Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 15, 2016 | |
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 | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 2,871 | $ 12,609 |
Accounts Receivable | 18,056 | 1,866 |
Inventory | ||
Ticket Assignment Agreement | 240,000 | 240,000 |
Total Current Assets | 260,927 | 254,475 |
TOTAL ASSETS | 260,927 | 254,475 |
Current Liabilities: | ||
Accounts Payable | 23,974 | 2,915 |
Interest Payable | 3,800 | 2,600 |
Due to Related Party | 95,100 | 60,100 |
Total Current Liabilities | 122,874 | 65,615 |
Long Term Liabilities: | ||
Note Payable - Shareholder | 240,000 | 240,000 |
Total Current Liabilities | 240,000 | 240,000 |
TOTAL LIABILITIES | 362,874 | 305,615 |
STOCKHOLDERS' EQUITY | ||
Common stock: authorized 100,000,000; $0.001 par value; 48,000,000 shares issued and outstanding at June 30, 2016 and December 31, 2015 | 34,500 | 34,500 |
Paid in capital | 48,000 | 48,000 |
Deficit accumulated during the development stage | (184,447) | (133,640) |
Total Stockholders' Equity | (101,947) | (51,140) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 260,927 | $ 254,475 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 | 6 Months Ended | 41 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | |
Income Statement [Abstract] | |||||
REVENUES | $ 20,141 | $ 49,990 | $ 44,990 | $ 108,000 | $ 328,143 |
TOTAL REVENUES | 20,141 | 49,990 | 44,990 | 108,000 | 328,143 |
COST OF GOODS SOLD | |||||
Beta Test Expense | 372 | ||||
Merchant Account Fees | 386 | 987 | 987 | 987 | |
Purchases - Resale Tickets | 16,125 | 32,156 | 30,880 | 79,079 | 214,575 |
TOTAL COST OF GOODS SOLD | 16,511 | 33,143 | 31,867 | 79,079 | 215,934 |
GROSS PROFIT | 3,630 | 16,847 | 13,123 | 28,921 | 112,208 |
Operating Expenses: | |||||
General and administrative | 42,168 | 62,730 | 62,730 | 28,335 | 292,855 |
Interest Expense | 600 | 1,200 | 1,200 | 1,200 | 3,800 |
Total Expenses | 42,768 | 63,930 | 63,930 | 29,535 | 296,655 |
Net loss for the period | $ (39,139) | $ (47,083) | $ (50,807) | $ (614) | $ (184,447) |
Net loss per share: | |||||
Basic and diluted (in dollars per share) | $ (0.001) | $ (0.001) | $ (0.001) | $ 0 | $ (0.004) |
Weighted average number of shares outstanding: | |||||
Basic and diluted (in shares) | 48,000,000 | 48,000,000 | 48,000,000 | 48,000,000 | 48,000,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | 41 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | |
Operating activities: | |||
Net profit (loss) | $ (50,807) | $ (614) | $ (184,447) |
Changes in assets and liabilities: | |||
Accounts Receivable | (16,190) | (23,000) | (18,056) |
Inventory | |||
Ticket Assignment Agreement | (240,000) | ||
Accounts Payable | 21,059 | 14,018 | 23,974 |
Note Payable - Rheingrover | 95,100 | ||
Interest Payable | 1,200 | 1,200 | 3,800 |
Net cash provided by operating activities | (319,629) | ||
Financing activities: | |||
Note Payable - Shareholder | 35,000 | 240,000 | |
Capital stock | 48,000 | ||
Additional Paid-in Capital | 34,500 | ||
Net cash provided by financing activities | 35,000 | 322,500 | |
Net increase in cash | (9,738) | (8,396) | 2,871 |
Cash, beginning of period | 12,609 | 30,577 | |
Cash, end of period | 2,871 | 22,181 | 2,871 |
Cash paid during the period | |||
Taxes | |||
Interest |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
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 | 6 Months Ended |
Jun. 30, 2016 | |
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. 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016. This condition raises substantial doubt about the Company’s ability to continue as a going concern. Management believes that the Company’s current cash of $2871.30 plus current revenues is sufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016, $95,100 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. $25,000 of the funds are the result of a 10% Convertible Note issued on October 5, 2015. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by October 5, 2016 or is convertible at the conversion price of $0.05 per common stock share. $35,000 of the funds are the result of a 10% Convertible Note issued on April 30, 2016. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by April 30, 2017 or is convertible at the conversion price of $0.10 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 $3,800 in interest on the note as of June 30, 2016. |
STOCK TRANSACTIONS
STOCK TRANSACTIONS | 6 Months Ended |
Jun. 30, 2016 | |
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 March 31, 2016 the Company had 48,000,000 shares of common stock issued and outstanding. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7. STOCKHOLDERS’ EQUITY The stockholders’ equity section of the Company contains the following classes of capital stock as of June 30, 2016: Common stock, $ 0.001 par value: 100,000,000 shares authorized; 48,000,000 shares issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS The Company evaluated all other events or transactions that occurred after June 30, 2016 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) | 6 Months Ended |
Jun. 30, 2016 | |
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. |
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 ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Going Concern [Abstract] | ||||
Cash | $ 2,871 | $ 12,609 | $ 22,181 | $ 30,577 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | 1 Months Ended | 6 Months Ended | 41 Months Ended | ||||
Dec. 17, 2014 | Jun. 30, 2016 | Jun. 30, 2016 | Apr. 30, 2016 | Dec. 31, 2015 | Oct. 05, 2015 | Sep. 03, 2015 | |
Related Party Transaction [Line Items] | |||||||
Due to related party | $ 95,100 | $ 95,100 | $ 60,100 | ||||
Loan from related party | 35,000 | 240,000 | |||||
Accrued interest | 3,800 | 3,800 | $ 2,600 | ||||
Russell Rhiengrover | |||||||
Related Party Transaction [Line Items] | |||||||
Due to related party | 95,100 | $ 95,100 | |||||
Loan from related party | $ 100 | ||||||
Russell Rhiengrover | Convertible Note | |||||||
Related Party Transaction [Line Items] | |||||||
Convertible notes | $ 35,000 | $ 25,000 | $ 35,000 | ||||
Rate of convertible note issued | 10.00% | 10.00% | 10.00% | ||||
Conversion price (in dollars per share) | $ 0.10 | $ 0.05 | $ 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 |
STOCK TRANSACTIONS (Detail Text
STOCK TRANSACTIONS (Detail Textuals) | 1 Months Ended | |||
Oct. 31, 2014USD ($)Shareholder$ / sharesshares | Jan. 31, 2013USD ($)$ / sharesshares | Jun. 30, 2016shares | Dec. 31, 2015shares | |
Stock Transactions [Line Items] | ||||
Common stock, shares issued | 48,000,000 | 48,000,000 | ||
Common stock, shares outstanding | 48,000,000 | 48,000,000 | ||
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 | |||
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 |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 |