Cover
Cover - shares | 3 Months Ended | |
Aug. 31, 2020 | Oct. 09, 2020 | |
Cover [Abstract] | ||
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 | No | |
Document Period End Date | Aug. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 64,900,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | No |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2020 | May 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 461 | $ 494 |
TOTAL CURRENT ASSETS | 461 | 494 |
CURRENT LIABILITIES | ||
Accounts payable | 11,000 | 6,500 |
Due to related party | 30,786 | 28,557 |
TOTAL CURRENT LIABILITIES | 41,786 | 35,057 |
COMMITMENTS AND CONTINGENCIES | 0 | |
STOCKHOLDERS' (DEFICIT) | ||
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 64,900,000 shares of common stock (May 31, 2020 - 64,900,000) | 64,900 | 64,900 |
Additional paid in capital | (46,010) | (46,010) |
Accumulated deficit | (60,215) | (53,453) |
TOTALSTOCKHOLDERS' (DEFICIT) | (41,325) | (34,563) |
TOTAL LIABILITIES AND STOCKHOLDER'S (DEFICIT) | $ 461 | $ 494 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2020 | May 31, 2020 |
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 | 64,900,000 | 64,900,000 |
Common stock, shares outstanding | 64,900,000 | 64,900,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
STATEMENTS OF OPERATIONS (Unaudited) | ||
REVENUE | $ 0 | $ 0 |
OPERATING EXPENSES | ||
General and administrative | 762 | 1,081 |
Professional fees | 6,000 | 6,300 |
TOTAL OPERATING EXPENSES | (6,762) | (7,381) |
NET LOSS | $ (6,762) | $ (7,381) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 64,900,000 | 200,000,000 |
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 |
Balance, shares at May. 31, 2019 | 200,000,000 | ||||
Balance, amount at May. 31, 2019 | $ (13,001) | $ 200,000 | $ (196,000) | $ (17,001) | $ 0 |
Common shares sold, amount | 3,000 | 0 | 0 | 0 | 3,000 |
Net loss | (7,381) | $ 0 | 0 | (7,381) | 0 |
Balance, shares at Aug. 31, 2019 | 200,000,000 | ||||
Balance, amount at Aug. 31, 2019 | (17,382) | $ 200,000 | (196,000) | (24,382) | $ 3,000 |
Balance, shares at May. 31, 2020 | 64,900,000 | ||||
Balance, amount at May. 31, 2020 | (34,563) | $ 64,900 | (46,010) | (53,453) | |
Net loss | (6,762) | $ 0 | 0 | (6,762) | |
Balance, shares at Aug. 31, 2020 | 64,900,000 | ||||
Balance, amount at Aug. 31, 2020 | $ (41,325) | $ 64,900 | $ (46,010) | $ (60,215) |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (6,762) | $ (7,381) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Expenses paid by related party | 2,229 | 4,892 |
Changes in operating assets and liabilities | ||
Accounts payable | 4,500 | 2,411 |
NET CASH USED IN OPERATING ACTIVITIES | (33) | (78) |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 0 | 20 |
Proceeds from shares to be issued | 0 | 3,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 0 | 3,020 |
NET INCREASE IN CASH | (33) | (2,942) |
CASH, BEGINNING OF PERIOD | 494 | 54 |
CASH, END OF PERIOD | 461 | 2,996 |
Cash paid during the period for: | ||
Interest | 0 | 0 |
Income taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 3 Months Ended |
Aug. 31, 2020 | |
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 $60,215.As at August 31, 2020, the Company has a working capital deficit of $41,325.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 Company’s 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, 2020, the Company has issued 50,000,000 founders shares for net proceeds of $3,990 and 14,900,000 private placement shares for net proceeds of $14,900 to the Company. 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, 2020 | |
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, 2020 included in the Company’s 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, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. 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 and is then renewed on a month to month basis. Current monthly rent is $67 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 Company’s 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 Company’s 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 Company’s 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, 2020, 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, 2020 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, 2020 | |
COMMON STOCK | |
