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Fellazo (FLLZ)

Cover

Cover - shares3 Months Ended
Nov. 30, 2021Jul. 14, 2022
Cover [Abstract]
Entity Registrant NameFELLAZO CORP.
Entity Central Index Key0001659207
Document Type10-Q
Amendment Flagfalse
Current Fiscal Year End Date--08-31
Entity Small Businesstrue
Entity Shell Companyfalse
Entity Emerging Growth Companyfalse
Entity Current Reporting StatusYes
Document Period End DateNov. 30,
2021
Entity Filer CategoryNon-accelerated Filer
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Entity Common Stock Shares Outstanding86,264,000
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Interactive Data CurrentYes
Entity File Number333-208237
Entity Incorporation State Country CodeNV
Entity Tax Identification Number30-0840869
Entity Address Address Line 1T2-L8-3, Level 8
Entity Address Address Line 2IOI City Tower Two, Lebuh IRC
Entity Address Address Line 3IOI Resort City
Entity Address City Or Town62502 Putrajaya
Entity Address CountryMY
Entity Address Postal Zip Code43300
City Area Code6017
Local Phone Number998 9889

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)Nov. 30, 2021Aug. 31, 2021
Current Assets
Cash $ 5,853 $ 7,361
Total Current Assets5,853 7,361
TOTAL ASSETS5,853 7,361
Current Liabilities
Accounts payable and accrued liabilities15,974 13,721
Due to related party1,487,597 1,409,229
Total Current Liabilities1,503,571 1,422,950
TOTAL LIABILITIES1,503,571 1,422,950
Stockholders' Deficit
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 86,264,000 shares issued and outstanding86,264 86,264
Additional paid-in capital36,122 36,122
Accumulated deficit(1,469,410)(1,403,624)
Accumulated other comprehensive loss1,869 (981)
Total Fellazo Corp. Stockholders' Deficit(1,345,155)(1,282,219)
Non-controlling interest(152,563)(133,370)
Total Stockholders' Deficit(1,497,718)(1,415,589)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 5,853 $ 7,361

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / sharesNov. 30, 2021Aug. 31, 2021
Consolidated Balance Sheets
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares authorized1,000,000,000 1,000,000,000
Common stock, shares issued86,264,000 86,264,000
Common stock, shares outstanding86,264,000 86,264,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)3 Months Ended
Nov. 30, 2021Nov. 30, 2020
Consolidated Statements of Operations and Comprehensive Loss
Revenues $ 3,357 $ 0
Revenues from related parties8,669 17,016
Revenues total12,026 17,016
Cost of Goods Sold5,036 9,558
Cost of Goods Sold from related party2,638 0
Cost of Goods Sold total7,674 9,558
Gross profit4,352 7,458
Operating Expenses
General and administrative expenses92,297 91,426
Total operating expenses92,297 91,426
Loss from operations(87,945)(83,968)
Loss before taxes(87,945)(83,968)
Provision for income tax0
Net loss(87,945)(83,968)
Net loss attributable to the non-controlling interest(22,159)(20,085)
Net Loss Attributable to The Shareholders of Fellazo Corp.(65,786)(63,883)
Other comprehensive loss
Foreign currency translation gain (loss)5,816 (3,704)
Total comprehensive loss(82,129)(87,672)
Comprehensive Loss attributable to the non-controlling interest(19,193)(21,974)
Comprehensive Loss Attributable to The Shareholders of Fellazo Corp. $ (62,936) $ (65,698)
Basic and dilutive net loss per common share $ 0 $ 0
Weighted average number of common shares outstanding - basic and diluted86,264,000 86,264,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Deficit - USD ($)TotalCommon Stock [Member]Additional Paid-in Capital [Member]Accumulated Deficit [Member]Accumulated other comprehensive loss [Member]Non controlling Interest [Member]
Balance, shares at Aug. 31, 202086,264,000
Balance, amount at Aug. 31, 2020 $ (1,088,996) $ 86,264 $ 36,122 $ (1,143,619) $ (1,094) $ (66,669)
Net loss(83,968)0 0 (63,883)0 (20,085)
Foreign currency translation gain(3,704) $ 0 0 0 (1,815)(1,889)
Balance, shares at Nov. 30, 202086,264,000
Balance, amount at Nov. 30, 2020(1,176,668) $ 86,264 36,122 (1,207,502)(2,909)(88,643)
Balance, shares at Aug. 31, 202186,264,000
Balance, amount at Aug. 31, 2021(1,415,589) $ 86,264 36,122 (1,403,624)(981)(133,370)
Net loss(87,945)0 0 (65,786)0 (22,159)
Foreign currency translation gain5,816 $ 0 0 0 2,850 2,966
Balance, shares at Nov. 30, 202186,264,000
Balance, amount at Nov. 30, 2021 $ (1,497,718) $ 86,264 $ 36,122 $ (1,469,410) $ 1,869 $ (152,563)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)3 Months Ended
Nov. 30, 2021Nov. 30, 2020
Cash Flows from Operating Activities:
Net loss $ (87,945) $ (83,968)
Adjustments to reconcile net loss to net cash used in operations:
Expenses paid by related party89,941 103,786
Changes in operating assets and liabilities:
Prepaid0 (87)
Deposit0 6,639
Accounts payable and accrued liabilities2,264 (12,881)
Net Cash Provided by Operating Activities4,260 13,489
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property, plant and equipment0 0
Cash Flows from Financing Activities:
Advances from related party40,732 8,235
Repayment to related party(46,471)(21,104)
Net Cash Used in Financing Activities(5,739)(12,869)
Effects on changes in foreign exchange rate(29)612
Net change in cash(1,508)1,232
Cash, beginning of period7,361 54,467
Cash, end of period $ 5,853 $ 55,699

