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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q |
Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No.
333-145876
CANNONAU CORP.
(Exact name of registrant as specified in its
charter)
Nevada |
|
84-2870437 |
(State or other jurisdiction of incorporation or organization) |
|
(IR.S. Employer Identification No.) |
|
Upper St. Mary’s Street |
St. John’s, ANTIGUA WEST-INDIES |
AG 19600 |
+31.651582511 |
(Address and phone number of principal executive office) |
Indicate by check mark whether the registrant (1)
filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past
90 days ☒ Yes ☐
No
Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files) ☒ Yes ☐
No
Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large
accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ☐ |
|
Accelerated filer ☐ |
|
Non-accelerated Filer ☐ (Do not check if a smaller reporting company) |
|
Smaller reporting company ☒ |
|
Emerging Growth Company ☐ |
|
|
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐
No ☒
At September 30, 2023, the number of shares of
the Registrant’s common stock outstanding was 241,815,632.
|
|
|
|
PART I |
|
|
|
Item 1 |
Financial Statements |
|
4 |
|
Item 2 |
Management's Discussion and Analysis of Financial Condition and Results of Operations |
|
14 |
|
Item 3 |
Quantitative and Qualitative Disclosures About Market Risks |
|
16 |
|
Item 4 |
Controls and Procedures |
|
16 |
|
|
|
|
|
|
PART II |
|
|
|
|
Item 1 |
Legal Proceedings |
|
16 |
|
Item 1A. |
Risk Factors |
|
16 |
|
Item 2 |
Unregistered Sales of Equity Securities and Use of Proceeds |
|
17 |
|
Item 3 |
Default Upon Senior Securities |
|
17 |
|
Item 4 |
Mine Safety Disclosure |
|
17 |
|
Item 5 |
Other Information |
|
17 |
|
Item 6 |
Exhibits |
|
17 |
|
|
|
|
|
|
SIGNATURES |
|
17 |
|
PART 1: FINANCIAL STATEMENTS
CANNONAU CORP.
FINANCIAL STATEMENTS (UNAUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
C O N T E N T S
Balance Sheets as of September 30, 2023 (Unaudited) & December 31, 2022(Audited) |
|
|
5 |
|
|
|
|
Statements of Operations for three and nine-months period ended September 30, 2023 & September 30, 2022 (Unaudited) |
|
|
6 |
|
|
|
|
Statements of Stockholders' Equity (Deficit) for the period ended September 30, 2023 & September 30, 2022 (Unaudited) |
|
|
7 |
|
|
|
|
Statements of Cash Flows for the period ended September 30, 2023 & September 30, 2022 (Unaudited) |
|
|
8 |
|
|
|
|
Notes to the Unaudited Financial Statements for the period ended September 30, 2023 |
|
|
9 |
CANNONAU CORP. Balance Sheets |
|
| |
| September 30, 2023 (Unaudited) | | |
| December 31, 2022 (Audited) | |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current Assets | |
| | | |
| | |
Cash | |
$ | 61 | | |
$ | 157 | |
Accounts Receivable | |
| 5,032 | | |
| 5,032 | |
Inventory | |
| 3,836 | | |
| 3,836 | |
Total Current Assets | |
| 8,929 | | |
| 9,025 | |
Total Assets | |
$ | 8,929 | | |
$ | 9,025 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued liabilities | |
| 18,379 | | |
| 17,436 | |
Due to related party | |
| 353,183 | | |
| 329,824 | |
Total current liabilities | |
| 371,562 | | |
| 347,260 | |
| |
| | | |
| | |
Stockholders' deficit | |
| | | |
| | |
Preferred stock (Authorized) 10,000,000 at Par Value $.001, issued and outstanding nil as of September 30, 2023 and December 31, 2022. | |
| — | | |
| — | |
Common stock (Authorized) 290,000,000 at Par Value $.001 issued and outstanding 241,815,632 as of September 30, 2023 and December 31, 2022. | |
| 241,815 | | |
| 241,815 | |
Common stock issuable | |
| 27,000 | | |
| 27,000 | |
Additional paid in capital | |
| 3,181,117 | | |
| 3,181,117 | |
Accumulated deficit | |
| (3,812,565 | ) | |
| (3,788,168 | ) |
Total stockholders' deficit | |
| (362,633 | ) | |
| (338,236 | ) |
| |
| | | |
| | |
Total liabilities and stockholders' deficit | |
$ | 8,929 | | |
$ | 9,025 | |
| |
| | | |
| | |
The accompanying notes are an integral part
of these financial statements.
5
CANNONAU CORP. Statement of Operations (Unaudited) |
| |
| |
| |
| |
|
| |
| |
| |
| |
|
| |
Three months ended September 30, | |
Nine months ended September 30, |
| |
2023 | |
2022 | |
2023 | |
2022 |
| |
| |
| |
| |
|
Sales | |
| — | | |
| — | | |
| — | | |
$ | 227 | |
Cost of sales | |
| — | | |
| — | | |
| — | | |
| (249 | ) |
Gross Profit | |
| — | | |
| — | | |
| — | | |
| (22 | ) |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
General and administrative | |
| 532 | | |
| 4,709 | | |
| 3,370 | | |
| 10,620 | |
Compensation and benefits | |
| — | | |
| 12,710 | | |
| — | | |
| 38,776 | |
Professional fees | |
| 5,466 | | |
| 11,545 | | |
| 21,027 | | |
| 26,619 | |
Consultancy services | |
| — | | |
| — | | |
| — | | |
| — | |
Total operating expenses | |
| 5,998 | | |
| 28,964 | | |
| 24,397 | | |
| 76,015 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from Operations | |
$ | (5,998 | ) | |
$ | (28,964 | ) | |
$ | (24,397 | ) | |
$ | (76,037 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other expenses (income) | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (5,998 | ) | |
$ | (28,964 | ) | |
$ | (24,397 | ) | |
$ | (76,037 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share (basic and diluted) | |
| (0 | ) | |
| (0 | ) | |
| (0 | ) | |
| (0 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding | |
| 241,815,632 | | |
| 251,217,529 | | |
| 241,815,632 | | |
| 244,984,037 | |
| |
| | | |
| | | |
| | | |
| | |
The accompanying notes are an integral part
of these financial statements.
