Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 30, 2022 | Jun. 21, 2022 | |
Details | ||
Registrant CIK | 0001551887 | |
Fiscal Year End | --10-31 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Securities Act 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 | 49,531,145 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Current assets | ||
Cash | $ 21,371 | $ 7,434 |
Receivables | 37,744 | 26,601 |
Prepaids | 11,931 | 5,034 |
Total current assets | 71,046 | 39,069 |
Equipment | 1,215 | 1,952 |
Total assets | 72,261 | 41,021 |
Current liabilities | ||
Accounts payable | 620,623 | 576,881 |
Accrued liabilities | 15,808 | 45,318 |
Due to related parties | 356,024 | 273,869 |
Notes payable | 107,280 | 106,892 |
Total liabilities | 1,099,735 | 1,002,960 |
Stockholders' deficit | ||
Common stock, no par value, unlimited number authorized, 49,181,145 and 45,616,043 issued and outstanding at April 30, 2022 and October 31, 2021, respectively | 9,263,285 | 8,503,314 |
Additional paid-in capital | (111,119) | (111,119) |
Obligation to issue shares | 0 | 76,950 |
Accumulated other comprehensive income | 13,668 | 26,838 |
Deficit | (10,193,308) | (9,457,922) |
Total stockholders' deficit | (1,027,474) | (961,939) |
Total liabilities and stockholders' deficit | $ 72,261 | $ 41,021 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Apr. 30, 2022 | Oct. 31, 2021 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares, Issued | 49,181,145 | 45,616,043 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Details | ||||
Revenues | $ 10,111 | $ 10,326 | $ 19,586 | $ 20,732 |
Operating expenses | ||||
Accounting | 12,410 | 3,180 | 18,949 | 8,492 |
Amortization | 326 | 87 | 665 | 304 |
General and administrative expenses | 14,843 | 48,757 | 46,338 | 87,990 |
Management fees | 66,000 | 6,000 | 84,000 | 12,000 |
Professional fees | 2,291 | 16,687 | 7,071 | 21,301 |
Regulatory and filing | 14,650 | 13,048 | 18,534 | 17,152 |
Research and development costs | 152,091 | 2,108 | 344,116 | 618,908 |
Salaries and wages | 121,791 | 170,339 | 241,058 | 258,764 |
Travel and entertainment | 2,211 | 620 | 2,211 | 910 |
Total operating expenses | (386,613) | (260,826) | (762,942) | (1,025,821) |
Other items | ||||
Gain (loss) on foreign exchange | 12,978 | 673 | 10,836 | 669 |
Interest expense | (1,418) | (3,054) | (2,866) | (7,626) |
Net loss | (364,942) | (252,881) | (735,386) | (1,012,046) |
Translation to reporting currency | (19,264) | (7,178) | (13,170) | (26,678) |
Comprehensive loss | $ (384,206) | $ (260,059) | $ (748,556) | $ (1,038,724) |
Loss per share - basic and diluted | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average number of shares outstanding | 48,219,769 | 44,409,711 | 46,896,328 | 44,146,972 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Obligation to Issue Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Total |
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 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 | |||||
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 | (26,678) | |||||
Net loss | (1,012,046) | |||||
Equity Balance at Apr. 30, 2021 | $ 8,442,914 | 0 | (116,430) | 32,151 | (8,762,126) | (403,491) |
Equity Balance, Shares at Apr. 30, 2021 | 45,343,538 | |||||
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 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (7,178) | 0 | (7,178) |
Net loss | 0 | 0 | 0 | (252,881) | (252,881) | |
Equity Balance at Apr. 30, 2021 | $ 8,442,914 | 0 | (116,430) | 32,151 | (8,762,126) | (403,491) |
Equity Balance, Shares at Apr. 30, 2021 | 45,343,538 | |||||
Stock issued for private placements, value | $ 673,000 | 0 | 0 | 0 | 0 | 673,000 |
Stock issued for private placements, shares | 833,333 | |||||
Stock issued for debt, value | $ 598,882 | 0 | (135,829) | 0 | 0 | 463,053 |
Stock issued for debt, shares | 617,404 | |||||
Equity Balance at Oct. 31, 2021 | $ 8,503,314 | 76,950 | (111,119) | 26,838 | (9,457,922) | (961,939) |
Equity Balance, Shares at Oct. 31, 2021 | 45,616,043 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | 6,094 | 0 | 6,094 |
Net loss | 0 | 0 | 0 | 0 | (370,444) | (370,444) |
Equity Balance at Jan. 31, 2022 | $ 8,503,314 | 76,950 | (111,119) | 32,932 | (9,828,366) | (1,326,289) |
Equity Balance, Shares at Jan. 31, 2022 | 45,616,043 | |||||
Equity Balance at Oct. 31, 2021 | $ 8,503,314 | 76,950 | (111,119) | 26,838 | (9,457,922) | (961,939) |
