Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2021 | Sep. 20, 2021 | |
Details | ||
Registrant CIK | 0001551887 | |
Fiscal Year End | --10-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-54800 | |
Entity Registrant Name | DUESENBERG TECHNOLOGIES INC. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 99-0364150 | |
Entity Address, Address Line One | No 21, Denai Endau 3, Seri Tanjung, Pinang | |
Entity Address, Postal Zip Code | 10470 | |
Entity Address, City or Town | Tanjung Tokong | |
Entity Address, Country | MY | |
City Area Code | 236 | |
Local Phone Number | 304-0299 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 45,616,043 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Current assets | ||
Cash | $ 28,000 | $ 11,715 |
Receivables | 23,684 | 3,834 |
Prepaids | 98,178 | 5,388 |
Total current assets | 149,862 | 20,937 |
Equipment | 2,337 | 213 |
Total assets | 152,199 | 21,150 |
Current liabilities | ||
Accounts payable | 588,622 | 69,525 |
Accrued liabilities | 9,395 | 13,366 |
Due to related parties | 191,705 | 371,650 |
Notes payable | 104,965 | 67,429 |
Total liabilities | 894,687 | 521,970 |
Stockholders' deficit | ||
Common stock, no par value, unlimited number authorized, 45,406,366 and 43,892,801 issued and outstanding at July 31, 2021 and October 31, 2020, respectively | 8,459,283 | 7,171,032 |
Additional paid-in capital | (118,378) | 19,399 |
Accumulated other comprehensive income | 22,914 | 58,829 |
Deficit | (9,106,307) | (7,750,080) |
Total stockholders' deficit | (742,488) | (500,820) |
Total liabilities and stockholders' deficit | $ 152,199 | $ 21,150 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Jul. 31, 2021 | Oct. 31, 2020 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares, Issued | 45,406,366 | 43,892,801 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Details | ||||
Revenues | $ 10,225 | $ 7,092 | $ 30,957 | $ 7,092 |
Operating expenses | ||||
Accounting | 7,417 | 2,193 | 15,909 | 7,121 |
Amortization | 258 | 1,132 | 562 | 3,503 |
General and administrative expenses | 39,720 | 23,511 | 127,710 | 47,725 |
Management fees | 6,000 | 6,000 | 18,000 | 18,000 |
Professional fees | 6,839 | 3,196 | 28,140 | 6,911 |
Regulatory and filing | 6,520 | 11,454 | 23,672 | 22,953 |
Salaries and wages | 128,970 | 67,567 | 387,734 | 220,216 |
Research and development costs | 155,285 | 11,307 | 774,193 | 11,307 |
Travel and entertainment | 1,118 | 182 | 2,028 | 9,089 |
Total operating expenses | (352,127) | (126,542) | (1,377,948) | (346,825) |
Other items | ||||
Gain (loss) on foreign exchange | (559) | (71) | 110 | (15) |
Impairment of deposits | 0 | 0 | 0 | (22,801) |
Interest expense | (1,720) | (3,407) | (9,346) | (8,923) |
Net loss | (344,181) | (122,928) | (1,356,227) | (371,472) |
Translation to reporting currency | (9,237) | (3,432) | (35,915) | 22,580 |
Comprehensive loss | $ (353,418) | $ (126,360) | $ (1,392,142) | $ (348,892) |
Loss per share - basic and diluted | $ (0.01) | $ 0 | $ (0.03) | $ (0.01) |
Weighted average number of shares outstanding: | 45,351,050 | 42,112,717 | 44,552,742 | 40,482,586 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Obligation to Issue Shares | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Total |
Equity Balance at Oct. 31, 2019 | $ 5,358,377 | $ 958,215 | $ 233,009 | $ 46,339 | $ (7,264,164) | $ (668,224) |
Equity Balance, Shares at Oct. 31, 2019 | 35,513,838 | |||||
Common stock for services, value | $ 29,333 | (29,333) | 0 | 0 | 0 | 0 |
Common stock for services, shares | 133,333 | |||||
Common stock for debt, value | $ 928,882 | (928,882) | 0 | 0 | 0 | 0 |
Common stock for debt, shares | 6,465,546 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (7,663) | 0 | (7,663) |
Net loss | $ 0 | 0 | 0 | 0 | (132,635) | (132,635) |
Equity Balance, Shares at Jan. 31, 2020 | 42,112,717 | |||||
Equity Balance at Jan. 31, 2020 | $ 6,316,592 | 0 | 233,009 | 38,676 | (7,396,799) | (808,522) |
Equity Balance at Oct. 31, 2019 | $ 5,358,377 | 958,215 | 233,009 | 46,339 | (7,264,164) | (668,224) |
Equity Balance, Shares at Oct. 31, 2019 | 35,513,838 | |||||
Translation to reporting currency | 22,580 | |||||
Net loss | (371,472) | |||||
Equity Balance, Shares at Jul. 31, 2020 | 42,112,717 | |||||
