Iron Sands 10-KT 8 Feb 16 2015 FY Annual report (with FYE transition) Financial data

Document And Entity Information

Document And Entity Information - USD ($)	9 Months Ended
	Dec. 31, 2015	Feb. 01, 2016	Sep. 30, 2015
Entity Registrant Name	Iron Sands Corp.
Entity Central Index Key	1,527,727
Trading Symbol	iron
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		5,000,000
Entity Public Float			$ 0
Document Type	10-KT
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Current assets:
Cash	$ 3,038	$ 2,907
Total current assets	3,038	2,907
TOTAL ASSETS	3,038	$ 2,907
Current liabilities:
Advances from Parent	25,979
Accounts payable	$ 1,500	$ 6,060
Accrued interest		5,432
Loans payable – related party		47,735
Note payable – related party		72,796
Total current liabilities	$ 27,479	$ 132,023
Commitments and Contingencies (Note 1)
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding
Common stock, $0.0001 par value; 100,000,000 shares authorized; 5,000,000 shares issued and outstanding	$ 500	$ 500
Additional paid-in capital	176,112	24,500
Accumulated deficit	(201,053)	(154,116)
Total stockholder’s deficit	(24,441)	(129,116)
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT	$ 3,038	$ 2,907

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2015	Mar. 31, 2015
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	5,000,000	5,000,000
Common stock, shares outstanding (in shares)	5,000,000	5,000,000

Statements of Operations

Statements of Operations - USD ($)	9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Operating expense
General and administrative	$ 45,145	$ 29,336	$ 37,936
Total operating expense	45,145	29,336	37,936
Loss from operations	(45,145)	(29,336)	(37,936)
Non-operating expense
Interest expense – related party	(1,792)	(2,215)	(3,258)
Total non-operating expense	(1,792)	(2,215)	(3,258)
Net loss	$ (46,937)	$ (31,551)	$ (41,194)
Basic and diluted net loss per share (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.01)
Weighted average shares outstanding – basic and diluted (in shares)	5,000,000	5,000,000	5,000,000

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances (in shares) at Mar. 31, 2014	5,000,000
Balances at Mar. 31, 2014	$ 500		$ 24,500	$ (112,922)	$ (87,922)
Net loss				(41,194)	(41,194)
Balances (in shares) at Mar. 31, 2015	5,000,000
Balances at Mar. 31, 2015	$ 500		24,500	(154,116)	(129,116)
Net loss				(46,937)	(46,937)
Balances (in shares) at Dec. 31, 2015	5,000,000
Balances at Dec. 31, 2015	$ 500		176,112	$ (201,053)	(24,441)
Repurchase of common stock from NLBDIT Services, a related party (in shares)	5,000,000	(5,000,000)
Repurchase of common stock from NLBDIT Services, a related party	$ (500)	$ (19,500)			(20,000)
Repurchase of common stock from NLBDIT Services, a related party (in shares)	(5,000,000)	5,000,000
Issuance of common stock to Badlands, a related party (in shares)	5,000,000	(5,000,000)
Issuance of common stock to Badlands, a related party	$ 500	$ 19,500	29,319		49,319
Issuance of common stock to Badlands, a related party (in shares)	(5,000,000)	5,000,000
Equity contribution of related party from discharges of note and loans payable – related parties			$ 122,293		$ 122,293

Statements of Cash Flows

Statements of Cash Flows - USD ($)	9 Months Ended		12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (46,937)	$ (31,551)	$ (41,194)
Changes in operating assets and liabilities:
Accounts payable	(4,560)	(148)	2,021
Accrued interest – related party	1,794	2,215	3,258
Net cash used in operating activities	(49,703)	$ (29,484)	$ (35,915)
Cash flows from financing activities
Advances from Parent	25,979
Proceeds from issuance of note payable – related party	12,000	$ 30,150	$ 36,150
Repayment of note payable – related party	(17,464)
Repurchase of common stock	(20,000)
Proceeds from Issuance of Common Stock	49,319
Net cash provided by financing activities	49,834	$ 30,150	$ 36,150
Net increase in cash	131	666	235
Cash at beginning of year	2,907	2,672	2,672
Cash at end of year	3,038	$ 3,338	$ 2,907
Supplemental disclosures of non-cash investing and financing activities
Equity contribution of related party from discharges of note and loans payable – related parties	$ 122,293