ORGANIZATION DESCRIPTION OF BUS

ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN3 Months Ended
Nov. 30, 2021
ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERNNOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Fellazo Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on May 28, 2014. The Company had commenced to be engaged in the industry of “Healthcare and Personal Wellness” products and related products. Activities include but not limited to sourcing raw materials or partly or fully finished products, manufacturing, wholesale and trading of these products. Our office has relocated to T2-L8-3, Level 8, IOI City Tower Two, Lebuh IRC, IOI Resort City, 62502 Putrajaya, Malaysia since March 2021. Going Concern Uncertainties The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of November 30, 2021, the Company had an accumulated deficit of $1,469,410, and net loss of $87,945 for the three months ended November 30, 2021. Losses have principally occurred as a result of the substantial resources required for general and administrative expenses associated with our operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Company’s obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES3 Months Ended
Nov. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended August 31, 2020. Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company and its 49% owned subsidiary Fellazo Berhad, an entity under common control. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. Variable Interest Entities The Company holds both the power to direct the most significant activities of FB, as well as an economic interest in FB and, as such, is deemed to be the primary beneficiary or consolidator of FB. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. Revenue recognition The Company commenced its operation in mid-October 2019. At this initial stage revenue is earned from the trading of raw bird-nest only. The Company’s revenue recognition procedures consist of the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its sales transactions: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. However, at this initial stage of our operations which started with trading of raw bird-nest, management is using this stage for exposure of management to the bird-nest business in order to learn and experience with our suppliers, who are bird-nest farmers or their agents, determination of quality of the raw material, the process of raw bird-nest cleaning of the different class of the raw material and market for these clean bird-nest. At this initial stage we have not entered into any formal contracts with our suppliers and purchasers, most of the suppliers and purchasers are known to our management or introduced to the management by closed business friends. Cost of Goods Sold – Trading of Raw Bird-Nest At this initial stage of business operations which the management considered as exposure, gaining of knowledge and experience of the overall bird-nest business, our Cost of goods sold only include the actual cost of the raw bird-nest. Foreign Currency Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. Exchange Rates November 30, 2021 August 31, 2021 Spot rate RM : USD exchange rate 0.2359 0.2406 Average period RM : USD exchange rate 0.2398 0.2389 Concentrations The Company had a concentration in demand for its products as four customers comprised 100% of the Company’s sales where for one customer was 64% and a second customer was 24%. The Company had a concentration in supply of its products as one supplier provided 63% and second supplier provided 34% of the Company’s purchases totaling 97%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS3 Months Ended
Nov. 30, 2021
RELATED PARTY TRANSACTIONS
NOTE 3 - RELATED PARTY TRANSACTIONSNOTE 3 – RELATED PARTY TRANSACTIONS Our Management Agent, Swipypay Berhad (a company established in Malaysia) is 80% owned by our Director – Mr. Yap Kit Chuan. Total outstanding amount due to our Management Agent was $1,487,597 and $1,409,229 as at November 30, 2021 and August 31, 2021 respectively. The additional amount of $78,368 incurred in the three months ended November 30, 2021, consisted of operating expenses paid on behalf of the Company of $89,941, advances from a related party of $40,732, and a repayment to related party of $46,471. The difference of amount was a result of change of exchange rate.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)3 Months Ended