Equity Balance at Jul. 31, 2020 | $ 6,316,592 | 0 | 233,009 | 68,919 | (7,635,636) | (1,017,116) |
Equity Balance at Jan. 31, 2020 | $ 6,316,592 | 0 | 233,009 | 38,676 | (7,396,799) | (808,522) |
Equity Balance, Shares at Jan. 31, 2020 | 42,112,717 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | 33,675 | 0 | 33,675 |
Net loss | $ 0 | 0 | 0 | 0 | (115,909) | (115,909) |
Equity Balance, Shares at Apr. 30, 2020 | 42,112,717 | |||||
Equity Balance at Apr. 30, 2020 | $ 6,316,592 | 0 | 233,009 | 72,351 | (7,512,708) | (890,756) |
Translation to reporting currency | 0 | 0 | 0 | (3,432) | 0 | (3,432) |
Net loss | $ 0 | 0 | 0 | 0 | (122,928) | (122,928) |
Equity Balance, Shares at Jul. 31, 2020 | 42,112,717 | |||||
Equity Balance at Jul. 31, 2020 | $ 6,316,592 | 0 | 233,009 | 68,919 | (7,635,636) | (1,017,116) |
Equity Balance at Oct. 31, 2020 | $ 7,171,032 | 0 | 19,399 | 58,829 | (7,750,080) | (500,820) |
Equity Balance, Shares at Oct. 31, 2020 | 43,892,801 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (19,500) | 0 | (19,500) |
Net loss | $ 0 | 0 | 0 | 0 | (759,165) | (759,165) |
Equity Balance, Shares at Jan. 31, 2021 | 43,892,801 | |||||
Equity Balance at Jan. 31, 2021 | $ 7,171,032 | 0 | 19,399 | 39,329 | (8,509,245) | (1,279,485) |
Equity Balance at Oct. 31, 2020 | $ 7,171,032 | 0 | 19,399 | 58,829 | (7,750,080) | (500,820) |
Equity Balance, Shares at Oct. 31, 2020 | 43,892,801 | |||||
Translation to reporting currency | (35,915) | |||||
Net loss | (1,356,227) | |||||
Equity Balance, Shares at Jul. 31, 2021 | 45,406,366 | |||||
Equity Balance at Jul. 31, 2021 | $ 8,459,283 | 0 | (118,378) | 22,914 | (9,106,307) | (742,488) |
Equity Balance at Jan. 31, 2021 | $ 7,171,032 | 0 | 19,399 | 39,329 | (8,509,245) | (1,279,485) |
Equity Balance, Shares at Jan. 31, 2021 | 43,892,801 | |||||
Common stock for debt, value | $ 598,882 | 0 | (135,829) | 0 | 0 | 463,053 |
Common stock for debt, shares | 617,404 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (7,178) | 0 | (7,178) |
Common stock for cash, value | $ 673,000 | 0 | 0 | 0 | 0 | 673,000 |
Common stock for cash, shares | 833,333 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (252,881) | (252,881) |
Equity Balance, Shares at Apr. 30, 2021 | 45,343,538 | |||||
Equity Balance at Apr. 30, 2021 | $ 8,442,914 | 0 | (116,430) | 32,151 | (8,762,126) | (403,491) |
Common stock for debt, value | $ 26,074 | 0 | (1,948) | 0 | 0 | 24,126 |
Common stock for debt, shares | 62,828 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (9,237) | 0 | (9,237) |
Common stock for cash, value | $ (9,705) | 0 | 0 | 0 | 0 | (9,705) |
Common stock for cash, shares | 0 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (344,181) | (344,181) |
Equity Balance, Shares at Jul. 31, 2021 | 45,406,366 | |||||
Equity Balance at Jul. 31, 2021 | $ 8,459,283 | $ 0 | $ (118,378) | $ 22,914 | $ (9,106,307) | $ (742,488) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flow used in operating activities | ||
Net loss | $ (1,356,227) | $ (371,472) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest on notes payable, related party notes | 5,435 | 6,047 |
Accrued interest on payables | 3,800 | 2,876 |
Amortization | 562 | 3,503 |
Foreign exchange | (34,106) | 5,566 |
Impairment of deposits | 0 | 22,801 |
Changes in operating assets and liabilities | ||
Increase (decrease) in Receivables | (19,796) | 0 |
Increase (decrease) in Prepaids | (92,218) | (3,134) |
Increase (decrease) in Accounts payable and accrued liabilities | 511,854 | 5,848 |
Increase (decrease) in Due to related parties | 9,353 | 38,713 |
Increase (decrease) in Accrued salaries | 202,729 | 160,661 |
Net cash used in operating activities | (768,614) | (128,591) |
Cash flows used in investing activities | ||
Purchase of equipment | (2,760) | 0 |
Net cash used in investing activities | (2,760) | 0 |
Cash flows provided by financing activities | ||
Proceeds from Common shares issued for private placements | 673,000 | 0 |
Share issuance costs | (9,705) | 0 |
Loans payable to related party | 95,152 | 125,875 |
Proceeds from loans payable | 29,000 | 0 |
Net cash provided by financing activities | 787,447 | 125,875 |
Effect of exchange rate changes on cash | 212 | (235) |
Net increase/(decrease) in cash | 16,285 | (2,951) |
