Document and Entity Information
Document and Entity Information - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Mar. 31, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | Terafox Corp. | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Trading Symbol | trfx | |
Amendment Flag | false | |
Entity Central Index Key | 1,626,696 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 6,440,000 | |
Entity Public Float | $ 64,400 | |
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 | 2,016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 30 | $ 254 |
Inventory, Net | 410 | |
Assets, Current | 440 | 254 |
Assets, Noncurrent | ||
Inventory, Noncurrent | 0 | |
Property, Plant and Equipment, Gross | 10,000 | 10,000 |
Other Assets, Noncurrent | (417) | |
Assets, Noncurrent | 9,583 | 10,000 |
Assets | 10,023 | 10,254 |
Liabilities, Current | ||
Accounts Payable, Current | 7,790 | 6,420 |
Advances from director | 14,791 | 14,325 |
Liabilities, Current | 22,581 | 20,745 |
Liabilities, Noncurrent | ||
Liabilities | 22,581 | 20,745 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 6,440 | 6,440 |
Additional Paid in Capital, Common Stock | 21,479 | 21,479 |
Deficit accumulated during the development stage (Accumulated Deficit) | (40,477) | (38,410) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (12,558) | $ (10,491) |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 6,440,000 | 6,440,000 |
Common Stock, Shares Outstanding | 6,440,000 | 6,440,000 |
Liabilities and Equity | $ 10,023 | $ 10,254 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 6,800 | $ 0 |
Revenues | 6,800 | 0 |
Cost of Revenue | ||
Cost of Goods Sold | 656 | 0 |
Gross Profit | 6,144 | 0 |
Amortization of Deferred Charges | ||
Selling, General and Administrative Expense | 8,211 | 6,482 |
Operating Expenses | 8,211 | 6,482 |
Operating Income (Loss) | (2,067) | (6,482) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (2,067) | $ (6,482) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) | $ (2,067) | $ (6,482) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 417 | |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Inventories | (410) | 0 |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 1,370 | |
Net Cash Provided by (Used in) Operating Activities | (690) | 0 |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | 0 | |
Net Cash Provided by (Used in) Investing Activities | 0 | |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from director loan | 466 | 0 |
Proceeds from Issuance of Common Stock | 466 | 0 |
Net Cash Provided by (Used in) Financing Activities | 466 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (224) | (6,482) |
Cash and Cash Equivalents, at Carrying Value | 254 | 7,649 |
Cash and Cash Equivalents, at Carrying Value | $ 30 | $ 1,167 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Dec. 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 | 3 Months Ended |
Dec. 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. The Company had limited revenues as of December 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 managements 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
Note 3 - Summary of Signifcant Accounting Policies | 3 Months Ended |
Dec. 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 three months period ended December 31, 2015 and December 31, 2014. The interim financial statements are condensed and should be read in conjunction with the companys latest annual financial statements and it is managements opinion that all adjustments necessary for a fair presentation for the interim periods have been made, and that all adjustments are of a normal recurring nature that there were no adjustments other than normal recurring adjustments. It is managements 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 managements 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 E ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t Fair Value of Financial Instruments The Companys 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. Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. 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. 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 propertys 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 Companys 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 Companys 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 December 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 Companys results of operations, financial position or cash flow. As of he Company has recorded $417 of depreciation As of he Company has not started operations, thus, no depreciation was recorded during that period |
Note 4- Fixed Assets
Note 4- Fixed Assets | 3 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 4- Fixed Assets | NOTE 4- FIXED ASSETS Company purchased Industrial flatbed printing machine S-SUN C4300 . December 31, 2015 December 31, 2014 Fixed assets: Equipment $ 10,000 $ 10,000 Less: accumulated depreciation 417 0 Net fixed assets $ 9,583 $ 10,000 |
Note 5 - Loan From Director
Note 5 - Loan From Director | 3 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 5 - Loan From Director | NOTE 5 LOAN FROM DIRECTOR As of December 31, 2015, a director loaned $14,791 to the Company. The loan is unsecured, non-interest bearing and due on demand. |
Note 6 - Common Stock
Note 6 - Common Stock | 3 Months Ended |
Dec. 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. During January, 2015, The Company has issued 285,000 shares of common stock for cash proceeds of $2,759 at $0.01 per share. During February, 2015, The Company has issued 1,275,000 shares of common stock for cash proceeds of $12,400 at $0.01 per share. During March, 2015, The Company has issued 720,000 shares of common stock for cash proceeds of $7,160 at $0.01 per share. During April, 2015, The Company has issued 160,000 shares of common stock for cash proceeds of $1,600 at $0.01 per share. There were 6,440,000 shares of common stock issued and outstanding as of December 31, 2015. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 7 - Commitments and Contingencies | NOTE 7 COMMITMENTS AND CONTINGENCIES On July 01, 2014 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. On September 03, 2014 by mutual agreement the parties have decided that the lease agreement will terminate on October 31, 2015. On August 31, 2015 the Company has signed a new two years Lease Agreement. For the first and second year of the Agreement the annual rental fee is $3,360 with monthly price of $280. Companys 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 | 3 Months Ended |
Dec. 31, 2015 | |
Notes | |
Note 8 - Income Taxes | NOTE 8 INCOME TAXES As of December 31, 2015, the Company had net operating loss carry forwards of approximately $40,477 ($38,410 as of September 30, 2015) 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: December 31, 2015 September 30, 2015 Federal income tax benefit attributable to: Current Operations $ 703 $ 13,059 Less: valuation allowance (703) (13,059) Net provision for Federal income taxes $ 0 $ 0 The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: December 31, 2015 September 30, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 13,762 $ 13,059 Less: valuation allowance (13,762) (13,059) Net deferred tax asset $ 0 $ 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $40,477 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 | 3 Months Ended |
Dec. 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 December 31, 2015 to the date these financial statements were available to be issued, and through the actual filing date and has determined that it does not have any material subsequent events to disclose in these financial statements. |