Nov. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of PresentationThe accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended August 31, 2020.
Principles of ConsolidationThe accompanying consolidated financial statements include the financial statements of the Company and its 49% owned subsidiary Fellazo Berhad, an entity under common control. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Variable Interest EntitiesThe Company holds both the power to direct the most significant activities of FB, as well as an economic interest in FB and, as such, is deemed to be the primary beneficiary or consolidator of FB. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity.
Revenue recognitionThe Company commenced its operation in mid-October 2019. At this initial stage revenue is earned from the trading of raw bird-nest only. The Company’s revenue recognition procedures consist of the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its sales transactions: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. However, at this initial stage of our operations which started with trading of raw bird-nest, management is using this stage for exposure of management to the bird-nest business in order to learn and experience with our suppliers, who are bird-nest farmers or their agents, determination of quality of the raw material, the process of raw bird-nest cleaning of the different class of the raw material and market for these clean bird-nest. At this initial stage we have not entered into any formal contracts with our suppliers and purchasers, most of the suppliers and purchasers are known to our management or introduced to the management by closed business friends.
Cost of Goods Sold - Trading of Raw Bird-NestAt this initial stage of business operations which the management considered as exposure, gaining of knowledge and experience of the overall bird-nest business, our Cost of goods sold only include the actual cost of the raw bird-nest.
Foreign Currency TranslationForeign Currency Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. Exchange Rates November 30, 2021 August 31, 2021 Spot rate RM : USD exchange rate 0.2359 0.2406 Average period RM : USD exchange rate 0.2398 0.2389
ConcentrationsThe Company had a concentration in demand for its products as four customers comprised 100% of the Company’s sales where for one customer was 64% and a second customer was 24%. The Company had a concentration in supply of its products as one supplier provided 63% and second supplier provided 34% of the Company’s purchases totaling 97%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)3 Months Ended
Nov. 30, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated other comprehensive incomeExchange Rates November 30, 2021 August 31, 2021 Spot rate RM : USD exchange rate 0.2359 0.2406 Average period RM : USD exchange rate 0.2398 0.2389

ORGANIZATION DESCRIPTION OF B_2

ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)3 Months Ended
Nov. 30, 2021Nov. 30, 2020Aug. 31, 2021
ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN
Net loss $ (87,945) $ (83,968)
Accumulated deficit $ (1,469,410) $ (1,403,624)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)Nov. 30, 2021Aug. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Spot rate RM : USD exchange rate0.2359 0.2406
Average period RM : USD exchange rate0.2398 0.2389

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)3 Months Ended
Nov. 30, 2021
Ownership percentage49.00%
Purchase [Member]
Concentration credit risk percentage97.00%
Purchase [Member] | One Supplier [Member]
Concentration credit risk percentage63.00%
Purchase [Member] | Two Supplier [Member]
Concentration credit risk percentage34.00%
Sales [Member]
Concentration credit risk percentage100.00%
Sales [Member] | One Customer [Member]
Concentration credit risk percentage64.00%
Sales [Member] | Two Customer [Member]
Concentration credit risk percentage24.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)3 Months Ended
Nov. 30, 2021Nov. 30, 2020Aug. 31, 2021
Advance from a related party $ 40,732 $ 8,235
Repayment to related party $ 46,471 $ 21,104
Mr Yap Kit Chuan [Member]
Ownership percentage hold by yap80.00%
Additional amount incurred $ 78,368
Advance from a related party40,732
Due to related party1,487,597 $ 1,409,229
Operating expenses paid by related party89,941
Repayment to related party $ 46,471