Cash, beginning | 11,715 | 19,806 |
Cash, ending | $ 28,000 | $ 16,855 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Organization and Basis of Presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations On November 1, 2019, Duesenberg Technologies Inc. (formerly, VGrab Communication Inc.) (the “Company”) incorporated Duesenberg Inc., a Nevada corporation (the “Duesenberg Nevada”), with a purpose to undertake the development of Electric Vehicles (“EV”) using the Duesenberg brand and its VGrab Technology and applications based on the VGrab technology. On May 21, 2021, the Company incorporated Duesenberg Heritage LLC, a Nevada corporation (the “Duesenberg Heritage”), with a purpose to reproduce very limited Duesenberg Heritage vehicles which were originally manufactured in the 1920s and 1930s; such as the Duesenberg Model J and Boat Tail series. On December 23, 2020, the Company changed its name to Duesenberg Technologies Inc. (the “Name Change”). To effect the Name Change, the Company filed a Notice of Alteration with the British Columbia Registrar of Companies. On December 30, 2020, the Company’s common shares commenced trading on the OTC Markets under the new ticker symbol DUSYF. As of the date of these interim condensed consolidated financial statements, the Company has the following subsidiaries: Name Incorporation Incorporation Date VGrab International Ltd. Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia June 24, 2015 Duesenberg Malaysia Sdn Bhd. (formerly VGrab Communications Malaysia Sdn Bhd) Malaysia Companies Act 2016 May 17, 2018 Duesenberg Technologies Evolution Ltd (formerly VGrab Asia Limited) Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 Duesenberg Inc. Nevada, USA November 1, 2019 Duesenberg Heritage LLC Nevada, USA May 21, 2021 Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended October 31, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC on January 29, 2021. The unaudited interim condensed consolidated financial statements of the Company should be read in conjunction with those financial statements for the year ended October 31, 2020, included in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three- and nine-month periods ended July 31, 2021, are not necessarily indicative of the results that may be expected for the year ending October 31, 2021. Going Concern The Company’s interim condensed consolidated financial statements are prepared on a going concern basis in accordance with GAAP which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. To date the Company has generated a total of $48,358 in revenue from its operating activities and has accumulated losses of $9,106,307 since inception. Continuation of the Company as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. To date the Company has funded its operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity and/or debt financing. The outcome of these efforts cannot be predicted with any certainty and raises substantial doubt that the Company will be able to continue as a going concern. These unaudited interim condensed consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Uncertainty due to Global Outbreak of Covid-19 In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the federal, provincial, and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, the extent of the impact of the COVID-19 outbreak on the Company and its operations is unknown and will greatly depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Company’s ability to raise financing for its research and development initiatives or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Company’s business and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: July 31, 2021 October 31, 2020 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,297 $ 1,294 Notes payable to a major shareholder (b) 212 300,818 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) - 39,393 Due to a company controlled by the CEO and Director of the Company (a) 4,739 - Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 71,094 24,145 Due to a Director of the Company (a) 24,000 6,000 Due to the former Chief Technical Officer (“CTO”) of the Company’s subsidiary (a) 50,323 - Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 