NOTE 3 - COMMON STOCK | The Company’s capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. Total shares issued and outstanding as of August 31, 2020 is 64,900,000. On September 30, 2017, the Company issued 200,000,000 (4,000,000 pre-split) common shares at $0.00002 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, 2019 and April, 2020 the Company sold 14,900,000 (298,000 pre-split) shares of its common stock at $0.001 for $14,900 net proceeds to the Company. On May 20, 2020, the founding shareholder of the Company returned 150,000,000 (pre-split 3,000,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000066 per share for a total consideration of $10 to the shareholder. On May 20, 2020, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 50 new common shares for 1 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 50:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | During the three-month ended August 31, 2020, the CEO paid expenses of $2,229 and on behalf of the Company. Total amount owed to the CEO as of August 31, 2020 is $30,786 (May 31, 2020- $28,557). The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 5 - SUBSEQUENT EVENTS | During October 2020, the CEO paid expenses of $4,500 and on behalf of the Company. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2020 | |
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, 2020 included in the Company’s 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, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. |
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 and is then renewed on a month to month basis. Current monthly rent is $67 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 Company’s 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 Company’s 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 Company’s 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, 2020, 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, 2020 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 ($) | 3 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | May 31, 2020 | |
Accumulated deficit | $ (60,215) | $ (53,453) | |
Working capital deficit | (41,325) | ||
Proceeds from common stock shares issued, amount | $ 0 | $ 3,000 | |
Shares issued, shares | 64,900,000 | 64,900,000 | |
Private Placement [Member] | |||
Proceeds from common stock shares issued, amount | $ 14,900 | ||
Shares issued, shares | 14,900,000 | ||
Founder [Member] | |||
Proceeds from common stock shares issued, amount | $ 3,990 | ||
Shares issued, shares | 50,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended |
Sep. 26, 2018USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Monthly lease rent | $ 67 |
Lease term, description | The term of the lease is for one year and is then renewed on a month to month basis. Current monthly rent is $67 per month. |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
May 20, 2020 | Sep. 30, 2017 | Aug. 31, 2020 | Aug. 31, 2019 | May 31, 2020 | |
Common Stock Par Value | $ 0.001 | $ 0.001 | |||
Common Stock Authorized | 200,000,000 | 200,000,000 | |||
Common Stock Issued | 64,900,000 | 64,900,000 | |||
Common Stock Outstanding | 64,900,000 | 64,900,000 | |||
Stock split ratio description | All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 50:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. | ||||
Total consideration of common stock | $ 10 | ||||
Common stock shares returned | 150,000,000 | ||||
Shares returned, description | The Company returned 150,000,000 (pre-split 3,000,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. | ||||
Shares returned, price per share | $ 0.0000 | ||||
Proceeds from issuance of common stock | $ 0 | $ 3,000 | |||
Director and President [Member] | |||||
Total consideration of common stock | $ 4,000 | ||||
Shares returned, description | The Company issued 200,000,000 (4,000,000 pre-split) common shares at $0.00002 per share to the sole director and President of the Company. | ||||
Shares returned, price per share | $ 0.00002 | ||||
Shares issued | 200,000,000 | ||||
Common Stock [Member] | Between August, 2019 and April, 2020 [Member] | |||||
Shares returned, price per share | $ 0.001 | ||||
Shares sold, description | The Company sold 14,900,000 (298,000 pre-split) shares of its common stock at $0.001 for $14,900 net proceeds to the Company. | ||||
Common stock, shares sold | 14,900,000 | ||||
Proceeds from issuance of common stock | $ 14,900 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | May 31, 2020 | |
Expenses paid by related party | $ 2,229 | $ 4,892 | |
Due to related party | 30,786 | $ 28,557 | |
Chief Executive Officer [Member] | |||
Expenses paid by related party | 2,229 | ||
Due to related party | $ 30,786 | $ 28,557 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended |
Oct. 31, 2020USD ($) | |
Subsequent Event [Member] | CEO [Member] | |
Expenses paid by related party | $ 4,500 |