UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
  For the quarterly period ended September 30, 2015
   
[  ] Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
  For the transition period                  to __________
 
  Commission File Number:  000-504802
 

Transatlantic Capital Inc.
(Exact name of small business issuer as specified in its charter)

 

Nevada 98-0377767
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

30100 Telegraph Road

Suite 366

Bingham Farms, MI 48025

(Address of Principal Executive Offices)

 

(404) 537-2900
(Issuer’s telephone number)
 
 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days [ ] Yes [X] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [ ] Yes [X] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

[ ] Large accelerated filer [ ] Accelerated filer
[ ] Non-accelerated filer [X] Smaller reporting company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ X ] Yes [] No

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 21,365,622 as of February 9, 2016.

 

 

 
 

 

 

  TABLE OF CONTENTS  
    Page
 
PART I – FINANCIAL INFORMATION
 
Item 1: Financial Statements 3
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations 8
Item 3: Quantitative and Qualitative Disclosures About Market Risk 9
Item 4: Controls and Procedures 9
 
PART II – OTHER INFORMATION
 
Item 1: Legal Proceedings 10
Item 1A: Risk Factors 10
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 10
Item 3: Defaults Upon Senior Securities  10
Item 4: Mine Safety Disclosures  10
Item 5: Other Information  10
Item 6: Exhibits  10

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Certain statements in this quarterly report on Form 10-Q contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Generally, the words “believes”, “anticipates,” “may,” “will,” “should,” “expect,” “intend,” “estimate,” “continue,” and similar expressions or comparable terminology are intended to identify forward-looking statements which include, but are not limited to, statements concerning the our expectations regarding our working capital requirements, financing requirements, business prospects, and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, economic, political and market conditions and fluctuations, government and industry regulation, interest rate risk, U.S. and global competition, and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider all of the material risks in connection with any forward-looking statements that may be made herein.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. Readers should carefully review this quarterly report in its entirety, including but not limited to our financial statements and the notes thereto. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

 

2

 
 

PART 1 - FINANCIAL INFORMATION

 

 

Item 1 - FINANCIAL STATEMENTS

The consolidated financial statements and the notes thereto for the nine months period ended September 30, 2015 (the “Financial Statements”), attached hereto and incorporated by this reference. The Financial Statements have been adjusted with all adjustments which, in the opinion of management, are necessary in order to make the Financial Statements not misleading. The Financial Statements have been prepared by Transatlantic Capital Inc., without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. The Financial Statements include all the adjustments which, in the opinion of management, are necessary for a fair presentation of financial position and results of operations. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

 

 

TRANSATLANTIC CAPITAL INC.
(formerly ACRO INC.)
       
Condensed Interim Financial Statements
 
       
As of September 30, 2015
 
       
CONTENTS
    Page  
       
       
FINANCIAL STATEMENTS:      
       
Condensed Balance Sheets (Unaudited)   4  
          September 30, 2015 and December 31, 2014      
       
Condensed Statements of Operations (Unaudited)   5  
          Three months and Nine months ended September 30, 2015 and 2014      
       
Condensed Statements of Cash Flows (Unaudited)   6  
          Nine months ended September 30, 2015 and 2014      
       
Notes to the Unaudited Financial Statements   7  

 

 

3

 
 

 

TRANSATLANTIC CAPITAL INC.
(formerly ACRO INC.)
CONDENSED BALANCE SHEETS
       
    
   Sept. 30, 2015  Dec. 31, 2014
   (Unaudited)   
       
ASSETS      
       
CURRENT ASSETS:      
Cash and cash equivalents  $8   $—   
           
             Total Current Assets  $8   $—   
           
OTHER ASSESTS:          
           
Deposits  $9,000   $—   
             Total Other Assets  $9,000   $—   
           
    TOTAL ASSETS  $9,008   $—   
           
LIABILITIES AND SHAREHOLDERS' DEFICIT          
           
CURRENT LIABILITIES          
Accounts payable  $74,400   $74,813 
Advances - related parties   89,558    69,155 
Convertible promissory note   —      1,000 
           
              Total Current Liabilities  $163,958   $144,968 
           
    TOTAL LIABILITIES  $163,958   $144,968 
           
SHAREHOLDERS' DEFICIT          
Preferred Stock:          
50,000,000 shares authorized par value $0.001 per share; none issued and outstanding  $—     $—   
Common Stock:          
700,000,000 shares authorized par value $0.001 per share; issued and outstanding, 21,365,622 shares at September 30, 2015 and 20,365,622 at December 31, 2014   21,366    20,366 
Additional paid-in-capital   5,610,968    5,610,968 
Accumulated Deficit   (5,787,284)   (5,776,302)
           
      TOTAL SHAREHOLDERS' DEFICIT  $(154,950)  $(144,968)
           
      TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT  $9,008   $—   

 

 The accompanying notes are an integral part of the unaudited financial statements.

