Iron Sands 10-Q 19 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 19, 2017
Document Information [Line Items]
Entity Registrant Name	Iron Sands Corp.
Entity Central Index Key	1,527,727
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
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Unaudited Condensed Balance She

Unaudited Condensed Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Current asset, cash and equivalents	$ 1,459	$ 1,947
Total assets	1,459	1,947
Current liabilities, accounts payable and accrued expenses	18,523	15,661
Long-term Payable to Parent	93,302	66,328
Total liabilities	111,825	81,989
Stockholder's deficit:
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued	0	0
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	176,112
Accumulated deficit	(286,978)	(256,654)
Total stockholder’s deficit	(110,366)	(80,042)
Total liabilities and stockholder's deficit	$ 1,459	$ 1,947

Unaudited Condensed Balance Sh3

Unaudited Condensed Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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
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

Unaudited Condensed Statements

Unaudited Condensed Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue
General and administrative expenses:
Audit and tax services	12,873	15,125
Legal fees	4,250
Accounting fees	8,728
Conversion and filing costs	1,400	1,620
Parent services expense allocation	2,500
Administrative costs	573	573
Total general and administrative expenses	30,324	17,318
Net loss	$ (30,324)	$ (17,318)
Net loss per share (basic and diluted) (in dollars per share)	$ (0.01)	$ 0
Weighted average number of shares outstanding (basic and diluted) (in shares)	5,000,000	5,000,000

Unaudited Condensed Statement o

Unaudited Condensed Statement of Changes in Stockholder's Deficit - 3 months ended Mar. 31, 2017 - USD ($)	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Total
Balances (in shares) at Dec. 31, 2016	5,000,000	176,112
Balances at Dec. 31, 2016	$ 500	$ (256,654)	$ (80,042)	$ (80,042)
Net loss		$ (30,324)	(30,324)	(30,324)
Balances (in shares) at Mar. 31, 2017	5,000,000	176,112
Balances at Mar. 31, 2017	$ 500	$ (286,978)	$ (110,366)	$ (110,366)

Unaudited Condensed Statements6

Unaudited Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (30,324)	$ (17,318)
Parent services expense allocation	2,500
Adjustments to reconcile net loss to net cash used in operating activities:
Increase (decrease) in accounts payable and accrued expenses	2,862	(1,500)
Net cash used in operating activities	(24,962)	(18,818)
Cash flows from investing activities
Cash flows provided by financing activities:
Cash advances from Parent	24,474	20,474
Net increase (decrease) in cash and equivalents	(488)	1,656
Cash and equivalents, beginning of period	1,947	3,038
Cash and equivalents, end of period	1,459	4,694
Supplemental disclosures of cash flow information:
Cash payments for income taxes
Cash payments for interest

Note 1 - Organization, Operatio

Note 1 - Organization, Operations and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. ORGANIZATION, OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Organization and Operations Iron Sands Corp. (the “Company”) was incorporated in the state of Delaware on January 18, 2011 August 26, 2015, Basis of Presentation The accompanying unaudited condensed financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”) and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations, although the Company believes that the disclosures herein are adequate such that the information is not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial statements have been included. The accompanying condensed balance sheet and related disclosures as of December 31, 2016 10 December 31, 2016. March 31, 2017, three March 31, 2017 may December 31, 2017. Certain reclassifications have been made to the prior period balances in order to conform to the current period presentation. These reclassifications had no impact on working capital, net loss, stockholder’s deficit or cash flows as previously reported. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions. Actual financial results may Comprehensive Income (Loss) Comprehensive income (loss) is used to refer to net income (loss) plus other comprehensive income (loss). Other comprehensive income (loss) is comprised of revenues, expenses, gains, and losses that under U.S. GAAP are reported as separate components of stockholder’s deficit instead of net income (loss). There are no differences between comprehensive loss and net loss for three March 31, 2016 2017. Recently Issued Accounting Pronouncements The following recently issued accounting standard is not yet effective; the Company is currently assessing the impact this standard will have on its financial statements, as well as the method of adoption and period in which adoption is expected to occur: In January 2016, 2016 01, December 15, 2017,

Note 2 - Going Concern

Note 2 - Going Concern	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	2. GOING CONCERN As of March 31, 2017, $110,366, $17,064, $1,459. one In May 2017, $93,302 March 31, 2017, March 31, 2018. March 31, 2017. May 2017, $5,000 twelve

Note 3 - Related Party Transact

Note 3 - Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	3. RELATED PARTY TRANSACTIONS Executive Officers, Personnel and Office Space. September 30, 2016, fourth 2016, $2,500 first 2017 Funding from Parent. three March 31, 2016 2017, $20,474 $24,474, March 31, 2017, $88,302. $2,500 fourth 2016 $2,500 first 2017, $93,302 March 31, 2017. May 2017, March 31, 2018, March 31, 2017.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. FAIR VALUE MEASUREMENTS Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In circumstances where the Company is required to determine fair value, various methods including market, income and cost approaches would be considered to select the method that is most appropriate. Based on these approaches, the Company would adopt assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs may one three Level 1 Level 2 1 2 Level 3 While the Company’s objective is to select valuation methods that are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. The carrying amount of cash and equivalents and accounts payable and accrued expenses approximate fair value because of the short-term nature of those instruments. The carrying value of the Payable to Parent discussed in Note 3 $66,328 December 31, 2016 $93,302 March 31, 2017. , and the Parent has agreed not to demand repayment until after March 31, 2018. December 31, 2016 March 31, 2017, 1 3

Note 5 - Subsequent Events

Note 5 - Subsequent Events	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	5. SUBSEQUENT EVENTS In May 2017, $5,000

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		27 Months Ended
	May 18, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity Attributable to Parent		$ (110,366)		$ (110,366)	$ (80,042)
Working Capital (Deficit)		(17,064)		(17,064)
Cash and Cash Equivalents, at Carrying Value		1,459	$ 4,694	1,459	1,947	$ 3,038
Due to Related Parties, Noncurrent		93,302		93,302	$ 66,328
Proceeds from Related Party Debt		24,474	20,474
Badlands [Member]
Due to Related Parties, Noncurrent		93,302		93,302
Proceeds from Related Party Debt		$ 24,474	$ 20,474	$ 88,302
Badlands [Member] | Subsequent Event [Member]
Proceeds from Related Party Debt	$ 5,000

Note 3 - Related Party Transa13

Note 3 - Related Party Transactions (Details Textual) - USD ($)	3 Months Ended			27 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Mar. 31, 2017
Parent Services Expense Allocation	$ 2,500
Proceeds from Related Party Debt	24,474		20,474
Due to Related Parties, Noncurrent	93,302	$ 66,328		$ 93,302
Badlands [Member]
Parent Services Expense Allocation	2,500	$ 2,500
Proceeds from Related Party Debt	24,474		$ 20,474	88,302
Due to Related Parties, Noncurrent	$ 93,302			$ 93,302

Note 4 - Fair Value Measureme14

Note 4 - Fair Value Measurements (Details Textual) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Badlands [Member]
Fair Value, Estimate Not Practicable, Debt Instrument	$ 93,302	$ 66,328

Note 5 - Subsequent Events (Det

Note 5 - Subsequent Events (Details Textual) - USD ($)	1 Months Ended	3 Months Ended		27 Months Ended
	May 18, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
Proceeds from Related Party Debt		$ 24,474	$ 20,474
Badlands [Member]
Proceeds from Related Party Debt		$ 24,474	$ 20,474	$ 88,302
Badlands [Member] | Subsequent Event [Member]
Proceeds from Related Party Debt	$ 5,000