Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2019 | Oct. 10, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | COCOLUV INC. | |
Entity Central Index Key | 0001729637 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Aug. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 4,000,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2019 | May 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 2,996 | $ 54 |
TOTAL CURRENT ASSETS | 2,996 | 54 |
CURRENT LIABILITIES | ||
Accounts payable | 7,113 | 4,702 |
Due to related party | 13,265 | 8,353 |
TOTAL CURRENT LIABILITIES | 20,378 | 13,055 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS DEFICIT | ||
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 4,000,000 shares of common stock (May 31, 2019 - 4,000,000) | 4,000 | 4,000 |
Shares to be issued - (Refer Note 3) | 3,000 | |
Accumulated deficit | (24,382) | (17,001) |
TOTAL STOCKHOLDERS' DEFICIT | (17,382) | (13,001) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 2,996 | $ 54 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2019 | May 31, 2019 |
STOCKHOLDERS DEFICIT | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 4,000,000 | 4,000,000 |
Common stock, shares outstanding | 4,000,000 | 4,000,000 |
STATEMENTS OF OPERATIONS (unaud
STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
STATEMENTS OF OPERATIONS (unaudited) | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 1,081 | 844 |
Professional fees | 6,300 | 6,700 |
TOTAL OPERATING EXPENSES | (7,381) | (7,544) |
NET LOSS | $ (7,381) | $ (7,544) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 4,000,000 | 4,000,000 |
STATEMENT OF STOCKHOLDERS DEFIC
STATEMENT OF STOCKHOLDERS DEFICIT - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Shares To Be Issued [Member] |
Balance, shares at May. 31, 2018 | 4,000,000 | ||||
Balance, amount at May. 31, 2018 | $ 2,290 | $ 4,000 | $ (1,710) | ||
Net Income (Loss) | $ (7,544) | $ (7,544) | |||
Balance, shares at Aug. 31, 2018 | 4,000,000 | ||||
Balance, amount at Aug. 31, 2018 | $ (5,254) | $ 4,000 | $ (9,254) | ||
Balance, shares at May. 31, 2019 | 4,000,000 | ||||
Balance, amount at May. 31, 2019 | $ (13,001) | $ 4,000 | $ (17,001) | ||
Net Income (Loss) | (7,381) | $ (7,381) | |||
Common shares sold | $ 3,000 | $ 3,000 | |||
Balance, shares at Aug. 31, 2019 | 4,000,000 | ||||
Balance, amount at Aug. 31, 2019 | $ (17,382) | $ 4,000 | $ (24,382) | $ 3,000 |
STATEMENT OF CASH FLOWS (unaudi
STATEMENT OF CASH FLOWS (unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (7,381) | $ (7,544) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Expenses paid by related party | 4,892 | 1,119 |
Changes in operating assets and liabilities | ||
Accounts payable | 2,411 | 2,500 |
NET CASH USED IN OPERATING ACTIVITIES | (78) | (3,925) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 20 | |
Proceeds from shares to be issued | 3,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 3,020 | |
NET INCREASE IN CASH | 2,942 | (3,925) |
CASH, BEGINNING OF PERIOD | 54 | 4,009 |
CASH, END OF PERIOD | 2,996 | 84 |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Aug. 31, 2019 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | CocoLuv Inc. was incorporated in the State of Nevada as a for-profit Company on September 13, 2017 and established a fiscal year end of May 31. The Company intends to manufacture market and sell a product line of 5 hair care products derived from Virgin Coconut Oil. The initial 5 products will be 3 for women and 2 for men. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $24,382. As at August 31, 2019, the Company has a working capital deficit of $17,382. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Companys ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of August 31, 2019, the Company has issued 4,000,000 founders shares at $0.001 per share for net proceeds of $4,000 to the Company and Private Placements of 60,000 common shares at $0.05 per share for net proceeds of $3,000 . These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2019 included in the Companys year-end financial statements on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three-months ended August 31, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2020. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Commitments and Contingencies On September 26, 2018 the Company signed a lease for office space in San Francisco, California. The term of the lease is for one year at $54 per month. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short-term maturities. Loss per Common Share The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of August 31, 2019, there were no common stock equivalents outstanding. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, Stock Compensation, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at August 31, 2019 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Aug. 31, 2019 | |
COMMON STOCK | |
