Cover
Cover - shares | 3 Months Ended | |
Jan. 31, 2024 | Apr. 19, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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 | 820 E Park Ave | |
Entity Address, Address Line Two | Bldg. D200 | |
Entity Address, City or Town | Tallahassee | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32301 | |
City Area Code | 850 | |
Local Phone Number | 254-1161 | |
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 | false | |
Entity Common Stock, Shares Outstanding | 127,588,506 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jan. 31, 2024 | Oct. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 3,026 | $ 1,448,769 |
Accounts receivable | 453,837 | 226,951 |
Total current assets | 456,863 | 1,675,720 |
Fixed assets | 1,359 | 1,510 |
Software development | 6,298,452 | 5,033,332 |
Long-term investments | 437,373 | 437,373 |
Total assets | 7,194,047 | 7,147,934 |
LIABILITIES & STOCKHOLDERS’ DEFICIT | ||
Accounts payable | 100,000 | 100,000 |
Accrued expenses | 110,623 | 100,378 |
Due to related party | 57,756 | 57,756 |
Total current liabilities | 268,378 | 258,134 |
Total liabilities | 268,378 | 258,134 |
Stockholders’ deficit | ||
Preferred Stock Series A, par value $0.001, 10,000,000 shares authorized, 10,000,000 and 10,000,000- shares issued and outstanding as of January 31, 2024 and 2023, respectively | 10,000 | 10,000 |
Common stock, Par Value $0.001, 950,000,000 shares authorized, 126,160,534 and 10,335,294 issued and outstanding as of January 31, 2024 and 2023 | 126,161 | 126,161 |
Additional paid in capital | 26,176,224 | 26,176,224 |
Accumulated deficit | (19,386,716) | (19,422,584) |
Total stockholders’ equity (deficit) | 6,925,669 | 6,889,800 |
Total liabilities and stockholders’ equity (deficit) | $ 7,194,047 | $ 7,147,934 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2024 | Oct. 31, 2023 |
Common stock, par or stated value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 950,000,000 | 950,000,000 |
Common stock, shares, issued | 126,160,534 | 10,335,294 |
Common stock, shares, outstanding | 126,160,534 | 10,335,294 |
Series A Preferred Stock [Member] | ||
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Income Statement [Abstract] | ||
Revenue | $ 226,886 | $ 226,886 |
Operating expenses: | ||
Administrative expenses | 189,868 | 212,340 |
Administrative expenses -other | ||
Total operating expenses | 189,868 | 212,340 |
Gain or (Loss) from operations | 37,018 | 14,546 |
Other expense | ||
Other (expense) net | 1,264,969 | 1,047,879 |
Gain or (Loss) before provision for income taxes | (151) | (1,033,333) |
Provision for income taxes | ||
Net Gain or (loss) | $ 35,868 | $ (1,033,333) |
Basic and diluted loss per common share | $ 0 | $ (0.01) |
Weighted average number of shares outstanding | 82,811,424 | 10,335,294 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT (unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Oct. 31, 2022 | $ 10,000 | $ 10,335 | $ 684,046 | $ (730,393) | $ (174,625) |
Beginning balance (in shares) at Oct. 31, 2022 | 10,000,000 | 10,335,924 | |||
Net loss | (148,613) | (148,613) | |||
Ending balance, value at Jan. 31, 2023 | $ 10,000 | $ 10,335 | 758,562 | (1,920,461) | (1,141,564) |
Ending balance (in shares) at Jan. 31, 2023 | 10,000,000 | 10,335,924 | |||
Beginning balance, value at Oct. 31, 2023 | $ 10,000 | $ 10,335 | 26,176,224 | (19,422,584) | 6,889,800 |
Beginning balance (in shares) at Oct. 31, 2023 | 10,000,000 | 10,335,924 | |||
Net loss | 35,868 | 35,868 | |||
Ending balance, value at Jan. 31, 2024 | $ 10,000 | $ 126,161 | $ 26,184,830 | $ (19,386,716) | $ 6,925,669 |
Ending balance (in shares) at Jan. 31, 2024 | 10,000,000 | 126,160,534 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Jan. 31, 2024 | Jan. 31, 2023 | |
Cash flows from operating activities: | ||
Net Income | $ 35,868 | $ (23,616) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accounts receivable and prepaid expenses | (226,886) | |
Expenses paid directly by related party | 16,346 | |
Increase in operating liabilities: | ||
Accounts payable and accrued expenses | 10,396 | 7,270 |
Derivative liabilities increase | ||
Change in derivative interest | ||
Cash used in operating activities | (180,622) | 0 |
Cash flows from investing activities: | ||
R&D Software Capitalization | (1,265,120) | |
Cash used in investing activities | (1,265,120) | |
Cash flows from financing activities: | ||
Conversion of related party payable | ||
Proceeds from convertible notes | ||
Cash provided by financing activities | ||