6
CANNONAU CORP. Statement of Cashflows (Unaudited) |
| |
| |
|
| |
| September 30, 2023 | | |
| September 30, 2022 | |
Cash flows from operating activities | |
| | | |
| | |
Net loss | |
$ | (24,397 | ) | |
$ | (76,037 | ) |
Adjustment for non-cash items; | |
| — | | |
| — | |
| |
| | | |
| | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| — | | |
| — | |
Inventory | |
| — | | |
| (254 | ) |
Accounts payable and accrued liabilities | |
| 943 | | |
| 412 | |
Advances from related party | |
| 23,359 | | |
| 65,180 | |
Net cash used in operating activities | |
| (96 | ) | |
| (10,699 | ) |
| |
| | | |
| | |
Cash flows from investing activities | |
| | | |
| | |
Purchase of equipment | |
| — | | |
| — | |
Net cash used in investing activities | |
| — | | |
| — | |
| |
| | | |
| | |
Cash flows from financing activities | |
| | | |
| | |
Loan from related party | |
| — | | |
| — | |
Repayment to related party | |
| — | | |
| — | |
Shares issued against debt | |
$ | — | | |
$ | 11,849 | |
Net cash provided by financing activities | |
| — | | |
$ | 11,849 | |
Increase (decrease) in cash | |
| (96 | ) | |
| 1,150 | |
Cash at beginning of period | |
| 157 | | |
| 143 | |
Cash at end of period | |
$ | 61 | | |
$ | 1,293 | |
| |
| | | |
| | |
Supplemental cash flows disclosures: | |
| | | |
| | |
Cash paid for interest | |
| — | | |
| — | |
Cash paid for income taxes | |
| — | | |
| — | |
| |
| | | |
| | |
Supplemental non-cash financing activities | |
| | | |
| | |
Shares issued to convert amounts due to related party | |
| — | | |
$ | 11,849 | |
Shares issued to non-employees against consulting services | |
| — | | |
| — | |
The accompanying notes are an integral part
of these financial statements.
7
| |
CANNONAU CORP. Statement of Stockholders’ Deficit (Unaudited) For the Period Ended September 30, 2023 & 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred Stock | |
Common Stock | |
Additional Paid in Capital | |
Common Stock Issuable | |
Accumulated Deficit | |
Total |
| |
Shares | |
Amount | |
Shares | |
Amount | |
| |
| |
|
Balances, December 31, 2022 | |
| — | | |
| — | | |
| 241,815,632 | | |
| | | |
| 241,815 | | |
| 3,181,117 | | |
| 27,000 | | |
$ | (3,788,168 | ) | |
$(338,236) |
Shares issued against debt | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Shares issued against debt, shares | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|
Net loss for nine -months ended September 30, 2023 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (24,397 | ) | |
(24,397) |
Balances, September 30, 2023 | |
| — | | |
| — | | |
| 241,815,632 | | |
| | | |
| 241,815 | | |
| 3,181,117 | | |
| 27,000 | | |
| (3,812,565 | ) | |
(362,633) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances, December 31, 2021 | |
| — | | |
$ | — | | |
| 241,815,632 | | |
$ | 241,815 | | |
| | | |
$ | 3,181,117 | | |
$ | 27,000 | | |
$ | (3,702,218 | ) | |
$(252,286) |
Shares issued against debt | |
| | | |
| | | |
| 11,848,966 | | |
| 11,849 | | |
| | | |
| | | |
| | | |
| | | |
11,849 |
Net loss for nine -months ended September 30, 2022 | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (76,037 | ) | |
(76,037) |
Balances, September 30, 2022 | |
| — | | |
$ | — | | |
| 253,664,598 | | |
$ | 253,664 | | |
| | | |
$ | 3,181,117 | | |
$ | 27,000 | | |
$ | (3,778,255 | ) | |
$(316,474) |
The accompanying notes are an integral part
of these financial statements.
8
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
1. Nature of Operations and Continuance
of Business
Cannonau Corp. (the “Company”)
was incorporated under the laws of the State of Nevada on April 3, 2007 as Pacific Blue Energy
Corp. On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in
exchange for $300,000 and 1,000,000 common shares of the Company. This investment was subsequently abandoned by the Company and
therefore no longer reflecting in these financial statements. The Company is currently developing
CBD based products. On August 22, 2019, the Company changed its' name to Cannonau Corp. to reflect its' focus on its new CBD based products.
Going Concern
These financial statements have been prepared
on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal
course of business. The Company has not generated sufficient revenues to date to cover its operating cost and has never paid any dividends
and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of September 30, 2023 &
December 31, 2022, the Company had minimal revenues and an accumulated deficit of $3,812,565 & 3,788,168 respectively. The continuation
of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity
or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt
regarding the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
2. Summary of Significant Accounting Policies
a) Basis of Presentation and Principles of Consolidation
These financial statements and related notes
are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are
expressed in US dollars. The Company’s fiscal year-end is December 31.
b) Use of Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and 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 Company regularly evaluates estimates and
assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation
allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it
believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results
experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences
between the estimates and the actual results, future results of operations will be affected.
c) Cash and Cash Equivalents
The Company considers all highly liquid
instruments with maturity of three months or less at the time of issuance to be cash equivalents.
9
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
SEPTEMBER 30, 2023
d) Revenue Recognition
Management uses the 5 steps framework of
ASC 606 to recognize revenue, as follows:
| 1. | Identify contract with customer |
| a. | Approval (in writing, orally, or in accordance with other customary business
practices) and commitment of the parties; |
| b. | Identification of the rights of the parties; |
| c. | Identification of the payment terms; |
| d. | Contract has commercial substance; and |
| e. | Probable that the entity will collect the consideration to which it will
be entitled in exchange for the product that will be transferred to the customer. |
| 2. | Identify performance obligations |
| a. | At contract inception, management assesses the product promised in a contract
with a customer and identifies each promise as a performance obligation to transfer to the customer either: a) A product (or a bundle
of products) that is distinct b) A series of distinct products that are substantially the same and that have the same pattern of transfer
to the customer |
| 3. | Determined expected transaction price |
| a. | The transaction price is the amount of consideration to which an entity
expects to be entitled in exchange for transferring promised goods to a customer |
| 4. | Allocate to performance obligations |
| a. | Once the separate performance obligations are identified and the transaction
price has been determined, management allocates the transaction price to the performance obligations in proportion to their standalone
selling prices |
| 5. | Recognize revenue upon transfer of control over goods |
| a. | management recognizes revenue only when it satisfies a performance obligation
by transferring a promised good to a customer. A good or service is considered to be transferred when the customer obtains control. |
| b. | The standard defines control as an entity’s ability to direct the
use of, and obtain substantially all of the remaining benefits from, an asset. |
| c. | Control is assessed primarily from the customer’s perspective. |
e) Cost of Sales
Amounts that will be recorded as cost of
sales relate to direct expenses incurred in order to fulfill orders of our customers. Such costs are recorded and allocated as incurred.
