View Filing Data

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Nov. 30, 2012	Feb. 28, 2013
Document And Entity Information
Entity Registrant Name	Retrophin, Inc.
Entity Central Index Key	0001438533
Document Type	10-Q
Document Period End Date	Nov. 30, 2012
Amendment Flag	false
Current Fiscal Year End Date	--02-28
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		12,067,182
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

Condensed Balance Sheets (Unaudited) - USD ($)	Nov. 30, 2012	Feb. 29, 2012
Assets
Cash	$ 3,900	$ 3,909
Total current assets	3,900	3,909
Total Assets	3,900	3,909
Liabilities and Stockholders' Deficiency
Accounts payable-trade	750	750
Accrued expenses	33,328	31,667
Due to related parties	9,572	9,572
Convertible notes payable	25,000	25,000
Total current liabilities	68,650	66,989
Stockholders' Deficiency:
Preferred stock, $.0001 par value (501 shares outstanding out of 20,000,000 authorized)	1	1
Common stock-100,000,000 authorized $0.0001 par value 106,695 issued & outstanding	11	11
Additional paid-in capital	81,989	72,989
Accumulated Deficit	(146,751)	(136,081)
Total Stockholders' Deficiency	(64,750)	(63,080)
Total Liabilities & Stockholders' Deficiency	$ 3,900	$ 3,909

Condensed Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2012	Feb. 29, 2012
STOCKHOLDERS' EQUITY ( DEFICIT )
Preferred Stock Par Value	$ .0001	$ .0001
Preferred Stock Shares Authorized	20,000,000	20,000,000
Preferred Stock Shares Issued	501	501
Preferred Stock Shares Outstanding	501	501
Common Stock Par Value	$ .0001	$ .0001
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	106,695	106,695
Common Stock Shares Outstanding	106,695	106,695

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011
Income Statement [Abstract]
Revenue	$ 0	$ 0	$ 0	$ 0
Costs & Expenses:
General & administrative	3,161	3,018	9,170	9,067
Interest and amortization of debt discount	500	500	1,500	1,500
Total Costs & Expenses	3,661	3,518	10,670	10,567
Net Loss	$ (3,661)	$ (3,518)	$ (10,670)	$ (10,567)
Net loss per share - basic and diluted:
Basic and diluted net loss	$ (0.03)	$ (0.03)	$ (0.1)	$ (0.1)
Weighted average shares outstanding	106,695	106,695	106,695	106,695

Condensed Statement of Stockholders Equity (Unaudited) - 9 months ended Nov. 30, 2012 - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance - Shares at Feb. 29, 2012	501	106,695
Beginning Balance - Amount at Feb. 29, 2012	$ 1	$ 11	$ 72,989	$ (136,081)	$ (63,080)
Services provided by officer/stockholder			9,000		9,000
Net Loss				(10,670)	(10,670)
Ending Balance, Shares at Nov. 30, 2012	501	106,695
Ending Balance, Amount at Nov. 30, 2012	$ 1	$ 11	$ 81,989	$ (146,751)	$ (64,750)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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Reference 14: http://www.xbrl.org/2003/role/presentationRef
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+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References + Details

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Nov. 30, 2012	Nov. 30, 2011
Statement of Cash Flows [Abstract]
Net Loss	$ (10,670)	$ (10,567)
Adjustments required to reconcile net loss to cash used in operating activities:
Fair value of services provided by related parties	9,000	9,000
Increase (decrease) in accounts payable & accrued expenses	1,661	1,500
Cash used by operating activities:	(9)	(67)
Change in cash	(9)	(67)
Cash-beginning of period	3,909	3,958
Cash-end of period	$ 3,900	$ 3,891

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

1. Basis of Presentation and Organization

9 Months Ended

Nov. 30, 2012

Accounting Policies [Abstract]

Basis of Presentation and Organization

1.	Basis of Presentation and Organization:

In the opinion of management, the accompanying financial statements include all adjustments, consisting of normal recurring adjustments, which are necessary to present fairly the Company's financial position, results of operations and cash flows. The balance sheet as of February 28, 2012 has been derived from audited financial statements as of that date.