Note 1 - General

Note 1 - General	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	NOTE 1 - GENERAL Business 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’s principal business objective in the near term will be to achieve long-term growth potential through capital formation or a combination with an operating business rather than seeking short-term earnings. On August 26, 2015, the Company was acquired by Badlands NGLs, LLC (“Badlands” or the “Parent”), a company that is engaged in the development of a polymer manufacturing plant in the U.S. See further discussion of the acquisition by Badlands in Note 3 below. Except as the context otherwise requires, the terms “Iron Sands,” “we,” “our” or “us” means Iron Sands Corp. Basis of Presentation and Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplate the Company’s continuation as a going concern, whereby the realization of assets and liquidation of liabilities are in the ordinary course of business. As of December 31, 2015, the Company had an accumulated deficit of $201,053, cash of $3,038, negative working capital of $24,441 and stockholder’s deficit of $24,441. The Company requires cash from its Parent to fund its ongoing operating expenses and does not anticipate generating any revenue in the near term. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be different should the Company be unable to continue as a going concern. The Company expects to continue to receive cash funding from its Parent to fund its operations in the near term, however, there can be no assurance that funding from its Parent will be available. Subsequent to December 31, 2015, Badlands has provided $5,474 in loan advances to the Company.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition and Accounts Receivable The Company has not recognized any revenue since inception and had no accounts receivable balances as of December 31, 2015 or March 31, 2015. Use of Estimates The financial statements are prepared in accordance with US GAAP. The preparation of these financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs and expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions. Actual financial results may differ from these estimates under different assumptions or conditions. Earnings (Loss) per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period presented. Diluted net loss per share is computed in a manner consistent with that of basic net loss per share, while giving effect to all potentially dilutive common shares outstanding during the period. The Company has no potentially dilutive instruments outstanding for any of the periods presented. Accordingly, basic shares equal diluted shares for all periods presented. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent that it is more likely than not that a deferred tax asset will not be realized. US GAAP prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company classifies penalty and interest expense related to income tax liabilities as an income tax expense. There are no interest and penalties recognized in the statements of operations or on the balance sheet. See further discussion and disclosures in Note 5, “Income Taxes.” Reclassifications Certain reclassifications have been made in the financial statements as of and for the year ended March 31, 2015 to conform to the presentation as of and for the nine months ended December 31, 2015. Recently I ssued A ccounting P ronouncements The Company has considered all recently issued accounting pronouncements through the filing date of these financial statements in its Transition Report on Form 10-KT for the nine months ended December 31, 2015 and does not believe they will have a material impact on its future financial statements.