Equity Balance, Shares at Oct. 31, 2021 | 45,616,043 | |||||
Translation to reporting currency | (13,170) | |||||
Net loss | (735,386) | |||||
Equity Balance at Apr. 30, 2022 | $ 9,263,285 | 0 | (111,119) | 13,668 | (10,193,308) | (1,027,474) |
Equity Balance, Shares at Apr. 30, 2022 | 49,181,145 | |||||
Equity Balance at Jan. 31, 2022 | $ 8,503,314 | 76,950 | (111,119) | 32,932 | (9,828,366) | (1,326,289) |
Equity Balance, Shares at Jan. 31, 2022 | 45,616,043 | |||||
Translation to reporting currency | $ 0 | 0 | 0 | (19,264) | 0 | (19,264) |
Net loss | 0 | 0 | 0 | 0 | (364,942) | (364,942) |
Equity Balance at Apr. 30, 2022 | $ 9,263,285 | 0 | (111,119) | 13,668 | (10,193,308) | (1,027,474) |
Equity Balance, Shares at Apr. 30, 2022 | 49,181,145 | |||||
Stock issued for private placements, value | $ 502,393 | 0 | 0 | 0 | 0 | 502,393 |
Stock issued for private placements, shares | 2,511,962 | |||||
Stock issued for debt, value | $ 132,628 | 0 | 0 | 0 | 0 | $ 132,628 |
Stock issued for debt, shares | 663,140 | 663,140 | ||||
Stock issued for services, value | $ 124,950 | $ (76,950) | $ 0 | $ 0 | $ 0 | $ 48,000 |
Stock issued for services, shares | 390,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash flow used in in operating activities | ||
Net loss | $ (735,386) | $ (1,012,046) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest on notes payable, related party notes | 0 | 5,164 |
Accrued interest on long-term debt | 2,866 | 2,438 |
Amortization | 665 | 304 |
Management fees, non-cash | 48,000 | 0 |
Foreign exchange | (12,725) | (27,230) |
Changes in operating assets and liabilities | ||
Increase (decrease) in Receivables | (12,433) | (10,298) |
Increase (decrease) in Prepaids | (7,315) | (129,812) |
Increase (decrease) in Accounts payable and accrued liabilities | 16,513 | 490,795 |
Increase (decrease) in Due to related parties | (10,651) | 73,287 |
Increase (decrease) in Accrued salaries | 223,052 | 81,899 |
Net cash used in operating activities | (487,414) | (525,499) |
Cash flows used in investing activities | ||
Purchase of equipment | 0 | (2,760) |
Net cash used in investing activities | 0 | (2,760) |
Cash flows provided by financing activities | ||
Proceeds from issuance of common stock | 502,393 | 673,000 |
Loans payable to related party | 0 | 95,153 |
Proceeds from advances | 0 | 29,000 |
Net cash provided by financing activities | 502,393 | 797,153 |
Effect of exchange rate changes on cash | (1,042) | 3,755 |
Net increase in cash | 13,937 | 272,649 |
Cash, beginning | 7,434 | 11,715 |
Cash, ending | $ 21,371 | $ 284,364 |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Organization and Basis of Presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations Duesenberg Technologies Inc. (the “Company”) was incorporated on August 4, 2010, under the laws of the State of Nevada under the name “SOS Link Corporation”. On April 15, 2011, the Company changed its place of incorporation from the State of Nevada to the Province of British Columbia, Canada and concurrently changed its name to Venza Gold Corp. On January 6, 2014, the Company changed its name to CoreComm Solutions Inc., on February 11, 2015, to VGrab Communications Inc., and on December 23, 2020, the name was changed to Duesenberg Technologies Inc. The Company’s common shares trade on the OTC Markets inter-dealer quotation system under the ticker symbol DUSYF. On November 1, 2019, the Company incorporated Duesenberg Inc., a Nevada corporation (“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 (“Duesenberg Heritage”), with a purpose to reproduce very limited Duesenberg Heritage vehicles, Duesenberg Model J and Boat Tail series, which were originally manufactured in the 1920s and 1930s. As of the date of these condensed consolidated financial statements, the Company has the following wholly owned subsidiaries: Name Incorporation Incorporation Date 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, 2021, included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 15, 2022. 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, 2021, 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 six-month periods ended April 30, 2022, are not necessarily indicative of the results that may be expected for the year ending October 31, 2022. 