Iron Sands 10-K 14 Jul 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2015	Jul. 14, 2015	Sep. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Iron Sands Corp.
Entity Central Index Key	1,527,727
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Document Type	10-K
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Entity Common Stock Shares Outstanding		5,000,000

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2015	Mar. 31, 2014
CURRENT ASSETS:
Cash	$ 2,907	$ 2,672
Total Current Assets	2,907	2,672
TOTAL ASSETS	2,907	2,672
CURRENT LIABILITIES:
Accounts payable and accrued expenses	11,492	6,213
Loan payable - related party	47,735	47,735
Note payable - related party	72,796	36,646
Total Current Liabilities	$ 132,023	$ 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 subscribed	$ 500	$ 500
Additional paid-in capital	24,500	24,500
Accumulated deficit	(154,116)	(112,922)
Total Stockholder's Deficiency	(129,116)	(87,922)
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIENCY	$ 2,907	$ 2,672

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
Balance Sheet [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares subscribed	5,000,000	5,000,000

Statements of Operations

Statements of Operations - USD ($) None in scaling factor is -9223372036854775296	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Operations [Abstract]
REVENUES
GENERAL AND ADMINISTRATIVE EXPENSES	$ 37,936	$ 34,486
OTHER EXPENSE:
INTEREST EXPENSE	3,258	1,677
(LOSS) BEFORE BENEFIT FROM INCOME TAXES	$ (41,194)	$ (36,163)
BENEFIT FROM INCOME TAXES
NET (LOSS)	$ (41,194)	$ (36,163)
BASIC AND DILUTED LOSS PER SHARE
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	5,000,000	5,000,000

Statements of Changes in Stockh

Statements of Changes in Stockholder's Equity Deficiency - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Subscription Receivable	Accumulated Deficit
Beginning balance at Mar. 31, 2013	$ (76,759)		$ 500	$ 24,500	$ (25,000)	$ (76,759)
Beginning balance, shares at Mar. 31, 2013			5,000,000
Common stock subscription proceeds	25,000				$ 25,000
Common stock subscription proceeds, shares
Net (loss)	(36,163)					$ (36,163)
Ending balance at Mar. 31, 2014	(87,922)		$ 500	$ 24,500		(112,922)
Ending balance, shares at Mar. 31, 2014			5,000,000
Net (loss)	(41,194)					(41,194)
Ending balance at Mar. 31, 2015	$ (129,116)		$ 500	$ 24,500		$ (154,116)
Ending balance, shares at Mar. 31, 2015			5,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
NET LOSS	$ (41,194)	$ (36,163)
ADJUSTMENT TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES:
Increase (decrease) in accounts payable and accrued expenses	5,279	(1,879)
NET CASH USED IN OPERATING ACTIVITIES	$ (35,915)	(38,042)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of loans payable - related parties		(6,525)
Proceeds from note payable - related party	$ 36,150	15,146
Proceeds from the issuance of common stock		25,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	$ 36,150	33,621
NET INCREASE (DECREASE) IN CASH	235	(4,421)
CASH, BEGINNING OF PERIOD	2,672	7,093
CASH, END OF PERIOD	$ 2,907	$ 2,672

Organization and Business

Organization and Business	12 Months Ended
	Mar. 31, 2015
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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 - Summary of Significant Accounting Policies Use of Estimates The preparation of 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 dates of the balance sheets 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 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 March 31, 2015, 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 common shares outstanding or potentially dilutive instruments for 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 changes in 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	12 Months Ended
	Mar. 31, 2015
Going Concern [Abstract]
Going Concern	Note 3 - Going Concern The accompanying 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 $154,000, and has negative working capital of approximately $129,000 at March 31, 2015, 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 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	12 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Income Taxes	Note 4 - Income Taxes As of March 31, 2015, the Company has net operating loss carryforwards of approximately $154,000 to reduce future federal and state taxable income through 2035. 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 Year Ended For The Year Ended Current Expense: Federal and State $ - $ - Deferred tax benefit: Federal and State 14,000 12,000 Valuation allowance (14,000 ) (12,000 ) 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 Year Ended March 31, 2015 For The Year Ended March 31, 2014 Statutory federal income tax rate (34 )% (34 )% Valuation allowance 34 % 34 % Effective income tax rate 0 % 0 %