Note 3 - Equity and Debt Transa

Note 3 - Equity and Debt Transactions	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Equity and Debt Transactions [Text Block]	NOTE 3 – EQUITY AND DEBT TRANSACTIONS On August 26, 2015, pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) with Badlands, the Company sold 5,000,000 newly issued shares of the Company’s common stock (“Common Stock”) to Badlands in exchange for total cash consideration in the amount of $49,319, resulting in Badlands owning all of the issued and outstanding Common Stock of the Company. Simultaneously with the execution of Purchase Agreement, the Company entered into and consummated a Repurchase Agreement (the “Repurchase Agreement”), with its sole stockholder and a related party, NLBDIT 2010 Services, LLC (“NLBDIT Services”), whereby NLBDIT Services sold and the Company repurchased 5,000,000 shares of Common Stock, which represented all of the issued and outstanding Common Stock of the Company, for an aggregate purchase price of $20,000, which sum was paid to NLBDIT Services by the Company from the proceeds received from the sale of the Common Stock pursuant to the Purchase Agreement. As part of the transactions contemplated by the Purchase Agreement and the Repurchase Agreement, the Company caused the purchase price paid to the Company under the Purchase Agreement plus additional cash on hand to be distributed as follows: (a) $20,000 to NLBDIT Services for payment of the purchase price under the Repurchase Agreement; (b) $11,032 to vendors of the Company for payment of accounts payable outstanding as of August 26, 2015; and (c) $17,464 to NLBDIT Enterprises, LLC (“NLBDIT Enterprises”), a related party, as partial payment on a note payable, dated June 3, 2011, between the Company and NLBDIT Enterprises (the “NLBDIT Enterprises Note”). Also as part of the transactions contemplated by the Purchase Agreement and the Repurchase Agreement, the debts of the Company were discharged by their respective payees as follows: (a) the balance of principal and interest of $74,558 related to the NLBDIT Enterprises Note, after the payment of $17,464 noted above, and any other past obligations or claims of any kind or nature whatsoever among the Company and NLBDIT Enterprises; and (b) loans in the amount of $47,735 advanced to the Company by Sunrise Financial Group Inc. (“SFG”), a related party (the “SFG Loans”), and any other past obligations or claims of any kind or nature whatsoever among the Company and SFG. For the nine months ended December 31, 2015, as a result of the Purchase Agreement and the Repurchase Agreement being among related parties (as discussed in Note 4), the Company recognized an equity contribution and credited additional paid-in capital in the amount of $122,293 for the extinguishment of the principal and accrued interest of the NLBDIT Services Note and the balance of the non-interest bearing SFG Loans.

Note 4 - Other Related Party Tr

Note 4 - Other Related Party Transactions	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 4 – OTHER RELATED PARTY TRANSACTIONS In conjunction with the Purchase Agreement and Repurchase Agreement, the Company’s sole officer and director (“Former Officer”) resigned from the Company effective August 26, 2015. The Former Officer is a Manager of NLBDIT Services and NLBDIT Enterprises and provided accounting and tax services to the Company through August 26, 2015 through an entity that he controls. For the nine months ended December 31, 2015 and the year ended March 31, 2015, the Company incurred costs related to accounting services of $5,044 and $10,000, respectively, provided by the Former Officer’s entity. The President and controlling stockholder of NLBDIT Services, NLBDIT Enterprises and SPG is a former officer of the Company and also owns approximately 27.0% of the outstanding equity of Badlands as of December 31, 2015. The Company’s current CEO is the President and COO of the Company’s Parent. The current CEO receives no compensation for his services rendered, which are minimal, to the Company. For the nine months ended December 31, 2015, the Parent paid on the Company’s behalf legal fees in the amount of $15,979 associated with various SEC filings made by the Company for the year and advanced cash to the Company in the amount of $10,000. The Company made no repayments to the Parent for any of advances made during the nine months ended December 31, 2015, and all advances are payable upon demand by the Parent. Through August 26, 2015, the Company utilized office space and equipment at no cost at the location of the Former Officer’s entity. Also through August 26, 2015, the Company was headquartered at this location. Currently, the Company is headquartered at the corporate office of the Parent and, for the period from August 27, 2015 through December 31, 2015 is utilizing office space, office equipment and certain professional services of the Parent at no cost.