Net increase (decrease) in cash | (1,445,742) | |
Cash, beginning of period | 1,448,768 | |
Cash, end of period | 3,026 | |
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, 2024 | |
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 February 23, 2012 The Company has expanded operations in the blockchain logistics and software design industries. The Company has entered into consulting and design agreements from continuing business and is in the process of completing an acquisition of certain software technologies. The Company currently has revenue from continuing operations and expects to increase these revenues. Management intends to explore and identify business opportunities within the U.S. and other countries, including a acquisition of an operating entities through a share swap, 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, 2024 | |
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, 2023, 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, 2024 and for the three months ended January 31, 2024 and 2023 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, 2023 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, 2024 are not necessarily indicative of the results that may be expected for the year ending October 31, 2024 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, 2024, the Company had a working capital equity of $ 6,925,669 19,386,716 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 including convertible debt financing. The Company will be required to continue to rely on various debt financing 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 0 |
EQUITY
EQUITY | 3 Months Ended |
Jan. 31, 2024 | |
Equity [Abstract] | |
EQUITY | NOTE 3 – EQUITY The Company has authorized 10,000,000 0.001 10,000,000 The Company has authorized 950,000,000 0.001 126,160,534 The Company did not issue any equity securities during either of the three month periods ended January 31, 2024 and 2023. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jan. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not |
ADVANCES FROM RELATED PARTY
ADVANCES FROM RELATED PARTY | 3 Months Ended |
Jan. 31, 2024 | |
Related Party Transactions [Abstract] | |
ADVANCES FROM RELATED PARTY | NOTE 5 – ADVANCES FROM RELATED PARTY An entity controlled by the Company’s Chairman has advanced an aggregate of $ 57,756 57,756 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2024 | |
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, 2024 | |
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, 2023, 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, 2024 and for the three months ended January 31, 2024 and 2023 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, 2023 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, 2024 are not necessarily indicative of the results that may be expected for the year ending October 31, 2024 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, 2024, the Company had a working capital equity of $ 6,925,669 19,386,716 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 including convertible debt financing. The Company will be required to continue to rely on various debt financing 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 0 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | 3 Months Ended |
Jan. 31, 2024 | |
Entity incorporation, state or country code | NV |
Arax Holdings Corp [Member] | |
Entity incorporation, state or country code | NV |
Entity incorporation date | Feb. 23, 2012 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Jan. 31, 2024 | Jan. 31, 2023 | Oct. 31, 2023 | |
Accounting Policies [Abstract] | |||
Working capital deficit | $ 6,925,669 | ||
Accumulated deficit | (19,386,716) | $ (19,422,584) | |
Cash equivalents | $ 0 | ||
Antidilutive securities excluded | 100,000,000 | 0 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - $ / shares | Jan. 31, 2024 | Oct. 31, 2023 |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 950,000,000 | 950,000,000 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares, issued | 126,160,534 | 10,335,294 |
Common stock, shares, outstanding | 126,160,534 | 10,335,294 |
Series A Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jan. 31, 2024 | Oct. 31, 2023 |
Commitments and Contingencies Disclosure [Abstract] | ||
Contractual commitments | $ 0 | $ 0 |
ADVANCES FROM RELATED PARTY (De
ADVANCES FROM RELATED PARTY (Details Narrative) - USD ($) | Jan. 31, 2024 | Oct. 31, 2023 |
Related Party Transactions [Abstract] | ||
Advanced an aggregate | $ 57,756 | $ 57,756 |