40,040 - Total due to related parties $ 191,705 $ 371,650 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4% per annum. During the nine-month period ended July 31, 2021, the Company recorded $5,435 (2020 - $6,047) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the nine-month period ended July 31, 2021, the Company received $95,152 (2020 - $130,842) in exchange for the notes payable to Hampshire Avenue SDN BHD (“Hampshire Avenue”), a parent company of Hampshire Capital Limited and Hampshire Infotech SDN BHD. The loans bear interest at 4% per annum, are unsecured and payable on demand. During the second quarter of the Company’s Fiscal 2021, Hampshire Avenue agreed to convert a total of $385,950, the Company owed at January 31, 2021, consisting of principal amount of $368,961 and interest accrued of $16,989 into 514,600 shares of the Company’s common stock (Note 6). These shares were issued on March 9, 2021. During the third quarter of the Company’s Fiscal 2021, Hampshire Avenue agreed to convert a further $24,126, the Company owed at April 30, 2021, into 62,828 shares of the Company’s common stock (Note 6). These shares were issued on July 20, 2021. During the nine-month period ended July 31, 2020, the Company repaid $4,967 in loans advanced from Hampshire Avenue; these payments were made in cash. During the nine-month period ended July 31, 2021, the Company incurred $83,477 (2020 - $89,256) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President, and director. In addition, the Company incurred $21,878 (2020 - $18,864) in reimbursable expenses with Mr. Lim. During the second quarter of the Company’s Fiscal 2021, Mr. Lim agreed to convert a total of $77,103 the Company owed him at January 31, 2021, into 102,804 shares of the Company’s common stock (Note 6). These shares were issued on March 9, 2021. In addition, the Company advanced a total of $162,239 to Mr. Lim as prepayment of his future services. Of this amount, the Company applied $73,223 to the accrued salaries and reimbursable expenses the Company owed to Mr. Lim as at July 31, 2021; the remaining $89,016 advanced to Mr. Lim the Company recorded as part of prepaid expenses. During the nine-month period ended July 31, 2021, the Company incurred $63,946 (2020 - $71,405) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO, and director. In addition, the Company incurred $3,145 (2020 - $1,849) in reimbursable expenses with Mr. Liong. During the nine-month period ended July 31, 2021, the Company incurred $18,000 (2020 - $18,000) in management fees to its director, Mr. Ong See-Ming. During the nine-month period ended July 31, 2021, the Company incurred $57,823 (2020 - $Nil) in management fees to its CTO, Mr. Ian Thompson. Mr. Thompson resigned from his position as the CTO of the Company on May 11, 2021. Subsequent to July 31, 2021, the Company and Mr. Thompson reached an agreement to convert the full amount the Company owed to Mr. Thompson at his resignation, being $50,323, into 209,677 shares of the Company’s common stock. During the nine-month period ended July 31, 2021, the Company incurred $97,500 (2020 - $Nil) in management fees to its CSO, Mr. Brendan Norman. During the nine-month period ended July 31, 2021, the Company recognized $21,925 in revenue from licensing and maintenance of its SMART Systems applications to a non-arms’ length entity. On May 1, 2021, Duesenberg Malaysia Sdn Bhd., engaged Hampshire Automotive Sdn Bhd. (“Hampshire Automotive”) a private company of which Mr. Joe Lim is a 33% shareholder, to assist the Company with engineering and drafting of the Duesenberg Heritage vehicles. As part of the services, Hampshire Automotive agreed to convert the existing Duesenberg heritage car and parts the Company acquired into 3D digital drawing, which will then be used to manufacture new vehicles. During the nine-month period ended July 31, 2021, the Company paid Hampshire Automotive $154,217 for the services, which were recorded as part of research and development fees. |
Equipment Disclosure
Equipment Disclosure | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Equipment Disclosure | NOTE 4 - EQUIPMENT Changes in the net book value of the equipment at July 31, 2021 and at October 31, 2020 are as follows: July 31, 2021 October 31, 2020 Book value, beginning of the period $ 213 $ 4,559 Changes during the period 2,760 - Amortization (562) (4,353) Foreign exchange (74) 7 Book value, end of the period $ 2,337 $ 213 |
