Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 13, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2019 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-230996 | |
Entity Registrant Name | Kenloc, Inc. | |
Entity Central Index Key | 0001742491 | |
Entity Incorporation, State or Country Code | NV | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,372,300 | |
Document Fiscal period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash | $ 10,618 | $ 70,118 |
Total Current Assets | 10,618 | 70,118 |
TOTAL ASSETS | 10,618 | 70,118 |
Current Liabilities | ||
Accounts payable | 2,768 | 2,418 |
Accrued interest - related party | 0 | 1,453 |
Accrued management fees | 11,000 | 14,000 |
Notes payable - related party | 0 | 60,000 |
Due to related parties | 0 | 100,000 |
Total Current Liabilities | 13,768 | 177,871 |
Total Liabilities | 13,768 | 177,871 |
Stockholders' Deficit | ||
Preferred Stock: 40,000,000 shares authorized; $0.0001 par value no shares issued and outstanding | 0 | 0 |
Common Stock: 160,000,000 shares authorized; $0.0001 par value 48,372,300 shares issued and outstanding | 4,837 | 4,837 |
Additional paid in capital | 158,895 | 23,463 |
Accumulated deficit | (166,882) | (136,053) |
Total Stockholders' Deficit | (3,150) | (107,753) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,618 | $ 70,118 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 40,000,000 | 40,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 48,372,300 | 48,372,300 |
Common stock, shares outstanding | 48,372,300 | 48,372,300 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Operating Expenses | ||||
General and administrative | 3,115 | 8,175 | 13,330 | 16,400 |
Professional fees | 5,518 | 3,643 | 16,382 | 6,456 |
Total operating expenses | 8,633 | 11,818 | 29,712 | 22,856 |
Operating Loss | (8,633) | (11,818) | (29,712) | (22,856) |
Other expense | ||||
Interest expense | (287) | (417) | (1,117) | (1,045) |
Total other expenses | (287) | (417) | (1,117) | (1,045) |
Net Income before income taxes | (8,920) | (12,235) | (30,829) | (23,901) |
Provision for income taxes | 0 | 0 | 0 | 0 |
Net Loss | $ (8,920) | $ (12,235) | $ (30,829) | $ (23,901) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 48,372,300 | 47,770,000 | 48,371,183 | 47,302,572 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Subscription Receivable | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at Mar. 31, 2018 | 46,000,000 | ||||
Beginning balance, value at Mar. 31, 2018 | $ 4,600 | $ 0 | $ (4,600) | $ (101,000) | $ (101,000) |
Payment of subscription receivable | 4,600 | 4,600 | |||
Issuance of common shares, shares | 1,580,000 | ||||
Issuance of common shares, value | $ 158 | 15,642 | 15,800 | ||
Net loss | (5,446) | (5,446) | |||
Ending balance, shares at Jun. 30, 2018 | 47,580,000 | ||||
Ending balance, value at Jun. 30, 2018 | $ 4,758 | 15,642 | 0 | (104,446) | (84,046) |
Beginning balance, shares at Mar. 31, 2018 | 46,000,000 | ||||
Beginning balance, value at Mar. 31, 2018 | $ 4,600 | 0 | (4,600) | (101,000) | (101,000) |
Payment of subscription receivable | 4,600 | ||||
Net loss | (23,901) | ||||
Ending balance, shares at Dec. 31, 2018 | 47,770,000 | ||||
Ending balance, value at Dec. 31, 2018 | $ 4,777 | 17,523 | 0 | (124,901) | (102,601) |
Beginning balance, shares at Jun. 30, 2018 | 47,580,000 | ||||
Beginning balance, value at Jun. 30, 2018 | $ 4,758 | 15,642 | 0 | (104,446) | (84,046) |
Issuance of common shares, shares | 150,000 | ||||
Issuance of common shares, value | $ 15 | 1,485 | 1,500 | ||
Net loss | (6,220) | (6,220) | |||
Ending balance, shares at Sep. 30, 2018 | 47,730,000 | ||||
Ending balance, value at Sep. 30, 2018 | $ 4,773 | 17,127 | 0 | (112,666) | (90,766) |
Issuance of common shares, shares | 40,000 | ||||
Issuance of common shares, value | $ 4 | 396 | 400 | ||
Net loss | (12,235) | (12,235) | |||
Ending balance, shares at Dec. 31, 2018 | 47,770,000 | ||||
Ending balance, value at Dec. 31, 2018 | $ 4,777 | 17,523 | 0 | (124,901) | (102,601) |
Beginning balance, shares at Mar. 31, 2019 | 48,370,000 | ||||
Beginning balance, value at Mar. 31, 2019 | $ 4,837 | 23,463 | 0 | (136,053) | (107,753) |
Net loss | (7,464) | (7,464) | |||
Ending balance, shares at Jun. 30, 2019 | 48,370,000 | ||||
Ending balance, value at Jun. 30, 2019 | $ 4,837 | 23,463 | 0 | (143,517) | (115,217) |
Beginning balance, shares at Mar. 31, 2019 | 48,370,000 | ||||
Beginning balance, value at Mar. 31, 2019 | $ 4,837 | 23,463 | 0 | (136,053) | (107,753) |
Payment of subscription receivable | 0 | ||||
Net loss | (30,829) | ||||
