Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information: | |
Entity Registrant Name | JAREX SOLUTIONS CORP. |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Trading Symbol | jarex |
Amendment Flag | false |
Entity Central Index Key | 1,627,452 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 7,375,000 |
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 | 2,015 |
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 12,240 | $ 6,030 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 1,041 | |
Assets | 13,281 | 6,030 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 3,274 | 274 |
Liabilities | 3,274 | 274 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 7,375 | 6,000 |
Additional Paid in Capital, Common Stock | 26,125 | |
Retained Earnings (Accumulated Deficit) | (23,493) | (244) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 10,007 | $ 5,756 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 7,375,000 | 6,000,000 |
Common Stock, Shares Outstanding | 7,375,000 | 6,000,000 |
Liabilities and Equity | $ 13,281 | $ 6,030 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 4,000 | $ 4,000 |
Revenues | 4,000 | 4,000 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 4,000 | 4,000 |
Amortization of Deferred Charges | ||
Administrative Expense | 18,665 | 27,249 |
Total Operating Expenses | 18,665 | 27,249 |
Net loss from operations | (14,665) | (23,249) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (14,665) | $ (23,249) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 7,468,250 | 6,500,861 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Shares issued starting balance at Dec. 31, 2014 | 6,000,000 | 6,000,000 | ||
Stockholders' equity starting balance at Dec. 31, 2014 | $ 6,000 | $ (244) | $ 5,756 | |
Shares issued during period | 1,375,000 | 1,375,000 | ||
Net Income (Loss) | (23,249) | $ (23,249) | ||
Adjustment to additional paid-in-capital | $ 0 | $ 26,125 | $ 26,125 | |
Shares issued ending balance at Sep. 30, 2015 | 7,375,000 | 7,375,000 | ||
Stockholders' equity ending balance at Sep. 30, 2015 | $ 7,375 | $ 26,125 | $ (23,493) | $ 10,007 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Net Cash Provided by (Used in) Operating Activities | |
Net loss for the period | $ (23,249) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | |
Depreciation | 266 |
Increase (Decrease) in Operating Liabilities | |
Net Cash Provided by (Used in) Operating Activities | (22,983) |
Net Cash Provided by (Used in) Investing Activities | |
Payments to Acquire Property, Plant, and Equipment | (1,307) |
Net Cash Provided by (Used in) Investing Activities | (1,307) |
Net Cash Provided by (Used in) Financing Activities | |
Proceeds from Issuance of Common Stock | 27,500 |
Proceeds from director loans | 3,000 |
Net Cash Provided by (Used in) Financing Activities | 30,500 |
Cash and Cash Equivalents, Period Increase (Decrease) | 6,210 |
Cash and Cash Equivalents, at Carrying Value | 6,030 |
Cash and Cash Equivalents, at Carrying Value | $ 12,240 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | JAREX SOLUTIONS CORP. NOTES TO THE CONDENSED UNAUDITED FINANCIAL STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2015 NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS JAREX SOLUTIONS CORP. (the Company, we, us or our) was incorporated under the laws of the State of Nevada, U.S. on October 28, 2014 (Inception). We intend to commence operations in the business of Automatic Number Plate Recognition (ANPR) software development for businesses which have parking zones or access control on their sites. We intend to develop a software based on the ANPR technologies in Latvia. NOTE 2 - GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (October 28, 2014) resulting in an accumulated deficit of $23,493 as of September 30, 2015 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements of Jarex Solutions Corp. have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and 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 our opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the final results that may be expected for the year ended December 31, 2015. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the period from October 28, 2014 (inception) to December 31, 2015 included in our Form S-1 filed with the SEC. Development Stage Company The Company is in the development stage as defined under the then current Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 Development-Stage Entities and among the additional disclosures required as a development stage company are that its financial statements were identified as those of a development stage company, and that the statements of operations, stockholders deficit and cash flows disclosed activity since the date of its Inception (October 28, 2014) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. Consequently these additional disclosures have not been presented in these financial statements. Property and Equipment Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three and Nine month periods ended September 30, 2015. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the period from October 28, 2014 (Inception) to September 30, 2015 there were no potentially dilutive debt or equity instruments issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses in this period. Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the period presented. Recent Accounting Pronouncements The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the company other than those relating to Development Stage Entities discussed above. NOTE 4 COMMON STOCK The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. On December 12, 2014 the Company issued 6,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $6,000. For the period from May through July 2015, the Company issued 1,375,000 shares of its common stock at $0.02 per share to 31 shareholders for total proceeds of $27,500 As of September 30, 2015, the Company had 7,375,000 shares issued and outstanding. NOTE 5 RELATED PARTY TRANSACTIONS In support of the Companys 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. As of December 31, 2015 the the shareholder of the Company advanced the Company $274 to cover the Companys operating expenses. During the nine months ended September 30, 2015 the shareholder of the Company further advanced the Company $3,000 to cover the Companys operating expenses. The balance at September 30, 2015 is $3,274 and is non-interest bearing, due upon demand and unsecured. During the nine months ended September 30, 2015 the sole director donated software developing services to generate revenue for the Company. The Officer also provides office space free of charge. On December 12, 2014, the Company sold 6,000,000 shares of common stock at a price of $0.001 per share to its director. NOTE 6 REVENUE The Company signed a Software Development Agreement (the Agreement) with a customer, dated February 26, 2015. According to the agreement Jarex Solutions Corp (the Developer) has to develop ANPR software for the parking, entry/exit access zone of SIA PIT-STOP.LV (the Client). The total consideration for the Agreement is $4,000. We have exceeded delivery date until September 30, 2015. As of September 30, 2015, the Company has received revenue of $4,000 for the software that was developed and delivered to the Client. The delivery date was September 30, 2015. The software was in the testing period (adaptation and modification) since August 17, 2015 (invoiced date) till September 30, 2015. The Developer has to provide additional services and support up to twelve hours for the three months following delivery of the software and the Client has until December 31, 2015 to request modifications or extra options. NOTE 7 SUBSEQUENT EVENTS The Company has evaluated subsequent events from September 30, 2015 to the date the financial statements were issued and has determined that there are no items to disclose. |
Uncategorized Items - jarex-201
Label | Element | Value |
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 6,000,000 |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 6,000,000 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (244) |