Note 5 - Income Taxes

Note 5 - Income Taxes	9 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 5 – INCOME TAXES As of December 31, 2015, the Company had a net operating loss carryforward available to offset future federal income tax of approximately $22,000. This carryforward expires as of the fiscal year ended December 31, 2035. Under the Tax Reform Act of 1986, the amount of and the benefit from net operating loss carryforwards incurred prior to a cumulative ownership change of more than 50% over a three-year period may be limited or not allowable. The Company carries a deferred tax valuation allowance equal to 100% of its total deferred asset. In recording this allowance, the Company has considered a number of factors, but chiefly, its sustained operating losses from inception. The Company has concluded that a valuation allowance is required for 100% of the total deferred tax asset as it is more likely than not that the deferred tax asset will not be realized. The deferred tax asset, which was classified as long-term, was comprised of the following: December 31, March 31, 2015 2015 Net operating loss carryforwards $ 8,000 $ 52,000 Valuation allowance (8,000 ) (52,000 ) Net deferred tax asset $ - $ - The benefit for income taxes differed from the amount computed using the U.S. federal income tax rate of 34% as follows: Nine months ended Year ended December 31, March 31, 2015 2015 Income tax benefit computed at federal statutory rate $ (16,000 ) $ (14,000 ) Gain on discharge of note and loans payable 46,000 - Debt discharge attribute reduction 20,000 - State income taxes, net of federal benefit (1,000 ) - Change in tax rate (5,000 ) - Change in valuation allowance (44,000 ) 14,000 Income tax benefit $ - $ - As of December 31, 2015 and March 31, 2015, the Company had no liability for unrecognized tax benefits and no accrual for the payment of related interest. For the nine months ended December 31, 2015 and the year ended March 31, 2015, the Company recorded no amounts for interest expense related to unrecognized tax benefits or tax related penalties. The Company had no unrecognized tax benefits or uncertain tax positions at December 31, 2015 or March 31, 2015. Any uncertain tax positions are related to tax years that remain subject to examination by relevant tax authorities. All tax years since inception remain open to examination by the Internal Revenue Service.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation and Going Concern The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which contemplate the Company’s continuation as a going concern, whereby the realization of assets and liquidation of liabilities are in the ordinary course of business. As of December 31, 2015, the Company had an accumulated deficit of $201,053, cash of $3,038, negative working capital of $24,441 and stockholder’s deficit of $24,441. The Company requires cash from its Parent to fund its ongoing operating expenses and does not anticipate generating any revenue in the near term. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might be different should the Company be unable to continue as a going concern. The Company expects to continue to receive cash funding from its Parent to fund its operations in the near term, however, there can be no assurance that funding from its Parent will be available. Subsequent to December 31, 2015, Badlands has provided $5,474 in loan advances to the Company.
Revenue Recognition and Accounts Receivable [Policy Text Block]	Revenue Recognition and Accounts Receivable The Company has not recognized any revenue since inception and had no accounts receivable balances as of December 31, 2015 or March 31, 2015.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The financial statements are prepared in accordance with US GAAP. The preparation of these financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets, liabilities, costs and expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates and assumptions. Actual financial results may differ from these estimates under different assumptions or conditions.
Earnings Per Share, Policy [Policy Text Block]	Earnings (Loss) per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period presented. Diluted net loss per share is computed in a manner consistent with that of basic net loss per share, while giving effect to all potentially dilutive common shares outstanding during the period. The Company has no potentially dilutive instruments outstanding for any of the periods presented. Accordingly, basic shares equal diluted shares for all periods presented.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. A valuation allowance is required to the extent that it is more likely than not that a deferred tax asset will not be realized. US GAAP prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of income tax positions taken or expected to be taken in an income tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company classifies penalty and interest expense related to income tax liabilities as an income tax expense. There are no interest and penalties recognized in the statements of operations or on the balance sheet. See further discussion and disclosures in Note 5, “Income Taxes.”
Reclassification, Policy [Policy Text Block]	Reclassifications Certain reclassifications have been made in the financial statements as of and for the year ended March 31, 2015 to conform to the presentation as of and for the nine months ended December 31, 2015.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently I ssued A ccounting P ronouncements The Company has considered all recently issued accounting pronouncements through the filing date of these financial statements in its Transition Report on Form 10-KT for the nine months ended December 31, 2015 and does not believe they will have a material impact on its future financial statements.

