Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 30, 2018 | Mar. 27, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | TOUCAN INTERACTIVE CORP | |
Entity Central Index Key | 0001602143 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 7,100,000 | |
Trading Symbol | TCNT | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Condensed Balance Sheet (Unaudi
Condensed Balance Sheet (Unaudited) - USD ($) | Nov. 30, 2018 | Feb. 28, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 35,625 | $ 39,720 |
Prepaid expenses | 4,965 | 11,735 |
Total Current Assets | 40,590 | 51,455 |
Total Assets | 40,590 | 51,455 |
Current Liabilities | ||
Accounts payable | 953 | 100 |
Advances from related parties | 78,403 | 76,738 |
Total Current Liabilities | 79,356 | 76,838 |
Total Liabilities | 79,356 | 76,838 |
Stockholders' (Deficit) | ||
Common stock par value $.001; 75,000,000 shares authorized, 7,100,000 shares issued and outstanding | 7,100 | 7,100 |
Additional paid in capital | 37,578 | 37,578 |
Accumulated deficit | (83,444) | (70,061) |
Total Stockholders' Deficit | (38,766) | (25,383) |
Total Liabilities and Stockholders' Deficit | $ 40,590 | $ 51,455 |
Condensed Balance Sheet (Unau_2
Condensed Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Nov. 30, 2018 | Feb. 28, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 7,100,000 | 7,100,000 |
Common stock, shares outstanding | 7,100,000 | 7,100,000 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Nov. 30, 2018 | Nov. 30, 2017 | |
Income Statement [Abstract] | ||||
REVENUE | ||||
OPERATING EXPENSES | ||||
General and administrative expenses | 9,953 | 1,910 | 13,383 | 9,165 |
TOTAL OPERATING EXPENSES | 9,953 | 1,910 | 13,383 | 9,165 |
NET LOSS | $ (9,953) | $ (1,910) | $ (13,383) | $ (9,165) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 7,100,000 | 7,100,000 | 7,100,000 | 7,100,000 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance, beginning of period at Feb. 28, 2017 | $ 7,100 | $ 37,578 | $ (61,264) | $ (16,586) |
Net loss | (9,165) | (9,165) | ||
Balance, end of period at Nov. 30, 2017 | 7,100 | 37,578 | (70,429) | (25,751) |
Balance, beginning of period at Feb. 28, 2018 | 7,100 | 37,578 | (70,061) | (25,383) |
Net loss | (13,383) | (13,383) | ||
Balance, end of period at Nov. 30, 2018 | $ 7,100 | $ 37,578 | $ (83,444) | $ (38,766) |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,383) | $ (9,165) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 6,770 | 2,735 |
Accounts payable | 853 | (1,275) |
Net Cash Used in Operating Activities | (5,760) | (7,705) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related parties | 1,665 | 57,705 |
Net Cash Provided by Financing Activities | 1,665 | 57,705 |
Net Change in Cash | (4,095) | 50,000 |
Cash, beginning of period | 39,720 | 1,727 |
Cash, end of period | 35,625 | 51,727 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Toucan Interactive Corp. was incorporated under the laws of the State of Nevada on January 28, 2014. It was initially set up as a company in the business of providing credit information options on all major banks located in Costa Rica, Canada, United States and other countries located in North, Central and South America. On April 22, 2016, the Company experienced a change in control and ceased operations as a provider of credit option services. The Company currently serves as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 9 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Going Concern | NOTE 2 – BASIS OF PRESENTATION AND GOING CONCERN BASIS OF ACCOUNTING The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of November 30, 2018 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the Nine Month period ended November 30, 2018 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes as included in the Form 10-K for the year ended February 28, 2018. GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses resulting in an accumulated deficit of $83,444 as of November 30, 2018 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from related parties and, or, private placement of common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Advances from Related Parties
Advances from Related Parties | 9 Months Ended |
Nov. 30, 2018 | |
Related Party Transactions [Abstract] | |
Advances from Related Parties | NOTE 3 – ADVANCES FROM RELATED PARTIES Advances from related parties for the periods ended November 30, 2018 and 2017 were $78,403 and $76,738, respectively. |
Common Stock
Common Stock | 9 Months Ended |
Nov. 30, 2018 | |
Equity [Abstract] | |
Common Stock | NOTE 4 – COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On February 6, 2014, the Company issued 4,000,000 shares of common stock for cash proceeds of $4,000 at $0.001 per share. From October 3, 2014 to November 24, 2014 the company issued 1,100,000 shares of common stock for cash proceeds of $22,000 at $0.02 per share. On April 22, 2016, the Company issued 6,000,000 shares of common stock for cash proceeds of $243,605 at $0.04 per share. On April 22, 2016, the Company repurchased 4,000,000 shares of common stock for cash payments of $240,605 at $0.06 per share. There were 7,100,000 shares of common stock issued and outstanding as of November 30, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 5 – COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10), the Company has analyzed its operations subsequent to November 30, 2018 to the date these financial statements were available to be issued as of March 25, 2019, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Basis of Presentation and Goi_2
Basis of Presentation and Going Concern (Policies) | 9 Months Ended |
Nov. 30, 2018 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Basis of Presentation and Goi_3
Basis of Presentation and Going Concern (Details Narrative) - USD ($) | Nov. 30, 2018 | Feb. 28, 2018 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ 83,444 | $ 70,061 |
Advances from Related Parties (
Advances from Related Parties (Details Narrative) - USD ($) | Nov. 30, 2018 | Feb. 28, 2018 | Nov. 30, 2017 |
Related Party Transactions [Abstract] | |||
Advances from related parties | $ 78,403 | $ 76,738 | $ 76,738 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Apr. 22, 2016 | Feb. 06, 2014 | Nov. 24, 2014 | Nov. 30, 2018 | Feb. 28, 2018 |
Equity [Abstract] | |||||
Common stock, shares authorized | 75,000,000 | 75,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Stock issued for cash, shares | 6,000,000 | 4,000,000 | 1,100,000 | ||
Stock issued for cash, value | $ 243,605 | $ 4,000 | $ 22,000 | ||
Stock issued price per share | $ 0.04 | $ 0.001 | $ 0.02 | ||
Repurchase of common stock, shares | 4,000,000 | ||||
Repurchase of common stock, value | $ 240,605 | ||||
Repurchase price per share | $ 0.06 | ||||
Common stock, shares issued | 7,100,000 | 7,100,000 | |||
Common stock, shares outstanding | 7,100,000 | 7,100,000 |