Document_and_Entity_Informatio
Document and Entity Information (USD $) | 6 Months Ended |
Mar. 31, 2015 | |
Document and Entity Information: | |
Entity Registrant Name | Terafox Corp. |
Document Type | 10-Q |
Document Period End Date | 31-Mar-15 |
Amendment Flag | FALSE |
Entity Central Index Key | 1626696 |
Current Fiscal Year End Date | -21 |
Entity Common Stock, Shares Outstanding | 6,280,000 |
Entity Public Float | $62,800 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q2 |
Balance_sheets
Balance sheets (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $3,977 | $7,649 |
Assets, Current | 3,977 | 7,649 |
Assets, Noncurrent | ||
Films Equipment, Gross | 10,000 | 10,000 |
Assets, Noncurrent | 10,000 | 10,000 |
Assets | 13,977 | 17,649 |
Liabilities, Current | ||
Accounts Payable, Current | 1,000 | |
Advances from director | 14,325 | 14,325 |
Liabilities | 15,325 | 14,325 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, value issued and outstanding | 6,280 | 4,000 |
Additional Paid in Capital, Common Stock | 20,039 | |
Deficit accumulated during the development stage (Accumulated Deficit) | -27,667 | -676 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | -1,348 | 3,324 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 6,280,000 | 4,000,000 |
Common Stock, Shares Outstanding | 6,280,000 | 4,000,000 |
Liabilities and Equity | $13,977 | $17,649 |
Unaudited_Statement_of_Operati
Unaudited Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2015 | Mar. 31, 2015 | |
Revenues | ||
Revenues | $0 | |
Operating Expenses | ||
Miscellaneous Expense | 0 | |
Selling, General and Administrative Expense | 20,509 | 26,991 |
Total Operating Expenses | 20,509 | 26,991 |
Net loss from operations | -20,509 | -206,991 |
Income Tax Expense (Benefit) | ||
Provision for Income Taxes (Benefit) | 0 | 0 |
Net Income (Loss) | ($20,509) | ($206,991) |
Earnings Per Share | ||
Earnings Per Share, Basic and Diluted | $0 | $0.01 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 4,899,722 | 4,899,722 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 6 Months Ended |
Mar. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities | |
Net loss for the period | ($26,991) |
Increase (Decrease) in Operating Liabilities | |
Increase (Decrease) in Accounts Payable | 1,000 |
Net Cash Provided by (Used in) Operating Activities | -25,991 |
Net Cash Provided by (Used in) Financing Activities | |
Proceeds from Issuance of Common Stock | 22,219 |
Repayment of Notes Receivable from Related Parties | 0 |
Proceeds from Contributions from Affiliates | 0 |
Net Cash Provided by (Used in) Financing Activities | 22,219 |
Cash and Cash Equivalents, Period Increase (Decrease) | -3,672 |
Cash and Cash Equivalents, at Carrying Value | 7,649 |
Cash and Cash Equivalents, at Carrying Value | $3,977 |
Note_1_Organization_and_Nature
Note 1 - Organization and Nature of Business | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS |
Terafox Corp. was incorporated in the State of Nevada on February 26, 2014. We are a development-stage company formed to produce flyers, posters and printing images on multiple surfaces, such as glass, leather, plastic, using automated industrial flatbed printing machine. |
Note_2_Going_Concern
Note 2 - Going Concern | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 2 - Going Concern | NOTE 2 – GOING CONCERN |
The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had no revenues as of March 31, 2015. 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. |
Note_3_Summary_of_Signifcant_A
Note 3 - Summary of Signifcant Accounting Policies | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 3 - Summary of Signifcant Accounting Policies | NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES |
Basis of presentation | |
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the period ending March 31, 2015. | |
It is management’s opinion that all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments are of a normal recurring. Furthermore, in management’s opinion, sufficient disclosures have been made in order to make the interim financial information not misleading. | |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a September 30 fiscal year end. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $3,977 of cash as of March 31, 2015. | |
Fair Value of Financial Instruments | |
The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. | |
Income Taxes | |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |
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. | |
Revenue Recognition | |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. | |
Stock-Based Compensation | |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. | |
Depreciation, Amortization, and Capitalization | |
The Company records depreciation and amortization when appropriate using both straight-line and declining balance methods over the estimated useful life of the assets (five to seven years). Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. | |
Basic Income (Loss) Per Share | |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of March 31, 2015. | |
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. | |
Recent Accounting Pronouncements | |
Terafox Corp. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. | |
Note_4_Fixed_Assets
Note 4- Fixed Assets | 6 Months Ended | |
Mar. 31, 2015 | ||
Notes | ||
Note 4- Fixed Assets | NOTE 4- FIXED ASSETS | |
Company purchased Industrial flatbed printing machine S-SUN C4300. | ||
31-Mar-15 | ||
Fixed assets: | ||
Equipment | $ 10,000 | |
Less: accumulated depreciation | 0 | |
Net fixed assets | $ 10,000 | |
The Company has not started operations, thus, no depreciation was recorded during the period from inception through March 31, 2015. It is management’s opinion that equipment does not require adjustment for depreciation or impairment as of March 31, 2015. |
Note_5_Loan_From_Director
Note 5 - Loan From Director | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 5 - Loan From Director | NOTE 5 – LOAN FROM DIRECTOR |
From February 26, 2014 date of interception till March 31, 2015, a director loaned $14,325 to the Company. | |
The loan is unsecured, non-interest bearing and due on demand. |
Note_6_Common_Stock
Note 6 - Common Stock | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 6 - Common Stock | NOTE 6 – COMMON STOCK |
The Company has 75,000,000, $0.001 par value shares of common stock authorized. | |
On June 27, 2014, the Company issued 4,000,000 shares of common stock to a director for cash proceeds of $4,000 at $0.001 per share. | |
For the six months period ended March 31, 2015, The Company has issued 2,280,000 shares of common stock for cash proceeds of $22,319 at $0.01 per share. | |
There were 6,280,000 shares of common stock issued and outstanding as of March 31, 2015. |
Note_7_Commitments_and_Conting
Note 7 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 7 - Commitments and Contingencies | NOTE 7 – COMMITMENTS AND CONTINGENCIES |
The Company has entered in a two year production space lease agreement started February 1, 2015. Annual rental fees for first year will be $6,000 and $5,400 for the second year. Company’s office space has been provided by the officer 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. | |
Note_8_Income_Taxes
Note 8 - Income Taxes | 6 Months Ended | |
Mar. 31, 2015 | ||
Notes | ||
Note 8 - Income Taxes | NOTE 8 – INCOME TAXES | |
As of September 30, 2014, the Company had net operating loss carry forwards of approximately $676 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. | ||
The provision for Federal income tax consists of the following: | ||
30-Sep-14 | ||
Federal income tax benefit attributable to: | ||
Current Operations | $ 230 | |
Less: valuation allowance | (230) | |
Net provision for Federal income taxes | $ 0 | |
The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: | ||
30-Sep-14 | ||
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 230 | |
Less: valuation allowance | (230) | |
Net deferred tax asset | $ 0 | |
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $676 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
Note_9_Subsequent_Events
Note 9 - Subsequent Events | 6 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 9 - Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS |
In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations from March 31, 2015 to the date these financial statements were available to be issued, April 28, 2015, and through the actual filing date and has determined that it does not have any material subsequent events to disclose in these financial statements. |