NOTES
TO THE UNAUDITED FINANCIAL STATEMENTS
MAY
31, 2017
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
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 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 Company’s
management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring
accruals) to present the financial position of the Company as of May 31, 2017 and the results of operations and cash flows for
the periods presented. The results of operations for the nine months ended May 31, 2017 are not necessarily indicative
of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in
conjunction with the financial statements for the year ended August 31, 2016, and related notes thereto included in the elsewhere
in this filing.
Organization
and Business Description
Fellazo
Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada
on May 28, 2014.
During
the quarter ending May 31, 2017 the Company had commenced its transformation process into an IT based company specialized in Mobile
Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare,
energy, development and capital market.
Our
office is located at 8
th
Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan, Selangor
Darul Ehsan, Malaysia.
NOTE
2 – GOING CONCERN
The
Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and settlement of liabilities and commitments in the normal course of business. As at May 31, 2017, the Company has a working
capital deficit of $252,933 and has not yet established a stabilized source of revenue sufficient to cover operating cost
for the foreseeable future. These factors, among others, raise substantial doubt about the Company’s ability to continue
as a going concern.
However
the Company had commenced its transformation into an IT based company specialized in Mobile Application Developments with worldwide
clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market.
The Board of Director is assisted by a team consisting of highly competent professional consultants and experts in the related
the fields during this period of the transformation exercise.
We
strongly believe that the transformation would bring a significant growth potential to the Company which would generate more than
sufficient revenue and liquidity to sustain the Company for the next twelve months and a significant future growth. In addition
there will be in-flow of funds and capital injections by the Directors to facilitate this transformation exercise.
NOTE
3 – SETTLEMENT OF ASSETS AND LIABILITIES
As
a result of the “Assignment Of Rights And Assumption of Liabilities Agreement” entered into by the Company with the
previous sole-director of the Company, Ms. Galina Hripcenco where all rights and obligations in the Assets and Liabilities of
the Company is transferred to Ms. Hripcenco for a consideration that Ms. Hripcenco shall retire all shares of the Company to the
treasury of the Company (Exhibit No. 99.1);
All
existing equipment ($6,972), balance of inventory ($705) and pre-paid expenses ($1,300) were given to Ms. Galina Hripcenco for
a total amount of $8,977.
The
director loan due to Ms. Galina Hripcenco totaling $28,128 was also waived.
As
a result of the transaction, the net amount of $19,151 was deemed to have been given as a capital contribution.
NOTE
4 – RELATED PARTY TRANSACTIONS
Our
President and Director, Prof. Dr. Wong Kong-Yew settled on behalf of the Company, invoices from our auditor, consultant and share
transfer agent (include bank charges) amounting to $14,513; this amount was taken-in as Loan from Director.
NOTE
5 – OTHER CREDITORS
Creditors’
Name
|
|
Services
Provided
|
|
Amount
|
|
Swipypay
Berhad
|
|
Management
Agent
|
|
|
151,058
|
|
China
Wise Management Int. Ltd
|
|
Consultant
|
|
|
85,300
|
|
Malone
Bailey, LLP
|
|
Auditor
|
|
|
2,000
|
|
Globes
Transfer, LLC
|
|
Share
Transfer Agent
|
|
|
790
|
|
|
|
Total
|
|
|
239,148
|
|
NOTE
6
– SUBSEQUENT
EVENT
A
private placement of common stocks by the Directors to fully take-up all remaining 70,115,000 shares of our authorized capital
of 75 million common shares. This exercise which was completed on July 3, 2017, provided the Company with capital of $70,115.