The interim results of operations are not necessarily indicative of the results that may occur for the full fiscal year. Certain information and footnote disclosure normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted pursuant to instructions, rules and regulations prescribed by the U.S. Securities and Exchange Commission (the "SEC"). The Company believes that the disclosures provided herein are adequate to make the information presented not misleading when these financial statements are read in conjunction with the financial statements and notes included in its Annual Report on Form 10-K for the fiscal year ended February 29, 2012 filed with the SEC.

The preparation of these financial statements in conformity with accounting principles generally accepted in the United States requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related intangible assets, income taxes, insurance obligations and contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other resources. Actual results may differ from these estimates under different assumptions or conditions.

The Company up until December 19, 2012 was formerly known as Desert Gateway, Inc (“Desert Gateway” or the “Company”) which was incorporated on February 8, 2008, as a subsidiary of American Merchant Data Services, Inc. Our former parent company, American Merchant Data Services, Inc. (American Merchant) was originally incorporated on January 27, 2000, in Florida as Boats.com, Inc. On September 25, 2002 Boats.com, Inc. changed its name to American Merchant Data Services, Inc. American Merchant later re-domiciled to Oklahoma in October, 2007, under the name American Merchant Data Merger, Inc. (“AMDM”).

During the fiscal period ended February 29, 2008, the Company consummated a reorganization (the “2008 Reorganization”) pursuant to Section 1081(a) of the Oklahoma General Corporation Law, as a tax-free organization. On February 8, 2008, AMDM caused Desert Gateway to be incorporated in the State of Oklahoma, as a direct, wholly-owned subsidiary of AMDM and caused American Merchant Data Services, Inc. (“AMDS”) to also be incorporated in the State of Oklahoma, as a direct wholly-owned subsidiary of Desert Gateway. Under the terms of the Reorganization, AMDM was merged with and into AMDS pursuant to Section 1081(g) of the General Corporation Law of the State of Oklahoma (“OGCL”). Upon consummation of the Reorganization, each issued and outstanding share of AMDM Common Stock was converted into and exchanged for a share of common stock of Desert Gateway (on a share-for-share basis) having the same designations, rights, powers and preferences, and qualifications, limitations and restrictions as the shares of AMDM being converted. AMDM’s corporate existence ceased. Under the 2008 Reorganization all ADMD shareholders became shareholders of Desert Gateway in the same proportion. In conjunction with the 2008 Reorganization, AMDM concluded a downstream merger into the second subsidiary AMDS. All of AMDM’s losses and net operating losses carried forward to AMDS. Following the Reorganization the Company was re-domiciled to Delaware. Since 2004 and prior to consummation of the domiciliary merger in 2008, neither American Merchant nor Desert Gateway had any existing operations.

Pursuant to an Agreement and Plan of Merger dated December 12, 2012, or the Merger Agreement, by and among the Company, and wholly-owned subsidiary of the Company, or Merger Sub, and Retrophin, Inc., a Delaware corporation, which is referred to hereinafter as Retrophin, Merger Sub merged with and into Retrophin, with Retrophin remaining as the surviving entity and a wholly-owned operating subsidiary of the Company (the “Merger”). The Merger was effective as of December 12, 2012, upon the filing of a certificate of merger with the Secretary of State of the State of Delaware. Accordingly, the Merger resulted in a change in control of the Company. Accordingly, the merger is being accounted for as a reverse merger and recapitalization of Retrophin into the Company. Subsequent to the merger the Company changed its name from Desert Gateway, Inc. to Retrophin, Inc.

To date and as of the date hereof, the Company can be defined as a "shell" company, an entity which is generally described as having no or nominal operations and with no or nominal assets or assets consisting solely of cash and cash equivalents. As a shell company, our sole purpose at this time is to locate and consummate a merger or acquisition with a private entity.

With no revenues or gross margin, we remain dependent on funding for our continued operations. There can be no assurance that we will continue to fund our Company’s operations or that we will be able to raise future funding from others at an acceptable price or at all. This raises substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Emerging Growth Company Critical Accounting Policy Disclosure: We qualify as an “emerging growth company” under the 2012 JOBS Act. Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.

