Double Down 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 13, 2017
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, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash	$ 3,555	$ 4,037
Accounts Receivable		2,390
Total Current Assets	3,555	6,427
TOTAL ASSETS	3,555	6,427
Current Liabilities:
Accounts Payable	7,162	8,983
Interest Payable	24,067	11,270
Due to Related Party	185,100	145,100
Total Current Liabilities	216,329	165,353
TOTAL LIABILITIES	216,329	165,353
Commitments & Contingencies
STOCKHOLDERS' EQUITY
Common stock: authorized 100,000,000; $0.001 par value; 48,000,000 shares issued and outstanding at September 30, 2017 and December 31, 2016	48,000	48,000
Paid in capital	34,500	34,500
Accumulated deficit	(295,273)	(241,426)
Total Stockholders' Equity	(212,773)	(158,926)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 3,555	$ 6,427

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
REVENUES	$ 169	$ 27,503	$ 11,855	$ 72,493
TOTAL REVENUES	169	27,503	11,855	72,493
COST OF GOODS SOLD
Merchant Account Fees	150	422	1,149	1,409
Purchases - Resale Tickets		17,895	8,549	50,775
TOTAL COST OF GOODS SOLD	150	18,317	9,698	52,184
GROSS PROFIT	18	9,186	2,157	20,309
Operating Expenses:
General and administrative	2,264	851	4,952	1,620
Professional Fees	3,605	18,035	38,256	79,996
Total Expenses	5,869	18,886	43,208	81,615
Net loss from operations	(5,851)	(9,700)	(41,051)	(61,307)
Other Income/Expense:
Gain on Cancellation of Debt		3,800		3,800
Interest Expense	(4,266)		(12,797)	(1,200)
Total Other Income/Expense	(4,266)	3,800	(12,797)	2,600
Provision for taxes	0	0	0	0
Net Income (loss)	$ (10,116)	$ (5,900)	$ (53,848)	$ (58,707)
Net loss per share:
Basic and diluted (in dollars per share)	$ 0	$ 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	48,000,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net loss	$ (53,848)	$ (58,707)
Changes in assets and liabilities:
Accounts Receivable	2,390	1,060
Accounts Payable	(1,821)	5,820
Interest Payable	12,797	(2,600)
Net cash used in operating activities	(40,482)	(54,427)
Financing activities:
Note Payable - Rheingrover	40,000	55,000
Net cash provided by financing activities	40,000	55,000
Net increase/(decrease) in cash	(482)	573
Cash, beginning of period	4,037	12,609
Cash, end of period	3,555	13,183
Cash paid during the period
Taxes	0	0
Interest	$ 0	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Sep. 30, 2017
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, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying unaudited interim financial statements of Ticket Corp. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2016 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. On November 1, 2014 the Board of Directors changed the year end of the Company from January 31 to December 31. Unless the context otherwise requires, all references to “Ticket,” “we,” “us,” “our” or the “company” are to Ticket Corp. 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. If the company issues all shares convertible under the terms of the loans payable to Russell Rheingrover (see Related Party Transactions) the number of shares to be issued to Mr. Rheingrover would be 2,150,000. 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 when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured. Reclassification On December 17, 2014 the Company signed a Promissory Note in the amount of $240,000 with Russell Rheingrover. The note had an annual interest of 1.00%. The maturity date of the note was March 13, 2018. The note was 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 had accrued $3,800 in interest on the note as of June 30, 2016. On August 31, 2016 the Assignment Agreement was cancelled due to non-performance. All accrued interest was also cancelled, resulting in a gain of $3,800.

RECENT ACCOUNTING PRONOUCEMENTS

RECENT ACCOUNTING PRONOUCEMENTS	9 Months Ended
	Sep. 30, 2017
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUCEMENTS	NOTE 3. RECENT ACCOUNTING PRONOUCEMENTS The Financial Accounting Standards Board (“FASB”) periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements. In May 2014, the FASB issued ASU 2014-09, “ Revenue from Contracts with Customers (Topic 606

