ViewRay (VRAYQ) 10-Q 14 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May. 31, 2015	Jul. 14, 2015
Document And Entity Information
Entity Registrant Name	Mirax Corp
Entity Central Index Key	1,597,313
Document Type	10-Q
Trading Symbol	mrxc
Document Period End Date	May 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--11-30
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 Common Stock, Shares Outstanding		5,150,176
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015

Condensed Balance Sheets (unaud

Condensed Balance Sheets (unaudited) - USD ($)	May. 31, 2015	Nov. 30, 2014
Current assets
Cash	$ 2,129	$ 7,927
Inventory	2,521	2,521
Total current assets	4,650	10,448
Total assets	$ 4,650	10,448
Current liabilities
Accounts payable		80
Loan from related party	$ 7,200	7,200
Total current liabilities	7,200	7,280
Total liabilities	$ 7,200	$ 7,280
Commitments and contingencies (Note 6)
Stockholders' equity (deficit)
Common stock, $0.001 par value, 75,000,000 shares authorized, 4,343,339 shares issued and outstanding	$ 4,343	$ 4,343
Additional paid-in capital	23,725	23,725
Accumulated deficit	(30,618)	(24,900)
Total stockholders' equity (deficit)	(2,550)	3,168
Total liabilities and stockholders' equity (deficit)	$ 4,650	$ 10,448

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	May. 31, 2015	Nov. 30, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	4,343,339	4,343,339
Common stock, shares outstanding	4,343,339	4,343,339

Condensed Statements of Operati

Condensed Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Statement [Abstract]
Revenue, net
Operating expenses
Direct costs of revenue
General and administrative	$ 1,606	$ 1,823	$ 5,718	$ 5,978
Net loss	$ (1,606)	$ (1,823)	$ (5,718)	$ (5,978)
Net loss per share - basic and diluted and diluted (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted average number of shares outstanding - basic and diluted (in shares)	4,343,339	3,500,000	4,343,339	3,500,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (unaudited) - USD ($)	6 Months Ended
	May. 31, 2015	May. 31, 2014
Cash flows from operating activities:
Net loss	$ (5,718)	$ (5,978)
Changes in operating assets and liabilities:
Accounts payable	(80)
Net cash used in operating activities	$ (5,798)	$ (5,978)
Cash flows from financing activities:
Proceeds from loan payable		3,500
Net cash provided by financing activities		3,500
Net decrease in cash	$ (5,798)	(2,478)
Cash at beginning of period	7,927	3,208
Cash at end of period	$ 2,129	$ 730
Cash paid during the year for:
Interest
Income taxes

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Mirax Corp. (the “Company”) was incorporated in the State of Nevada on September 6, 2013, to engage in the business of buying cell phone cases from manufacturers and distributors for wholesale prices, and selling them to customers at market prices. Because the Company was not able to raise sufficient capital to execute its original business plan, the Company is now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. As of the date of these financial statements the Company does not have any definitive agreements and the Company has not entered into any definitive agreement to change the Company’s direction.

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	6 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of Mirax Corp. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. The results of operations for the interim period ended May 31, 2015 shown in this report are not necessarily indicative of results to be expected for the full fiscal year ending November 30, 2015. In the opinion of the Company’s management, the information contained herein reflects all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s results of operations, financial position and cash flows. The unaudited interim financial statements should be read in conjunction with the audited financial statements in the Company’s Form 10-K for the year ended November 30, 2014 filed on February 27, 2015 and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section. 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 period. Actual results could differ from those estimates. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. Inventory Inventory consists of merchandise acquired for resale and is valued at the lower-of-cost-or-market with cost determined on a first-in first out basis. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2015. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. Income Taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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 the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Segment Information In accordance with the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of May 31, 2015 and 2014. Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. No new pronouncements had any material effect on these unaudited financial statements. The accounting pronouncements issued subsequent to the date of these unaudited financial statements that were considered significant by management were evaluated for the potential effect on these unaudited financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these unaudited financial statements as presented and does not anticipate the need for any future restatement of these unaudited financial statements because of the retro-active application of any accounting pronouncements issued subsequent to November 30, 2014 through the date these unaudited financial statements were issued. Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.

GOING CONCERN

GOING CONCERN	6 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3—GOING CONCERN Going Concern The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company sustained net losses of $5,718 and used cash in operating activities of $5,798 for the six months ended May 31, 2015. The Company had working capital deficit, stockholders’ deficit and accumulated deficit of $2,550, $2,550 and $30,618, respectively, at May 31, 2015. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company’s continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from third parties to sustain its current level of operations. The Company is in the process of securing working capital from investors for common stock, convertible notes payable, and/or strategic partnerships. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

LOANS FROM RELATED PARTY

LOANS FROM RELATED PARTY	6 Months Ended
	May. 31, 2015
Related Party Transactions [Abstract]
LOANS FROM RELATED PARTY	NOTE 4 — LOANS FROM RELATED PARTY The balance due to a director of the Company was $7,200 as of May 31, 2015 and November 30, 2014. The loan is unsecured, non-interest bearing and due on demand.