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 $78,564 in revenue from its operating activities and has accumulated losses of $10,193,308 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 | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited 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 | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: April 30, 2022 October 31, 2021 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) $ 34,577 $ 22,808 Due to a company controlled by the CEO and Director of the Company (a) 6,322 61,094 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 117,900 83,940 Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 160,674 75,448 Due to a Director of the Company (a) 12,000 30,000 Due to a Director of the Company (a) 12,000 - Due to a Director of the Company (a) 12,000 - Due to a major shareholder for payments made on behalf of the Company (a) 551 579 Total due to related parties $ 356,024 $ 273,869 (a) Amounts are unsecured, due on demand and bear no interest. During the six-month period ended April 30, 2022, the Company incurred $59,801 (2021 - $60,300) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President, and director. In addition, the Company incurred $14,212 (2021 - $14,713) in reimbursable expenses with Mr. Lim. During the same period Mr. Lim advanced the Company $20,550 in the form of vendor payments made by him on behalf of the Company. On February 24, 2022, Mr. Lim agreed to convert $102,628 the Company owed him into 513,140 shares of the Company’s Common stock at $0.20 per share. During the comparative six-month period ended April 30, 2021, Mr. Lim agreed to convert a total of $77,103 into 102,804 shares of the Company’s common stock at $0.75 per share (Note 6). In addition, during the six-month period ended April 30, 2021, the Company advanced a total of $162,239 to Mr. Lim as prepayment of his future services. Of this amount, the Company applied $37,224 to the accrued salaries and reimbursable expenses the Company owed to Mr. Lim as at April 30, 2021. The remaining $125,015 advanced to Mr. Lim were recorded as part of prepaid expenses. During the six-month period ended April 30, 2022, the Company incurred $47,841 (2021 - $48,240) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO and director. In addition, the Company incurred $5,046 (2021 - $2,367) in reimbursable expenses with Mr. Liong. During the six-month period ended April 30, 2022, the Company incurred a total of $36,000 in management/director fees to its directors, Mr. Ong See-Ming, Mr. Chee Wai Hong, and Mr. Barth, who are reimbursed for their services at $2,000 per month. During the six-month period ended April 30, 2021, the Company incurred $12,000 in management/director fees with its director, Mr. Ong See-Ming. On February 24, 2022, the Company’s board of directors resolved to grant to Mr. Chee Wai Hong and to Mr. Barth, each, 120,000 shares of its Common stock, at $0.20 per share. The value of these shares being $48,000, were recorded as part of management fees. On the same day, Mr. Ong See-Ming agreed to convert $30,000 the Company owed him on account of management fees into 150,000 shares of the Company’s Common stock, at $0.20 per share. The Company did not have similar transactions during the six-month period ended April 30, 2021. During the six-month period ended April 30, 2022, the Company incurred $90,000 (2021 - $52,500) in management fees to its CSO, Mr. Brendan Norman. During the six-month period ended April 30, 2022, the Company recognized $14,263 in revenue from licensing and maintenance of its SMART Systems applications to a company of which Mr. Lim is a 50% shareholder (2021 - $14,702). During the six-month period ended April 30, 2022, the Company incurred $342,322 (2021 - $Nil) to Hampshire Automotive Sdn Bhd. (“Hampshire Automotive”) a private company of which Mr. Joe Lim is a 33% shareholder, for engineering and drafting of the Duesenberg Heritage vehicles, which fees were recorded as part of research and development fees. During the six-month period ended April 30, 2021, the Company received $95,153 in exchange for the notes payable to Hampshire Avenue SDN BHD (“Hampshire Avenue”), a private company of which Mr. Joe Lim is a director and major shareholder. The loans bore interest at 4% per annum, were unsecured and payable on demand. During the same period, the Company recorded $5,164 in interest expense associated with its liabilities under notes payable issued to Hampshire Avenue. During the second and third quarters of the Company’s Fiscal 2021, Hampshire Avenue agreed to convert a total of $410,285 into 577,428 common shares of the Company, and forgave the remaining balance totaling $758. The Company did not receive any funds from Hampshire Avenue nor had to accrue any interest during the six-month period ended April 30, 2022. During the six-month period ended April 30, 2021, the Company incurred $52,500 in management fees to its former CTO, Mr. Ian Thompson, who resigned from his position as the CTO of the Company on May 11, 2021. |
