Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document and Entity Information: | ||
Entity Registrant Name | TRON GROUP INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Trading Symbol | plsh | |
Amendment Flag | false | |
Entity Central Index Key | 1,658,605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 160,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Prepaid expenses | $ 1,250 | $ 5,000 |
Total Current Assets | 1,250 | 5,000 |
TOTAL ASSETS | 1,250 | 5,000 |
Current Liabilities | ||
Accounts payable | 6,250 | 1,711 |
Due to related parties | 14,687 | 9,886 |
Total Current Liabilities | 20,937 | 11,597 |
Stockholders' Deficit | ||
Common stock; $0.001 par value; 500,000,000 shares authorized; 160,000,000 shares issued and outstanding | 160,000 | 160,000 |
Capital deficiency | (111,438) | (111,438) |
Accumulated deficit | (68,249) | (55,159) |
Total Stockholders' Deficit | (19,687) | (6,597) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 1,250 | $ 5,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statements Of Operations | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative – related party | 7,500 | |
Other | 13,090 | 4,516 |
Total operating expenses | 13,090 | 12,016 |
LOSS BEFORE INCOME TAXES | (13,090) | (12,016) |
Provision for income taxes | ||
NET LOSS | $ (13,090) | $ (12,016) |
NET LOSS PER COMMON SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED | 160,000,000 | 100,197,800 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,090) | $ (12,016) |
Changes in operating assets and liabilities | ||
Prepaid expenses | 3,750 | |
Accounts payable and accrued liabilities | 4,539 | 4,574 |
Net Cash Used in Operating Activities | (4,801) | (7,442) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 5,000 | |
Proceed from related parties | 4,801 | 2,474 |
Stock subscription receivable | 1,365 | |
Net cash provided by financing activities | 4,801 | 8,839 |
Net cash increase for period | 1,397 | |
Cash at beginning of period | 3,605 | |
Cash at end of period | 5,002 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest |
ORGANIZATION, OPERATIONS AND BA
ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 1 . ORGANIZATION, OPERATIONS AND BASIS OF ACCOUNTING | TRON Group Inc. (the Company) was incorporated in the State of Nevada on October 20, 2015, as Plush Corp., and it is based in Las Vegas, Nevada. On November 3, 2016, a majority of stockholders of our company and our board of directors approved a change of name of our company from Plush Corp. to TRON Group Inc. We are a holding company and have no principal business. We are currently seeking new business opportunities with established business entities for the merger with or acquisition of a target business. To date, the companys activities have been limited to raising capital, organizational matters, launching the website and the structuring of its business plan. The company has not generated any revenues since inception. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the companys management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the company as of March 31, 2017 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the companys Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on April 17, 2017. Going Concern The accompanying financial statements have been prepared assuming that the company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of March 31, 2017, the company has not generated any revenues from operations and has a stockholders deficit of $19,687. These factors, among others, raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. The companys continuation as a going concern is dependent upon the companys ability to begin operations and to achieve a level of profitability. The company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 2. Summary of significant accounting policies | This summary of significant accounting policies of the Company is presented to assist in understanding the Companys financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassification Certain prior period amounts have been reclassified to conform to current period presentation. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Prepaid expense
Prepaid expense | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 3. Prepaid expense | As of March 31, 2017 and December 31, 2016, the Company had prepaid expenses of $1,250 and $5,000, respectively. Prepaid expenses consist of a one year subscription agreement with the Companys transfer agent. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 4. Related party transactions | During the three months ended March 31, 2017, the Company received $4,801 from the current director and officer for payment of operating expenses. During the three months ended March 31, 2016, the Company received $2,474 from a former director and officer for payment of operating expenses. As of March 31, 2017 and December 31, 2016, due to a related party was $14,687 and $9,886, respectively. These amounts are non-interest bearing and due on demand. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 5. Income Taxes | The Company provides for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company provided a full valuation allowance for the deferred tax asset. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: Three Months Ended March 31, 2017 2016 Federal income tax benefit attributable to: Current operations $ 4,451 $ 4,085 Less: valuation allowance (4,451 ) (4,085 ) Net provision for Federal income taxes $ - $ - Net deferred tax assets consist of the following components as of: March 31, March 31, 2017 2016 Deferred tax asset attributable to: Net operating loss carry over $ 23,205 $ 18,754 Less: valuation allowance (23,205 ) (18,754 ) Net deferred tax asset $ - $ - |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 6. Subsequent Events | The Company has evaluated events occurring after the date of these financial statements through the date that these financial statements were issued. There have been no events that would require adjustment to or disclosure in the financial statements. |
Summary of Significant Accoun11
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Summary Of Significant Accounting Policies Policies | |
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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Certain prior period amounts have been reclassified to conform to current period presentation. |
Recently Issued Accounting Pronouncements | Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Income Tax (Tables)
Income Tax (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Tables | |
Schedule of Provision for Federal Income Tax | Three Months Ended March 31, 2017 2016 Federal income tax benefit attributable to: Current operations $ 4,451 $ 4,085 Less: valuation allowance (4,451 ) (4,085 ) Net provision for Federal income taxes $ - $ - |
Schedule of Deferred Tax Assets and Liabilities | March 31, March 31, 2017 2016 Deferred tax asset attributable to: Net operating loss carry over $ 23,205 $ 18,754 Less: valuation allowance (23,205 ) (18,754 ) Net deferred tax asset $ - $ - |
Background information (Details
Background information (Details Narrative) | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
State of incorporation | State of Nevada |
Date of incorporation | Oct. 20, 2015 |
Going concern (Details Narrativ
Going concern (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Going Concern Details Narrative | ||
Total Stockholders' Deficit | $ (19,687) | $ (6,597) |
Prepaid expense (Details Narrat
Prepaid expense (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Notes to Financial Statements | ||
Prepaid expenses | $ 1,250 | $ 5,000 |
Related party transactions (Det
Related party transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Due to related parties | $ 14,687 | $ 9,886 | |
Operating Expenses | 13,090 | $ 12,016 | |
Director [Member] | |||
Operating Expenses | $ 4,801 | ||
Founder [Member] | |||
Operating Expenses | $ 2,474 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 4,451 | $ 4,085 |
Less: valuation allowance | (4,451) | (4,085) |
Net provision for Federal income taxes |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax asset attributable to: | ||
Net operating loss carry over | $ 23,205 | $ 18,754 |
Less: valuation allowance | (23,205) | (18,754) |
Net deferred tax asset |