COMMON STOCK

COMMON STOCK	6 Months Ended
	May. 31, 2015
Equity [Abstract]
COMMON STOCK	NOTE 5 — COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On October 28, 2013, the Company issued 3,500,000 shares of common stock to a director for cash proceeds of $3,500 at $0.001 per share. Between December 2013 and August 2014, the Company sold 843,339 shares of common stock for net cash proceeds of $24,568 at $0.03 per share. There were 4,343,339 shares of common stock issued and outstanding as of May 31, 2015.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	May. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of its business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	May. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS On June 30, 2015, the sole member of the Company’s Board of Directors declared a 1.185763-for-1 forward stock split of the Company’s outstanding Common Stock, in the form of a dividend (the “Stock Split”). In connection therewith, each holder of the Company’s Common Stock as of July 6, 2015, the record date, received 0.185763 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. Additional shares issued as a result of the stock split were distributed on the payment date, which was July 7, 2015. Stockholders who sell their Common Stock before the ex-dividend date will be selling away their right to the stock dividend. Such sale includes an obligation to deliver any shares acquired as a result of the dividend to the buyer of the shares, since the seller will receive an I.O.U. or "due bill" from his or her broker for the additional shares. The day stockholders can sell their shares without being obligated to deliver the additional dividend shares is the ex-dividend date, the first business day after the stock dividend payment date. As of the ex-dividend date, our Common Stock will trade on a post-split adjusted basis. In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to May 31, 2015 to the date these financial statements were issued, and has determined that it does not have any other material subsequent events to disclose in these financial statements.

SUMMARY OF SIGNIFCANT ACCOUNT13

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	May. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements of Mirax Corp. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. The results of operations for the interim period ended May 31, 2015 shown in this report are not necessarily indicative of results to be expected for the full fiscal year ending November 30, 2015. In the opinion of the Company’s management, the information contained herein reflects all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s results of operations, financial position and cash flows. The unaudited interim financial statements should be read in conjunction with the audited financial statements in the Company’s Form 10-K for the year ended November 30, 2014 filed on February 27, 2015 and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section.
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 period. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders’ equity as previously reported.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.
Inventory	Inventory Inventory consists of merchandise acquired for resale and is valued at the lower-of-cost-or-market with cost determined on a first-in first out basis.
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2015. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
Basic and Diluted Loss Per Share	Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.
Income Taxes	Income Taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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 the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.
Segment Information	Segment Information In accordance with the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of May 31, 2015 and 2014
Effect of Recent Accounting Pronouncements	Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. No new pronouncements had any material effect on these unaudited financial statements. The accounting pronouncements issued subsequent to the date of these unaudited financial statements that were considered significant by management were evaluated for the potential effect on these unaudited financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these unaudited financial statements as presented and does not anticipate the need for any future restatement of these unaudited financial statements because of the retro-active application of any accounting pronouncements issued subsequent to November 30, 2014 through the date these unaudited financial statements were issued.
Comprehensive Income	Comprehensive Income The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income.

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014	Nov. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (1,606)	$ (1,823)	$ (5,718)	$ (5,978)
Net cash used in operating activities			(5,798)	$ (5,978)
Working capital deficit			2,550
Stockholders' deficit	(2,550)		(2,550)		$ 3,168
Accumulated deficit	$ (30,618)		$ (30,618)		$ (24,900)

LOANS FROM RELATED PARTY (Detai

LOANS FROM RELATED PARTY (Details Narrative) - USD ($)	May. 31, 2015	Nov. 30, 2014
Related Party Transactions [Abstract]
Loan from related party	$ 7,200	$ 7,200

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	Oct. 28, 2013	Aug. 31, 2014	May. 31, 2015	Nov. 30, 2014
Equity [Abstract]
Common stock, shares authorized			75,000,000	75,000,000
Common stock, par value (in dollars per share)			$ 0.001	$ 0.001
Common stock, shares issued to director	3,500,000
Common stock, value issued to director	$ 3,500
Share Price (in dollars per share)	$ 0.001	$ 0.03
Common stock, value issued		$ 24,568
Common stock, shares issued		843,339
Common stock, shares issued			4,343,339	4,343,339
Common stock, shares outstanding			4,343,339	4,343,339

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Jun. 30, 2015
Subsequent Event [Member]
Subsequent Event [Line Items]
Description of the stock split arrangement	The sole member of the Company’s Board of Directors declared a 1.185763-for-1 forward stock split of the Company’s outstanding Common Stock, in the form of a dividend (the “Stock Split”). In connection therewith, each holder of the Company’s Common Stock as of July 6, 2015, the record date, received 0.185763 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share.