Transphorm (TGAN) 10-Q 14 Nov 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Nov. 13, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	PENINSULA ACQUISITION CORPORATION
Entity Central Index Key	1,715,768
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,000,000

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2017	Jun. 30, 2017
Current assets
Cash	$ 9,385	$ 16,610
Total current assets	9,385	16,610
Total assets	9,385	16,610
Current liabilities
Accounts payable and accrued expenses	3,038	2,625
Note payable - stockholder	26,625	26,625
Total current liabilities	29,663	29,250
Total liabilities	29,663	29,250
Commitments and contingencies
Stockholders' deficit
Preferred stock, $.0001 par value, authorized 5,000,000 shares, none issued and outstanding
Common stock, $.0001 par value, authorized 50,000,000 shares; 1,000,000 shares issued and outstanding	100	100
Additional paid-in capital	24,900	24,900
Accumulated deficit	(45,278)	(37,640)
Total stockholders' deficit	(20,278)	(12,640)
Total liabilities and stockholders' deficit	$ 9,385	$ 16,610

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	1,000,000	1,000,000
Common stock, shares outstanding	1,000,000	1,000,000

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited)	3 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Income Statement [Abstract]
Revenue
General and administrative expenses	7,225
Loss from operations	(7,225)
Other expense
Interest expense	413
Net loss	$ (7,638)
Net loss per common share - basic and dilutive | $ / shares	$ (0.01)
Weighted average common shares outstanding - basic and dilutive | shares	1,000,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited)	3 Months Ended
	Sep. 30, 2017USD ($)
Cash flows from operating activities:
Net loss	$ (7,638)
Adjustments to reconcile net loss to net cash (used in) operating activties:
Increase in accounts payable and accrued expenses	413
Net cash (used in) operating activities	(7,225)
Net decrease in cash	(7,225)
Cash, beginning of period	16,610
Cash, end of period	$ 9,385

Nature of Operations

Nature of Operations	3 Months Ended
	Sep. 30, 2017
Nature of Operations/Going Concern [Abstract]
Nature of Operations	Note 1 – Nature of Operations Peninsula Acquisition Corporation (the “Company”) was incorporated in the State of Delaware on May 31, 2017 with the objective to acquire, or merge with, an operating business. The Company was organized as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly traded corporation. The Company’s principal business objective is to achieve long-term growth potential through a combination with a business, rather than immediate short-term earnings. The Company will not restrict its potential target companies to any specific business, industry, or geographical location. The analysis of business opportunities will be undertaken by, or under the supervision of, the officer and directors of the Company.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in our Registration Statement on Form 10-12G filed with the SEC on August 29, 2017. The condensed balance sheet as of June 30, 2017 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim period presented have been included. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of the results for a full year. Use of Estimates The preparation of condensed financial statements in conformity with GAAP 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 dates of the condensed balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Cash Equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents as of the condensed balance sheet dates. Loss per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments for the periods presented. Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized. The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of September 30, 2017 and June 30, 2017, the Company has no accrued interest or penalties related to uncertain tax positions. Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2017
Income Taxes [Abstract]
Income Taxes	Note 3 – Income Taxes As of September 30, 2017, the Company has net operating loss carryforwards of approximately $45,000, to reduce future federal and state taxable income through 2037, which results in a deferred tax asset of approximately $15,000 against which a full valuation allowance has been recorded. The Company currently has no federal or state tax examinations in progress nor has it had any federal or state examinations since its inception. All of the Company’s tax years are subject to federal and state tax examination. The benefit from income taxes consists of the following: Three Months Ended September 30, 2017 Current Expense: $ - Federal - Deferred tax benefit Federal 3,000 Valuation allowance (3,000 ) Total $ - The income tax benefit differs from the amount computed by applying the federal statutory income tax rate to the loss before income taxes due to the following: Three Months Ended September 30, 2017 Statutory federal income taxes 34 % Valuation allowance -34 % Income tax rate, net 0 %

Common Stock

Common Stock	3 Months Ended
	Sep. 30, 2017
Common Stock/Preferred Stock [Abstract]
Common Stock	Note 4 – Common Stock As of September 30, 2017, the Company had 50,000,000 shares of common stock, par value of $.0001, authorized and 1,000,000 issued and outstanding. On June 14, 2017, the Company issued 1,000,000 of its $0.0001 par value common stock for $25,000 to the founders of the Company.

Preferred Stock

Preferred Stock	3 Months Ended
	Sep. 30, 2017
Common Stock/Preferred Stock [Abstract]
Preferred Stock	Note 5 – Preferred Stock The Company is authorized to issue five million 5,000,000 shares of $.0001 par value preferred stock with designations, voting and other rights and preferences as may be determined from time to time by the Board of Directors of the Company, of which none are issued.