Equipment Disclosure
Equipment Disclosure | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Equipment Disclosure | NOTE 4 - EQUIPMENT Changes in the net book value of the equipment at April 30, 2022 and at October 31, 2021 are as follows: April 30, 2022 October 31, 2021 Net book value, beginning of the period $ 1,952 $ 213 Changes during the period - 2,760 Amortization (665) (990) Foreign exchange (72) (31) Net book value, end of the period $ 1,215 $ 1,952 |
Notes Payable Disclosure
Notes Payable Disclosure | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Notes Payable Disclosure | NOTE 5 - NOTES PAYABLE The following amounts were due under third-party notes payable at April 30, 2022 and October 31, 2021: April 30, 2022 October 31, 2021 Balance, beginning of the period $ 106,892 $ 67,429 Advances received - 29,000 Interest accrued during the period 2,866 5,309 Foreign exchange (2,478) 5,154 Balance, end of the period $ 107,280 $ 106,892 During the six-month period ended April 30, 2022, the Company accrued $2,268 in interest on the CAD$83,309 note payable accumulating 6% interest compounded monthly (2021 - $2,125), and $598 (2021 - $312) in interest on the notes payable totaling $29,000, which accumulate interest at 4% compounded monthly. All notes payable to third-parties are unsecured and due on demand. |
Common Stock Disclosure
Common Stock Disclosure | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Common Stock Disclosure | NOTE 6 - COMMON STOCK On February 24, 2022, the Company closed a private placement financing by issuing 2,511,962 shares of its common stock (the “Shares”) at $0.20 per Share for gross proceeds of $502,393. The Shares were issued to a company controlled by Mr. Lim Hun Beng, director and the majority shareholder, pursuant to the provisions of Regulation S of the United States Securities Act of 1933, as amended (the “Act”) to a person who represented that it is not residents of the United States and was otherwise not “U.S. Person” as that term is defined in Rule 902(k) of Regulation S of the Act. On February 24, 2022, Mr. Lim, the Company’s President, CEO and major shareholder, and Mr. Ong See-Ming, the Company’s director, agreed to convert a total of $132,628 into 663,140 shares of the Company’s Common Stock at $0.20 per Share. Mr. Lim converted $20,550 he advanced in the form of vendor payments made by him on behalf of the Company, and $82,078 the Company owed to him for unpaid salary into 513,140 Shares. Mr. Ong converted $30,000 the Company owed to him for management fees into 150,000 Shares. On February 24, 2022, the Company issued a total of 240,000 Shares to Mr. Chee Wai Hong and Mr. Barth, the Company’s directors (120,000 Shares each) in recognition of the services provided to the Company by them. The shares were valued at $48,000. On February 24, 2022, the Company issued 150,000 Shares to an arms-length party for services provided to the Company during the year ended October 31, 2021, which were recorded at October 31, 2021, as obligation to issue Shares totaling $76,950. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Apr. 30, 2022 | |
Notes | |
Subsequent Events | NOTE 7 - SUBSEQUENT EVENTS Subsequent to April 30, 2022, the Company entered into debt settlement agreement with an arm’s length contractor, for $51,500 the Company owed for unpaid consulting services. The Company agreed to settle the liability through cash payment of $25,000 and by issuing the vendor 350,000 shares of the Company’s common stock, which shares were issued on May 11, 2022. On June 17, 2022, the Company entered into a share subscription agreement with a company controlled by Mr. Lim Hun Beng, to issue 2,142,857 shares of the Company’s common stock, for gross proceeds of 1,290,000 Malaysian Ringgit (“MR”) (approximately $293,015) at 0.602MR per share ($0.14 per share). The Company agreed to accept the total investment amount in six separate tranches, of which 700,000RM ($159,000) have been received as of the date of these financial statements. The Company will issue the Shares only after the full amount, as agreed in the subscription agreement, has been provided to the Company, which is expected to be on July 29, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Consolidation, Policy (Policies) | 6 Months Ended |