2. Earnings/Loss Per Share

9 Months Ended

Nov. 30, 2012

Earnings Per Share [Abstract]

Earnings/Loss Per Share

2.	Earnings/Loss Per Share

Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of preferred stock or convertible notes. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. All per share disclosures retroactively reflect shares outstanding or issuable.

There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding in 2012 or 2011.

3. New Accounting Standards

9 Months Ended

Nov. 30, 2012

Accounting Changes and Error Corrections [Abstract]

New Accounting Standards

3.	New Accounting Standards

The Company has evaluated recent accounting pronouncements and their adoption has not had or is not expected to have a material impact on the Company’s financial position or operations.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

4. Related Party Transactions not Disclosed Elsewhere

9 Months Ended

Nov. 30, 2012

4. Related Party Transactions not Disclosed Elsewhere:

Due to Related Parties: Amounts due to related parties consist of regulatory compliance expenses paid directly by and cash advances received from affiliates. These unpaid items totaled $9,572 at November 30, 2012 and are payable on demand.

Management services: The sole officer and director provided the Company for no consideration certain management services at an estimated cost of approximately $800 per month and office space at an estimated cost of approximately $200 per month. The total of these expenses was $9,000 for the nine-month periods ended November 30, 2012 and 2011 and has been reflected in the statement of operations as general and administrative expenses with a corresponding increase to additional paid-in capital. On December 10, 2012 the sole officer of the Company resigned and ceased providing any services to the Company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

5. Convertible Debt

9 Months Ended

Nov. 30, 2012

Debt Disclosure [Abstract]

Convertible Debt

5. Convertible Debt:

On November 1, 2008, we finalized the terms of the August, 2008 advance of $25,000 by issuing a $25,000 convertible promissory note. The note bears interest at 8% per annum until paid or converted. The note is convertible at the option of the holder at any time and from time to time into our common stock at a conversion price of $0.01 per share and matured on November 1, 2010.

On December 10, 2012, in connection with a court agreed journal entry of judgment the noteholder’s request for cancellation of the note for the conversion to shares was granted. On that date in connection with the conversion of a convertible promissory note, the Company issued 2,500,000 shares to the holder of such note and the related accrued interest on the note in the amount of $8,168 was cancelled.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

6. Subsequent events

9 Months Ended

Nov. 30, 2012

Subsequent Events [Abstract]

Subsequent events

6. Subsequent events:

At the effective time of the Merger, the legal existence of Merger Sub ceased and (i) 869,179 shares of the Retrophin Common Stock, which represents all of the issued and outstanding Retrophin Common Stock and (ii) 155,461 shares of the Retrophin Preferred Stock, which represents all of the issued and outstanding Retrophin Preferred Stock, that was outstanding immediately prior to the effective time of the Merger were cancelled. Simultaneously, the Company issued to the former holders of Retrophin Common Stock and Retrophin Preferred Stock, in consideration of their capital stock of Retrophin, an aggregate of 5,434,120 shares of the Company’s common stock, par value $0.0001 per share.

Upon completion of the Merger, the former stockholders of Retrophin held 68.9% of the outstanding shares of capital stock of the Company. Accordingly, the Merger resulted in a change in control of the Company.

Upon effectiveness of the Merger, Retrophin’s business plan became the business plan of the Company. Upon completion of the Merger, all management of the Company resigned and the management of Retrophin became the management of the Company. Accordingly, the merger is being accounted for as a reverse merger and recapitalization of Retrophin into the Company.

As described in Note 5, the convertible note was converted into 2,500,000 shares of the Company’s common stock.

4. Related Party Transactions not Disclosed Elsewhere (Details) - USD ($)	3 Months Ended		9 Months Ended
	Nov. 30, 2012	Nov. 30, 2011	Nov. 30, 2012	Nov. 30, 2011	Feb. 29, 2012
Related Party Transactions Not Disclosed Elsewhere Details
Due to Related Parties	$ 9,572		$ 9,572		$ 9,572
Management services	$ 9,000	$ 9,000	$ 9,000	$ 9,000

- Definition

Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References + Details