TOA Carbon Fiber 10-K 1 Oct 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Jul. 31, 2014	Sep. 27, 2014
Document And Entity Information	'	'
Entity Registrant Name	'TOA Carbon Fiber Inc.	'
Entity Central Index Key	'0001582741	'
Document Type	'10-K	'
Document Period End Date	31-Jul-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--07-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Public Float	'	$0
Entity Common Stock, Shares Outstanding	'	20,000,000
Document Fiscal Period Focus	'FY	'
Document Fiscal Year Focus	'2014	'

BALANCE_SHEETS_Unaudited

BALANCE SHEETS (Unaudited) (USD $)	Jul. 31, 2014	Jul. 31, 2013
Current Assets	'	'
Prepaid Expenses	'	$2,000
Total Current Assets	'	2,000
TOTAL ASSETS	0	2,000
Current Liabilities	'	'
Accounts Payable-Related Party	'	2,244
Accrued Expenses	2,000	2,000
Total Current Liabilities	2,000	4,244
TOTAL LIABILITIES	2,000	4,244
Stockholders' Equity (Deficit)	'	'
Preferred stock ($.0001 par value, 20,000,000 shares authorized; none issued and outstanding)	'	'
Common stock ($.0001 par value, 500,000,000 shares authorized, 20,000 shares issued and outstanding	2,000	2,000
Additional paid-in capital	3,544	0
Accumlated deficit	-7,544	-4,244
Total Stockholders' Equity (Deficit)	-2,000	-2,244
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)	$0	$2,000

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS (Parenthetical) (USD $)	Jul. 31, 2014	Jul. 31, 2013
Statement of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	20,000,000	20,000,000
Common stock, shares outstanding	20,000,000	20,000,000

STATEMENTS_OF_OPERATIONS_Unaud

STATEMENTS OF OPERATIONS (Unaudited) (USD $)	0 Months Ended	12 Months Ended
	Jul. 31, 2013	Jul. 31, 2014
Income Statement [Abstract]	'	'
Revenues	'	'
General And Administrative Expenses	244	'
Share Based Compensation	2,000	'
Professional fees	2,000	3,300
Total Expenses	4,244	3,300
Net Loss Before Income Taxes	-4,244	-3,300
Net Income (Loss)	($4,244)	($3,300)
Basic and Diluted Loss Per Share	$0	$0
Weighted average number of common shares outstanding	20,000,000	20,000,000

SHAREHOLERS_EQUITYDEFICIT

SHAREHOLER'S EQUITY/DEFICIT (USD $)	0 Months Ended	12 Months Ended
	Jul. 31, 2013	Jul. 31, 2014
Contributed Expenses	'	$3,544
Shares issued for services rendered or for director's compensation (Value)	2,000	'
Shares Issued (Quantity)	'	'
Net loss for the year end	-4,244	-3,300
Balance - End of Fiscal Year (Share Number Represents Quantity)	-2,244	-2,000
Common Stock	'	'
Contributed Expenses	'	'
Shares issued for services rendered or for director's compensation (Value)	2,000	'
Shares Issued (Quantity)	20,000,000	'
Net loss for the year end	'	'
Balance - End of Fiscal Year (Share Number Represents Quantity)	20,000,000	20,000,000
Preferred Stock	'	'
Contributed Expenses	'	'
Shares issued for services rendered or for director's compensation (Value)	'	'
Shares Issued (Quantity)	'	'
Net loss for the year end	'	'
Balance - End of Fiscal Year (Share Number Represents Quantity)	'	'
Additional Paid-In Capital	'	'
Contributed Expenses	'	3,544
Shares issued for services rendered or for director's compensation (Value)	'	'
Shares Issued (Quantity)	'	'
Net loss for the year end	'	'
Balance - End of Fiscal Year (Share Number Represents Quantity)	'	3,544
Other Comprehensive Income / Loss	'	'
Contributed Expenses	'	'
Shares issued for services rendered or for director's compensation (Value)	'	'
Shares Issued (Quantity)	'	'
Net loss for the year end	'	'
Balance - End of Fiscal Year (Share Number Represents Quantity)	'	'
Retained Earnings / Accumulated Deficit	'	'
Contributed Expenses	'	'
Shares issued for services rendered or for director's compensation (Value)	'	'
Shares Issued (Quantity)	'	'
Net loss for the year end	-4,244	-3,300
Balance - End of Fiscal Year (Share Number Represents Quantity)	($4,244)	($7,544)

STATEMENT_OF_CASH_FLOWS_Unaudi

STATEMENT OF CASH FLOWS (Unaudited) (USD $)	0 Months Ended	12 Months Ended
	Jul. 31, 2013	Jul. 31, 2014
Statement of Cash Flows [Abstract]	'	'
Net Loss	($4,244)	($3,300)
Common Stock issued to Founder for services rendered (value)	2,000	'
Expenses contributed to capital	'	3,544
Prepaid Expense	-2,000	2,000
Accrued expenses	2,000	'
Account payables - Related Party	2,244	-2,244
Net cash provided by (used in) operating activities	'	'
Net increase (decrease) in cash	'	'
Interest paid	'	'