Notes Payable Disclosure
Notes Payable Disclosure | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Notes Payable Disclosure | NOTE 5 - NOTES PAYABLE On July 31, 2019, one of the vendors of the Company agreed to defer repayment of CAD$83,309 the Company owed to the vendor. The deferred amount accrues interest at 6% per annum compounded monthly, is unsecured, and is payable on or after August 31, 2021 (the “6% Note Payable”). During the nine-month period ended July 31, 2021, the Company accrued $3,194 in interest on the 6% Note Payable (2020 - $2,876). As at July 31, 2021, the Company owed a total of $75,360 under the 6% Note Payable (2020 - $67,429). During the nine-month period ended July 31, 2021, the Company received $29,000 in exchange for 4% notes payable due on demand (the “4% Notes Payable”). The Company accrued $605 in interest on the 4% Notes Payable (2020 - $Nil). As at July 31, 2021, the Company owed a total of $29,605 under the 4% Notes Payable (2020 - $Nil). |
Common Stock Disclosure
Common Stock Disclosure | 9 Months Ended |
Jul. 31, 2021 | |
Notes | |
Common Stock Disclosure | NOTE 6 - COMMON STOCK On April 9, 2021, the Company closed a private placement financing by issuing 233,333 shares of its common stock (the “Shares”) at $0.75 per Share for gross proceeds of $175,000. On April 15, 2021, the Company closed a second private placement financing by issuing further 600,000 Shares at $0.83 per Share for the gross proceeds of $498,000. The Shares were issued pursuant to the provisions of Regulation S of the United States Securities Act of 1933, as amended (the “Act”) to the persons who are not residents of the United States and are otherwise not “U.S. Persons” as that term is defined in Rule 902(k) of Regulation S of the Act. The Company recorded $9,705 in share issuance costs associated with these financings. On March 9, 2021, Mr. Lim, the Company’s President, CEO and major shareholder, and Hampshire Avenue SDN BHD, the Company’s major shareholder, agreed to convert a total of $463,053 the Company owed on account of services and cash advances provided to it as at January 31, 2021, into 617,404 shares of the Company’s common stock (Note 3). The conversion of debt to shares was as follows: Description Total amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt (1) Shares issued for the notes payable to a major shareholder $ 385,950 514,600 $ 499,162 $ 113,212 Shares issued for amounts owed to the CEO and Director of the Company 77,103 102,804 99,720 22,617 Total $ 463,053 617,404 $ 598,882 $ 135,829 (1) The loss on conversion of debt to shares with related parties was recorded as part of additional paid-in capital. On July 20, 2021, Hampshire Avenue SDN BHD, agreed to convert further $24,126 the Company owed on account of cash advances provided to it as at April 30, 2021, into 62,828 shares of the Company’s common stock (Note 3). The conversion of debt to shares was as follows: Description Total amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt (1) Shares issued for the notes payable to a major shareholder $ 24,126 62,828 $ 26,074 $ 1,948 Total $ 24,126 62,828 $ 26,074 $ 1,948 (1) The loss on conversion of debt to shares with related party was recorded as part of additional paid-in capital. |
Organization and Basis of Pre_2
Organization and Basis of Presentation: Basis of Accounting, Policy (Policies) | 9 Months Ended |
Jul. 31, 2021 | |
Policies | |
Basis of Accounting, Policy | Basis of Presentation The unaudited interim condensed consolidated financial statements of the Company are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended October 31, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC on January 29, 2021. The unaudited interim condensed consolidated financial statements of the Company should be read in conjunction with those financial statements for the year ended October 31, 2020, included in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three- and nine-month periods ended July 31, 2021, are not necessarily indicative of the results that may be expected for the year ending October 31, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Principles of Consolidation, Policy (Policies) | 9 Months Ended |