NOTE 3. COMMON STOCK | The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On September 30, 2017, the Company issued 4,000,000 common shares at $0.001 per share to the sole director and President of the Company. The Company received net proceeds of $4,000 in payment of the shares. Between August 19, 2019 and August 28, 2019 the Company sold 60,000 shares of its common stock at $0.05 for $3,000 net proceeds to the Company. As of August 31, 2019 the Company had not issued these shares. This is reflected on the balance sheet as shares to be issued. As of August 31, 2019, 4,000,000 common shares issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4. RELATED PARTY TRANSACTIONS | During the three-month period ended August 31, 2019, the Company received cash advances from its CEO of $20. Additionally, the CEO paid expenses of $4,892 on behalf of the Company. Total amount owed to the CEO as of August 31, 2019 is $13,265. The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment. On September 30, 2017, the Company issued 4,000,000 common shares at $0.001 per share to the sole director and President of the Company. The Company received net proceeds of $4,000 in payment of the shares. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 5. SUBSEQUENT EVENTS | During the subsequent period, the CEO paid expenses of $5,890 on behalf of the Company. During the subsequent period, On September 8, 2019 the Company sold 8,000 shares of its common stock at $0.05 for $400 net proceeds to the Company. As of the filing of this report the Company had not issued these shares. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2019 included in the Companys year-end financial statements on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three-months ended August 31, 2019 are not necessarily indicative of the results that may be expected for the year ending May 31, 2020. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. |
Commitments and Contingencies | On September 26, 2018 the Company signed a lease for office space in San Francisco, California. The term of the lease is for one year at $54 per month. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short-term maturities. |
Loss per Common Share | The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of August 31, 2019, there were no common stock equivalents outstanding. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, Stock Compensation, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, Accounting for Stock-Based Compensation, and supersedes Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to Employees, and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at August 31, 2019 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Sep. 30, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | May 31, 2018 | |
State of incorporation | Nevada | ||||
Date of incorporation | Sep. 13, 2017 | ||||
Accumulated deficit | $ (24,382) | $ (17,001) | |||
Working capital deficit | $ (17,382) | ||||
Shares issued, price per share | $ 0.05 | ||||
Proceeds on sale of common stock | $ 3,000 | ||||
Shares issued | |||||
Founder [Member] | |||||
Shares issued, price per share | $ 0.001 | ||||
Proceeds on sale of common stock | $ 4,000 | ||||
Shares issued | 4,000,000 | ||||
Private Placement [Member] | |||||
Shares issued, price per share | $ 0.05 | ||||
Proceeds on sale of common stock | $ 3,000 | ||||
Shares issued | 60,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended |
Sep. 26, 2018USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | |
Monthly lease rent | $ 54 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
Common Stock Par Value | $ 0.001 | $ 0.001 | ||
Common Stock Authorized | 200,000,000 | 200,000,000 | ||
Common Stock Issued | 4,000,000 | 4,000,000 | ||
Proceeds on sale of common stock | $ 3,000 | |||
Shares issued, price per share | $ 0.05 | |||
Common stock shares sold | 60,000 | |||
Common Stock Outstanding | 4,000,000 | 4,000,000 | ||
Director And President [Member] | ||||
Common Stock Issued | 4,000,000 | |||
Proceeds on sale of common stock | $ 4,000 | |||
Shares issued, price per share | $ 0.001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 30, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
Due to related party | $ 13,265 | $ 8,353 | ||
Expenses paid by related party | 4,892 | $ 1,119 | ||
Advances from related party | $ 20 | |||
Shares issued, price per share | $ 0.05 | |||
Proceeds on sale of common stock | $ 3,000 | |||
Common Stock Issued | 4,000,000 | 4,000,000 | ||
Director And President [Member] | ||||
Shares issued, price per share | $ 0.001 | |||
Proceeds on sale of common stock | $ 4,000 | |||
Common Stock Issued | 4,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 08, 2019 | Sep. 30, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 25, 2019 |
Common stock shares sold | 60,000 | ||||
Proceeds on sale of common stock | $ 3,000 | ||||
Shares issued, price per share | $ 0.05 | ||||
Expenses paid by related party | $ 4,892 | $ 1,119 | |||
SUBSEQUENT EVENTS [Member] | |||||
Common stock shares sold | 8,000 | ||||
Proceeds on sale of common stock | $ 400 | ||||
Shares issued, price per share | $ 0.05 | ||||
Expenses paid by related party | $ 5,890 |