ORGANIZATION_AND_DESCRIPTION_O

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Jul. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
ORGANIZATION AND DESCRIPTION OF BUSINESS	'
	NOTE 1—ORGANIZATION AND DESCRIPTION OF BUSINESS
	TOA Carbon Fiber, Inc., (fka Wealth Acquisition, Inc.) (the “Company”) was incorporated under the laws of the State of Delaware on July 22, 2013, with an objective to acquire, or merge with, an operating business. As of July 31, 2014 the Company had not yet identified a target to either acquire or merge with.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jul. 31, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Note 2—Significant Accounting Policies
	Basis of presentation.
	The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC.  The Financial Statements have been prepared using the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a July 31 fiscal year end. (See Note 3, Going Concern, regarding the assumption that the Company is a “going-concern”).
	SHELL COMPANY STATUS.
	We are considered a shell company as defined in Rule 12b-2 of the Exchange Act. Rule 12b-2 of the Exchange Act defines a “shell company” as a registrant that has “nominal operations” and “assets consisting solely of cash and cash equivalents and nominal other assets.” Our shell company status prevents investor from reselling our shares under Rule 144(i) unless and until 12 months after we are no longer considered a shell company. We caution investors as to the highly illiquid nature of an investment in our shares.
	Use of estimates.
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
	Fiscal year end.
	The Company elected July 31st as its fiscal year ending date.
	Cash AND CASH equivalents.
	For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. Cash and cash equivalents were $0 at July 31, 2014 and July 31, 2013.
	CASH FLOWS REPORTING.
	The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period.
	COMMITMENTS AND CONTINGENCIES.
	The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies.  Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies at July 31, 2014 and 2013.
	DEFERRED INCOME TAXES AND VALUATION ALLOWANCE.
	The Company accounts for income taxes under ASC 740 Income Taxes.  Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs.
	A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations.  No deferred tax assets or liabilities were recognized as of July 31, 2014 and 2013.
	The Company files income tax returns in the United States which are subject to examination by tax authorities in these jurisdictions.  Generally, three years of returns remain subject to examination by major tax jurisdictions.   The state impact, if any, of any federal changes to prior year remains subject to examination for a period of up to five years after formal notification to the states.
	The Company has evaluated tax positions in accordance with ASC 740, Income taxes, and has not identified any significant tax positions, other than those disclosed.
	EARNINGS (LOSS) PER SHARE.
	The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of July 31, 2014.
	FINANCIAL INSTRUMENTS.
	The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.
	ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
	· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities
	· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
	· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
	Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.
	RELATED PARTY TRANSACTIONS.
	The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Related party transactions for the period ending July 31, 2014 totaled $1,300 and were amounts contributed to capital. Related party transactions for the period ended July 31, 2013 totaled $2,244, were comprised solely of accounts payable which were reclassified in 2014 to additional paid in capital.
	SHARE-BASED EXPENSE.
	ASC 718, Compensation – Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period).
	The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees.  Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable:  (a) the goods or services received; or (b) the equity instruments issued.  The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date.
	Share-based expense for the periods ended July 31, 2014 and 2013 was $0 and $2,000, respectively.
	RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS.
	From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.
	Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company.
	We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.
	In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements – Going Concern; Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The amendments in this update provide guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The guidance is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted but not required. As the objective of this accounting standard is to provide guidance on the disclosure of uncertainties about an entity’s ability to continue as a going concern, the adoption of this standard is not expected to impact our financial position or results of operations. The Company has chosen not to adopt the standard at this time.
	In June 2014, FASB issued Accounting Standards Update (ASU) No. 2014-12 Compensation — Stock Compensation (Topic 718), Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.  A performance target in a share-based payment that affects vesting and that could be achieved after the requisite service period should be accounted for as a performance condition under Accounting Standards Codification (ASC) 718, Compensation — Stock Compensation. As a result, the target is not reflected in the estimation of the award’s grant date fair value. Compensation cost would be recognized over the required service period, if it is probable that the performance condition will be achieved.  The guidance is effective for annual periods beginning after December 15, 2015 and interim periods within those annual periods. Early adoption is permitted but not required.  As the objective of the amendments in this update is to resolve diverse accounting treatments of these particular share-based awards adoption of this guidance is not expected to impact our financial position or results of operations. The Company has chosen not to adopt the standard at this time.
	In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities and also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. These amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Management has early adopted the amendment. As the objective of the amendments in this update is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities adoption of this guidance has not impacted our financial position or results of operations.
	In December 2013, the FASB issued ASU 2013-12, Definition of a Public Entity. This accounting standard establishes one definition of public business entity for future use in U.S. GAAP. The amendment does not affect existing requirements. There is no actual effective date for the amendment in this Update. Adoption of this guidance did not impact our financial position or results of operations.
	In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This accounting standard does not require new recurring disclosures. This ASU is effective for reporting periods beginning after December 15, 2013, with early adoption permitted. As the objective of this accounting standard is to provide guidance on the presentation of unrecognized tax benefits and the settling of income taxes resulting from disallowances of tax positions, the adoption of this standard has not impacted our financial position or results of operations.