Our cost of sales will consist primarily of the cost of material consumed to make that product.
f) Basic and Diluted Net Loss Per Share
The Company computes net loss per share
in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by
the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential
common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method.
In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
10
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
SEPTEMBER 30, 2023
g) Financial Instruments
ASC 820, “Fair Value Measurements”, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes
a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial
instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level 1 applies to assets or liabilities
for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities
for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the
assets or liabilities.
The Company’s
financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair
value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical
assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of
their nature and respective maturity dates or durations.
h) Inventory
Inventories
are stated at the lower of cost and net realizable value. Cost is determined using the first in first out method and net realizable value
is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs
plus shipping and packaging materials.
i) Stock-based compensation
In
accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs
of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the
period during which employees are required to provide services.
During
the period ended September 30, 2023 there were no stock based awards issued or outstanding.
11
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER
30, 2023
l) Income
taxes
Income taxes are determined in accordance
with the provisions of ASC 740, “Income Taxes” (“ASC 740”). Under this method, 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 basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
Any 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.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
For the period ended September 30, 2023,
the Company did not have any interest and penalties associated with tax positions. As of September 30, 2023, the Company did not have
any significant unrecognized uncertain tax positions.
k) Commitments and contingencies
The Company follows ASC 440 & ASC 450,
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only
be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment
inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the
Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings
or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.
If the assessment of a contingency indicates
that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability
would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an
estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are
generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe,
based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial
position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect
the Company’s business, financial position, and results of operations or cash flows.
12
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
SEPTEMBER 30, 2023
l) Reclassification
Certain prior period amounts have
been reclassified to conform to current presentation.
m) Recently Issued Accounting Guidance
The Company has evaluated all the recent
accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission
and believe that none of them will have a material effect on the company’s financial statements.
3. Share Capital
Preferred stock
The Company is authorized to issue 10,000,000
shares of Preferred Stock, par value $.001 per share. As of September 30, 2023 and December 31, 2022, no shares of Preferred Stock were
issued and outstanding.
Common stock
The
company is authorized to issue 290,000,000 shares at par value of $.001 per share.
On
May 21, 2019, the Company issued 100,000,000 shares of common stock to settle $5,000 in debt with a related party.
On
November 5, 2019, the Company purchased and retired into treasury 15,000,000 Common Shares from Luniel De Beer for $2,000.
On
January 23, 2020, the Company executed a 2,000 to 1 reverse stock split. All shares and per share information has been retroactively
adjusted to reflect this reverse stock split.
On
February 25, 2020, convertible notes to related parties of $3,260 were converted into 9,055,556 shares of common stock.
On
March 20, 2020, convertible notes of $4,370 were converted into 12,138,888 shares of common stock.
On
May 29, 2020, convertible notes to related parties of $1,142 were converted into 30,000,000 shares of common stock.
On
July 6, 2020, convertible notes to related parties of $6,858 were converted into 180,473,684 shares of common stock.
On
July 21, 2020, convertible notes to related parties of $362 were converted into 9,526,316 shares of common stock.
On October 2020, the
Company issued 10,597,222 to the legal custodian in a private placement for $5,299.
During the year 2021, the Company issued
438,454 shares of common stock to its consultants against the consulting services rendered during the year.
As of September 30, 2023 and December
31, 2022, the Company had 241,815,632 shares of common stock issued and outstanding respectively.
13
CANNONAU CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED SEPTEMBER 30, 2023
4. Income Taxes
The Company has a net operating loss carried
forward of approximately $3,812,565 available to offset taxable income in future years which commence expiring in fiscal 2027. The
Company is subject to United States federal and state income taxes at an approximate rate of 21%.
There was no income tax expense for the
period ended September 30, 2023 and December 31, 2022. The reconciliation and the tax effects of temporary differences that give rise
to significant portions of the net deferred tax assets at the U.S. statutory rate of 21% at September 30, 2023 and December 31, 2022 are
as follows:
| |
September 30, 2023 | |
December 31, 2022 |
| |
| |
|
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
| (3,812,565 | ) | |
$ | (3,788,168 | ) |
Deferred tax liability | |
| | | |
| | |
Net deferred tax assets | |
| 800,639 | | |
| 795,515 | |
Less valuation allowance | |
| (800,639 | ) | |
| (795,515 | ) |
Deferred tax asset - net valuation allowance | |
| — | | |
$ | — | |
| |
| | | |
| | |
5. Related Party Transaction
In support of the Company’s efforts
and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities and related parties
consist of officers, shareholders and associated entities.
During the nine-months period ended September
30, 2023 and twelve-months period ended December 31, 2022, related parties loaned the company $23,359 and $87,462 respectively to pay
for operating expenses. As at September 30, 2023 and December 31, 2022, the company owed its related parties $353,183 and $329,824 respectively.
The loan is non-interest bearing, due upon demand and unsecured.
6. Commitments and Contingencies
In response to the COVID-19 pandemic, the
Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law in March 2020. The CARES Act lifts certain
deduction limitations originally imposed by the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”). Corporate taxpayers may carryback
net operating losses (NOLs) originating between 2018 and 2020 for up to five years, which was not previously allowed under the 2017 Tax
Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards
to offset taxable income in 2018, 2019 or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income
plus business interest income (30% limit under the 2017 Tax Act) for 2019 and 2020. The CARES Act allows taxpayers with alternative minimum
tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period
of years, as originally enacted by the 2017 Tax Act.
In addition, the CARES Act raises the corporate
charitable deduction limit to 25% of taxable income and makes qualified improvement property generally eligible for 15-year cost-recovery
and 100% bonus depreciation. The enactment of the CARES Act did not result in any material adjustments to our income tax provision.
7. Subsequent Events
The company has evaluated subsequent events
for recognition and disclosure through November 07, 2023 which is the date the financial statements were available to be issued and has
determined that there are no items to disclose.
14
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION
FORWARD LOOKING STATEMENTS
This section and other parts of this Form 10-Q quarterly
report includes "forward-looking statements", that involve risks and uncertainties. All statements other than statements of
historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may
occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy
and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references
to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases,
you can identify forward-looking statements by terminology such as "may," "will," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts," "potential,"
or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual
events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience
and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe
are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions
is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.
Although we believe that the expectations reflected
in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements.
Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to
update any of the forward-looking statements after the date of this report to conform such statements to actual results.