 

4

 
 

 

TRANSATLANTIC  CAPITAL INC.
(formerly ACRO INC.)
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
             
             
             
   For the Three Months  For the Nine Months
   Ended Sept. 30,  Ended Sept. 30,
   2015  2014  2015  2014
Operating Expenses            
General and administrative expenses  $(1,527)  $—     $(10,982)  $(38,348)
                     
Total Operating Expenses  $(1,527)  $—     $(10,982)  $(38,348)
                     
Operating Loss  $(1,527)  $—     $(10,982)  $(38,348)
                     
Interest expenses  $—     $—     $—     $(2,602)
Expenses for benefit conversion feature   —      —      —      (109,174)
                     
Net Income (Loss)  $(1,527)  $—     $(10,982)  $(150,124)
                     
                     
                     
Basic and diluted net loss per common share  $(0.00)  $—     $(0.00)  $(0.45)
                     
                     
Weighted average shares used in computing basic and diluted net loss per share   21,365,622    365,622    21,127,527    331,162 

 

 

 

 The accompanying notes are an integral part of the unaudited financial statements.

 

5

 
 

 

TRANSATLANTIC CAPITAL INC.
(formerly ACRO INC.)
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
       
       
       
   For the Nine Months
   Ended Sept 30,
   2015  2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Income (Loss)  $(10,982)  $(150,124)
           
Adjustments to reconcile net loss to net cash used by operating activities:          
Expenses for benefit conversion feature  $—     $109,174 
Interest expense   —      2,602 
           
Changes in operating assets and liabilities:          
Deposits  $(9,000)     
Accounts payable and Accounts payable - related parties   (413)  $38,348 
Net cash used in operating activities  $(20,395)  $—   
           
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from related party advances  $20,403   $—   
Net Cash Provided by Financing Activities  $20,403   $—   
           
Net increase (decrease) in cash and cash equivalents  $8   $—   
Cash and cash equivalents at beginning of the year   —     $—   
Cash and cash equivalents at year end  $8   $—   
           
           
Supplemental disclosure of cash flow information          
Interest paid  $—     $—   
Income taxes paid  $—     $—   
           
Supplemental disclosure of non cash financing activity          
Debt converted into stocks  $1,000   $9,868 

 

 

 The accompanying notes are an integral part of the unaudited financial statements.

 

6

 
 

TRANSATLANTIC CAPITAL INC.

(formerly ACRO INC)

Notes to the Condensed Unaudited Interim Financial Statements

As of September 30, 2015

 

NOTE 1 - ORGANIZATION

 

Organization and Line of Business

 

Transatlantic Capital Inc. was incorporated on May 22, 2002, under the laws of the State of Nevada, as Medina International Corp. On May 4, 2006, the Company changed its name to ACRO Inc., and again on May 24, 2014 to Transatlantic Capital Inc.

 

The Company was originally an oil and gas consulting company in Canada and the United States that later shifted operations to Israel to engage in development of products for the detection of military and commercial explosives for the homeland security market. On May 24, 2014 a change of control took place and the Company changed its business model to develop and manage real estate. As a result, the Company’s address was moved from Israel to Georgia.

 

The Company’s common stock was first listed on the Over-the-Counter Bulletin Board, or “OTC Bulletin Board” in April of 2003. It now trades on the OTCQB under the ticker symbol “TACI”.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited interim financial statements of Transatlantic Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the period ended December 31, 2014 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted.

 

Going Concern

 

In conformity with generally accepted accounting principles, it has been assumed that the Company will continue as a going concern. The Company, however, continues to incur losses from operations ($10,982 in the nine months ended September 30, 2015) and has a negative working capital ($163,950 in the nine months ended September 30, 2015). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary.  These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

 

NOTE 3 – RELATED PARTY TRANSACTIONS

 

Beginning in May of 2014, the Company received advances from a stockholder, IMIR Management LLC, as a loan with no interest and due on demand for various operational expenses. During the nine months ended Sepetember 30, 2015, IMIR loaned the Company $3,210. Advances due to the stockholder as of the nine months ended September 30, 2015 were $3,810.