GOING_CONCERN

GOING CONCERN	12 Months Ended
	Jul. 31, 2014
Going Concern	'
GOING CONCERN	'
	NOTE 3—GOING CONCERN
	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically, recurring operating losses, working capital deficiencies, negative cash flows from operating activities, and other adverse key financial ratios.
	Management plans to mitigate this substantial doubt by increasing ownership equity and borrowings from related parties. There is no assurance that management's plan will be successful.
	The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

PREPAID_EXPENSE

PREPAID EXPENSE	12 Months Ended
	Jul. 31, 2014
DisclosurePrepaidExpenseAbstract	'
Prepaid Expense	'
	NOTE 4—PREPAID EXPENSE
	Prepaid expense totaled $0 and $2,000 at July 31, 2014 and July 31, 2013 and consisted solely of prepaid audit fees.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jul. 31, 2014
Commitments And Contingencies	'
Commitments and Contingencies	'
	NOTE 5—COMMITMENTS AND CONTINGENCIES
	Litigation
	The Company is not presently involved in any litigation.
	Lease Obligations
	At July 31, 2014, the Company does not have any capital or operating leases.

STOCKHOLDERS_EQUITY

STOCKHOLDER'S EQUITY	12 Months Ended
	Jul. 31, 2014
Stockholders Equity	'
Stockholder's Equity	'
	NOTE 6—STOCKHOLDER’S EQUITY
	The capitalization of the Company consists of the following classes of capital stock as of July 31, 2014:
	* Common stock, $0.0001 par value: 500,000,000 shares authorized; 20,000,000 shares issued and outstanding.
	Holders of shares of common stock are entitled to one vote per share; voting rights are not cumulative.
	* Preferred stock, $0.0001 par value: 20,000,000 shares authorized; but not issued and outstanding.
	Preferred stock has voting powers and designations, preferences, limitations and restrictions as the board of directors occasionally determines.
	Common Stock
	On July 29, 2013, the Board of Directors issued 20,000,000 shares of common stock to the founding shareholder in exchange for services rendered that included developing the Company’s business concept and plan and which were valued at $2,000.
	On July 6, 2014 a share purchase agreement between Jeffrey DeNunzio and Hajime Abe was completed. The private transaction resulted in the sale of all 20,000,000 common shares issued and outstanding making Hajime Abe the sole shareholder. In conjunction with the share purchase agreement there was a change in management with the resignation of Jeffrey DeNunzio from all positions held and the appointment of four new corporate officers.
	Additional Paid in Capital
	Operating expenses paid by a related party for the period ending July 31, 2014 totaled $1,300 and were amounts contributed to capital. Related party accounts payable at July 31, 2013 totaled $2,244 and was reclassified in 2014 to additional paid in capital.

RELATED_PARTY_DISCLOSURE

RELATED PARTY DISCLOSURE	12 Months Ended
	Jul. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transaction	'
	NOTE 7—RELATED-PARTY TRANSACTIONS
	Accounts payable
	At July 31, 2014 and July 31, 2013 the company had a related-party payable in the amounts of $ 0 and $2,244 to its sole officer and shareholder. These amounts were reclassified to additional paid in capital.
	Equity
	During the period ending July 31, 2014 expenses totaling 1,300 were paid by our sole officer and shareholder and are considered contributions to capital.
	On July 29, 2013, the Company issued 20,000,000 of its $0.0001 par value common stock at $0.0001 per share and totaling $2,000 to the sole director and shareholder of the Company in exchange for developing the Company’s business concept and plan.
	Other
	We neither rent nor own any properties. Until we pursue a viable business opportunity and recognize income, we will not seek office space. We currently have no policy with respect to investments or interests in real estate, real estate mortgages or securities of, or interests in, persons primarily engaged in real estate activities.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Jul. 31, 2014
Income Taxes	'
Income Taxes	'
	NOTE 8—INCOME TAXES
	The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods.  The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not.  In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.  As of July 31, 2014 the Company has incurred net losses of $7,544 resulting in a net operating loss carryforward for income tax purposes.  Net operating losses begin expiring in 2033. The loss also results in a deferred tax asset of approximately $1,443 at the effective statutory rates totaling 34%.  The deferred tax asset has been off-set by an equal valuation allowance.
		31-Jul-14	July 31, 2013
	Deferred tax asset, generated from net operating loss at statutory rates	2,565	1,443
	Valuation allowance	-2,565	-1,443

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jul. 31, 2014
Subsequent Events [Abstract]	'
SubsequentEvents	'
	NOTE 9—SUBSEQUENT EVENTS
	Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred requiring adjustment or disclosure.