Double Down 10-Q 23 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 23, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	Ticket Corp.
Entity Central Index Key	1,570,279
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		48,000,000
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 539	$ 30,577
Accounts Receivable	$ 40,250	$ 11,000
Inventory
Ticket Assignment Agreement	$ 240,000	$ 240,000
Total Current Assets	280,789	281,577
TOTAL ASSETS	280,789	281,577
Current Liabilities:
Accounts Payable	2,748	10,498
Interest Payable	1,400	200
Due to Related Party	35,100	100
Total Current Liabilities	39,248	10,798
Long Term Liabilities:
Note Payable - Shareholder	240,000	240,000
Total Long Term Liabilities	240,000	240,000
TOTAL LIABILITIES	279,248	250,798
STOCKHOLDERS' EQUITY
Common stock: authorized 100,000,000; $0.001 par value; 48,000,000 shares issued and outstanding at March 31, 2015 and December 31, 2014	34,500	34,500
Paid in capital	48,000	48,000
Deficit accumulated during the development stage	(80,960)	(51,721)
Total Stockholders' Equity	1,540	30,779
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 280,789	$ 281,577

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	48,000,000	48,000,000
Common stock, shares outstanding	48,000,000	48,000,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
REVENUES	$ 31,250	$ 31,000	$ 139,250	$ 58,500
TOTAL REVENUES	31,250	31,000	139,250	58,500
COST OF GOODS SOLD
Beta Test Expense				372
Purchases - Resale Tickets	9,657	950	88,736	43,115
TOTAL COST OF GOODS SOLD	9,657	950	88,736	43,487
GROSS PROFIT	21,593	30,050	50,514	15,013
Operating Expenses:
General and administrative	50,218	20,545	78,553	36,524
Interest Expense			1,200
Total Expenses	50,218	20,545	79,753	36,524
Net loss for the period	$ (28,625)	$ 9,505	$ (29,239)	$ (21,512)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.001)	$ 0	$ (0.001)	$ (0.001)
Weighted average number of shares outstanding:
Basic and diluted (in shares)	48,000,000	48,000,000	48,000,000	33,000,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net profit (loss)	$ (29,239)	$ (21,512)
Changes in assets and liabilities:
Accounts Receivable	$ (12,000)	14,000
Inventory		$ 372
Ticket Assignment Agreement
Accounts Payable	$ (7,749)
Note Payable - Rheingrover	35,000
Interest Payable	1,200
Net cash provided by operating activities	$ (12,788)	$ (7,140)
Financing activities:
Note Payable - Shareholder
Capital stock
Additional Paid-in Capital
Net cash provided by financing activities
Net increase in cash	$ (30,038)	$ (7,140)
Cash, beginning of period	30,577	17,472
Cash, end of period	$ 539	$ 10,332
Cash paid during the period
Taxes
Interest

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Ticket Corp. (the Company) was incorporated under the laws of the State of Nevada on January 17, 2013. The Company was formed to become a provider of tickets in the San Francisco Bay Area and a national provider of premium seats and entrance to concerts, sporting events, theatre and entertainment, including corporate and group ticketing, special events and promotions worldwide. The Company is in the development stage. Its activities to date have been limited to capital formation, organization, development of its business plan and limited revenue production.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The Company’s financial statements are prepared using the accrual method of accounting. On November 1, 2014 the Board of Directors changed the year end of the Company from January 31 to December 31. The change to the year-end has resulted in the Company filing its annual report on Form 10-K for the year ending December 31, 2014. Basic Loss per Share ASC No. 260, “Earnings per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with ASC No. 250 all adjustments are normal and recurring. Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Revenue The Company records revenue on the accrual basis when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured.