OVERVIEW
Cannonau Corp. (the "Company", "we",
or "us") was incorporated under the laws of the State of Nevada on April 3, 2007.
Certain statements contained below are forward-looking
statements (rather than historical facts) that are subject to risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements.
Our auditors have issued a going concern opinion in
the audited financial statements for the year ended December 31, 2022.
RESULTS OF OPERATIONS
WORKING CAPITAL
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
| |
| |
|
Current Assets | |
| 8,929 | | |
| 9,025 | |
Current Liabilities | |
| 371,562 | | |
| 347,260 | |
Working Capital (Deficit) | |
$ | (362,633 | ) | |
$ | (338,236 | ) |
CASH FLOWS
| |
September 30, | |
December 31, |
| |
2023 | |
2022 |
| |
| |
|
Cash Flows from (used in) Operating Activities | |
$ | (96 | ) | |
$ | (87,448 | ) |
Cash Flows from (used in) Financing Activities | |
| — | | |
| 87,462 | |
Net Increase (decrease) in Cash During Period | |
$ | (96 | ) | |
$ | 14 | |
OPERATING REVENUES
We have generated revenues of $0 for the three-months ended September 30,
2023 & September 30, 2022 respectively.
We have generated revenues of $0 and $227 for nine-months ended September
30, 2023 & September 30, 2022 respectively.
15
OPERATING EXPENSES AND NET LOSS
Operating expenses for the three months ended September
30, 2023 were $5,998 compared with $28,964 for the three months ended September 30, 2022. Operating expenses for the three months
ended September 30, 2023 consisted of general and administrative expenses of $532 compared to $4,709 for the three months ended September
30, 2022, compensation expense of $0 compared to $12,710 for the three months ended September 30, 2022, and professional fees of $5,466
compared to $11,545 for the three months ended September 30, 2022.
Operating expenses for the nine months ended September
30, 2023 were $24,397 compared with $76,015 for the nine months ended September 30, 2022. Operating expenses for the nine months ended
September 30, 2023 consisted of general and administrative expenses of $3,370 compared to $10,620 for the nine months ended September
30, 2022, compensation expense of $0 compared to $38,776 for the nine months ended September 30, 2022, and professional fees of $21,027
compared to $26,619 for the nine months ended September 30, 2022.
During the three months ended September 30, 2023,
the Company recorded a net loss of ($5,998) compared with net loss of ($28,964) for the three months ended September 30, 2022.
During the nine months ended September 30, 2023, the
Company recorded a net loss of ($24,397) compared with net loss of ($76,037) for the nine months September 30, 2022.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2023, the Company's cash balance
was $61 compared to cash balance of $157 at December 31, 2022. As of September 30, 2023, the Company's total assets were $8,929 compared
to total assets of $9,025 as at December 31, 2022.
As of September 30, 2023, the Company had total liabilities
of $371,562 compared with total liabilities of $347,260 as of December 31, 2022. Liabilities as of September 30, 2023 consisted
of accounts payable and accrued liabilities of $18,379 compared to $17,436 as of December 31, 2022; and due to related party of $353,183
compared to $329,824 as of December 31, 2022.
CASHFLOW FROM OPERATING ACTIVITIES
During the nine months ended September 30, 2023 the
Company used ($96) of cash for operating activities compared to cash ($10,699) used in from operating activities during the nine months
ended September 30, 2022.
CASHFLOW FROM FINANCING ACTIVITIES
During the nine months ended September 30, 2023 the
Company received cash from financing activities of $0 as compared to $11,849 during the nine months ended September 30, 2022.
SUBSEQUENT DEVELOPMENTS
None.
GOING CONCERN
We have not attained profitable operations and are
dependent upon the continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment
of profitable operations from our future business. These factors raise substantial doubt regarding our ability to continue as a going
concern.
OFF-BALANCE SHEET ARRANGEMENTS
We have no significant off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
FUTURE FINANCING
The Company will consider selling securities in the
future to fund operations. There is no assurance that we will achieve any additional sales of the equity securities or arrange for
debt or other financing to fund our operations and other activities.
16
CRITICAL ACCOUNTING POLICIES
Our financial statements and accompanying notes have
been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and
estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial
statements. In general, management's estimates are based on historical experience, on information from third party professionals, and
on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those
estimates made by management.
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
The Company has implemented all new accounting pronouncements
that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and
the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact
on its financial position or results of operations.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
Market risk is the risk of loss from adverse changes
in market prices and rates. The Company's market risk arises primarily from the fact that the area in which we do business is highly competitive
and constantly evolving. The market in which we do business is highly competitive and constantly evolving. We face competition from the
larger and more established companies, from companies that have greater resources, including but not limited to, more money, and greater
ability to expand their markets also cut into our potential customers. Many of our competitors have longer operating histories, significantly
greater financial strength, nationwide advertising coverage and other resources that we do not have.
ITEM 4. CONTROLS AND PROCEDURES
Based on their evaluation of our disclosure controls
and procedures(as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the "Exchange Act"), Markwin Maring, our
principal executive officer and principal financial officer have concluded that as of the end of the period covered by this quarterly
report on Form 10-Q such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a
formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that
we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities
and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting
which we view as an integral part of our disclosure controls and procedures. The material weakness relates to the lack of segregation
of duties in financial reporting, as our financial reporting and all accounting functions are performed by an external consultant with
no oversight by a professional with accounting expertise. Our CEO/CFO does not possess accounting expertise and our company does not have
an audit committee. This weakness is due to the company's lack of working capital to hire additional staff. To remedy this material weakness,
we intend to engage another accountant to assist with financial reporting as soon as our finances will allow.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control
over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15
that occurred during our first quarter and may have materially affected, or are reasonably likely to materially affect, our internal control
over financial reporting.
17
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Management is not aware of any legal proceedings contemplated
by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director,
officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings.
Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
ITEM 1A. RISK FACTORS
Not applicable.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES
AND USE OF PROCEEDS
No report required.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No report required.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
No report required.
18
ITEM 6. EXHIBITS
19
SIGNATURES
In accordance with the requirements of the Exchange
Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: November 13, 2023 |
|
Cannonau Corp. |
|
|
|
|
|
By: /s/Markwin Maring |
|
|
Markwin Maring,
Chief Executive Officer and President |
|
|
|
|
|
|
Dated: November 13, 2023 |
|
Cannonau Corp. |
|
|
By: /s/Markwin Maring |
|
|
Markwin Maring,
Chief Financial Officer and Director |
Exhibit 31.1
CERTIFICATION PURSUANT TO RULE 13A-14(a)
OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT
TO SECTION
302 OF THE SARBANES OXLEY ACT OF 2002
I, Markwin Maring, certify that:
1.I have reviewed this Form 10-Q for
the period ended September 30, 2023 of Cannonau Corp.
