Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | JAREX SOLUTIONS CORP. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
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 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 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 235 | $ 14,535 |
Prepaid Expense, Current | 8,333 | |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 823 | 932 |
Assets | 9,391 | 15,467 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 11,074 | 11,074 |
Liabilities | 11,074 | 11,074 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 7,375 | 7,375 |
Additional Paid in Capital, Common Stock | 26,125 | 26,125 |
Retained Earnings (Accumulated Deficit) | (35,183) | (29,107) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (1,683) | $ 4,393 |
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 | 7,375,000 |
Common Stock, Shares Outstanding | 7,375,000 | 7,375,000 |
Liabilities and Equity | $ 9,391 | $ 15,467 |
Statement of Operations
Statement of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Amortization of Deferred Charges | ||
Administrative Expense | $ 6,076 | $ 6,918 |
Total Operating Expenses | 6,076 | 6,918 |
Net loss from operations | (6,076) | (6,918) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (6,076) | $ (6,918) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 7,375,000 | 6,000,000 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (6,076) | $ (6,918) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 109 | 48 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Prepaid Expense and Other Assets | (8,333) | |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Deferred Revenue | 2,000 | |
Net Cash Provided by (Used in) Operating Activities | (14,300) | (4,870) |
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 director loans | 3,000 | |
Net Cash Provided by (Used in) Financing Activities | 0 | 3,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (14,300) | (3,177) |
Cash and Cash Equivalents, at Carrying Value | 14,535 | 6,030 |
Cash and Cash Equivalents, at Carrying Value | $ 235 | $ 2,853 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
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 $35,183 as of March 31, 2016 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. 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 three month period ended to March 31, 2016 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. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes: | |
Income Tax Disclosure | NOTE 5 - INCOME TAXES As of March 31, 2016, the Company had net operating loss carry forwards of approximately $35,183 that may be available to reduce future years' taxable income in varying amounts through 2036. 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. |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 4 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 March 31, 2016 the shareholder of the Company advanced the Company $11,074 to cover the Companys operating expenses. The balance at December 31, 2015 was $11,074 and the advances are non-interest bearing, due upon demand and unsecured. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events: | |
Subsequent Events | NOTE 6 SUBSEQUENT EVENTS The Company has evaluated subsequent events from March 31, 2016 to the date the financial statements were issued and has determined that there are no items to disclose. |