Document and Entity Information
Document and Entity Information - USD ($) | 7 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | T.A.G. Acquisitions Ltd. | |
Entity Central Index Key | 1,610,785 | |
Document Type | 10-K/A | |
Document Period End Date | Dec. 31, 2014 | |
Amendment Flag | true | |
Amendment Description | The Form 10-K Amendment is being filed to incorporate the XBRL exhibits, no other changes have been made to this document. | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 3,500,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,014 |
BALANCE SHEET
BALANCE SHEET | Dec. 31, 2014USD ($) |
Current assets | |
Cash | $ 0 |
Total assets | 0 |
Current liabilities | |
Accrued liabilities | 0 |
Total liabilities | 0 |
Stockholders' deficit | |
Common Stock; $0.0001 par value, 100,000,000 shares authorized; 3,500,000 shares issued and outstanding | 350 |
Discount on Common Stock | (350) |
Additional paid-in capital | 707 |
Accumulated deficit | (707) |
Total stockholders' deficit | 0 |
Total Liabilities and stockholders' deficit | $ 0 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) | Dec. 31, 2014$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 |
Common stock authorized | 100,000,000 |
Common stock issued | 3,500,000 |
Common stock outstanding | 3,500,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS | 7 Months Ended |
Dec. 31, 2014USD ($)$ / sharesshares | |
Income Statement [Abstract] | |
Revenue | |
Cost of revenue | |
Gross profit | |
Operating expenses | $ 707 |
Operating loss | (707) |
Loss before income taxes | $ (707) |
Income tax expense | |
Net loss | $ (707) |
Loss per share - basic and diluted (in dollars per share) | $ / shares | $ 0 |
Weighted average shares-basic and diluted (in shares) | shares | 16,787,611 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - 7 months ended Dec. 31, 2014 - USD ($) | Common Stock [Member] | Discount On Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Beginning (Inception) at May. 20, 2014 | |||||
Balance at Beginning (Inception) (in shares) at May. 20, 2014 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock | $ 2,300 | $ (2,300) | $ 0 | ||
Issuance of common stock (in shares) | 23,000,000 | ||||
Redemption of Common Stock | $ (1,950) | $ (1,950) | 0 | ||
Redemption of Common Stock (in shares) | (19,500,000) | ||||
Additional paid-in capital | $ 707 | 707 | |||
Net loss | $ (707) | (707) | |||
Balance at Ending at Dec. 31, 2014 | $ 350 | $ (350) | $ 707 | $ (707) | $ 0 |
Balance at Ending (in shares) at Dec. 31, 2014 | 3,500,000 | 3,500,000 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS | 7 Months Ended |
Dec. 31, 2014USD ($) | |
OPERATING ACTIVITIES | |
Net loss | $ (707) |
Non-Cash adjustments to reconcile loss to net cash | |
Expenses paid by stockholder and contributed as capital | 707 |
Changes in Operating Assets and Liabilities Accrued liabilities | 0 |
Net cash used in operating activities | 0 |
Net increase in cash | $ 0 |
Cash, beginning of period | |
Cash, end of period | $ 0 |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 7 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS T.A.G. Acquisitions LTD (T.A.G. or the Company) was incorporated on May 20, 2014 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with T.A.G. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Companys financial statements. Such financial statements and accompanying notes are the representations of the Companys management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (GAAP) in all material respects, and have been consistently applied in preparing the accompanying financial statements. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP 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 periods. Actual results could differ from those estimates. CASH Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of December 31, 2014. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of December 31, 2014. INCOME TAXES Under ASC 740, Income Taxes, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2014, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2014, there are no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
GOING CONCERN
GOING CONCERN | 7 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN The Company has not yet generated any revenue since inception to date and has sustained operating losses during the period ended December 31, 2014. As of December 31, 2014, the Company accumulated a deficit of $707. The Companys continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Companys ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 7 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS Adopted On June 10, 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915). The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows, and shareholders equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. Early adoption is permitted. The Company has adopted this accounting standard. The accounting pronouncement does not have a material effect on the financial statements. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Companys present or future financial statements. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 7 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 4 STOCKHOLDERS DEFICIT On May 20, 2014, the Company issued 20,000,000 common shares to two directors and officers at a discount of $2,000. On November 17, the Company redeemed an aggregate of 19,500,000 of the then 20,000,000 shares of common stock. The Company issued 3,000,000 shares of its common stock to a director and officer. The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of December 31, 2014, 3,500,000 shares of common stock and no preferred stock were issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 7 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 SUBSEQUENT EVENTS The Company is in discussions for the purchase of real property in Newark, New Jersey. The purchase price is $240,000. The Company anticipates that it will need to obtain a loan or raise investor dollars to finance the purchase of this property. If the Company is able to effect the purchase of this property, the Company plans to develop eleven upscale 2-bedroom apartments on the property. The president of the Company is in negotiation for the purchase of property in Newark, New Jersey. The president anticipates effecting the contract for the property in April, 2015 and making a deposit of $80,000. The property is offered for an aggregate purchase price of $1,600,000. The president has assigned his right and title to the property if and when the transaction is effected. The Company anticipates that it would need to raise the purchase price from invesetors or third party loans. The property currently consists of a commerical manufacturing building that the Company would convert into a minimum of 25 2-bedroom upscale apartments and a bar. |
NATURE OF OPERATIONS AND SUMM12
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 7 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NATURE OF OPERATIONS T.A.G. Acquisitions LTD (T.A.G. or the Company) was incorporated on May 20, 2014 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception and its operations to date have been limited to issuing shares to its original shareholders. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with T.A.G. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any target company. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Companys financial statements. Such financial statements and accompanying notes are the representations of the Companys management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (GAAP) in all material respects, and have been consistently applied in preparing the accompanying financial statements. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of financial statements in conformity with GAAP 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 periods. Actual results could differ from those estimates. |
CASH | CASH Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of December 31, 2014. |
CONCENTRATION OF RISK | CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of December 31, 2014. |
INCOME TAXES | INCOME TAXES Under ASC 740, Income Taxes, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2014, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. |
LOSS PER COMMON SHARE | LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2014, there are no outstanding dilutive securities. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Dec. 31, 2014USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accumulated deficit | $ (707) |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | Dec. 31, 2014 | Nov. 17, 2014 | May. 20, 2014 | Dec. 31, 2014 |
Common stock issued (in dollars) | $ 0 | |||
Common stock authorized | 100,000,000 | 100,000,000 | ||
Preferred stock authorized | 20,000,000 | 20,000,000 | ||
Common stock issued | 3,500,000 | 3,500,000 | ||
Common stock outstanding | 3,500,000 | 3,500,000 | ||
Two Directors and officers [Member] | ||||
Common stock issued | 3,000,000 | 20,000,000 | ||
Common stock issued (in dollars) | $ 2,000 | |||
Redemption of common stock | 19,500,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Real Property in Newark, New Jersey [Member] - Apartment Building [Member] | Apr. 30, 2015USD ($) |
Purchase price of property | $ 240,000 |
Deposit contracts of property | 80,000 |
Aggregate purchase price | $ 1,600,000 |