2.Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b.Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c.Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and,
d.Disclosed in this report any change
in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5.I have disclosed, based on my most
recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and
material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 13, 2023
/S/Markwin Maring
Markwin Maring
Certification of Principal Executive
Officer
Exhibit 31.2
CERTIFICATION PURSUANT TO RULE 13A-14(a)
OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT
TO SECTION
302 OF THE SARBANES OXLEY ACT OF 2002
I, Markwin Maring, certify that:
1.I have reviewed this Form 10-Q for
the period ended September 30, 2023 of Cannonau Corp.
2.Based on my knowledge, this report
does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light
of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial
statements, and other financial information included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls
and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b.Designed such internal control over
financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles;
c.Evaluated the effectiveness of the
registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on such evaluation; and,
d.Disclosed in this report any change
in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's
fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5.I have disclosed, based on my most
recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and
material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material,
that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: November 13, 2023
/S/Markwin Maring
Markwin Maring
Certification of Principal
Financial Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection
with the Quarterly Report of Cannonau Corp. (the "Company") on Form 10-Q for the period ended September 30, 2023 as filed with
the Securities and Exchange Commission on the date hereof (the "report"), I, Markwin Maring, Principal Executive Officer of
the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in this
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated this 13th day of
November 2023.
/S/Markwin Maring
Markwin Maring
Certification of Principal Executive
Officer
A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act of 2002 ("Section 906"), or other document authenticating, acknowledging,
or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section
906, has been provided to Cannonau Corp., and will be retained Cannonau Corp. and furnished to the Securities and Exchange Commission
or its staff upon request.
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT
OF 2002
In connection
with the Quarterly Report of Cannonau Corp. (the "Company") on Form 10-Q for the period ended September 30, 2023 as filed with
the Securities and Exchange Commission on the date hereof (the "report"), I, Markwin Maring, Principal Financial Officer of
the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in this
Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated this 13th day of
November 2023.
/S/Markwin Maring
Markwin Maring
Certification of Principal Financial
Officer
A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act of 2002 ("Section 906"), or other document authenticating, acknowledging,
or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section
906, has been provided to Cannonau Corp., and will be retained Cannonau Corp. and furnished to the Securities and Exchange Commission
or its staff upon request.
v3.23.3
Cover
|
9 Months Ended |
Sep. 30, 2023
shares
|
Cover [Abstract] |
|
Document Type |
10-Q
|
Amendment Flag |
false
|
Document Quarterly Report |
true
|
Document Transition Report |
false
|
Document Period End Date |
Sep. 30, 2023
|
Document Fiscal Period Focus |
Q3
|
Document Fiscal Year Focus |
2023
|
Current Fiscal Year End Date |
--12-31
|
Entity File Number |
333-145876
|
Entity Registrant Name |
CANNONAU CORP.
|
Entity Central Index Key |
0001410187
|
Entity Tax Identification Number |
84-2870437
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
Upper St. Mary’s Street
|
Entity Address, City or Town |
St. John’s
|
Entity Address, Country |
AG
|
Entity Address, Postal Zip Code |
19600
|
City Area Code |
31
|
Local Phone Number |
651582511
|
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v3.23.3
Balance Sheets - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets |
|
|
Cash |
$ 61
|
$ 157
|
Accounts Receivable |
5,032
|
5,032
|
Inventory |
3,836
|
3,836
|
Total Current Assets |
8,929
|
9,025
|
Total Assets |
8,929
|
9,025
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
18,379
|
17,436
|
Due to related party |
353,183
|
329,824
|
Total current liabilities |
371,562
|
347,260
|
Stockholders' deficit |
|
|
Preferred stock (Authorized) 10,000,000 at Par Value $.001, issued and outstanding nil as of September 30, 2023 and December 31, 2022. |
|
|
Common stock (Authorized) 290,000,000 at Par Value $.001 issued and outstanding 241,815,632 as of September 30, 2023 and December 31, 2022. |
241,815
|
241,815
|
Common stock issuable |
27,000
|
27,000
|
Additional paid in capital |
3,181,117
|
3,181,117
|
Accumulated deficit |
(3,812,565)
|
(3,788,168)
|
Total stockholders' deficit |
(362,633)
|
(338,236)
|
Total liabilities and stockholders' deficit |
$ 8,929
|
$ 9,025
|
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v3.23.3
Balance Sheets (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred Stock, Shares Authorized |
10,000,000
|
10,000,000
|
Preferred Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
290,000,000
|
290,000,000
|
Common Stock, Par or Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock, Shares, Issued |
241,815,632
|
241,815,632
|
Common Stock, Shares, Outstanding |
241,815,632
|
241,815,632
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Statement of Operations - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Sales |
|
|
|
$ 227
|
Cost of sales |
|
|
|
(249)
|
Gross Profit |
|
|
|
(22)
|
Operating expenses |
|
|
|
|
General and administrative |
532
|
4,709
|
3,370
|
10,620
|
Compensation and benefits |
|
12,710
|
|
38,776
|
Professional fees |
5,466
|
11,545
|
21,027
|
26,619
|
Consultancy services |
|
|
|
|
Total operating expenses |
5,998
|
28,964
|
24,397
|
76,015
|
Loss from Operations |
(5,998)
|
(28,964)
|
(24,397)
|
(76,037)
|
Other expenses (income) |
|
|
|
|
Net loss |
$ (5,998)
|
$ (28,964)
|
$ (24,397)
|
$ (76,037)
|
Net loss per share (basic and diluted) |
$ (0)
|
$ (0)
|
$ (0)
|
$ (0)
|
Weighted average shares outstanding |
241,815,632
|
251,217,529
|
241,815,632
|
244,984,037
|
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v3.23.3
Statement of Cashflows - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities |
|
|
Net loss |
$ (24,397)
|
$ (76,037)
|
Adjustment for non-cash items; |
|
|
Accounts receivable |
|
|
Inventory |
|
(254)
|
Accounts payable and accrued liabilities |
943
|
412
|
Advances from related party |
23,359
|
65,180
|
Net cash used in operating activities |
(96)
|
(10,699)
|
Cash flows from investing activities |
|
|
Purchase of equipment |
|
|
Net cash used in investing activities |
|
|
Cash flows from financing activities |
|
|
Repayment to related party |
|
|
Shares issued against debt |
|
11,849
|
Net cash provided by financing activities |
|
11,849
|
Increase (decrease) in cash |
(96)
|
1,150
|
Cash at beginning of period |
157
|
143
|
Cash at end of period |
61
|
1,293
|
Supplemental cash flows disclosures: |
|
|
Cash paid for interest |
|
|
Cash paid for income taxes |
|
|
Supplemental non-cash financing activities |
|
|
Shares issued to convert amounts due to related party |
|
11,849
|
Shares issued to non-employees against consulting services |
|
|
X |
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v3.23.3
Statement of Stockholders Equity - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Common Stock Issuable [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
|
$ 3,181,117
|
$ 27,000
|
$ (3,702,218)
|
$ (252,286)
|
Shares, Issued at Dec. 31, 2021 |
|
241,815,632
|
|
|
|
|
Shares issued against debt |
|
|
|
|
|
11,849
|
Share issued against debt, shares |
|
11,848,966
|
|
|
|
|
Net loss for nine -months ended September 30, 2022 |
|
|
|
|
(76,037)
|
(76,037)
|
Ending balance, value at Sep. 30, 2022 |
|
|
3,181,117
|
27,000
|
(3,778,255)
|
(316,474)
|
Shares, Issued at Sep. 30, 2022 |
|
253,664,598
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 241,815
|
3,181,117
|
27,000
|
(3,788,168)
|
(338,236)
|
Shares, Issued at Dec. 31, 2022 |
|
241,815,632
|
|
|
|
|
Net loss for nine -months ended September 30, 2022 |
|
|
|
|
(24,397)
|
(24,397)
|
Ending balance, value at Sep. 30, 2023 |
|
$ 241,815
|
$ 3,181,117
|
$ 27,000
|
$ (3,812,565)
|
$ (362,633)
|
X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.