Apr. 30, 2022 | |
Policies | |
Consolidation, Policy | Principles of Consolidation The unaudited 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_2
Organization and Basis of Presentation: Scedule of Subsidiaries Owned (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Scedule of Subsidiaries Owned | Name Incorporation Incorporation Date 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) | 6 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Amounts Due to Related Parties | April 30, 2022 October 31, 2021 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) $ 34,577 $ 22,808 Due to a company controlled by the CEO and Director of the Company (a) 6,322 61,094 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 117,900 83,940 Due to the Chief Strategy Officer (“CSO”) of the Company’s subsidiary (a) 160,674 75,448 Due to a Director of the Company (a) 12,000 30,000 Due to a Director of the Company (a) 12,000 - Due to a Director of the Company (a) 12,000 - Due to a major shareholder for payments made on behalf of the Company (a) 551 579 Total due to related parties $ 356,024 $ 273,869 |
Equipment Disclosure_ Changes i
Equipment Disclosure: Changes in Book Value of Equipment (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Changes in Book Value of Equipment | April 30, 2022 October 31, 2021 Net book value, beginning of the period $ 1,952 $ 213 Changes during the period - 2,760 Amortization (665) (990) Foreign exchange (72) (31) Net book value, end of the period $ 1,215 $ 1,952 |
Notes Payable Disclosure_ Sched
Notes Payable Disclosure: Schedule of Notes Payable (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Tables/Schedules | |
Schedule of Notes Payable | April 30, 2022 October 31, 2021 Balance, beginning of the period $ 106,892 $ 67,429 Advances received - 29,000 Interest accrued during the period 2,866 5,309 Foreign exchange (2,478) 5,154 Balance, end of the period $ 107,280 $ 106,892 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Details | ||
Revenues since inception | $ 78,564 | |
Deficit | $ 10,193,308 | $ 9,457,922 |
Related Party Transactions Di_3
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Due to related parties | $ 356,024 | $ 273,869 |
Due to the CEO and Director | ||
Due to related parties | 34,577 | 22,808 |
Due to a company controlled by the CEO and Director | ||
Due to related parties | 6,322 | 61,094 |
Due to the CFO and Director | ||
Due to related parties | 117,900 | 83,940 |
Due to the CSO of a subsidiary | ||
Due to related parties | 160,674 | 75,448 |
Due to a Director | ||
Due to related parties | 12,000 | 30,000 |
Due to a Director - 2 | ||
Due to related parties | 12,000 | 0 |
Due to a Director - 3 | ||
Due to related parties | 12,000 | 0 |
Due to a major shareholder for payments made on behalf of the Company | ||
Due to related parties | $ 551 | $ 579 |
Related Party Transactions Di_4
Related Party Transactions Disclosure (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Accounts payable | $ 620,623 | $ 620,623 | $ 576,881 | ||
Stock issued for debt, value | $ 132,628 | $ 463,053 | |||
Stock issued for debt, shares | 663,140 | ||||
Common stock for debt, per share | $ 0.20 | $ 0.20 | |||
Advances to related party | $ 162,239 | ||||
Management fees | $ 66,000 | 6,000 | $ 84,000 | 12,000 | |
Stock issued for services, value | 48,000 | ||||
Revenues | 10,111 | 10,326 | 19,586 | 20,732 | |
Research and development costs | 152,091 | 2,108 | 344,116 | 618,908 | |
Interest expense | 1,418 | 3,054 | 2,866 | 7,626 | |
Due to the CEO and Director | |||||
Wages and Salary, for officers | 59,801 | 60,300 | |||
Reimbursable expense incurred | 14,212 | 14,713 | |||
Accounts payable | 20,550 | $ 20,550 | |||
Mr. Lim, Director | |||||
Stock issued for debt, value | $ 102,628 | $ 77,103 | |||
Stock issued for debt, shares | 513,140 | 102,804 | |||