Common Stock

Common Stock	12 Months Ended
	Mar. 31, 2015
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	12 Months Ended
	Mar. 31, 2015
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	12 Months Ended
	Mar. 31, 2015
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. On May 26, 2011, NLBDIT 2010 Services, LLC (“NLBDIT Services”), a company controlled by the former President, subscribed for five million (5,000,000) shares of common stock for $25,000. As of March 31, 2014, the Company received payment of $25,000 for the common stock subscription. During the year ended March 31, 2012, the Company received a $6,525 loan from Putnam Hills Corp., whose sole stockholder was NLBDIT Services. As of March 31, 2014, the loan was repaid. Loan payable – related party consists of amounts advanced to the Company by Sunrise Financial Group Inc. (“SFG”) the President of SFG was the Company’s former President. As of March 31, 2015, the balance $47,735 is unsecured, non-interest bearing and has no stipulated repayment terms. 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 of the Company. 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 March 31, 2015, the outstanding balance of $72,796 is reported as note payable - related party. At March 31, 2015 and 2014, $5,432 and $2,174 respectively, of accrued interest related to this loan is reported as accounts payable and accrued expenses. Subsequent to March 31, 2015, the Company received an additional $12,000. On May 29, 2014, pursuant to the terms and conditions of a Securities Purchase Agreement, NLBDIT 2010 Services, LLC 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, beginning January 1, 2014 through the date of closing and an additional amount to be negotiated by the Company’s sole shareholder and the third party. The closing of the transaction is conditioned upon several factors, including the delivery of a resignation letter executed by Samir Masri, the current President of the Company where Mr. Masri shall resign as the sole officer and director of the Company. A principal of our sole stockholder holds an interest in the third party through a related entity. Subsequent to the period covered by this report, the parties agreed to amend the terms of the sale so that the shares will be sold for an amount to be determined plus all costs and expenses incurred by the Company since January 1, 2015 in connection with the filing of the Form 10-K for the fiscal year ended March 31, 2015. The terms and conditions of the sale will be subject to a definitive agreement so the transaction remains subject to change. During each of the years ended March 31, 2015 and 2014, the Company incurred costs of $10,000, for accounting services provided by an entity owned by the President of the Company.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of 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 dates of the balance sheets 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 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 March 31, 2015, 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 common shares outstanding or potentially dilutive instruments for 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 changes in 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)	12 Months Ended
	Mar. 31, 2015
Income Taxes [Abstract]
Summary of benefit from income taxes	For The Year Ended For The Year Ended Current Expense: Federal and State $ - $ - Deferred tax benefit: Federal and State 14,000 12,000 Valuation allowance (14,000 ) (12,000 ) Total $ - $ -
Summary of effective income tax rate reconciliation	For The Year Ended March 31, 2015 For The Year Ended March 31, 2014 Statutory federal income tax rate (34 )% (34 )% Valuation allowance 34 % 34 % Effective income tax rate 0 % 0 %

Going Concern (Details)

Going Concern (Details) - Mar. 31, 2015 - USD ($)	Total
Going Concern (Textual)
Losses from inception	$ 154,000
Working capital	$ 129,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Current Expense:
Federal and State
Deferred tax benefit:
Federal and State	$ 14,000	$ 12,000
Valuation allowance	$ (14,000)	$ (12,000)
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
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) - Mar. 31, 2015 - USD ($)	Total
Income Taxes (Textual)
Net operating loss carryforwards	$ 154,000
Operating loss carryforwards, Limitations on use	Reduce future federal and state taxable income through 2035.

Common Stock (Details)

Common Stock (Details) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
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	5,000,000	5,000,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Mar. 31, 2015	Mar. 31, 2014
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. 03, 2011	Mar. 31, 2015	Mar. 31, 2014	May. 29, 2014	Mar. 31, 2012	May. 26, 2011
Related Party Transactions (Textual)
Common stock subscribed, shares		5,000,000	5,000,000
Loans payable - related parties		$ 47,735	$ 47,735
Accrued interest related to loan		5,432	2,174
Accrued interest related to loan, Additional		12,000
Interest rate on notes payable to related party	6.00%
Note payable - related party		$ 72,796	$ 36,646
Common stock, shares issued		5,000,000	5,000,000
President [Member]
Related Party Transactions (Textual)
Accounting service fees		$ 10,000	$ 10,000
Putnam Hills Corp [Member]
Related Party Transactions (Textual)
Loans payable - related parties					$ 6,525
Sunrise Financial Group [Member]
Related Party Transactions (Textual)
Unsecured debt		$ 47,735
NLBDIT Services [Member]
Related Party Transactions (Textual)
Common stock subscribed, shares						(5,000,000)
Common stock subscribed, value						$ 25,000
Common stock subscription received			$ 25,000
Common stock, shares issued				5,000,000
Company's common stock, percentage				100.00%