RECENT ACCOUNTING PRONOUCEMENTS

RECENT ACCOUNTING PRONOUCEMENTS	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUCEMENTS	NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS The Company has evaluated all the recent accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission and believe that none of them will have a material effect on the Company’s financial statements.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2015
Going Concern [Abstract]
GOING CONCERN	NOTE 4. GOING CONCERN The accompanying financial statements are presented on a going concern basis. The Company had limited operations during the period from January 17, 2013 (date of inception) to September 30, 2015. This condition raises substantial doubt about the Company’s ability to continue as a going concern. The Company is currently in the development stage and has minimal expenses, management believes that the Company’s current cash of $539 plus current revenues is sufficient to cover the expenses they will incur during the next twelve months.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5. RELATED PARTY TRANSACTIONS The sole officer and two directors of the Company may, in the future, become involved in other business opportunities as they become available, they may face a conflict in selecting between the Company and their other business opportunities. The Company has not formulated a policy for the resolution of such conflicts. As of September 30, 2015, $35,100 is owed to Russell Rhiengrover, CEO. $100 of the funds were loaned by him to the Company to open the bank account and is non-interest bearing with no specific repayment terms. $35,000 of the funds are the result of a 10% Convertible Note issued on September 3, 2015. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by September 3, 2016 or is convertible at the conversion price of $0.05 per common stock share. On December 17, 2014 the Company signed a Promissory Note in the amount of $240,000 with Russell Rheingrover. The note has an annual interest of 1.00%. The maturity date of the note is March 13, 2018. The note is associated with an Assignment Agreement between the Company and Mr. Rheingrover wherein Mr. Rheingrover assigned all of his rights to the Stadium Builders License Agreement with the Santa Clara Stadium Authority to purchase and resell tickets to San Francisco 49er’s games with a fair market value of $80,000 per year for three years. The company has accrued $1,200 in interest on the note as of September 30, 2015.

STOCK TRANSACTIONS

STOCK TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Stock Transactions [Abstract]
STOCK TRANSACTIONS	NOTE 6. STOCK TRANSACTIONS On January 31, 2013, the Company issued a total of 33,000,000 shares of common stock to its sole officer Russell Rhiengrover for cash in the amount of $0.001 per share for a total of $33,000. The company’s Registration Statement on Form S-1 was declared effective on July 25, 2014. In October 2014 the company sold 15,000,000 shares of common stock to 50 independent shareholders at a price of $0.033 per share for total proceeds of $49,500, pursuant to the Registration Statement. As of September 30, 2015 the Company had 48,000,000 shares of common stock issued and outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 7. STOCKHOLDERS’ EQUITY The stockholders’ equity section of the Company contains the following classes of capital stock as of September 30, 2015: Common stock, $ 0.001 par value: 100,000,000 shares authorized; 48,000,000 shares issued and outstanding.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8. SUBSEQUENT EVENTS The Company evaluated all other events or transactions that occurred after September 30, 2015 up through date the Company issued these financial statements and found no subsequent event that needed to be reported.

SUMMARY OF SIGNIFICANT ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The Company’s financial statements are prepared using the accrual method of accounting. On November 1, 2014 the Board of Directors changed the year end of the Company from January 31 to December 31. The change to the year-end has resulted in the Company filing its annual report on Form 10-K for the year ending December 31, 2014.
Basic Loss per Share	Basic Loss per Share ASC No. 260, “Earnings per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles 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 date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In accordance with ASC No. 250 all adjustments are normal and recurring.
Income Taxes	Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Revenue	Revenue The Company records revenue on the accrual basis when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured.

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Going Concern [Abstract]
Cash	$ 539	$ 30,577	$ 10,332	$ 17,472

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	1 Months Ended
	Dec. 17, 2014	Sep. 30, 2015	Sep. 03, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Due to related party		$ 35,100		$ 100
Accrued interest		1,400		$ 200
Russell Rhiengrover | Convertible Note
Related Party Transaction [Line Items]
Due to related party			$ 35,000
Rate of convertible note issued			10.00%
Conversion price (in dollars per share)			$ 0.05
Russell Rhiengrover | Promissory Note
Related Party Transaction [Line Items]
Promissory note amount	$ 240,000
Annual interest rate	1.00%
Maturity date of note	Mar. 13, 2018
Fair market value of tickets	$ 80,000
License agreement term	3 years
Accrued interest		$ 1,200

STOCK TRANSACTIONS (Detail Text

STOCK TRANSACTIONS (Detail Textuals)	1 Months Ended
	Oct. 31, 2014USD ($)shareholder$ / sharesshares	Jan. 31, 2013USD ($)$ / sharesshares	Sep. 30, 2015shares	Dec. 31, 2014shares
Stock Transactions [Line Items]
Common stock, shares issued			48,000,000	48,000,000
Common stock, shares outstanding			48,000,000	48,000,000
Independent shareholders
Stock Transactions [Line Items]
Number of shares issued	15,000,000
Number of independent shareholders | shareholder	50
Per share amount of shares issued (in dollars per share) | $ / shares	$ 0.033
Value of shares issued | $	$ 49,500
Russell Rhiengrover
Stock Transactions [Line Items]
Number of shares issued		33,000,000
Per share amount of shares issued (in dollars per share) | $ / shares		$ 0.001
Value of shares issued | $		$ 33,000

STOCKHOLDERS' EQUITY (Detail Te

STOCKHOLDERS' EQUITY (Detail Textuals) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	48,000,000	48,000,000
Common stock, shares outstanding	48,000,000	48,000,000