Common stock for debt, per share | $ 0.20 | $ 0.20 | $ 0.75 | ||
Mr. Lim - accrued salaries and reimbursable exp | |||||
Advances to related party | 37,224 | ||||
Mr. Lim - prepaid expenses | |||||
Advances to related party | 125,015 | ||||
Due to the CFO and Director | |||||
Wages and Salary, for officers | $ 47,841 | 48,240 | |||
Reimbursable expense incurred | 5,046 | 2,367 | |||
Due to a Director | |||||
Management fees | $ 36,000 | 12,000 | |||
Directors for Management Fees | |||||
Stock issued for services, per share | $ 0.20 | ||||
Stock issued for services, value | $ 48,000 | ||||
Mr. Ong See-Ming, Director | |||||
Stock issued for debt, value | $ 30,000 | ||||
Stock issued for debt, shares | 150,000 | ||||
Common stock for debt, per share | $ 0.20 | $ 0.20 | |||
Due to the CSO of a subsidiary | |||||
Management fees | $ 90,000 | 52,500 | |||
SMART Systems applications licensing | |||||
Revenues | 14,263 | 14,702 | |||
Hampshire Automotive | |||||
Research and development costs | $ 342,322 | ||||
Hampshire Avenue | |||||
Stock issued for debt, value | $ 410,285 | ||||
Stock issued for debt, shares | 577,428 | ||||
Proceeds from Notes payable | $ 95,153 | ||||
Loan interest rate per annum | 4% | ||||
Interest expense | 5,164 | ||||
Debt forgiven by shareholders | 758 | ||||
Former CTO | |||||
Management fees | $ 52,500 |
Equipment Disclosure_ Changes_2
Equipment Disclosure: Changes in Book Value of Equipment (Details) - USD ($) | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Details | ||||
Increase (decrease) in equipment | $ 2,760 | |||
Amortization of equipment | $ 665 | $ 990 | ||
Foreign exchange effect on equipment | (72) | $ (31) | ||
Equipment, net | $ 1,215 | $ 1,952 | $ 213 |
Notes Payable Disclosure_ Sch_2
Notes Payable Disclosure: Schedule of Notes Payable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | Oct. 31, 2020 | |
Details | ||||||
Notes payable | $ 107,280 | $ 107,280 | $ 106,892 | $ 67,429 | ||
Interest expense | $ 1,418 | $ 3,054 | $ 2,866 | $ 7,626 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
6% Note Payable | ||
Interest accrued on defer repayment | $ 2,268 | $ 2,125 |
4% Note Payable | ||
Interest accrued on defer repayment | $ 598 | $ 312 |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) - USD ($) | 2 Months Ended | 3 Months Ended | ||
Jun. 21, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Stock issued for private placements, value | $ 502,393 | $ 673,000 | ||
Stock issued for debt, value | $ 132,628 | 463,053 | ||
Stock issued for debt, shares | 663,140 | |||
Common stock for debt, per share | $ 0.20 | |||
Stock issued for services, value | $ 48,000 | |||
Mr. Lim, Director | ||||
Stock issued for debt, value | $ 102,628 | $ 77,103 | ||
Stock issued for debt, shares | 513,140 | 102,804 | ||
Common stock for debt, per share | $ 0.20 | $ 0.75 | ||
Mr. Ong See-Ming, Director | ||||
Stock issued for debt, value | $ 30,000 | |||
Stock issued for debt, shares | 150,000 | |||
Common stock for debt, per share | $ 0.20 | |||
Directors for Management Fees | ||||
Stock issued for services, shares | 240,000 | |||
Stock issued for services, value | $ 48,000 | |||
Private placement - Reg S - CEO company | ||||
Stock issued for private placements, shares | 2,142,857 | 2,511,962 | ||
Stock issued for private placements, per share | $ 0.14 | $ 0.20 | ||
Stock issued for private placements, value | $ 293,015 | $ 502,393 | ||
Arms-length party for services provided | ||||
Stock issued for debt, value | $ 51,500 | |||
Stock issued for debt, shares | 350,000 | |||
Stock issued for services, shares | 150,000 | |||
Stock issued for services, value | $ 76,950 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 2 Months Ended | 3 Months Ended | |
Jun. 21, 2022 | Apr. 30, 2022 | Apr. 30, 2021 | |
Stock issued for debt, value | $ 132,628 | $ 463,053 | |
Stock issued for debt, shares | 663,140 | ||
Stock issued for private placements, value | $ 502,393 | $ 673,000 | |
Arms-length party for services provided | |||
Stock issued for debt, value | $ 51,500 | ||
Payment of debts | $ 25,000 | ||
Stock issued for debt, shares | 350,000 | ||
Private placement - Reg S - CEO company | |||
Stock issued for private placements, shares | 2,142,857 | 2,511,962 | |
Stock issued for private placements, value | $ 293,015 | $ 502,393 | |
Stock issued for private placements, per share | $ 0.14 | $ 0.20 |