Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | JAREX SOLUTIONS CORP. | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Trading Symbol | jrsc | |
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 Public Float | $ 0 | |
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 | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 14,535 | $ 6,030 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 932 | |
Assets | 15,467 | 6,030 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 11,074 | 274 |
Liabilities | 11,074 | 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) | (29,107) | (244) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,393 | $ 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 | $ 15,467 | $ 6,030 |
Statement of Operations
Statement of Operations - USD ($) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 4,000 | |
Revenues | $ 0 | 4,000 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 4,000 |
Amortization of Deferred Charges | ||
Administrative Expense | 244 | 32,863 |
Total Operating Expenses | 244 | 32,863 |
Net loss from operations | (244) | (28,863) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (244) | $ (28,863) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 1,846,153 | 6,669,849 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 12 months ended Dec. 31, 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) | (28,863) | $ (28,863) | ||
Adjustment to additional paid-in-capital | $ 0 | $ 26,125 | $ 26,125 | |
Shares issued ending balance at Dec. 31, 2015 | 7,375,000 | 7,375,000 | ||
Stockholders' equity ending balance at Dec. 31, 2015 | $ 7,375 | $ 26,125 | $ (29,107) | $ 4,393 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 2 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (244) | $ (28,863) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 375 | |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (244) | (28,488) |
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 | 0 | (1,307) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 6,000 | 27,500 |
Proceeds from director loans | 274 | 10,800 |
Net Cash Provided by (Used in) Financing Activities | 6,274 | 38,300 |
Cash and Cash Equivalents, Period Increase (Decrease) | 6,030 | 8,505 |
Cash and Cash Equivalents, at Carrying Value | 6,030 | |
Cash and Cash Equivalents, at Carrying Value | $ 6,030 | $ 14,535 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | 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 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 $29,107 as of December 31, 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 financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a December 31 fiscal year end. 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. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2014 and 2015 the Company's bank deposits did not exceed the insured amounts. Fair Value of Financial Instruments The Companys financial instruments consist of cash and loans to shareholders. The carrying amount of financial instruments approximates fair value because of the short-term nature of these items. 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 year ended December 31, 2015 and the period from inception (October 28, 2014) through December 31, 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 December 31, 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. 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. NOTE 4 COMMON STOCK 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes: | |
Income Tax Disclosure | NOTE 7- INCOME TAXES As of December 31, 2015, the Company had net operating loss carry forwards of approximately $29,107 that may be available to reduce future years' taxable income in varying amounts through 2035. Future tax benefits which 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 ------------- Federal income tax benefit attributable to: Current Operations $ 9,896 Less: change in valuation allowance (9,896) ---------------- Net provision for Federal income taxes $ - ========= 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 ------------- Deferred tax asset attributable to: Net operating loss carryover $ 9,896 Less: valuation allowance (9,896) -------- Net deferred tax asset $ - ===== Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $29,107 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 5 years. The Companys returns are open to examination by the Internal Revenue Services for all tax years since inception. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | 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, 2014 the shareholder of the Company advanced the Company $274 to cover the Companys operating expenses. During the year ended December 31, 2015 the shareholder of the Company further advanced the Company $10,800 to cover the Companys operating expenses. The balance at December 31, 2015 is $11,074 and is non-interest bearing, due upon demand and unsecured. 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. During the year ended December 31, 2015 the sole director donated software developing services to generate revenue for the Company. The Officer also provides office space free of charge. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events: | |
Subsequent Events | NOTE 8 SUBSEQUENT EVENTS The Company has evaluated subsequent events from December 31, 2015 to the date the financial statements were issued and has determined that there are no items to disclose. |
Uncategorized Items - jrsc-2015
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) |