Iron Sands 10-Q 14 Aug 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Iron Sands Corp.	'
Entity Central Index Key	'0001527727	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock Shares Outstanding	'	5,000,000

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Jun. 30, 2014	Mar. 31, 2014
CURRENT ASSETS:	'	'
Cash	$89	$2,672
Total Current Assets	89	2,672
TOTAL ASSETS	89	2,672
CURRENT LIABILITIES:	'	'
Accounts payable and accrued expenses	7,806	6,213
Loans payable - related parties	47,735	47,735
Note payable - related party	45,146	36,646
Total Current Liabilities	100,687	90,594
COMMITMENTS AND CONTINGENCIES	'	'
STOCKHOLDER'S 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; 5,000,000 shares issued and outstanding	500	500
Additional paid-in capital	24,500	24,500
Accumulated deficit	-125,598	-112,922
Total Stockholder's Deficiency	-100,598	-87,922
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIENCY	$89	$2,672

Condensed_Balance_Sheet_Parent

Condensed Balance Sheet (Parenthetical) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Balance Sheet [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	'	'
Preferred stock, outstanding	'	'
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	5,000,000	5,000,000
Common stock, shares outstanding	5,000,000	5,000,000

Condensed_Statements_of_Operat

Condensed Statements of Operations (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statement of Operations [Abstract]	'	'
REVENUES	'	'
GENERAL AND ADMINISTRATIVE EXPENSES	12,105	2,500
(LOSS) BEFORE INTEREST EXPENSE AND BENEFIT FROM INCOME TAXES	-12,105	-2,500
INTEREST EXPENSE	571	207
(LOSS) BEFORE BENEFIT FROM INCOME TAXES	-12,676	-2,707
BENEFIT FROM INCOME TAXES	'	'
NET (LOSS)	($12,676)	($2,707)
BASIC AND DILUTED LOSS PER SHARE	'	'
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	5,000,000	5,000,000

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
NET LOSS	($12,676)	($2,707)
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:	'	'
Increase (decrease) in accounts payable and accrued expenses	1,593	-4,888
NET CASH USED IN OPERATING ACTIVITIES	-11,083	-7,595
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from note payable - related party	8,500	600
NET CASH PROVIDED BY FINANCING ACTIVITIES	8,500	600
NET (DECREASE) IN CASH	-2,583	-6,995
CASH, BEGINNING OF PERIOD	2,672	7,093
CASH, END OF PERIOD	$89	$98

Organization_and_Business

Organization and Business	3 Months Ended
	Jun. 30, 2014
Organization and Business [Abstract]	'
Organization and Business	'
	Note 1 -	Organization and Business
		Business Activity
	Iron Sands 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.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Note 2 -	Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted for interim financial statements presentation and in accordance with the instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The accompanying condensed financial statements and the information included under the heading Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K as of March 31, 2014. Interim results are not necessarily indicative of the results for a full year.
	Use of Estimates
	The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States 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 date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. 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 in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the 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, 2014 and 2013, 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 each 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
	In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10 to eliminate certain financial reporting requirements. In accordance with that pronouncement we have elected to adopt the elimination of certain financial reporting requirements including the presentation of inception-to-date information in the statements of operations, cash flows, and stockholder's deficiency and labeling the financial statements as those of a development stage entity.
	Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Going_Concern

Going Concern	3 Months Ended
	Jun. 30, 2014
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 $126,000, and has negative working capital of approximately $101,000 at June 30, 2014, 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, 2014
Income Taxes [Abstract]	'
Income Taxes	'
	Note 4 -	Income Taxes
	As of June 30, 2014, the Company has net operating loss carryforwards of approximately $126,000 to reduce future federal and state taxable income through 2034.
	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
			Three Months Ended			Three Months Ended
			June 30,			June 30,
			2014			2013
	Current Expense:
	Federal and State		$	-		$	-
	Deferred tax benefit:
	Federal and State			4,000			1,000
	Valuation allowance			(4,000	)		(1,000	)
	Total		$	-		$	-
	The income tax benefit 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 Three Months Ended			For The Three Months Ended
			30-Jun-14			30-Jun-13
	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, 2014
Common and Preferred 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 five million (5,000,000) shares have been issued.