Ending balance, shares at Dec. 31, 2019 | 48,372,300 | ||||
Ending balance, value at Dec. 31, 2019 | $ 4,837 | 158,895 | 0 | (166,882) | (3,150) |
Beginning balance, shares at Jun. 30, 2019 | 48,370,000 | ||||
Beginning balance, value at Jun. 30, 2019 | $ 4,837 | 23,463 | 0 | (143,517) | (115,217) |
Issuance of common shares, shares | 2,300 | ||||
Issuance of common shares, value | 862 | 862 | |||
Net loss | (14,445) | (14,445) | |||
Ending balance, shares at Sep. 30, 2019 | 48,372,300 | ||||
Ending balance, value at Sep. 30, 2019 | $ 4,837 | 24,325 | (157,962) | (128,800) | |
Debt forgiveness by related party | 134,570 | 134,570 | |||
Net loss | (8,920) | (8,920) | |||
Ending balance, shares at Dec. 31, 2019 | 48,372,300 | ||||
Ending balance, value at Dec. 31, 2019 | $ 4,837 | $ 158,895 | $ 0 | $ (166,882) | $ (3,150) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (30,829) | $ (23,901) |
Changes in current assets and liabilities: | ||
Accounts payable | 350 | 2,336 |
Accrued management fees | (3,000) | 8,000 |
Due to related parties | 4,000 | 0 |
Accrued interest, related party | (883) | 1,045 |
Net cash used in operating activities | (30,362) | (12,520) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 862 | 17,700 |
Proceeds from common stock subscription to founder | 0 | 4,600 |
Repayment to related party | 0 | (25) |
Proceeds from related party notes payable | 0 | 60,000 |
Note payable repayment - related party | (30,000) | 0 |
Net cash provided by Financing Activities | (29,138) | 82,275 |
Net change in cash for period | (59,500) | 69,755 |
Cash at beginning of period | 70,118 | 25 |
Cash at end of period | 10,618 | 69,780 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 2,000 | 0 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Debt forgiven by related party | $ 134,570 | $ 0 |
1. Nature of Operations
1. Nature of Operations | 9 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations. Kenloc, Inc. (the “Company”) is a for profit corporation established under the corporation laws in the state of Nevada, United States of America on February 12, 2018. Unless the context otherwise requires, all references to “Kenloc, Inc.,” “we,” “us,” “our” or the “company” are to Kenloc, Inc. We intend to be a full-service real estate company, including providing consulting and advisory services to Chinese investors interested in real estate investments. We intend to assist our clients in finding properties in the state of California and evaluating them for purchase. Providing strategic advisory, transaction due diligence, and property management services to international and domestic investors. Our services are focused on the research and analysis of real estate properties; advising clients on the best use of their real estate assets, and on managing their properties. To date, the Company’s activities have been limited to developing initial business contacts and services in the real estate industry. Current president and chief executive officer, Fei Hao, also serves as the president and chief executive officer of another real estate company and aims to utilize her contacts in the industry to expand the Company’s activities. |
2. Basis of Presentation and Go
2. Basis of Presentation and Going Concern | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Going Concern | 2. Basis of Presentation and Going Concern Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 2019 and the results of operations and cash flows for the periods presented. The results of operations for the nine months ended December 31, 2019 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the company’s Annual Report on Form 10-K for the year ended March 31, 2019 filed with the SEC on August 20, 2019. Going Concern The accompanying unaudited financial statements and notes have been prepared assuming that the Company will continue as a going concern. As of December 31, 2019, the Company had an accumulated deficit of $166,882. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. |
3. Summary of Significant Accou
3. Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less when purchased to be cash equivalents. The Company had $10,618 and $70,118 in cash and cash equivalents as at December 31, 2019 and March 31, 2019, respectively. Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
4. Related Party Transactions
