Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | Mar. 03, 2021 | Jul. 31, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | FINOTEC GROUP INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 300,134,005 | ||
Entity Public Float | $ 958,505 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000831378 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity File Number | 033-20966 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Interactive Data Current | Yes |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
ASSETS | ||
Total Assets | ||
LIABILITIES & STOCKHOLDERS’ DEFICIT | ||
Accounts payable | ||
Note payable related parties | 2,675 | |
Total liabilities | 2,675 | |
Commitments and Contingencies | ||
Stockholders’ Equity | ||
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, January 31, 2020 and January 31, 2020 | 10,000 | |
Common stock, $0.001 par value; 330,000,000 shares authorized, 300,134,005 and 300,000,000 shares issued and outstanding as of January 31, 2020 and January 31, 2020, respectively | 300,134 | 300,000 |
Additional paid in capital | 19,316,917 | 13,261,548 |
Retained earnings (deficit) | (19,627,051) | (13,564,223) |
Total Stockholders’ (Deficit) | (2,675) | |
Total Liabilities and Stockholders’ (Equity) |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Jan. 31, 2021 | Jan. 31, 2020 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 330,000,000 | 330,000,000 |
Common stock, shares issued | 300,134,005 | 300,000,000 |
Common stock, shares outstanding | 300,134,005 | 300,000,000 |
Preferred Series A stock | ||
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating Expenses: | ||
Administrative expenses -related party | 6,062,828 | 2,675 |
Total operating expenses | 6,062,828 | 2,675 |
(Loss) from operations | (6,062,828) | (2,675) |
Other expense | ||
Other (expense) net | ||
Income (loss) before provision for income taxes | (6,062,828) | (2,675) |
Provision for income taxes | ||
Net (Loss) | $ (6,062,828) | $ (2,675) |
Basic and diluted earnings(loss) per common share (in Dollars per share) | $ (0.02) | $ 0 |
Weighted average number of shares outstanding (in Shares) | 300,000,000 | 300,000,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jan. 31, 2019 | $ 300,000 | $ 13,261,548 | $ (13,561,548) | ||
Balance (in Shares) at Jan. 31, 2019 | 300,000,000 | ||||
Net loss | (2,675) | (2,675) | |||
Balance at Jan. 31, 2020 | $ 300,000 | 13,261,548 | (13,564,223) | (2,675) | |
Balance (in Shares) at Jan. 31, 2020 | 300,000,000 | ||||
Related party loans reclassified as a capital contribution | 65,503 | 65,503 | |||
Issuance of preferred stock | $ 10,000 | 5,990,000 | 6,000,000 | ||
Issuance of preferred stock (in Shares) | 10,000,000 | ||||
Shares issued related to historic conversion of preferred stock | $ 134 | (134) | |||
Shares issued related to historic conversion of preferred stock (in Shares) | 134,005 | ||||
Net loss | (6,062,828) | (6,062,828) | |||
Balance at Jan. 31, 2021 | $ 10,000 | $ 300,134 | $ 19,316,917 | $ (19,627,051) | |
Balance (in Shares) at Jan. 31, 2021 | 10,000,000 | 300,134,005 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (6,062,828) | $ (2,675) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Stock- based compensation | 6,000,000 | |
Changes in operating assets and liabilities: | ||
Accounts payable | ||
Net cash provided by (used for) operating activities | (62,828) | (2,675) |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | ||
Cash Flows From Financing Activities: | ||
Proceeds from related party loans | 62,828 | 2,675 |
Net cash provided by (used for) financing activities | 62,828 | 2,675 |
Net Increase (Decrease) In Cash | ||
Cash At The Beginning Of The Period | ||
Cash At The End Of The Period | ||
Supplemental disclosure of cash flow information: | ||
Cash paid for interest |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS The Finotec Group Inc. (“Finotec”, “the Company”, “we”, “us”) has been dormant since November 2011. On March 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-809716-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company. On March 17, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer, and Chairman of the Board of Directors. On January 25, 2021, as a result of a private transactions, 10,000,000 shares of Series A Preferred Stock, $0.001 par value per share (the “Shares”) of the Company were transferred from Custodian Ventures, LLC to Yang Fuzhu (the “Purchaser”). Each share of Series A Preferred Stock is convertible to 200 shares of common stock As a result, the Purchaser became an approximately 86.95% holder of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholder. The consideration paid for the Shares was $250,000. The source of the cash consideration for the Shares was personal funds of the Purchaser. In connection with the transaction, David Lazar released the Company from $65,503 in debt owed to him. On January 25, 2021, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director. At the effective date of the transfer, Yang Fuzhu consented to act as the new President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company. The Company’s accounting year-end is January 31. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of January 31, 2021 the Company had negative retained earnings of 19,627,051. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Prior to January 25, 2021 when a change of control in the Company occurred, the Company had been being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On January 31, 2021, and January 31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure 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). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. Stockholders’ Equity and Accrued Liability Excess stock Issuance The Company has authorized 330,000,000 shares of Common Stock with a par value of $0.001. As of January 31, 2021, and January 31, 2020, respectively, there were 300,134,005 and 300,000,000 shares of Common Stock issued and outstanding, respectively. On December 16, 2020 the Company issued 134,005 shares to holders of Preferred B Stock that was redeemed in 2001 for common shares but was not credited to the Preferred B shareholders. On April 27, 2020, the Company filed a Certificate of Designation with the State of Nevada to authorize 10,000,000 shares of Series A Preferred Stock (“Series A”). Each share of Series A is convertible into 200 shares of Common Stock. April 28, 2020, the Company awarded 10,000,000 shares of Series A to Custodian Ventures, LLC. managed by David Lazar in return for services provided. As a result, the Company recorded a stock-based compensation expense of $6,000,000 for the year ended January 31, 2021. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of January 31, 2021, and 2020. |
