Cover
Cover - shares | 3 Months Ended | |
Jan. 31, 2022 | Mar. 01, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 333-185928 | |
Entity Registrant Name | ARAX HOLDINGS CORP. | |
Entity Central Index Key | 0001566243 | |
Entity Tax Identification Number | 99-0376721 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 30 N Gould Street | |
Entity Address, City or Town | Sheridan | |
Entity Address, State or Province | WY | |
Entity Address, Postal Zip Code | 82801 | |
City Area Code | 564 | |
Local Phone Number | 234-7009 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 10,335,924 |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
ASSETS | ||
Total assets | ||
Current liabilities: | ||
Accrued expenses | 16,020 | 14,150 |
Due to related party | 33,608 | 11,862 |
Total current liabilities | 49,628 | 26,012 |
Total liabilities | 49,628 | 26,012 |
Commitments and contingencies | ||
Stockholders' deficit: | ||
Preferred Stock Series A, par value $0.001, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding as of January 31, 2022 and October 31, 2021 | 10,000 | 10,000 |
Common stock, Par Value $0.001, 75,000,000 shares authorized, 10,335,924 issued and outstanding as of January 31, 2022 and October 31, 2021 | 10,335 | 10,335 |
Additional paid-in capital | 684,046 | 684,046 |
Accumulated deficit | (754,009) | (730,393) |
Total stockholders' deficit | (49,628) | (26,012) |
Total liabilities and stockholders' deficit |
CONDENSED BALANCE SHEETS (Una_2
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2022 | Oct. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Outstanding | 10,000,000 | 10,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Outstanding | 10,335,924 | 10,335,924 |
Common Stock, Shares, Issued | 10,335,924 | 10,335,924 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating expenses: | ||
Administrative expenses | 23,616 | |
Administrative expenses - related party | 12,721 | |
Total operating expenses | 23,616 | 12,721 |
Loss from operations | (23,616) | (12,721) |
Loss before provision for income taxes | (23,616) | (12,721) |
Provision for income taxes | ||
Net loss | $ (23,616) | $ (12,721) |
Net income (loss) per common share, basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding, basic and diluted | 10,335,924 | 10,335,924 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT (unaudited) - USD ($) | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 31, 2020 | $ 10,335 | $ 588,271 | $ (598,606) | ||
Beginning balance (in shares) at Oct. 31, 2020 | 10,335,924 | ||||
Net loss | (12,721) | (12,721) | |||
Ending balance, value at Jan. 31, 2021 | $ 10,335 | 588,271 | (611,327) | (12,721) | |
Ending balance (in shares) at Jan. 31, 2021 | 10,335,924 | ||||
Beginning balance, value at Oct. 31, 2021 | $ 10,000 | $ 10,335 | 684,046 | (730,393) | (26,012) |
Beginning balance (in shares) at Oct. 31, 2021 | 10,000,000 | 10,335,924 | |||
Net loss | (23,616) | (23,616) | |||
Ending balance, value at Jan. 31, 2022 | $ 10,000 | $ 10,335 | $ 684,046 | $ (754,009) | $ (49,628) |
Ending balance (in shares) at Jan. 31, 2022 | 10,000,000 | 10,335,924 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (23,616) | $ (12,721) |
Adjustments to reconcile net loss to net cash used in | ||
Expenses paid directly by related party | 16,346 | |
Increase in operating liabilities: | ||
Accounts payable and accrued expenses | 7,270 | |
Cash used in operating activities | (12,721) | |
Cash flows from investing activities: | ||
Cash used in investing activities | ||
Cash flows from financing activities: | ||
Proceeds from related party notes | 12,721 | |
Cash provided by financing activities | 12,721 | |
Net increase (decrease) in cash | ||
Cash, beginning of period | ||
Cash, end of period | ||
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | ||
Cash paid during the period for income taxes |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Arax Holdings Corp. (the “Company”, “we”, “our” or “us”) was incorporated under the laws of the State of Nevada on February 23, 2012. The Company currently has no operations from a continuing business other than the expenditures related to running the Company and currently has no revenue from continuing operations. Management intends to explore and identify business opportunities within the U.S., including a potential acquisition of an operating entity through a reverse merger, asset purchase or similar transaction. Our executives have experience in business consulting, although no assurances can be given that they can identify and implement a viable business strategy or that any such strategy will result in profits. Our ability to effectively identify, develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control, including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and global economies. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and presented in accordance with accounting principles generally accepted in the United States of America (US GAAP). The accompanying balance sheet at October 31, 2021, has been derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements as of January 31, 2022 and for the three months ended January 31, 2022 and 2021 have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the audited financial statements and related notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2021 as filed with the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been made to the condensed financial statements. The condensed financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the condensed financial statements not misleading as required by Regulation S-X Rule 10-01. Operating results for the three months ended January 31, 2022 are not necessarily indicative of the results that may be expected for the year ending October 31, 2022 or any future periods. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. The Company has incurred operating losses since its inception. As of January 31, 2022, the Company had a working capital deficit of $ 49,628 754,009 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by a company related to its Chairman, Michael Pieter Loubser. The Company will be required to continue to rely on this entity until its operations become profitable. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company has no Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. The Company has 100,000,000 and 0 shares issuable upon the conversion of preferred stock that were not included in the computation of dilutive loss per share because their inclusion is antidilutive for the three months ended January 31, 2022 and 2021, respectively. |
EQUITY
EQUITY | 3 Months Ended |
Jan. 31, 2022 | |
Equity [Abstract] | |
EQUITY | NOTE 3 – EQUITY The Company has authorized 10,000,000 0.001 10,000,000 The Company has authorized 75,000,000 0.001 10,335,294 The Company did not issue any equity securities during either of the three month periods ended January 31, 2022 and 2021. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jan. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of January 31, 2022 and October 31, 2021. COVID-19 On March 11, 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most US states and many countries have issued policies intended to stop or slow the further spread of the disease. Covid-19 and the U. S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the Covid-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. We do not yet know the full extent of the effects on the economy, the markets we serve, our business, or our operations. |
ADVANCES FROM RELATED PARTY
ADVANCES FROM RELATED PARTY | 3 Months Ended |
Jan. 31, 2022 | |
Debt Disclosure [Abstract] | |
ADVANCES FROM RELATED PARTY | NOTE 5 – ADVANCES FROM RELATED PARTY An entity controlled by the Company’s Chairman has advanced an aggregate of $ 33,608 11,862 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In accordance with FASB ASC 855-10, Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jan. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and presented in accordance with accounting principles generally accepted in the United States of America (US GAAP). The accompanying balance sheet at October 31, 2021, has been derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements as of January 31, 2022 and for the three months ended January 31, 2022 and 2021 have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements, and should be read in conjunction with the audited financial statements and related notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2021 as filed with the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been made to the condensed financial statements. The condensed financial statements include all material adjustments (consisting of normal recurring accruals) necessary to make the condensed financial statements not misleading as required by Regulation S-X Rule 10-01. Operating results for the three months ended January 31, 2022 are not necessarily indicative of the results that may be expected for the year ending October 31, 2022 or any future periods. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. The Company has incurred operating losses since its inception. As of January 31, 2022, the Company had a working capital deficit of $ 49,628 754,009 Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by a company related to its Chairman, Michael Pieter Loubser. The Company will be required to continue to rely on this entity until its operations become profitable. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. The Company has no |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. The Company has 100,000,000 and 0 shares issuable upon the conversion of preferred stock that were not included in the computation of dilutive loss per share because their inclusion is antidilutive for the three months ended January 31, 2022 and 2021, respectively. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Accounting Policies [Abstract] | ||
Working capital deficit | $ 49,628 | |
Accumulated deficit | (754,009) | $ (730,393) |
Cash | $ 0 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Jan. 31, 2022 | Oct. 31, 2021 |
Equity [Abstract] | ||
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, outstanding | 10,000,000 | 10,000,000 |
Preferred stock, issued | 10,000,000 | 10,000,000 |
Preferred stock, authorized | 75,000,000 | 75,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, issued | 10,335,924 | 10,335,924 |
Common stock, outstanding | 10,335,924 | 10,335,924 |
ADVANCES FROM RELATED PARTY (De
ADVANCES FROM RELATED PARTY (Details Narrative) - USD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Debt Disclosure [Abstract] | ||
Advanced an aggregate | $ 33,608 | $ 11,862 |