4. Related Party Transactions | 9 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions Due to Related Parties As of December 31, 2019, and March 31, 2019, there were advances of $0 and $100,000 owing to Lucas Yu Wu, who was our majority shareholder, officer and director, respectively until his resignation on January 15, 2020. The advances bear no interest and have been forgiven as of December 31, 2019. During the nine months ended December 31, 2019 and 2018, Lucas Yu Wu, our officer and director, who has since resigned, paid $4,000 and $0, respectively, for a management fees due to Lance Crisler, our former director. As of December 31, 2019, an amount of $4,000 payable to Lucas Yu Wu was forgiven. Notes Payable On April 10, 2018 and June 1, 2018, the Company issued to Mr. Yu Wu, two promissory notes of $30,000 totaling to $60,000, respectively. Unpaid balances are due within 30 days after demand and have an annual interest rate of 2.67%. As of December 31, 2019, $30,000 note and interest of $2,000 were repaid to the holder and $30,000 note and $570 of accrued interest was forgiven by Mr. Yu Wu. Notes payable and accrued interest as of December 31, 2019 and March 31, 2019, consist of the following: December 31, March 31, 2019 2019 Notes payable - related party $ – $ 60,000 Accrued interest - related party $ – $ 1,453 For the nine months ended December 31, 2019 and 2018, interest expense was $1,117 and $1,045, respectively. Management fees During the nine months ended December 31, 2019, the Company recorded $13,000 in management fees to two officers of the Company. As of December 31, 2019, and March 31, 2019, there were accrued management fees of $11,000 and $14,000 owing to our officer and former director, respectively. |
5. Subsequent Events
5. Subsequent Events | 9 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 5. Subsequent Events Management evaluated all events subsequent to the balance sheet date through the date these financial statements were available to be issued. The Company executed a stock purchase agreement with Fei Hao (the “Buyer”) whereby the Buyer purchased from Lucas Yu Wu, 46,000,000 shares of the Company’s common stock representing 95.115% of the total number of shares outstanding of the Company’s common stock, effective January 15, 2020 (the “Stock Purchase”). As a result of the share transfer pursuant to the Stock Purchase and related documents, a change in control of the Company occurred as of January 15, 2020. |
3. Summary of Significant Acc_2
3. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less when purchased to be cash equivalents. The Company had $10,618 and $70,118 in cash and cash equivalents as at December 31, 2019 and March 31, 2019, respectively. |
Reclassification | Reclassification Certain amounts from prior periods have been reclassified to conform to the current period presentation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
4. Related Party Transactions (
4. Related Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of related party balances | December 31, March 31, 2019 2019 Notes payable - related party $ – $ 60,000 Accrued interest - related party $ – $ 1,453 |
2. Basis of Presentation and _2
2. Basis of Presentation and Going Concern (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Accumulated deficit | $ (166,882) | $ (136,053) |
3. Summary of Significant Acc_3
3. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Accounting Policies [Abstract] | ||
Cash and cash equivalents | $ 10,618 | $ 70,118 |
4. Related Party Transactions_2
4. Related Party Transactions (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Related Party Transactions [Abstract] | ||
Notes payable | $ 0 | $ 60,000 |
Accrued interest | $ 0 | $ 1,453 |
4. Related Party Transactions_3
4. Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Jun. 01, 2018 | Apr. 10, 2018 | |
Mangement fee expense | $ 5,518 | $ 3,643 | $ 16,382 | $ 6,456 | ||||
Accrued management fees | 11,000 | 11,000 | $ 14,000 | |||||
Interest expense | 287 | 417 | 1,117 | 1,045 | ||||
Repayment of related party debt | 0 | 25 | ||||||
Lucas Yu Wu [Member] | ||||||||
Due to related parties | 0 | 0 | $ 100,000 | |||||
Lucas Yu Wu [Member] | Note Payable 1 [Member] | ||||||||
Note payable face amount | $ 30,000 | |||||||
Interest rate | 2.67% | |||||||
Repayment of related party debt | 30,000 | |||||||
Interest repaid to related party | 2,000 | |||||||
Lucas Yu Wu [Member] | Note Payable 2 [Member] | ||||||||
Note payable face amount | $ 60,000 | |||||||
Interest rate | 2.67% | |||||||
Debt forgiven | $ 30,000 | |||||||
Interest forgiven | $ 570 | |||||||
Officer and Former Director [Member] | ||||||||
Accrued management fees | $ 11,000 | $ 14,000 | 11,000 | $ 14,000 | ||||
Two Officers [Member] | ||||||||
Mangement fee expense | $ 13,000 |