 

On June 1, 2014, the Company executed a funding agreement with NFA Securities L3C, a stockholder, to fund ongoing company operations with a loan of up to $150,000. During the nine months ended September 30, 2015, NFA Securities L3C loaned the Company $17,193 under the funding agreement resulting in a balance due of $85,748. The advances had no interest and were due on demand.

 

The total related parties balance as of September 30, 2015 and December 31, 2014 are $89,558 and $69,155, respectively.

 

NOTE 4 – SHAREHOLDERS’ DEFICIT

 

On March 6, 2015, 1,000,000 shares of common stock were issued for the settlement of $1,000 convertible debt.

 

7

 
 

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Overview

Business Objective:

We are currently a shell entity. We have no business operations or assets.

We have relied on loans from our officers and shareholders to finance our operations. We have no commitment for additional funding. As a result, we will require a significant cash infusion to commence operations and implement our business plan. Management’s goal is to take advantage of opportunities in the real estate field. Our goal is to identify unique opportunities in commercial properties in the retail, office and industrial sectors throughout the United States and Canada. We intend to accomplish these goals by identifying properties or assets which can be acquired with favorable loan to value ratios, with credit worthy tenants under long term lease agreements.

OUR PLAN OF OPERATIONS

We will need a significant infusion of capital, whether in the form of debt or equity financing to implement our business plan. We have no commitment for additional funding. Without this capital infusion, it is highly unlikely that we will be able to implement our business plan.

RESULTS OF OPERATIONS

For the three and nine months ended September 30, 2015 and 2014

We did not generate any revenues during these periods. General and administrative expenses for the three and nine months ended September 30, 2015 totaled $1,527 and $10,982 as compared to no expenses for the three months ended September 30, 2014 and $38,348 for the nine months ended September 30, 2014. Our Net Loss for the three and nine months ended September 30, 2015 totaled $(1,527) and $(10,982) as compared to a Net Loss of $(0.00) for the third quarter of 2014 and $(150,124) for the nine months ended September 30, 2014. The principal reason for the significant decline in our Net Loss from 2014 to 2015 is primarily attributable to $109,174 attributable to expenses represented by the conversion features of outstanding debt obligations which was recognized in 2014.

Net Loss per share for the three and nine months ended September 30, 2015 totaled $(0.00) and $(0.00) and $(0.00) and $(0.45) during the comparable periods in 2014.

Until such time as we can implement our business plan we anticipate ongoing losses.

Except for Mr. Griggs, we had no full time employees. We anticipate adding additional employees, when adequate funds are available, and will continue using independent contractors, consultants, attorneys and accountants as necessary, to complement services rendered by our employees.

LIQUIDITY AND CAPITAL RESOURCES

At September 30, 2015 and December 31, 2014.

Total assets at September 30, 2015 were $9,008. We had no assets on December 31, 2014. Total liabilities at September 30, 2015 were $163,958 consisting of advances from related parties totaling $89,558 and accounts payable totaling $74,400. At December 31, 2014 liabilities totaled $144,968 consisting primarily of $74,813 in accounts payable and $69,155 in advances from related parties.

At September 30, 2015 we had an accumulated deficit of $(5,787,284) as compared to $(5,776,302) at December 31, 2014

Going Concern Consideration

Our continuation as a going concern is dependent upon amongst other things, securing a significant capital infusion in either the form of debt or equity financing. Securing additional financing is dependent on a number of items outside of our control and there exists material uncertainties that may cast significant doubt about our ability to continue as a going concern. There are no assurances that we will be able to implement our business plan or sustain operations.

8

 
 

 

Off-Balance Sheet Arrangements

We are not currently a party to, or otherwise involved with, any off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not Applicable.

 

Item 4. Controls and Procedures


As of the end of the period covered by this Report, the Company's chief executive officer and its principal financial officer (the “Certifying Officers”), evaluated the effectiveness of the Company's "disclosure controls and procedures," as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934. Based on that evaluation, the Certifying Officers concluded that, as of the date of their evaluation, the Company's disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed in the Company's periodic filings under the Securities Exchange Act of 1934 is accumulated and communicated to management, including these officers, to allow timely decisions regarding required disclosure.

 

The Certifying Officers have also indicated that there were no significant changes in our internal controls or other factors that could significantly affect such controls subsequent to the date of their evaluation and there were no corrective actions with regard to significant deficiencies and material weaknesses.

 

Our management does not expect that our disclosure controls or our internal controls will prevent all errors and fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. In addition, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by management override of the control. The design of any systems of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of these inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

9

 
 

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

 

Item 1A. Risk Factors

 

There have been no changes to our risk factors as reported in our annual report on Form 10-K for the year ended December 31, 2014.