Notes Payable-Related Pary
Notes Payable-Related Pary | 12 Months Ended |
Jan. 31, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE-RELATED PARY | NOTE 5 –NOTES PAYABLE-RELATED PARY Mr. Lazar, the principal member of the Company’s Court-appointed custodian is considered a related party. During the year ended January 31, 2021, he extended $62,828 in interest free demand loans to the Company. On January 25, 2021 concurrent with Mr. Lazar sale of his controlling interest in the Company, he forgave $65,503 in loans due to him from the Company. the amount of $65,503 was treated as a “related party loan reclassified as a capital contribution on the company’s Statements of changes in Stockholders’ Equity for the period ended January 31, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On January 25, 2021, as a result of a private transactions, 10,000,000 shares of Series A Preferred Stock, $0.001 par value per share (the “Shares”) of the Company were transferred from Custodian Ventures, LLC to Yang Fuzhu (the “Purchaser”). Each share of Series A Preferred Stock is convertible to 200 shares of common stock. As a result, the Purchaser became an approximately 86.95% holder of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholder. The consideration paid for the Shares was $250,000. The source of the cash consideration for the Shares was personal funds of the Purchaser. In connection with the transaction, David Lazar released the Company from all debts owed to him. On January 25, 2021 Accordingly, David Lazar, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary, and a Director. At the effective date of the transfer, Yang Fuzhu consented to act as the new President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of January 31, 2021 the Company had negative retained earnings of 19,627,051. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. Prior to January 25, 2021 when a change of control in the Company occurred, the Company had been being funded by David Lazar who extended interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On January 31, 2021, and January 31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively. |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure 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). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We adopted ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. |
Stockholders’ Equity and Accrued Liability Excess stock Issuance | Stockholders’ Equity and Accrued Liability Excess stock Issuance The Company has authorized 330,000,000 shares of Common Stock with a par value of $0.001. As of January 31, 2021, and January 31, 2020, respectively, there were 300,134,005 and 300,000,000 shares of Common Stock issued and outstanding, respectively. On December 16, 2020 the Company issued 134,005 shares to holders of Preferred B Stock that was redeemed in 2001 for common shares but was not credited to the Preferred B shareholders. On April 27, 2020, the Company filed a Certificate of Designation with the State of Nevada to authorize 10,000,000 shares of Series A Preferred Stock (“Series A”). Each share of Series A is convertible into 200 shares of Common Stock. April 28, 2020, the Company awarded 10,000,000 shares of Series A to Custodian Ventures, LLC. managed by David Lazar in return for services provided. As a result, the Company recorded a stock-based compensation expense of $6,000,000 for the year ended January 31, 2021. |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | 1 Months Ended | ||
Jan. 25, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | |
Organization and Description of Business (Details) [Line Items] | |||
Voting rights of issued and outstanding, percentage | 86.95% | ||
Consideration paid | $ 250,000 | ||
Debt owed | $ 65,503 | ||
Series A Preferred Stock [Member] | |||
Organization and Description of Business (Details) [Line Items] | |||
Preferred stock, shares issued | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Conversion of preferred stock | 200 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 28, 2020 | Jan. 31, 2021 | Dec. 16, 2020 | Apr. 27, 2020 | Jan. 31, 2020 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Retained earnings (in Dollars) | $ (19,627,051) | $ (13,564,223) | |||
Common stock, shares authorized | 330,000,000 | 330,000,000 | |||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | |||
Common stock, shares issued | 300,134,005 | 300,000,000 | |||
Common stock, outstanding | 300,134,005 | 300,000,000 | |||
Description of shares | Each share of Series A is convertible into 200 shares of Common Stock. | ||||
Stock based compensation expense (in Dollars) | $ 6,000,000 | ||||
Cash (in Dollars) | $ 0 | $ 0 | |||
Preferred B Stock [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Shares issued | 134,005 | ||||
Series A Preferred Stock [Member] | |||||
Summary of Significant Accounting Policies (Details) [Line Items] | |||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | ||
Awarded shares | 10,000,000 |
Notes Payable-Related Pary (Det
Notes Payable-Related Pary (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 25, 2021 | |
Debt Disclosure [Abstract] | ||
Interest free demand loans | $ 62,828 | |
Due to notes payable related parties amount | $ 65,503 | |
Related party loan reclassified as a capital contirbution | $ 65,503 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 1 Months Ended | ||
Jan. 25, 2021 | Jan. 31, 2021 | Jan. 31, 2020 | |
Subsequent Events (Details) [Line Items] | |||
Voting rights of issued and outstanding, percentage | 86.95% | ||
Consideration paid (in Dollars) | $ 250,000 | ||
Series A Preferred Stock [Member] | |||
Subsequent Events (Details) [Line Items] | |||
Preferred stock, shares issued | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Conversion of preferred stock | 200 |