Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 31, 2015 | Oct. 09, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | TIXFI INC. | |
Entity Central Index Key | 1,605,024 | |
Trading Symbol | txfx | |
Current Fiscal Year End Date | --02-29 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 7,475,000 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Aug. 31, 2015 | Feb. 28, 2015 |
Current Assets | ||
Cash | $ 6,576 | $ 27,114 |
Inventory | 9,211 | |
Prepaid expenses | 8,333 | |
Total current assets | 24,120 | 27,114 |
Total Assets | 24,120 | 27,114 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 27,149 | 10,294 |
Total Liabilities | $ 27,149 | $ 10,294 |
Stockholders' Equity (Deficit) | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.001 par value; 100,000,000 shares authorized; 7,475,000 and 7,475,000 issued and outstanding, respectively | $ 7,475 | $ 7,475 |
Additional paid-in capital | 52,025 | 52,025 |
Accumulated deficit | (62,529) | (42,680) |
Total stockholders' equity (Deficit) | (3,029) | 16,820 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 24,120 | $ 27,114 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) - $ / shares | Aug. 31, 2015 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
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 | 7,475,000 | 7,475,000 |
Common stock, shares outstanding | 7,475,000 | 7,475,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 7,450 | $ 20,241 | $ 7,450 | $ 27,640 |
Cost of Goods Sold | 7,259 | 17,899 | 7,259 | 23,985 |
Gross Profit | 191 | 2,342 | 191 | 3,655 |
Operating Expenses | ||||
General and administrative | 4,392 | 2,041 | 4,551 | 2,128 |
Professional fees | 5,917 | 9,890 | 15,489 | 15,093 |
Total Operating Expenses | 10,309 | 11,931 | 20,040 | 17,221 |
Loss before income taxes | $ (10,118) | $ (9,589) | $ (19,849) | $ (13,566) |
Provision for income taxes | ||||
Net Loss | $ (10,118) | $ (9,589) | $ (19,849) | $ (13,566) |
Basic and diluted net loss per common share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted-average common shares outstanding (in shares) | 7,475,000 | 5,975,000 | 7,475,000 | 5,640,489 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (19,849) | $ (13,566) |
Changes in assets and liabilities: | ||
Inventory | (9,211) | (6,909) |
Prepaid expenses | (8,333) | 4,077 |
Accounts payable and accrued liabilities | 16,855 | 5,960 |
Net cash used in operating activities | $ (20,538) | $ (10,438) |
Cash flows from investing activities: | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | $ 19,500 | |
Net cash provided by financing activities | 19,500 | |
Net (decrease) increase in cash and cash equivalents | $ (20,538) | 9,062 |
Cash and cash equivalents at beginning of period | 27,114 | 5,000 |
Cash and cash equivalents at end of period | $ 6,576 | $ 14,062 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | ||
Cash paid during the period for tax |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Aug. 31, 2015 | |
Organization And Description Of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS TIXFI INC. (the “Company”) is a Nevada corporation incorporated on January 27, 2014. It is based in Seattle, WA, USA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is February 28. The Company operates as sports and entertainment ticket broker. To date, the Company’s activities have been limited to the purchase and resale of tickets for concerts, sporting and other entertainment events and the raising of equity capital. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited 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 period ended August 31, 2015 are not necessarily indicative of the results for the full years. 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 February 28, 2015 contained in the Company's form 10-K filed with SEC on May 29, 2015. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $6,576 and $27,114 in cash and cash equivalents as at August 31, 2015 and February 28, 2015, respectively. Inventory Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. We classify inventory into various categories based upon their stage in the product life cycle, future marketing sales plans and disposition process. As at August 31, 2015 and 2014, the Company had unsold tickets of $9,211 and $0, respectively. Recent Accounting Pronouncements Management has considered all recent other accounting pronouncements recently issued. The Company’s management believes that these recent pronouncements do not have significant impact on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Aug. 31, 2015 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 -GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. During the six months ended August 31, 2015, the Company generated revenue of $ 7,450 The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
EQUITY
EQUITY | 6 Months Ended |
Aug. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
EQUITY | NOTE 4 - EQUITY Preferred Stock The Company has authorized 10,000,000 preferred shares with a par value of $0.001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. There were no preferred shares issued and outstanding as at August 31, 2015 and February 28, 2015. Common Shares The Company has authorized 100,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. During year ended February 28, 2015, the Company issued 2,475,000 shares to 28 unaffiliated investors for $49,500 cash. During the six months ended August 31, 2015, the Company did not issue any common shares. As at August 31, 2015 and February 28, 2015, the Company had 7,475,000 common shares issued and outstanding. The Company has no stock option plan, warrants or other dilutive securities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Aug. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 -SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited 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 period ended August 31, 2015 are not necessarily indicative of the results for the full years. 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 February 28, 2015 contained in the Company's form 10-K filed with SEC on May 29, 2015. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $6,576 and $27,114 in cash and cash equivalents as at August 31, 2015 and February 28, 2015, respectively. |
Inventory | Inventory Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out ("FIFO") method. We classify inventory into various categories based upon their stage in the product life cycle, future marketing sales plans and disposition process. As at August 31, 2015 and 2014, the Company had unsold tickets of $9,211 and $0, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent other accounting pronouncements recently issued. The Company’s management believes that these recent pronouncements do not have significant impact on the Company’s financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) | Aug. 31, 2015 | Feb. 28, 2015 | Aug. 31, 2014 | Feb. 28, 2014 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 6,576 | $ 27,114 | $ 14,062 | $ 5,000 |
Unsold tickets | $ 9,211 | $ 0 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Feb. 28, 2015 | |
Going Concern [Abstract] | |||||
Revenue | $ 7,450 | $ 20,241 | $ 7,450 | $ 27,640 | |
Net loss from operations | (10,118) | $ (9,589) | (19,849) | $ (13,566) | |
Accumulated deficit | $ (62,529) | $ (62,529) | $ (42,680) |
EQUITY (Detail Textuals)
EQUITY (Detail Textuals) | 6 Months Ended | 12 Months Ended |
Aug. 31, 2015$ / sharesshares | Feb. 28, 2015USD ($)Investor$ / sharesshares | |
Stockholders' Equity Note [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, voting rights | one vote | |
Common stock, shares issued | 7,475,000 | 7,475,000 |
Common stock, shares outstanding | 7,475,000 | 7,475,000 |
Unaffiliated investors | Common Shares | ||
Stockholders Equity Note [Line Items] | ||
Number of shares issued for cash (in shares) | 2,475,000 | |
Value of stock issued for cash | $ | $ 49,500 | |
Number of unaffiliated investors | Investor | 28 |