Transphorm (TGAN) 10-K 28 Sep 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2018	Sep. 28, 2018	Dec. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Peninsula Acquisition Corp
Entity Central Index Key	1,715,768
Trading Symbol	cik0001715768
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Current Fiscal Year End Date	--06-30
Document Type	10-K
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Filer Category	Non-accelerated Filer
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		1,000,000

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2018	Jun. 30, 2017
Current assets
Cash	$ 4,496	$ 16,610
Total current assets	4,496	16,610
Total assets	4,496	16,610
Current liabilities
Accounts payable and accrued expenses	2,455	2,625
Note payable - stockholder	59,110	26,625
Total current liabilities	61,565	29,250
Total liabilities	61,565	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	(82,069)	(37,640)
Total stockholders' deficit	(57,069)	(12,640)
Total liabilities and stockholders' deficit	$ 4,496	$ 16,610

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Jun. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ .0001	$ .0001
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
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

Statements of Operations

Statements of Operations - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Income Statement [Abstract]
Revenue
General and administrative expenses	37,515	42,099
Loss from operations	(37,515)	(42,099)
Other expense
Interest expense	125	2,330
Net loss	$ (37,640)	$ (44,429)
Loss per common shares - basic and dilutive	$ (0.06)	$ (0.04)
Weighted average common shares outstanding - basic and dilutive	580,645	1,000,000

Statement of Changes in Stockho

Statement of Changes in Stockholders' (Deficit) - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance at May. 31, 2017
Beginning balance, shares at May. 31, 2017
Sale of common shares		$ 100	24,900		25,000
Sale of common shares, shares		1,000,000
Net loss				(37,640)	(37,640)
Ending balance at Jun. 30, 2017		$ 100	24,900	(37,640)	(12,640)
Ending balance, shares at Jun. 30, 2017		1,000,000
Net loss				(44,429)	(44,429)
Ending balance at Jun. 30, 2018		$ 100	$ 24,900	$ (82,069)	$ (57,069)
Ending balance, shares at Jun. 30, 2018		1,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Cash flows from operating activities:
Net loss	$ (37,640)	$ (44,429)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Increase (decrease) in accounts payable and accrued expenses	2,625	(170)
Net cash (used in) operating activities	(35,015)	(44,599)
Cash flows from financing activities
Proceeds from the sale of common stock	25,000
Proceeds from note payable - stockholder	26,625	32,485
Net cash provided by financing activities	51,625	32,485
Net increase (decrease) in cash	16,610	(12,114)
Cash, beginning of period		16,610
Cash, end of period	$ 16,610	$ 4,496

Nature of Operations

Nature of Operations	12 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [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. The Company’s management has chosen June 30 th 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). Use of Estimates The preparation of 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 date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet date. Income Taxes The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Loss per Common Share Basic loss per share has been calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted (loss) per share is calculated by dividing the Company’s net (loss) available to common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. 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 us 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. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition The FASB issued ASU 2016-02, Leases Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 3. Income Taxes As of June 30, 2018 and 2017, the Company has net operating loss carryforwards of approximately $82,000 and $38,000, respectively, to reduce future federal and state taxable income, which results in a deferred tax asset of approximately $17,000 and $13,000, respectively, 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. On December 22, 2017, the enactment date, the Tax Cuts and Jobs Act ("Act") was signed into law. The Act effectively reduces the top corporate tax rate from 35 percent to a flat 21 percent beginning January 1, 2018 and eliminates the corporate Alternative Minimum Tax. The Company has adjusted its deferred tax calculations to reflect this reduction in its tax rate. The benefit from income taxes consists of the following: Year Ended June 30, 2018 For the period from May 31, 2017 (Inception) to June 30, 2017 Current expense: Federal $ - $ - Deferred tax benefit: Federal 4,000 13,000 Valuation allowance (4,000 ) (13,000 ) Total $ - $ - The difference between the tax provision at the statutory federal income tax rate on June 30, 2018 and 2017 and the tax provision attributable to loss before income taxes is as follows: 2018 2017 Statutory federal income tax rates 21.0 % 34.0 % Valuation allowance (21.0 %) (34.0 %) Effective income rate, net - -

Capital Stock

Capital Stock	12 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Capital Stock	Note 4. Capital Stock Preferred Stock The Company is authorized to issue 5,000,000 shares of $0.0001 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. Common Stock During June 2017, the Company issued 1,000,000 of its $0.0001 par value common stock for $25,000 to the founders of the Company. As of June 30, 2018, the Company had 50,000,000 shares of common stock, par value of $.0001, authorized and 1,000,000 issued or outstanding.