Jul. 31, 2021 | |
Policies | |
Principles of Consolidation, Policy | Principles of Consolidation The unaudited interim condensed consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated. |
Organization and Basis of Pre_3
Organization and Basis of Presentation: Scedule of Subsidiaries Owned (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Tables/Schedules | |
Scedule of Subsidiaries Owned | Name Incorporation Incorporation Date VGrab International Ltd. Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia June 24, 2015 Duesenberg Malaysia Sdn Bhd. (formerly VGrab Communications Malaysia Sdn Bhd) Malaysia Companies Act 2016 May 17, 2018 Duesenberg Technologies Evolution Ltd (formerly VGrab Asia Limited) Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 Duesenberg Inc. Nevada, USA November 1, 2019 Duesenberg Heritage LLC Nevada, USA May 21, 2021 |
Related Party Transactions Di_2
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Tables/Schedules | |
Schedule of Amounts Due to Related Parties | July 31, 2021 October 31, 2020 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,297 $ 1,294 Notes payable to a major shareholder (b) 212 300,818 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) - 39,393 Due to a company controlled by the CEO and Director of the Company (a) 4,739 - Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 71,094 24,145 Due to a Director of the Company (a) 24,000 6,000 Due to the former Chief Technical Officer (“CTO”) of the Company’s subsidiary (a) 50,323 - Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 40,040 - Total due to related parties $ 191,705 $ 371,650 |
Equipment Disclosure_ Changes i
Equipment Disclosure: Changes in Book Value of Equipment (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Tables/Schedules | |
Changes in Book Value of Equipment | July 31, 2021 October 31, 2020 Book value, beginning of the period $ 213 $ 4,559 Changes during the period 2,760 - Amortization (562) (4,353) Foreign exchange (74) 7 Book value, end of the period $ 2,337 $ 213 |
Common Stock Disclosure_ Schedu
Common Stock Disclosure: Schedule of Debt Conversions 1Q (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Tables/Schedules | |
Schedule of Debt Conversions 1Q | Description Total amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt (1) Shares issued for the notes payable to a major shareholder $ 385,950 514,600 $ 499,162 $ 113,212 Shares issued for amounts owed to the CEO and Director of the Company 77,103 102,804 99,720 22,617 Total $ 463,053 617,404 $ 598,882 $ 135,829 |
Common Stock Disclosure_ Sche_2
Common Stock Disclosure: Schedule of Debt Conversions 2Q (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Tables/Schedules | |
Schedule of Debt Conversions 2Q | Description Total amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt (1) Shares issued for the notes payable to a major shareholder $ 24,126 62,828 $ 26,074 $ 1,948 Total $ 24,126 62,828 $ 26,074 $ 1,948 |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Details) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Details | ||
Accumulated reveunes | $ 48,358 | |
Deficit | $ 9,106,307 | $ 7,750,080 |
Related Party Transactions Di_3
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Due to related parties | $ 191,705 | $ 371,650 |
Due to a major shareholder for payments made on behalf of the Company | ||
Due to related parties | 1,297 | 1,294 |
Notes payable to a major shareholder | ||
Due to related parties | 212 | 300,818 |
Due to CEO and Director | ||
Due to related parties | 0 | 39,393 |
Due to a company controlled by the CEO and Director | ||
Due to related parties | 4,739 | 0 |
Due to CFO and Director | ||
Due to related parties | 71,094 | 24,145 |
Due to a Director | ||
Due to related parties | 24,000 | 6,000 |
Due to former CTO of major subsidiary | ||
Due to related parties | 50,323 | 0 |
Due to CSO of major subsidiary | ||
Due to related parties | $ 40,040 | $ 0 |
Related Party Transactions Di_4