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v3.23.3
1. Nature of Operations and Continuance of Business
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
1. Nature of Operations and Continuance of Business |
1. Nature of Operations and Continuance
of Business
Cannonau Corp. (the “Company”)
was incorporated under the laws of the State of Nevada on April 3, 2007 as Pacific Blue Energy
Corp. On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in
exchange for $300,000 and 1,000,000 common shares of the Company. This investment was subsequently abandoned by the Company and
therefore no longer reflecting in these financial statements. The Company is currently developing
CBD based products. On August 22, 2019, the Company changed its' name to Cannonau Corp. to reflect its' focus on its new CBD based products.
Going Concern
These financial statements have been prepared
on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal
course of business. The Company has not generated sufficient revenues to date to cover its operating cost and has never paid any dividends
and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of September 30, 2023 &
December 31, 2022, the Company had minimal revenues and an accumulated deficit of $3,812,565 & 3,788,168 respectively. The continuation
of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability to raise equity
or debt financing, and the attainment of profitable operations from the Company's future business. These factors raise substantial doubt
regarding the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification
of liabilities that might be necessary should the Company be unable to continue as a going concern.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.23.3
2. Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
2. Summary of Significant Accounting Policies |
2. Summary of Significant Accounting Policies
a) Basis of Presentation and Principles of Consolidation
These financial statements and related notes
are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are
expressed in US dollars. The Company’s fiscal year-end is December 31.
b) Use of Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and 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 Company regularly evaluates estimates and
assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation
allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it
believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results
experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences
between the estimates and the actual results, future results of operations will be affected.
c) Cash and Cash Equivalents
The Company considers all highly liquid
instruments with maturity of three months or less at the time of issuance to be cash equivalents.
d) Revenue Recognition
Management uses the 5 steps framework of
ASC 606 to recognize revenue, as follows:
| 1. | Identify contract with customer |
| a. | Approval (in writing, orally, or in accordance with other customary business
practices) and commitment of the parties; |
| b. | Identification of the rights of the parties; |
| c. | Identification of the payment terms; |
| d. | Contract has commercial substance; and |
| e. | Probable that the entity will collect the consideration to which it will
be entitled in exchange for the product that will be transferred to the customer. |
| 2. | Identify performance obligations |
| a. | At contract inception, management assesses the product promised in a contract
with a customer and identifies each promise as a performance obligation to transfer to the customer either: a) A product (or a bundle
of products) that is distinct b) A series of distinct products that are substantially the same and that have the same pattern of transfer
to the customer |
| 3. | Determined expected transaction price |
| a. | The transaction price is the amount of consideration to which an entity
expects to be entitled in exchange for transferring promised goods to a customer |
| 4. | Allocate to performance obligations |
| a. | Once the separate performance obligations are identified and the transaction
price has been determined, management allocates the transaction price to the performance obligations in proportion to their standalone
selling prices |
| 5. | Recognize revenue upon transfer of control over goods |
| a. | management recognizes revenue only when it satisfies a performance obligation
by transferring a promised good to a customer. A good or service is considered to be transferred when the customer obtains control. |
| b. | The standard defines control as an entity’s ability to direct the
use of, and obtain substantially all of the remaining benefits from, an asset. |
| c. | Control is assessed primarily from the customer’s perspective. |
e) Cost of Sales
Amounts that will be recorded as cost of
sales relate to direct expenses incurred in order to fulfill orders of our customers. Such costs are recorded and allocated as incurred.
Our cost of sales will consist primarily of the cost of material consumed to make that product.
f) Basic and Diluted Net Loss Per Share
The Company computes net loss per share
in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by
the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential
common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method.
In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
g) Financial Instruments
ASC 820, “Fair Value Measurements”, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes
a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial
instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level 1 applies to assets or liabilities
for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities
for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the
assets or liabilities.
The Company’s
financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair
value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical
assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of
their nature and respective maturity dates or durations.
h) Inventory
Inventories
are stated at the lower of cost and net realizable value. Cost is determined using the first in first out method and net realizable value
is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs
plus shipping and packaging materials.
i) Stock-based compensation
In
accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs
of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the
period during which employees are required to provide services.
During
the period ended September 30, 2023 there were no stock based awards issued or outstanding.
l) Income
taxes
Income taxes are determined in accordance
with the provisions of ASC 740, “Income Taxes” (“ASC 740”). Under this method, 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 basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
Any 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.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
For the period ended September 30, 2023,
the Company did not have any interest and penalties associated with tax positions. As of September 30, 2023, the Company did not have
any significant unrecognized uncertain tax positions.
k) Commitments and contingencies
The Company follows ASC 440 & ASC 450,
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only
be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment
inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the
Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings
or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.
