NOTES
TO THE UNAUDITED FINANCIAL STATEMENTS
MAY
31, 2018
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, 2018 and the results of operations and cash flows for
the periods presented. The results of operations for the nine months ended May 31, 2018 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, 2017, 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, 2018 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.
On
Apr 17, 2018 via email, our President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company, Prof.
Dr. Wong Kong Yew had tendered his resignation letter dated Apr 15, 2018 to the Board of Director.
On May 15, 2018, Mr. Yap Kit
Chuan is appointed by the Board and consented to assume all posts vacated by Prof. Dr. Wong Kong Yew which include President,
CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company.
Reclassifications
Certain
prior period amounts have been reclassified to conform to the current period presentation.
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, 2018, the Company has a working
capital deficit of $504,905 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.
The
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern
NOTE
3 – RELATED PARTY TRANSACTIONS
Our
Management Agent, Swipypay Berhad (a company established in Malaysia) is 70% owned by our Director – Mr Yap Kit Chuan. Total
outstanding amount due to our Management Agent was $469,740 and $275,671 as at May 31, 2018 and August 31, 2017 respectively.
During
the period, we had requested the Management Agent to fully settle all outstanding Loan due from Director which amounted to $13,785.