Related Party Transactions Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jan. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Interest expense | $ 1,720 | $ 3,407 | $ 9,346 | $ 8,923 | |||
Common stock for debt, value | 24,126 | $ 463,053 | $ 0 | ||||
Accounts payable | 588,622 | 588,622 | $ 69,525 | ||||
Prepaids | 98,178 | 98,178 | $ 5,388 | ||||
Management fees | 6,000 | 6,000 | 18,000 | 18,000 | |||
Revenues | 10,225 | 7,092 | 30,957 | 7,092 | |||
Research and development costs | $ 155,285 | $ 11,307 | 774,193 | 11,307 | |||
Notes payable to a major shareholder | |||||||
Interest expense | 5,435 | 6,047 | |||||
Hampshire Avenue | |||||||
Proceeds from Notes payable | $ 95,152 | 130,842 | |||||
Loan interest rate per annum | 4.00% | 4.00% | |||||
Common stock for debt, value | $ 24,126 | $ 385,950 | |||||
Common stock for debt, shares | 62,828 | 514,600 | |||||
Repayment of loans | 4,967 | ||||||
Due to CEO and Director | |||||||
Common stock for debt, value | $ 77,103 | ||||||
Common stock for debt, shares | 102,804 | ||||||
Wages and Salary, for officers | $ 83,477 | 89,256 | |||||
Reimbursable expense incurred | 21,878 | 18,864 | |||||
Accounts payable | $ 73,223 | 73,223 | |||||
Prepaids | $ 89,016 | 89,016 | |||||
Due to CFO and Director | |||||||
Wages and Salary, for officers | 63,946 | 71,405 | |||||
Reimbursable expense incurred | 3,145 | 1,849 | |||||
Due to a Director | |||||||
Management fees | 18,000 | $ 18,000 | |||||
Due to CTO of major subsidiary | |||||||
Management fees | 57,823 | ||||||
Due to CSO of major subsidiary | |||||||
Management fees | 97,500 | ||||||
Revenue from non-arms' length entity | |||||||
Revenues | 21,925 | ||||||
Hampshire Automotive | |||||||
Research and development costs | $ 154,217 |
Equipment Disclosure_ Changes_2
Equipment Disclosure: Changes in Book Value of Equipment (Details) - USD ($) | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | |
Details | ||||
Increase (decrease) in equipment | $ 2,760 | |||
Amortization of equipment | 562 | $ 4,353 | ||
Foreign exchange effect on equipment | (74) | $ 7 | ||
Equipment, net | $ 2,337 | $ 213 | $ 4,559 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Notes payable | $ 104,965 | $ 67,429 | |
Proceeds from advances payable | $ 29,000 | $ 0 | |
6% Note Payable | |||
Interest per annum compounded monthly | 6.00% | ||
Interest accrued on defer repayment | $ 3,194 | 2,876 | |
Notes payable | $ 75,360 | $ 67,429 | |
4% Note Payable | |||
Interest per annum compounded monthly | 4.00% | ||
Interest accrued on defer repayment | $ 605 | ||
Notes payable | 29,605 | ||
Proceeds from advances payable | $ 29,000 |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2020 | |
Common stock for cash, value | $ (9,705) | $ 673,000 | |
Common stock for debt, value | 24,126 | 463,053 | $ 0 |
CEO and Hampshire Ave | |||
Common stock for debt, value | $ 463,053 | ||
Common stock for debt, shares | 617,404 | ||
Hampshire Avenue | |||
Common stock for debt, value | $ 24,126 | $ 385,950 | |
Common stock for debt, shares | 62,828 | 514,600 | |
Private Placement April 9, 2021 | |||
Common stock for cash, shares | 233,333 | ||
Common stock for cash, price per share | $ 0.75 | ||
Common stock for cash, value | $ 175,000 | ||
Private Placement April 15, 2021 | |||
Common stock for cash, shares | 600,000 | ||
Common stock for cash, price per share | $ 0.83 | ||
Common stock for cash, value | $ 498,000 |
Common Stock Disclosure_ Sche_3
Common Stock Disclosure: Schedule of Debt Conversions 1Q (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2020 | |
Common stock for debt, value | $ 24,126 | $ 463,053 | $ 0 |
CEO and Hampshire Ave | |||
Common stock for debt, value | $ 463,053 | ||
Common stock for debt, shares | 617,404 | ||
Fair market value of shares issued for debt | $ 598,882 | ||
Gain (loss) on debt extinguishment | $ 135,829 |
Common Stock Disclosure_ Sche_4
Common Stock Disclosure: Schedule of Debt Conversions 2Q (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2021 | Apr. 30, 2021 | Jan. 31, 2020 | |
Common stock for debt, value | $ 24,126 | $ 463,053 | $ 0 |
Hampshire Avenue | |||
Common stock for debt, value | $ 24,126 | $ 385,950 | |
Common stock for debt, shares | 62,828 | 514,600 | |
Fair market value of shares issued for debt | $ 26,074 | ||
Gain (loss) on debt extinguishment | $ 1,948 |