Note 5 - Income Taxes (Tables)

Note 5 - Income Taxes (Tables)	9 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, March 31, 2015 2015 Net operating loss carryforwards $ 8,000 $ 52,000 Valuation allowance (8,000 ) (52,000 ) Net deferred tax asset $ - $ -
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Nine months ended Year ended December 31, March 31, 2015 2015 Income tax benefit computed at federal statutory rate $ (16,000 ) $ (14,000 ) Gain on discharge of note and loans payable 46,000 - Debt discharge attribute reduction 20,000 - State income taxes, net of federal benefit (1,000 ) - Change in tax rate (5,000 ) - Change in valuation allowance (44,000 ) 14,000 Income tax benefit $ - $ -

Note 1 - General (Details Textu

Note 1 - General (Details Textual) - USD ($)	Feb. 08, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
Badlands [Member] | Subsequent Event [Member]
Advances from Parent	$ 5,474
Retained Earnings (Accumulated Deficit)		$ (201,053)	$ (154,116)
Cash and Cash Equivalents, at Carrying Value		3,038	2,907	$ 3,338	$ 2,672
Working Capital (Deficit)		(24,441)
Stockholders' Equity Attributable to Parent		(24,441)	$ (129,116)		$ (87,922)
Advances from Parent		$ 25,979

Note 3 - Equity and Debt Tran15

Note 3 - Equity and Debt Transactions (Details Textual) - USD ($)	Aug. 26, 2015	Dec. 31, 2015	Dec. 31, 2014	Mar. 31, 2015
Badlands [Member]
Stock Issued During Period, Shares, New Issues	5,000,000
Proceeds from Issuance of Common Stock	$ 49,319
NLBDIT Services [Member]
Treasury Stock, Shares, Acquired	5,000,000
Payments for Repurchase of Common Stock	$ 20,000
NLBDIT Enterprises Note [Member]
Repayments of Related Party Debt	17,464
Adjustments to Additional Paid in Capital, Extinguishment of Debt	74,558
SPG Loans [Member]
Adjustments to Additional Paid in Capital, Extinguishment of Debt	47,735
Proceeds from Issuance of Common Stock		$ 49,319
Payments for Repurchase of Common Stock		20,000
Payments to Vendors for Payment of Accounts Payable	$ 11,032
Repayments of Related Party Debt		17,464
Adjustments to Additional Paid in Capital, Extinguishment of Debt		$ 122,293

Note 4 - Other Related Party 16

Note 4 - Other Related Party Transactions (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Former Officer [Member]
Professional Fees	$ 5,044	$ 10,000
President and Controlling Stockholder of NLBDIT Services, NLBDIT Enterprises and SPG [Member] | Badlands [Member]
Related Party, Percentage Ownership in Equity of Counterparty	27.00%
Badlands [Member] | SEC Filing Expenses [Member]
Payments for Legal Settlements	$ 15,979
Related Party Transaction, Amounts of Transaction	$ 10,000

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual)	9 Months Ended
	Dec. 31, 2015USD ($)
Operating Loss Carryforwards, Limitations on Use	The fiscal year ended December 31, 2035.
Operating Loss Carryforwards	$ 22,000
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%

Note 5 - Deferred Tax Asset (De

Note 5 - Deferred Tax Asset (Details) - USD ($)	Dec. 31, 2015	Mar. 31, 2015
Net operating loss carryforwards	$ 8,000	$ 52,000
Valuation allowance	$ (8,000)	$ (52,000)
Net deferred tax asset

Note 5 - Income Tax Benefit (De

Note 5 - Income Tax Benefit (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2015	Mar. 31, 2015
Income tax benefit computed at federal statutory rate	$ (16,000)	$ (14,000)
Gain on discharge of note and loans payable	46,000
Debt discharge attribute reduction	20,000
State income taxes, net of federal benefit	(1,000)
Change in tax rate	(5,000)
Change in valuation allowance	(44,000)	$ 14,000
Income tax benefit	$ 0	$ 0