Commitments and Related Party T

Commitments and Related Party Transactions	3 Months Ended
	Sep. 30, 2017
Commitments and Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 6 – Commitments and Related Party Transactions Office Space As of September 30, 2017, the Company’s office facilities are located in Boca Raton, Florida. Such facilities are leased by the sole officer and a stockholder of the Company and used by the Company at no charge. Note Payable - Stockholder On May 31, 2017, the Company issued a promissory note to a stockholder of the Company pursuant to which the Company agreed to repay the sum of any and all amounts advanced to the Company on or before the date that the Company consummates a business combination with a private company or reverse takeover transaction or other transaction after which the Company would cease to be a shell company. Although there is no obligation to advance funds to the Company under the terms of the note, it is anticipated that the stockholder may advance funds to the Company as fees and expenses are incurred in the future. As a result, the Company issued the note in anticipation of such advances. Interest shall accrue on the outstanding principal amount of the note on the basis of a 360-day year from the date of borrowing until paid in full at the rate of six percent (6%) per annum. As of September 30, 2017, the amount due was $27,163 including accrued interest of $538, which is reported as a component of accounts payable and accrued expenses on the accompanying condensed balance sheet.

Going Concern

Going Concern	3 Months Ended
	Sep. 30, 2017
Nature of Operations/Going Concern [Abstract]
Going Concern	Note 7 – Going Concern The accompanying condensed interim financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred losses from inception of approximately $45,000 and has negative working capital of approximately $20,000 as of September 30, 2017. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the date these condensed financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing promissory note.

Summary of Significant Accoun13

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in our Registration Statement on Form 10-12G filed with the SEC on August 29, 2017. The condensed balance sheet as of June 30, 2017 included herein was derived from the audited financial statements as of that date, but does not include all disclosures including notes required by GAAP. In the opinion of management, all adjustments for a fair statement of the results of operations and financial position for the interim period presented have been included. All such adjustments are of a normal recurring nature. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP 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 dates of the condensed balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.
Cash Equivalents	Cash Equivalents The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. There are no cash equivalents as of the condensed balance sheet dates.
Loss per Common Share	Loss per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments for the periods presented.
Income Taxes	Income Taxes Deferred tax assets and liabilities are determined based on the differences between the financial reporting basis and the tax basis of the assets and liabilities and are measured using enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recognized, when it is more likely than not, that such tax benefits will not be realized. The Company recognizes the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. The Company recognizes interest and penalties, if any, related to uncertain tax positions in income tax expense. As of September 30, 2017 and June 30, 2017, the Company has no accrued interest or penalties related to uncertain tax positions.
Emerging Growth Company	Emerging Growth Company The Company is an “emerging growth company” and has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the JOBS Act. This election allows the Company to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying condensed financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Sep. 30, 2017
Income Taxes [Abstract]
Benefit from income taxes	Three Months Ended September 30, 2017 Current Expense: $ - Federal - Deferred tax benefit Federal 3,000 Valuation allowance (3,000 ) Total $ -
Federal statutory income tax rate to the loss before income taxes	Three Months Ended September 30, 2017 Statutory federal income taxes 34 % Valuation allowance -34 % Income tax rate, net 0 %

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Sep. 30, 2017USD ($)
Current Expense:
Federal
Deferred tax benefit
Federal	3,000
Valuation allowance	(3,000)
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	3 Months Ended
	Sep. 30, 2017
Income Taxes [Abstract]
Statutory federal income taxes	34.00%
Valuation allowance	(34.00%)
Income tax rate, net	0.00%

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
	Sep. 30, 2017USD ($)
Income Taxes [Abstract]
Net operating loss carryforwards	$ 45,000
Future federal and state taxable income period	2,037
Deferred tax asset	$ 15,000

Common Stock (Details)

Common Stock (Details) - USD ($)	Jun. 14, 2017	Sep. 30, 2017	Jun. 30, 2017
Common Stock [Line Items]
Common stock, shares authorized		50,000,000	50,000,000
Common stock, par value		$ 0.0001	$ 0.0001
Common stock, shares issued		1,000,000	1,000,000
Common stock, shares outstanding		1,000,000	1,000,000
Common stock [Member]
Common Stock [Line Items]
Stock issued founders, Share	1,000,000
Stock Issued founders, Per Share	$ 0.0001
Stock Issued founders, Value	$ 25,000

Preferred Stock (Details)

Preferred Stock (Details) - $ / shares	Sep. 30, 2017	Jun. 30, 2017
Common Stock/Preferred Stock [Abstract]
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001

Commitments and Related Party20

Commitments and Related Party Transactions (Details)	Sep. 30, 2017USD ($)
Commitments and Related Party Transactions [Abstract]
Due to note payable to stockholder	$ 27,163
Accrued interest	$ 538

Going Concern (Details)

Going Concern (Details)	3 Months Ended	4 Months Ended
	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Nature of Operations/Going Concern [Abstract]
Operating Income (Loss)	$ (7,225)	$ (45,000)
Negative working capital	$ 20,000	$ 20,000