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EXCEL - IDEA: XBRL DOCUMENT - Trafalgar Resources, Inc.Financial_Report.xls
10-K - ANNUAL REPORT ON FORM 10K FOR THE YEAR ENDED SEPTEMBER 30, 2012 - Trafalgar Resources, Inc.trafalgar10ksept12.htm
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EX-32 - 906 CERTIFICATION - Trafalgar Resources, Inc.ex32.htm
EX-31 - 302 CERTIFICATION OF ANTHONY COLETTI - Trafalgar Resources, Inc.ex312.htm
EX-31 - 302 CERTIFICATION OF ANTHONY BRANDON ESCOBAR - Trafalgar Resources, Inc.ex311.htm
v2.4.0.6
Summary of Significant Accounting Policies (Policies)
12 Months Ended
Sep. 30, 2012
Policies  
Development Stage Enterprise

 

Development stage enterprise

 

Trafalgar Resources, Inc. (the "Company") was incorporated under the laws of the State of Utah on October 25, 1972. The Company is considered a development stage enterprise because since October 1, 2003 it has not commenced operations that have resulted in significant revenue and the Company's efforts have been devoted primarily to activities related to raising capital and attempting to acquire an operating entity.

Cash and Cash Equivalents

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.

Use of Estimates

 

Use of estimates

 

These financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and require that management make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. The use of estimates and assumptions may also affect the reported amounts of revenues and expenses. Actual results could differ from those estimates or assumptions.

Net Loss Per Share of Common Stock

 

Net loss per share of common stock

 

The loss per share of common stock is computed by dividing the net loss during the period presented by the weighted average number of shares outstanding during that same period.

Income Taxes

 

Income taxes

 

We account for income taxes in accordance with FASB ASC 740-10-05, “Accounting for Income Taxes.”  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse.  Deferred tax assets will be reflected on the balance sheet when it is determined that it is more likely than not that the asset will be realized.  A valuation allowance has currently been recorded to reduce our deferred tax asset to $0.

Revenue Recognition

 

Revenue recognition

 

We recognize revenue in accordance with FASB ASC 605, “Revenue Recognition.”  Under FASB ASC 605, revenue is recognized at the point of passage to the customer of title and risk of loss, when there is persuasive evidence of an arrangement, the sales price is determinable, and collection of the resulting receivable is reasonably assured.  We recognize revenue as services are provided.  Revenues are reflected net of coupon discounts.

Fair Value of Financial Instruments

 

Fair value of financial instruments

 

The fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties.  The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, and other current assets, accounts payable, taxes payable, accrued expenses and other current liabilities, approximate their fair values because of the short maturity of these instruments.

Going Concern

 

Going concern

 

As shown in the accompanying financial statements, the Company had a deficit working capital and a retained deficit incurred through September, 30, 2012 which raise substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence.  Management intends to seek new capital from a related party to provide needed funds.  

New Accounting Pronouncements

 

New accounting pronouncements

 

Accounting Standards Update (“ASU)” ASU No. 2009-05 (ASC Topic 820), which amends Fair Value Measurements and Disclosures  - Overall, ASU No. 2009-13 (ASC Topic 605), Multiple Deliverable Revenue Arrangements, ASU No. 2009-14 (ASC Topic 985), Certain Revenue Arrangements that include Software Elements, and various other ASU’s  No. 2009-2 through ASU No. 2011-09, which contain technical corrections to existing guidance or affect guidance to specialized industries or entities were recently issued.  These updates have no current applicability to the Company or their effect on the financial statements would not have been significant.