If the assessment of a contingency indicates
that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability
would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an
estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are
generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe,
based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial
position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect
the Company’s business, financial position, and results of operations or cash flows.
l) Reclassification
Certain prior period amounts have
been reclassified to conform to current presentation.
m) Recently Issued Accounting Guidance
The Company has evaluated all the recent
accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission
and believe that none of them will have a material effect on the company’s financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.23.3
3. Share Capital
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
3. Share Capital |
3. Share Capital
Preferred stock
The Company is authorized to issue 10,000,000
shares of Preferred Stock, par value $.001 per share. As of September 30, 2023 and December 31, 2022, no shares of Preferred Stock were
issued and outstanding.
Common stock
The
company is authorized to issue 290,000,000 shares at par value of $.001 per share.
On
May 21, 2019, the Company issued 100,000,000 shares of common stock to settle $5,000 in debt with a related party.
On
November 5, 2019, the Company purchased and retired into treasury 15,000,000 Common Shares from Luniel De Beer for $2,000.
On
January 23, 2020, the Company executed a 2,000 to 1 reverse stock split. All shares and per share information has been retroactively
adjusted to reflect this reverse stock split.
On
February 25, 2020, convertible notes to related parties of $3,260 were converted into 9,055,556 shares of common stock.
On
March 20, 2020, convertible notes of $4,370 were converted into 12,138,888 shares of common stock.
On
May 29, 2020, convertible notes to related parties of $1,142 were converted into 30,000,000 shares of common stock.
On
July 6, 2020, convertible notes to related parties of $6,858 were converted into 180,473,684 shares of common stock.
On
July 21, 2020, convertible notes to related parties of $362 were converted into 9,526,316 shares of common stock.
On October 2020, the
Company issued 10,597,222 to the legal custodian in a private placement for $5,299.
During the year 2021, the Company issued
438,454 shares of common stock to its consultants against the consulting services rendered during the year.
As of September 30, 2023 and December
31, 2022, the Company had 241,815,632 shares of common stock issued and outstanding respectively.
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v3.23.3
4. Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
4. Income Taxes |
4. Income Taxes
The Company has a net operating loss carried
forward of approximately $3,812,565 available to offset taxable income in future years which commence expiring in fiscal 2027. The
Company is subject to United States federal and state income taxes at an approximate rate of 21%.
There was no income tax expense for the
period ended September 30, 2023 and December 31, 2022. The reconciliation and the tax effects of temporary differences that give rise
to significant portions of the net deferred tax assets at the U.S. statutory rate of 21% at September 30, 2023 and December 31, 2022 are
as follows:
| |
September 30, 2023 | |
December 31, 2022 |
| |
| |
|
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
| (3,812,565 | ) | |
$ | (3,788,168 | ) |
Deferred tax liability | |
| | | |
| | |
Net deferred tax assets | |
| 800,639 | | |
| 795,515 | |
Less valuation allowance | |
| (800,639 | ) | |
| (795,515 | ) |
Deferred tax asset - net valuation allowance | |
| — | | |
$ | — | |
| |
| | | |
| | |
|
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v3.23.3
5. Related Party Transaction
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
5. Related Party Transaction |
5. Related Party Transaction
In support of the Company’s efforts
and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains
adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support
by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities and related parties
consist of officers, shareholders and associated entities.
During the nine-months period ended September
30, 2023 and twelve-months period ended December 31, 2022, related parties loaned the company $23,359 and $87,462 respectively to pay
for operating expenses. As at September 30, 2023 and December 31, 2022, the company owed its related parties $353,183 and $329,824 respectively.
The loan is non-interest bearing, due upon demand and unsecured.
|
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v3.23.3
6. Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
6. Commitments and Contingencies |
6. Commitments and Contingencies
In response to the COVID-19 pandemic, the
Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law in March 2020. The CARES Act lifts certain
deduction limitations originally imposed by the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”). Corporate taxpayers may carryback
net operating losses (NOLs) originating between 2018 and 2020 for up to five years, which was not previously allowed under the 2017 Tax
Act. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards
to offset taxable income in 2018, 2019 or 2020. Taxpayers may generally deduct interest up to the sum of 50% of adjusted taxable income
plus business interest income (30% limit under the 2017 Tax Act) for 2019 and 2020. The CARES Act allows taxpayers with alternative minimum
tax credits to claim a refund in 2020 for the entire amount of the credits instead of recovering the credits through refunds over a period
of years, as originally enacted by the 2017 Tax Act.
In addition, the CARES Act raises the corporate
charitable deduction limit to 25% of taxable income and makes qualified improvement property generally eligible for 15-year cost-recovery
and 100% bonus depreciation. The enactment of the CARES Act did not result in any material adjustments to our income tax provision.
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v3.23.3
7. Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
7. Subsequent Events |
7. Subsequent Events
The company has evaluated subsequent events
for recognition and disclosure through November 07, 2023 which is the date the financial statements were available to be issued and has
determined that there are no items to disclose.
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v3.23.3
2. Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
a) Basis of Presentation and Principles of Consolidation |
a) Basis of Presentation and Principles of Consolidation
These financial statements and related notes
are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are
expressed in US dollars. The Company’s fiscal year-end is December 31.
|
b) Use of Estimates |
b) Use of Estimates
The preparation of financial statements
in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions
that affect the reported amounts of assets and 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 Company regularly evaluates estimates and
assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation
allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it
believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results
experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences
between the estimates and the actual results, future results of operations will be affected.
|
c) Cash and Cash Equivalents |
c) Cash and Cash Equivalents
The Company considers all highly liquid
instruments with maturity of three months or less at the time of issuance to be cash equivalents.
|
d) Revenue Recognition |
d) Revenue Recognition
Management uses the 5 steps framework of
ASC 606 to recognize revenue, as follows:
| 1. | Identify contract with customer |
| a. | Approval (in writing, orally, or in accordance with other customary business
practices) and commitment of the parties; |
| b. | Identification of the rights of the parties; |
| c. | Identification of the payment terms; |
| d. | Contract has commercial substance; and |
| e. | Probable that the entity will collect the consideration to which it will
be entitled in exchange for the product that will be transferred to the customer. |
| 2. | Identify performance obligations |
| a. | At contract inception, management assesses the product promised in a contract
with a customer and identifies each promise as a performance obligation to transfer to the customer either: a) A product (or a bundle
of products) that is distinct b) A series of distinct products that are substantially the same and that have the same pattern of transfer
to the customer |
| 3. | Determined expected transaction price |
| a. | The transaction price is the amount of consideration to which an entity
expects to be entitled in exchange for transferring promised goods to a customer |
| 4. | Allocate to performance obligations |
| a. | Once the separate performance obligations are identified and the transaction
price has been determined, management allocates the transaction price to the performance obligations in proportion to their standalone
selling prices |
| 5. | Recognize revenue upon transfer of control over goods |
| a. | management recognizes revenue only when it satisfies a performance obligation
by transferring a promised good to a customer. A good or service is considered to be transferred when the customer obtains control. |
| b. | The standard defines control as an entity’s ability to direct the
use of, and obtain substantially all of the remaining benefits from, an asset. |
| c. | Control is assessed primarily from the customer’s perspective. |
|
e) Cost of Sales |
e) Cost of Sales
Amounts that will be recorded as cost of
sales relate to direct expenses incurred in order to fulfill orders of our customers. Such costs are recorded and allocated as incurred.