Commitments and Related Party T

Commitments and Related Party Transactions	12 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Commitments and Related Party Transactions	Note 5. Commitments and Related Party Transactions Office Space The Company utilizes the office space and equipment of its management at no cost. 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 June 30, 2018 and 2017, the amount due under this promissory note was $61,565 and $26,750, respectively, including accrued interest of $2,455 and $125, respectively, which is reported as accounts payable and accrued expenses.

Going Concern

Going Concern	12 Months Ended
	Jun. 30, 2018
Going Concern [Abstract]
Going Concern	Note 6. Going Concern The accompanying 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 $82,000 and has negative working capital of approximately $57,000 as of June 30, 2018. 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 financial statements are issued. Management intends to finance operations over the next twelve months through additional borrowings from the existing promissory note to a stockholder.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Use of Estimates	Use of Estimates The preparation of 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 date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. There are no cash equivalents at the balance sheet date.
Income Taxes	Income Taxes The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry-forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Loss per Common Share	Loss per Common Share Basic loss per share has been calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted (loss) per share is calculated by dividing the Company’s net (loss) available to common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity.
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 us 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.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue Recognition The FASB issued ASU 2016-02, Leases Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Schedule of benefit from income taxes	Year Ended For the Current expense: Federal $ - $ - Deferred tax benefit: Federal 4,000 13,000 Valuation allowance (4,000 ) (13,000 ) Total $ - $ -
Schedule of difference between the tax provision at the statutory federal income tax rate and tax provision attributable to loss before income taxes	2018 2017 Statutory federal income tax rates 21.0 % 34.0 % Valuation allowance (21.0 %) (34.0 %) Effective income rate, net - -

Income Taxes (Details)

Income Taxes (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Current expense:
Federal
Deferred tax benefit:
Federal	13,000	4,000
Valuation allowance	(13,000)	(4,000)
Total

Income Taxes (Details 1)

Income Taxes (Details 1)	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax rates	34.00%	21.00%
Valuation allowance	(34.00%)	(21.00%)
Effective income rate, net

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($)	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Taxes (Textual)
Net operating loss carryforwards		$ 82,000	$ 38,000
Deferred tax asset		$ 17,000	$ 13,000
Corporate tax rate, description	The enactment date, the Tax Cuts and Jobs Act ("Act") was signed into law. The Act enduringly reduces the top corporate tax rate from 35 percent to a flat 21 percent beginning January 1, 2018 and eliminates the corporate Alternative Minimum Tax. The Company has adjusted its deferred tax calculations to reflect this reduction in its tax rate.

Capital Stock (Details)

Capital Stock (Details) - USD ($)	1 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Capital Stock (Textual)
Preferred stock, authorized	5,000,000	5,000,000
Preferred stock, par value	$ .0001	$ .0001
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 issued for services, shares	1,000,000
Common stock issued for services	$ 25,000

Commitments and Related Party19

Commitments and Related Party Transactions (Details) - USD ($)	Jun. 30, 2018	May 31, 2017
Commitments and Related Party Transactions (Textual)
Amount due under promissory note	$ 61,565	$ 26,750
Accrued interest	$ 2,455	$ 125
Interest rate, percentage		6.00%

Going Concern (Details)

Going Concern (Details) - USD ($)	1 Months Ended
	Jun. 30, 2017	Jun. 30, 2018
Going Concern (Textual)
Net loss	$ 82,000
Negative working capital		$ 57,000