutory federal income tax rate (34 )% (34 )% Valuation allowance 34 % 34 % Effective income tax rate 0 % 0 %

Organization and Business (Deta

Organization and Business (Details)	1 Months Ended
	Apr. 28, 2017USD ($)shares
Rodman [Member]
Organization and Business (Textual)
Ownership plan, Shares	7,500,000
Equity method investment, ownership percentage	81.00%
Aggregate loan balance | $	$ 85,000
Converted common stock	4,250,000
Rodman & Renshaw Conference Llc'S [Member]
Organization and Business (Textual)
Purchased loan amount | $	$ 15,000
Cutter Mill Capital LLC [Member]
Organization and Business (Textual)
Ownership plan, Shares	7,500,000

Going Concern (Details)

Going Concern (Details)	Jun. 30, 2017USD ($)
Going Concern (Textual)
Losses from inception	$ 256,000
Negative working capital	$ 41,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Current Expense:
Federal and state
Deferred tax benefit:
Federal and state	14,000	4,000
Valuation allowance	(14,000)	(4,000)
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	3 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Summary of effective income tax rate reconciliation
Statutory federal income tax rate	(34.00%)	(34.00%)
Valuation allowance	34.00%	34.00%
Effective income tax rate	0.00%	0.00%

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Jun. 30, 2017USD ($)
Income Taxes (Textual)
Net operating loss carryforwards	$ 256,000
Net operating loss carryforwards expiration date	Mar. 31, 2036

Common Stock (Details)

Common Stock (Details) - USD ($)	1 Months Ended
	Apr. 28, 2017	Jun. 30, 2017	Mar. 31, 2017
Common Stock (Textual)
Common stock, shares authorized		100,000,000	100,000,000
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares issued		9,250,000	5,000,000
Stock issued during period, shares	4,250,000
Loan payable to related party	$ 85,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Jun. 30, 2017	Mar. 31, 2017
Preferred Stock (Textual)
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017
Related Party Transactions (Textual)
Loans payable - related parties	$ 37,000	$ 85,000