Preferred_Stock

Preferred Stock	3 Months Ended
	Jun. 30, 2014
Common and 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.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2014
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.
	Loans payable - related parties consists of amounts advanced to the Company by Sunrise Financial Group Inc. (“SFG”). The President of SFG was the Company’s former President and sole stockholder. As of June 30, 2014, the balance of $47,735 is unsecured, non-interest bearing and has no stipulated repayment terms.
	NLBDIT 2010 Services, LLC, a company controllled by the former President, is the Company’s sole stockholder.
	For the period January 18, 2011 (Inception) to March 31, 2012, professional fees of $13,735 were paid on behalf of the Company by Sunrise Financial Group Inc. (“SFG”). The President of SFG was the Company’s former President and sole stockholder. The outstanding balance of $47,735 for professional fees paid by SFG and amounts advanced to the Company are reported as loans payable - related parties. The amounts are unsecured, non-interest bearing and have no stipulated repayment terms.
	On May 26, 2011, the former President resigned and the related subscription for common stock was cancelled. On May 26, 2011, NLBDIT 2010 Services, LLC, a company controlled by the former President, subscribed for five million (5,000,000) shares of common stock for $25,000.
	On June 3, 2011, the Company issued a Promissory Note payable (the “Note”) to NLBDIT 2010 Enterprises, LLC, a company controlled by the former President. The Note bears interest at 6% and is payable upon completion of a business combination with a private company in a reverse merger or other transaction after which the Company would cease to be a shell company. At June 30, 2014, the outstanding balance of $45,146 is reported as note payable - related party. At June 30, 2014, $2,745 of accrued interest related to this loan is reported as accounts payable and accrued expenses. Subsequent to June 30, 2014, the Company borrowed an additional $650.
	On May 29, 2014, pursuant to the terms and conditions of a Securities Purchase Agreement, NLBDIT Services agreed to sell 5,000,000 shares of the Company’s common stock, representing 100% of the issued and outstanding common stock of the Company to a third party for an amount equal to the sum of the total amount of all expenses, incurred or to be incurred by the Company and advanced to the Company by NLBDIT Services or related parties, beginning as of January 1, 2014 through the date of closing. The closing of the transaction is conditioned upon the delivery of a resignation letter executed by Samir Masri pursuant to which Mr. Masri shall resign as the sole officer and director of the Company resulting in change in control of the Company.
	For the three months ended June 30, 2014 and 2013, the Company incurred costs of $2,500, for the periods then ended, for accounting services provided by an entity owned by the President of the Company.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2014
Summary of Significant Accounting Policies [Abstract]	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted for interim financial statements presentation and in accordance with the instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statement presentation. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim periods presented have been included. All such adjustments are of a normal recurring nature. The accompanying condensed financial statements and the information included under the heading Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s audited financial statements and related notes included in the Company’s Form 10-K as of March 31, 2014. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates	'
	Use of Estimates
	The preparation of condensed financial statements in conformity with accounting principles generally accepted in the United States 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 date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting period. 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 in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the 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, 2014 and 2013, 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 each 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
	In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10 to eliminate certain financial reporting requirements. In accordance with that pronouncement we have elected to adopt the elimination of certain financial reporting requirements including the presentation of inception-to-date information in the statements of operations, cash flows, and stockholder's deficiency and labeling the financial statements as those of a development stage entity.
	Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Jun. 30, 2014
Income Taxes [Abstract]	'
Summary of benefit from income taxes	'
		For The			For The
		Three Months Ended			Three Months Ended
		June 30,			June 30,
		2014			2013
	Current Expense:
	Federal and State	$	-		$	-
	Deferred tax benefit:
	Federal and State		4,000			1,000
	Valuation allowance		(4,000	)		(1,000	)
	Total	$	-		$	-
Summary of effective income tax rate reconciliation	'
		For The Three Months Ended			For The Three Months Ended
		30-Jun-14			30-Jun-13
	Statutory federal income tax rate		(34	)%		(34	)%
	Valuation allowance		34	%		34	%
	Effective income tax rate		0	%		0	%

Going_Concern_Details

Going Concern (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Going Concern (Textual)	'	'
Net (loss)	($12,676)	($2,707)
Working capital	$101,000	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Current Expense:	'	'
Federal and State	'	'
Deferred tax benefit:	'	'
Federal and State	4,000	1,000
Valuation allowance	-4,000	-1,000
Total	'	'

Income_Taxes_Details_1

Income Taxes (Details 1)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
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) (USD $)	3 Months Ended
	Jun. 30, 2014
Income Taxes (Textual)	'
Net operating loss carryforwards	$126,000
Net operating loss carryforwards expiration period	'Through 2034.

Common_Stock_Details

Common Stock (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Common Stock (Textual)	'	'
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$0.00	$0.00
Common stock, shares issued	5,000,000	5,000,000

Preferred_Stock_Details

Preferred Stock (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Preferred Stock (Textual)	'	'
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$0.00	$0.00

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	0 Months Ended				38 Months Ended		3 Months Ended
	Jun. 03, 2011	Jun. 30, 2014	Mar. 31, 2014	26-May-11	Mar. 31, 2014	Jan. 18, 2011	Jun. 30, 2014	Jun. 30, 2013
					Sunrise Financial Group [Member]	Sunrise Financial Group [Member]	President [Member]	President [Member]
Related Party Transactions (Textual)	'	'	'	'	'	'	'	'
Unsecured debt	'	$47,735	'	'	'	'	'	'
Loans payable - related parties	'	47,735	47,735	'	'	47,735	'	'
Professional fees paid by related party on behalf of the Company	'	'	'	'	13,735	'	'	'
Interest rate on notes payable to related party	6.00%	'	'	'	'	'	'	'
Additional amount borrowed from related party	'	650	'	'	'	'	'	'
Common stock value, Subscription received	'	'	'	25,000	'	'	'	'
Note payable - related party	'	45,146	'	'	'	'	'	'
Common stock shares, Subscription received	'	5,000,000	5,000,000	'	'	'	'	'
Accrued interest related to loan	'	2,745	'	'	'	'	'	'
Accounting service fees	'	'	'	'	$13,735	'	$2,500	$2,500
Company's common stock, percentage	'	100.00%	'	'	'	'	'	'
Common stock, shares issued	'	5,000,000	5,000,000	'	'	'	'	'
Common stock, shares outstanding	'	5,000,000	5,000,000	'	'	'	'	'