 

Item 2. Unregistered Sales of Equity Securities and Use Of Proceeds

 

None.

 

Item 3. Defaults upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosure

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit Number Description of Exhibit
31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

10

 
 

SIGNATURES

 

 

 In accordance with Section 12 of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Transatlantic Capital Inc.

 

By: /s/ Joshua Griggs
 

Joshua Griggs

President, Chief Executive Officer and

Chief Financial Officer

 

  February 25, 2016

 

 

  

 

11



 

 

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT

 

I, Joshua Griggs, certify that:

1.      I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 for

Transatlantic Capital Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
4.The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and
5.The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

 

         
Date: February 25, 2016   By: /s/ Joshua Griggs
       

Joshua Griggs

Chief Executive Officer

 

 



 

OFFICER'S CERTIFICATION PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT

 

I, Joshua Griggs, certify that:

1.      I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2015 for Transatlantic Capital Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;
4.The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the issuer's most recent fiscal quarter (the issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and
5.The issuer's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer's auditors and the audit committee of the small business issuer's board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer's internal control over financial reporting.

 

         
Date: February 25, 2016     /s/ Joshua Griggs
        Joshua Griggs
        Principal Financial  Officer

 



 

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Transatlantic Capital Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

3.      A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

         
Date: February 25, 2016   By: /s/ Joshua Griggs
       

Joshua Griggs

Chief Executive Officer

 



 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Transatlantic Capital Inc. (the "Company") on Form 10-Q for the quarter ended September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.      The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.      The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

3.      A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

         
Date: February 25, 2016     /s/ Joshua Griggs
        Joshua Griggs
        Principal Financial Officer

 

 



v3.3.1.900
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2015
Feb. 09, 2016
Document And Entity Information    
Entity Registrant Name TRANSATLANTIC CAPITAL INC.  
Entity Central Index Key 0001228386  
Document Type 10-Q  
Document Period End Date Sep. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? No  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   21,365,622
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2015  


v3.3.1.900
Balance Sheets - USD ($)
Sep. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 8
Total Current Assets 8
OTHER ASSESTS:    
Deposits 9,000
Total Other Assets 9,000
TOTAL ASSETS 9,008 $ 0
CURRENT LIABILITIES    
Accounts payable 74,400 74,813
Advances - related parties $ 89,558 69,155
Convertible promissory note 1,000
Total Current Liabilities $ 163,958 144,968
TOTAL LIABILITIES $ 163,958 $ 144,968
STOCKHOLDERS' DEFICIT    
Preferred Stock: 50,000,000 shares authorized par value $0.001 per share; none issued and outstanding
Common Stock: 700,000,000 shares authorized par value $0.001 per share; issued and outstanding, 21,365,622 shares at September 30, 2015 and 20,365,622 shares at December 31, 2014 $ 21,366 $ 20,366
Additional paid-in-capital 5,610,968 5,610,968
Deficit accumulated (5,787,284) (5,776,302)
TOTAL STOCKHOLDERS' DEFICIT (154,950) (144,968)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 9,008 $ 0


v3.3.1.900
Condensed Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]    
Preferred stock; par value $ 0.001 $ 0.001
Preferred stock; shares authorized 50,000,000 50,000,000
Preferred stock; shares issued
Preferred stock; shares outstanding
Common stock; par value $ 0.001 $ 0.001
Common stock; shares authorized 700,000,000 700,000,000
Common stock; shares issued 21,365,622 20,365,622
Common stock; shares outstanding 21,365,622 20,365,622


v3.3.1.900
Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Operating Expenses        
General and administrative expenses $ (1,527) $ (10,982) $ (38,348)
Total Operating Expenses (1,527) (10,982) (38,348)
Operating Loss $ (1,527) $ (10,982) (38,348)
Interest expenses (2,602)
Expenses for benefit conversion feature (109,174)
Net Income (Loss) $ (1,527) $ (10,982) $ (150,124)
Basic and diluted net loss per common share $ (0.00) $ (0.00) $ (0.45)
Weighted average shares used in computing basic and diluted net loss per share 21,365,622 365,622 21,127,527 331,162


v3.3.1.900
Statements of Cash Flows - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Loss $ (10,982) $ (150,124)
Adjustments to reconcile net loss to net cash used by operating activities:    
Expenses for benefit conversion feature 109,174
Interest expense 2,602
Changes in operating assets and liabilities:    
Deposits $ (9,000)  
Accounts payable and Accounts payable - related parties (413) $ 38,348
Net cash used in operating activities (20,395)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related party advances 20,403
Net Cash Provided by Financing Activities $ 20,403
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at year end $ 8
Supplemental disclosure of cash flow information    
Interest paid
Income taxes paid
Supplemental disclosure of non cash financing activity    
Debt converted into stocks $ 1,000 $ 9,868


v3.3.1.900
Organization
 9 Months Ended
Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization

NOTE 1 - ORGANIZATION

 

Organization and Line of Business

 

Transatlantic Capital Inc. was incorporated on May 22, 2002, under the laws of the State of Nevada, as Medina International Corp. On May 4, 2006, the Company changed its name to ACRO Inc., and again on May 24, 2014 to Transatlantic Capital Inc.

 

The Company was originally an oil and gas consulting company in Canada and the United States that later shifted operations to Israel to engage in development of products for the detection of military and commercial explosives for the homeland security market. On May 24, 2014 a change of control took place and the Company changed its business model to develop and manage real estate. As a result, the Company’s address was moved from Israel to Georgia.

 

The Company’s common stock was first listed on the Over-the-Counter Bulletin Board, or “OTC Bulletin Board” in April of 2003. It now trades on the OTCQB under the ticker symbol “TACI”.

 


v3.3.1.900
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited interim financial statements of Transatlantic Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the period ended December 31, 2014 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted.

 

Going Concern

 

In conformity with generally accepted accounting principles, it has been assumed that the Company will continue as a going concern. The Company, however, continues to incur losses from operations ($10,982 in the nine months ended September 30, 2015) and has a negative working capital ($163,950 in the nine months ended September 30, 2015). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary.  These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.


v3.3.1.900
Related Party Transactions
 9 Months Ended
Sep. 30, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 3 – RELATED PARTY TRANSACTIONS

 

Beginning in May of 2014, the Company received advances from a stockholder, IMIR Management LLC, as a loan with no interest and due on demand for various operational expenses. During the nine months ended Sepetember 30, 2015, IMIR loaned the Company $3,210. Advances due to the stockholder as of the nine months ended September 30, 2015 were $3,810.

 

On June 1, 2014, the Company executed a funding agreement with NFA Securities L3C, a stockholder, to fund ongoing company operations with a loan of up to $150,000. During the nine months ended September 30, 2015, NFA Securities L3C loaned the Company $17,193 under the funding agreement resulting in a balance due of $85,748. The advances had no interest and were due on demand.

 

The total related parties balance as of September 30, 2015 and December 31, 2014 are $89,558 and $69,155, respectively.


v3.3.1.900
Shareholders Deficiency
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Shareholders Deficiency

NOTE 4 – SHAREHOLDERS’ DEFICIT

 

On March 6, 2015, 1,000,000 shares of common stock were issued for the settlement of $1,000 convertible debt.


v3.3.1.900
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited interim financial statements of Transatlantic Capital, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report on Form 10-K for the period ended December 31, 2014 as filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements as reported in the annual report on Form 10-K have been omitted.
Going Concern

Going Concern

 

In conformity with generally accepted accounting principles, it has been assumed that the Company will continue as a going concern. The Company, however, continues to incur losses from operations ($10,982 in the nine months ended September 30, 2015) and has a negative working capital ($163,950 in the nine months ended September 30, 2015). This raises substantial doubt about the Company's ability to continue as a going concern. Management intends to raise financing through public equity or other means and interests that it deems necessary.  These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.


v3.3.1.900
Summary of Significant Accounting Policies (Details Narrative)
 9 Months Ended
Sep. 30, 2015
USD ($)
Accounting Policies [Abstract]  
Losses from operations $ (10,982)
Net Capital Deficiency $ (163,950)


v3.3.1.900
Related Party Transactions (Details Narrative) - USD ($)
Jun. 01, 2014
Sep. 30, 2015
Dec. 31, 2014
Advances due to related parties   $ 89,558 $ 69,155
IMIR Management LLC [Member]      
Loan from stockholder   3,210  
Advances due to related parties   3,810  
NFA Securities L3C [Member]      
Funding available $ 150,000    
Loan from stockholder   17,193  
Advances due to related parties   $ 85,748  


v3.3.1.900
Shareholders Deficiency (Details Narrative)
Mar. 06, 2015
USD ($)
shares
Equity [Abstract]  
Debt converted to common stock, value | $ $ 1,000
Debt converted to common stock,shares | shares 1,000,000
TransAtlantic Capital (CE) (USOTC:TACI)
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