Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | AGRO CAPITAL MANAGEMENT CORP. | |
Entity Central Index Key | 1,598,323 | |
Trading Symbol | acmb | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 72,500,000 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Current Assets | |||
Cash and cash equivalents | $ 55 | $ 15,445 | |
Prepaid expenses and deposits | 2,566 | ||
Total Current Assets | 2,621 | 15,445 | |
TOTAL ASSETS | 2,621 | 15,445 | |
Current Liabilities | |||
Accounts payable and accrued liabilities | 10,534 | 1,529 | |
Due to shareholder | 73,448 | 49,074 | |
Total Liabilities | 83,982 | 50,603 | |
Stockholders' Equity (Deficit) | |||
Common stock, par value $0.001, 300,000,000 shares authorized, 72,500,000 and 72,500,000 shares issued and outstanding respectively; | [1] | 72,500 | 72,500 |
Additional paid-in capital | (38,633) | (38,633) | |
Accumulated deficit | (115,228) | (69,025) | |
Total Stockholders' Equity (Deficit) | (81,361) | (35,158) | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 2,621 | $ 15,445 | |
[1] | Common stock retroactively adjusted for 10:1 forward stock split, effective December 11, 2015. |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) | 9 Months Ended | |||||
Sep. 30, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Oct. 29, 2015shares | ||||
Statement of Financial Position [Abstract] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | ||||
Common stock, shares authorized | 300,000,000 | [1] | 300,000,000 | [1] | 75,000,000 | |
Common stock, shares issued | [1] | 72,500,000 | 72,500,000 | |||
Common stock, shares outstanding | [1] | 72,500,000 | 72,500,000 | |||
Forward stock split, common stock | 10 | |||||
[1] | Common stock retroactively adjusted for 10:1 forward stock split, effective December 11, 2015. |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Revenues [Abstract] | |||||
REVENUE | |||||
OPERATING EXPENSES | |||||
Administrative Expenses | 2,590 | 405 | 10,430 | 4,600 | |
Professional fees | 12,494 | 1,375 | 35,773 | 10,944 | |
Total Operating Expenses | 15,084 | 1,780 | 46,203 | 15,544 | |
LOSS BEFORE INCOME TAXES | (15,084) | (1,780) | (46,203) | (15,544) | |
Provision for income taxes | |||||
NET LOSS | $ (15,084) | $ (1,780) | $ (46,203) | $ (15,544) | |
NET LOSS PER SHARE: BASIC AND DILUTED (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED (in shares) | [1] | 72,500,000 | 7,250,000 | 72,500,000 | 72,500,000 |
[1] | Common stock retroactively adjusted for 10:1 forward stock split, effective December 11, 2015. |
STATEMENTS OF OPERATIONS (Paren
STATEMENTS OF OPERATIONS (Parentheticals) (unaudited) | 9 Months Ended |
Sep. 30, 2016 | |
Income Statement [Abstract] | |
Forward stock split, common stock | 10 |
STATEMENTS OF CASH FLOWS (unaud
STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (46,203) | $ (15,544) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 9,005 | 405 |
Amortization of prepaid expenses | 5,000 | |
Prepaid expense additions | (7,566) | |
Net cash used in operating activities | (39,764) | (15,139) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property, plant and equipment | ||
Net cash used in investing activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Loans from previous director | 6,046 | |
Repayment to previous director | ||
Loans from shareholder | 24,374 | |
Proceeds from sale of common stock | ||
Net cash provided by financing activities | 24,374 | 6,046 |
Net decrease in cash and cash equivalents | (15,390) | (9,093) |
Cash and cash equivalents - beginning of period | 15,445 | 9,093 |
Cash and cash equivalents - end of period | 55 | |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-Cash Investing and Financing Activity: | ||
Loans forgiven by prior director |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Agro Capital Management Corp. (the “Company”) registered as Guate Tourism Inc. in the State of Nevada on November 12, 2013 and was formed to promote tourism in Guatemala. On September 11, 2015, the major shareholder of the Company sold 6,000,000 common shares owned by her to unrelated 3 rd On October 29, 2015, the Company filed Articles of Merger with the Secretary of State of the State of Nevada whereby the Company conducted a statutory merger with its wholly-owned subsidiary Agro Capital Management Corp., which was incorporated on October 29, 2015 and changed its name in connection therewith to “Agro Capital Management Corp”. In connection therewith the Company also amended its Articles of Incorporation to (i) increase the Company’s authorized number of shares of common stock from 75,000,000 to 300,000,000 and (ii) increase the Company’s total issued and outstanding shares of common stock by conducting a forward split of such shares at the rate of ten (10) shares for every one (1) share currently issued and outstanding (the “Forward Split”). On December 11, 2015, the name change and Forward Split were effected in the market by Financial Industry Regulatory Authority (“FINRA”). The Company’s ticker symbol became “ACMB”. The financial statements have been retroactively adjusted to give effect to the 10 for 1 forward split. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission ("SEC") and accounting principles generally accepted ("GAAP") in the United States of America. The accompanying interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company's opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months September 30, 2016 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2015 contained in the Company's Form 10-K. Use of Estimates 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2016 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. However, the Company had no revenues from the inception through September 30, 2016. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence. |
RELATED PARTIES TRANSACTIONS
RELATED PARTIES TRANSACTIONS | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES TRANSACTIONS | NOTE 4 – RELATED PARTIES TRANSACTIONS In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders or directors. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances were considered temporary in nature and were not formalized by a promissory note. During the nine months ended September 30, 2016, one of the Company’s shareholders paid on behalf of the Company an amount of $24,374. As of September 30, 2016, and December 31, 2015, the Company owed $73,448 and $49,074 to this shareholder, respectively. |
PREPAID EXPENSES
PREPAID EXPENSES | 9 Months Ended |
Sep. 30, 2016 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
PREPAID EXPENSES | NOTE 5 – PREPAID EXPENSES Prepaid expenses consist of regulatory fees paid in advance, and prepayment for services. Prepaid expenses are amortized as the related expense is incurred. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 6 – COMMON STOCK The Company has 300,000,000, $0.001 par value shares of common stock authorized. No shares were issued during the nine month period ending September 30, 2016. There were 72,500,000 shares of common stock issued and outstanding as at September 30, 2016, and December 31, 2015. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – 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. The Company has no commitments or contingencies as of September 30, 2016. From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there are no current matters that would have a material effect on the Company's financial position or results of operations. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events through the date that the financial statements were, issued, October 27, 2016 and determined that no other significant events have occurred since September 30, 2016. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepares its financial statements in accordance with rules and regulations of the Securities and Exchange Commission ("SEC") and accounting principles generally accepted ("GAAP") in the United States of America. The accompanying interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company's opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months September 30, 2016 are not necessarily indicative of the results for the full year. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended December 31, 2015 contained in the Company's Form 10-K. |
Use of Estimates | Use of Estimates 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
ORGANIZATION AND NATURE OF BU16
ORGANIZATION AND NATURE OF BUSINESS (Detail Textuals) | Sep. 11, 2015shares | Sep. 30, 2016shares | Dec. 31, 2015shares | [1] | Oct. 29, 2015shares | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Number of common shares sold | 6,000,000 | |||||
Percentage of company's common shares | 82.80% | |||||
Common stock, shares authorized | 300,000,000 | [1] | 300,000,000 | 75,000,000 | ||
Description forward stock split | 10 for 1 | |||||
Stock split, conversion ratio | 10 | |||||
[1] | Common stock retroactively adjusted for 10:1 forward stock split, effective December 11, 2015. |
RELATED PARTIES TRANSACTIONS (D
RELATED PARTIES TRANSACTIONS (Detail Textuals) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Related Party Transactions [Abstract] | ||
Loans from shareholder | $ 24,374 | |
Due to shareholder | $ 73,448 | $ 49,074 |
COMMON STOCK (Detail Textuals)
COMMON STOCK (Detail Textuals) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 | Oct. 29, 2015 | |||
Stockholders' Equity Note [Abstract] | ||||||
Common stock, shares authorized | 300,000,000 | [1] | 300,000,000 | [1] | 75,000,000 | |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||
Common stock, shares issued | [1] | 72,500,000 | 72,500,000 | |||
Common stock, shares outstanding | [1] | 72,500,000 | 72,500,000 | |||
[1] | Common stock retroactively adjusted for 10:1 forward stock split, effective December 11, 2015. |