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Arax Holdings Corp. – ‘10-K’ for 10/31/20 – ‘EX-101.INS’

On: Thursday, 4/22/21, at 2:19pm ET · For: 10/31/20 · Accession #: 1829126-21-2805 · File #: 333-185928

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/22/21  Arax Holdings Corp.               10-K       10/31/20   26:928K                                   Empire Filings/FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML    199K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     11K 
10: R1          Cover                                               HTML     48K 
11: R2          Balance Sheets                                      HTML     53K 
12: R3          Balance Sheets (Parenthetical)                      HTML     18K 
13: R4          Statements of Operations                            HTML     49K 
14: R5          Statements of Changes in Stockholders' Equity       HTML     23K 
15: R6          Condensed Statements of Cash Flows                  HTML     36K 
16: R7          Organization and Description of Business            HTML     15K 
17: R8          Summary of Significant Accounting Policies          HTML     20K 
18: R9          Equity                                              HTML     13K 
19: R10         Commitments and Contingencies                       HTML     13K 
20: R11         Subsequent Events                                   HTML     13K 
21: R12         Summary of Significant Accounting Policies          HTML     36K 
                (Policies)                                                       
22: R13         Summary of Significant Accounting Policies          HTML     16K 
                (Details Narrative)                                              
23: R14         Equity (Details Narrative)                          HTML     18K 
25: XML         IDEA XML File -- Filing Summary                      XML     37K 
24: EXCEL       IDEA Workbook of Financial Reports                  XLSX     20K 
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 8: EX-101.LAB  XBRL Labels -- arat-20201031_lab                     XML    176K 
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 5: EX-101.SCH  XBRL Schema -- arat-20201031                         XSD     32K 
26: ZIP         XBRL Zipped Folder -- 0001829126-21-002805-xbrl      Zip     20K

‘EX-101.INS’ — XBRL Instance — arat-20201031

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NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Arax Holdings Corp. (the “Company”) was incorporated under the laws of the State of Nevada on February 23, 2012 with a business plan to sell hot dogs from mobile hot dog stands throughout the major cities in Mexico. As of the filing of the 10K for 2016, the Company stated that it was re-evaluating its business plan. It was further indicated as possible that a new business model could be related to a new business sector other than the food sector, and that any new business model could entail a capital restructuring of the Company in order to provide new capital and a broader base of shareholders. Such a capital restructuring of the Company could involve a merger or acquisition of assets through various techniques, including a possible reverse-merger. On October 31, 2016 management believed that the best business model for our investors is to pursue business activity in the Life Sciences sector of the United States and possibly internationally. The Company has been dormant since September 28, 2017. On December 30, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-825346-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the “Company”. On the same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. The Company’s accounting year-end is October 31.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. Going Concern The accompanying financial statements have been prepared assuming 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 for the twelve months following the date of these financial statements. As of October 31, 2020, the Company had no cash and an accumulated deficit of $598,606. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who extended interest-free demand loans to the Company. Mr. Lazar sold his interest in the company and will no longer be offering any form of financing. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On October 31, 2020. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB 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 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. Under FASB ASC 740, 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. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

</us-gaap:SignificantAccountingPoliciesTextBlock>

<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2019-11-01to2020-10-31">

NOTE 3 – EQUITY Common Stock The Company has authorized 75,000,000 shares of $0.001 par value, common stock. As of October 31, 2020, there were 10,335,924 shares of Common Stock issued and outstanding, respectively.

</us-gaap:StockholdersEquityNoteDisclosureTextBlock>

<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2019-11-01to2020-10-31">

NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments as of October 31, 2020.

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<us-gaap:SubsequentEventsTextBlock contextRef="From2019-11-01to2020-10-31">

NOTE 5 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

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Going Concern The accompanying financial statements have been prepared assuming 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 for the twelve months following the date of these financial statements. As of October 31, 2020, the Company had no cash and an accumulated deficit of $598,606. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Recently the Company being funded by David Lazar who extended interest-free demand loans to the Company. Mr. Lazar sold his interest in the company and will no longer be offering any form of financing. Historically, the Company raised capital through private placements, to finance working capital needs and may attempt to raise capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.

</arat:GoingConcernPolicyTextBlock>

<us-gaap:UseOfEstimates contextRef="From2019-11-01to2020-10-31">

Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

</us-gaap:UseOfEstimates>

<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2019-11-01to2020-10-31">

Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On October 31, 2020.

</us-gaap:CashAndCashEquivalentsPolicyTextBlock>

<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2019-11-01to2020-10-31">

Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB 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 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. Under FASB ASC 740, 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. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

</us-gaap:IncomeTaxPolicyTextBlock>

<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2019-11-01to2020-10-31">

Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

</us-gaap:EarningsPerSharePolicyTextBlock>

<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2019-11-01to2020-10-31">

Recent Accounting Pronouncements There are no recent accounting pronouncements that impact the Company’s operations.

</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>

<us-gaap:Cash contextRef="AsOf2020-10-31" unitRef="USD" decimals="0"> 0 </us-gaap:Cash>

</xbrli:xbrl>

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Filing Submission 0001829126-21-002805 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Arax Holdings Corp. – ‘10-K’ for 10/31/20 – ‘EX-101.INS’

On: Thursday, 4/22/21, at 2:19pm ET · For: 10/31/20 · Accession #: 1829126-21-2805 · File #: 333-185928

Previous ‘10-K’: ‘10-K’ on 9/28/17 for 10/31/16 · Next: ‘10-K’ on 2/7/22 for 10/31/21 · Latest: ‘10-K’ on 4/26/24 for 10/31/23

Annual Report — Form 10-KFiling Table of Contents

‘EX-101.INS’ — XBRL Instance — arat-20201031

This Exhibit is an XBRL XML File.

Annual Report — Form 10-K
Filing Table of Contents