GOING CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2017
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) through September 30, 2017 and a deficit of $295,273, or $0.006 per share. 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 $3,555, anticipated revenues and loans from our director when needed will be sufficient to cover the expenses they will incur during the next twelve months in a limited operations scenario. Though revenues have decreased during the nine months ended September 30, 2017 compared to the same period ended September 30, 2016, Management believes that by following through with the Company’s plan of operation for the next 12 months that the revenue will increase to a point to support operations without loans from the director of the Company. These statements do not include any adjustments relating to the recoverability of assets and classification of liabilities, or any other adjustments that might be result of the outcome of this uncertainty.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
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, 2017, $209,167 is owed to Russell Rheingrover, 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. The accrued interest payable of the Convertible Notes as outlined below was $24,067. $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 September 8, 2017, the terms of the Note were extended to September 7, 2018. The conversion price was considered by management to be a fair price. $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. On October 5, 2016, the terms of the Note were extended to October 4, 2017. The conversion price was considered by management to be a fair price. $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 April 30, 2017, the terms of the Note were extended to April 30, 2018. The conversion price was considered by management to be a fair price. $20,000 of the funds are the result of a 10% Convertible Note issued on September 8, 2016. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by September 8, 2017 or is convertible at the conversion price of $0.15 per common stock share. The conversion price was considered by management to be a fair price. $30,000 of the funds are the result of a 10% Convertible Note issued on October 26, 2016. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by October 26, 2017 or is convertible at the conversion price of $0.15 per common stock share. The conversion price was considered by management to be a fair price. $30,000 of the funds are the result of a 10% Convertible Note issued on January 6, 2017. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by January 6, 2018 or is convertible at the conversion price of $0.15 per common stock share. The conversion price was considered by management to be a fair price. $10,000 of the funds are the result of a 10% Convertible Note issued on July 3, 2017. Under the terms of the note the principal sum and interest is to be repaid to Mr. Rheingrover by July 2, 2018 or is convertible at the conversion price of $0.15 per common stock share. The conversion price was considered by management to be a fair price. Mr. Rheingrover, who currently owns 69% of our outstanding voting stock, is also the Chief Executive Officer of Jiffy Tickets, a national reseller of concert, theater, sporting and event tickets. He currently devotes approximately 5 hours of his business time to our affairs and the balance to Jiffy Tickets. He owes a fiduciary duty of loyalty to us, but also owes similar fiduciary duties to Jiffy Tickets. Due to his responsibilities to serve both companies, there is potential for conflicts of interest. He will use every effort to avoid material conflicts of interest generated by his responsibilities to both companies, but no assurance can be given that material conflicts will not arise which could be detrimental to our operations and financial prospects.

STOCK TRANSACTIONS

STOCK TRANSACTIONS	9 Months Ended
	Sep. 30, 2017
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 Rheingrover 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, 2017, the Company had 48,000,000 shares of common stock issued and outstanding.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2017
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, 2017: 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, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8. SUBSEQUENT EVENTS The Company evaluated all other events or transactions that occurred after September 30, 2017 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, 2017
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited interim financial statements of Ticket Corp. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2016 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. On November 1, 2014 the Board of Directors changed the year end of the Company from January 31 to December 31. Unless the context otherwise requires, all references to “Ticket,” “we,” “us,” “our” or the “company” are to Ticket Corp.
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. If the company issues all shares convertible under the terms of the loans payable to Russell Rheingrover (see Related Party Transactions) the number of shares to be issued to Mr. Rheingrover would be 2,150,000.
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 when all goods and services have been performed and delivered, the amounts are readily determinable, and collection is reasonably assured.
Reclassification	Reclassification On December 17, 2014 the Company signed a Promissory Note in the amount of $240,000 with Russell Rheingrover. The note had an annual interest of 1.00%. The maturity date of the note was March 13, 2018. The note was 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 had accrued $3,800 in interest on the note as of June 30, 2016. On August 31, 2016 the Assignment Agreement was cancelled due to non-performance. All accrued interest was also cancelled, resulting in a gain of $3,800.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended
	Aug. 31, 2016	Dec. 17, 2014	Jan. 31, 2013	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2016
Related Party Transaction [Line Items]
Accrued interest					$ 24,067		$ 11,270
Gain on cancellation of debt				$ 3,800		$ 3,800
Russell Rhiengrover
Related Party Transaction [Line Items]
Number of shares issued			33,000,000		2,150,000
Accrued interest					$ 24,067
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								$ 3,800
Gain on cancellation of debt	$ 3,800

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Going Concern [Abstract]
Accumulated deficit	$ (295,273)	$ (241,426)
Deficit per share (in dollars per share)	$ 0.006
Cash	$ 3,555	$ 4,037	$ 13,183	$ 12,609

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2016	Jul. 03, 2017	Jan. 06, 2017	Dec. 31, 2016	Oct. 26, 2016	Sep. 08, 2016	Apr. 30, 2016	Oct. 05, 2015	Sep. 03, 2015
Related Party Transaction [Line Items]
Due to related party	$ 185,100					$ 145,100
Accrued interest	24,067					$ 11,270
Gain on cancellation of debt		$ 3,800	$ 3,800
Russell Rhiengrover
Related Party Transaction [Line Items]
Due to related party	209,167
Amount loaned to open bank account	$ 100
Percentage of total revenues	50.00%
Accrued interest	$ 24,067
Ownership percentage	69.00%
Russell Rhiengrover | Convertible Note
Related Party Transaction [Line Items]
Convertible notes				$ 10,000	$ 30,000		$ 30,000	$ 20,000	$ 35,000	$ 25,000	$ 35,000
Rate of convertible note issued				10.00%	10.00%		10.00%	10.00%	10.00%	10.00%	10.00%
Conversion price (in dollars per share)				$ 0.15	$ 0.15		$ 0.15	$ 0.15	$ 0.10	$ 0.05	$ 0.05
Jiffy tickets
Related Party Transaction [Line Items]
Due to related party	$ 6,028

STOCK TRANSACTIONS (Detail Text

STOCK TRANSACTIONS (Detail Textuals)	1 Months Ended		9 Months Ended
	Oct. 31, 2014USD ($)Shareholder$ / sharesshares	Jan. 31, 2013USD ($)$ / sharesshares	Sep. 30, 2017shares	Dec. 31, 2016shares
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	2,150,000
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	Sep. 30, 2017	Dec. 31, 2016
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