Our cost of sales will consist primarily of the cost of material consumed to make that product.
|
f) Basic and Diluted Net Loss Per Share |
f) Basic and Diluted Net Loss Per Share
The Company computes net loss per share
in accordance with ASC 260, Earnings Per Share, which requires presentation of both basic and diluted earnings per share
(EPS) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by
the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential
common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method.
In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from
the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
|
g) Financial Instruments |
g) Financial Instruments
ASC 820, “Fair Value Measurements”, requires
an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes
a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial
instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair
value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:
Level 1
Level 1 applies to assets or liabilities
for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities
for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets
or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent
transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally
from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the
assets or liabilities.
The Company’s
financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair
value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical
assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of
their nature and respective maturity dates or durations.
|
h) Inventory |
h) Inventory
Inventories
are stated at the lower of cost and net realizable value. Cost is determined using the first in first out method and net realizable value
is the estimated selling price less costs of disposal in the ordinary course of business. The cost of inventories includes direct costs
plus shipping and packaging materials.
|
i) Stock-based compensation |
i) Stock-based compensation
In
accordance with ASC No. 718, Compensation – Stock Compensation (“ASC 718”), the Company measures the compensation costs
of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the
period during which employees are required to provide services.
During
the period ended September 30, 2023 there were no stock based awards issued or outstanding.
|
l) Income taxes |
l) Income
taxes
Income taxes are determined in accordance
with the provisions of ASC 740, “Income Taxes” (“ASC 740”). Under this method, 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 basis. Deferred tax assets and liabilities are measured using enacted income
tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
Any 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.
ASC 740 prescribes a comprehensive model
for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected
to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely
than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be
measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the
tax authority assuming full knowledge of the position and relevant facts.
For the period ended September 30, 2023,
the Company did not have any interest and penalties associated with tax positions. As of September 30, 2023, the Company did not have
any significant unrecognized uncertain tax positions.
|
k) Commitments and contingencies |
k) Commitments and contingencies
The Company follows ASC 440 & ASC 450,
subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies and commitments respectively. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only
be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment
inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the
Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings
or un-asserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.
If the assessment of a contingency indicates
that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability
would be accrued in the Company’s financial statements. If the assessment indicates that a potentially material loss contingency
is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an
estimate of the range of possible losses, if determinable and material, would be disclosed.
Loss contingencies considered remote are
generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe,
based upon information available at this time, that these matters will have a material adverse effect on the Company’s financial
position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect
the Company’s business, financial position, and results of operations or cash flows.
|
l) Reclassification |
l) Reclassification
Certain prior period amounts have
been reclassified to conform to current presentation.
|
m) Recently Issued Accounting Guidance |
m) Recently Issued Accounting Guidance
The Company has evaluated all the recent
accounting pronouncements through the date the financial statements were issued and filed with the Securities and Exchange Commission
and believe that none of them will have a material effect on the company’s financial statements.
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v3.23.3
4. Income Taxes (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Deferred Income Taxes |
| |
September 30, 2023 | |
December 31, 2022 |
| |
| |
|
Deferred tax assets | |
| | | |
| | |
Net operating losses | |
| (3,812,565 | ) | |
$ | (3,788,168 | ) |
Deferred tax liability | |
| | | |
| | |
Net deferred tax assets | |
| 800,639 | | |
| 795,515 | |
Less valuation allowance | |
| (800,639 | ) | |
| (795,515 | ) |
Deferred tax asset - net valuation allowance | |
| — | | |
$ | — | |
| |
| | | |
| | |
|
X |
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v3.23.3
3. Share Capital (Details Narrative) - USD ($)
|
|
1 Months Ended |
12 Months Ended |
|
|
Jul. 06, 2020 |
Jul. 21, 2020 |
Apr. 29, 2020 |
Mar. 20, 2020 |
Feb. 25, 2020 |
May 21, 2019 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Equity [Abstract] |
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock, Shares Authorized |
|
|
|
|
|
|
|
|
|
10,000,000
|
10,000,000
|
Preferred Stock, Par or Stated Value Per Share |
|
|
|
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
Common Stock, Shares Authorized |
|
|
|
|
|
|
|
|
|
290,000,000
|
290,000,000
|
Common Stock, Par or Stated Value Per Share |
|
|
|
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
Debt Conversion, Converted Instrument, Shares Issued |
180,473,684
|
9,526,316
|
30,000,000
|
12,138,888
|
9,055,556
|
100,000,000
|
|
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
$ 6,858
|
$ 362
|
$ 1,142
|
$ 4,370
|
$ 3,260
|
$ 5,000
|
|
|
|
|
|
Treasury Stock, Shares, Retired |
|
|
|
|
|
|
|
|
15,000,000
|
|
|
Treasury Stock, Retired, Cost Method, Amount |
|
|
|
|
|
|
|
|
$ 2,000
|
|
|
Stockholders' Equity, Reverse Stock Split |
|
|
|
|
|
|
|
2,000 to 1
|
|
|
|
Partners' Capital Account, Units, Sold in Private Placement |
|
|
|
|
|
|
|
10,597,222
|
|
|
|
Partners' Capital Account, Private Placement of Units |
|
|
|
|
|
|
|
$ 5,299
|
|
|
|
Stock Issued During Period, Shares, Issued for Services |
|
|
|
|
|
|
438,454
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
|
|
|
|
|
|
241,815,632
|
241,815,632
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
Deferred Income Taxes (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Deferred tax assets |
|
|
Net operating losses |
$ (3,812,565)
|
$ (3,788,168)
|
Deferred tax liability |
|
|
Net deferred tax assets |
800,639
|
795,515
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Less valuation allowance |
(800,639)
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(795,515)
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v3.23.3
v3.23.3
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