Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | INNOCAP INC, | |
Entity Central Index Key | 1,281,845 | |
Document Type | 10-K | |
Document Period End Date | Jan. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 119,825,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
Current Assets | ||
Cash | $ 23,081 | $ 45,199 |
Total Assets | 23,081 | 45,199 |
Current Liabilities | ||
Accrued liabilities | 38,768 | 19,016 |
Accrued liabilities - related party | 40,984 | 21,784 |
Contract advance | 90,000 | |
Total Liabilities | 169,752 | 40,800 |
Stockholders' Equity (Deficit) | ||
Preferred stock at $0.001 par value; 1,000,000 shares authorized, 1,000,000 issued and outstanding | 1,000 | 1,000 |
Common stock at $0.001 par value; 199,000,000 shares authorized; 119,825,000 shares issued and outstanding | 119,825 | 119,825 |
Additional paid-in capital | 349,255 | 349,255 |
Accumulated deficit | (616,751) | (465,681) |
Total Stockholders' Equity (Deficit) | (146,671) | 4,399 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 23,081 | $ 45,199 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2016 | Jan. 31, 2015 |
Stockholders' equity | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 199,000,000 | 199,000,000 |
Common stock shares issued | 119,825,000 | 119,825,000 |
Common stock shares outstanding | 119,825,000 | 119,825,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Statements Of Operations | ||
Revenue | ||
General and administrative expenses | 151,070 | 137,021 |
Net loss | $ (151,070) | $ (137,021) |
Net loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 119,825,000 | 111,978,356 |
Statement of Stockholders_ Defi
Statement of Stockholders’ Deficit - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Jan. 31, 2014 | $ 1,000 | $ 106,500 | $ 112,330 | $ (328,660) | $ (108,830) |
Beginning Balance, Shares at Jan. 31, 2014 | 1,000,000 | 106,500,000 | |||
Shares issued for cash, Amount | $ 10,000 | 190,000 | 200,000 | ||
Shares issued for cash, Shares | 10,000,000 | ||||
Shares issued for service, Amount | $ 2,415 | 38,735 | (41,150) | ||
Shares issued for service, Shares | 2,415,000 | ||||
Shares issued to settle prior year accrued expense, Amount | $ 910 | 8,190 | 9,100 | ||
Shares issued to settle prior year accrued expense, Shares | 910,000 | ||||
Net loss | (137,021) | (137,021) | |||
Ending Balance, Amount at Jan. 31, 2015 | $ 1,000 | $ 119,825 | 349,255 | (465,681) | 4,399 |
Ending Balance, Shares at Jan. 31, 2015 | 1,000,000 | 119,825,000 | |||
Shares issued for cash, Amount | |||||
Shares issued for service, Amount | |||||
Shares issued to settle prior year accrued expense, Amount | |||||
Net loss | (151,070) | (151,070) | |||
Ending Balance, Amount at Jan. 31, 2016 | $ 1,000 | $ 119,825 | $ 349,255 | $ (616,751) | $ (146,671) |
Ending Balance, Shares at Jan. 31, 2016 | 1,000,000 | 119,825,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (151,070) | $ (137,021) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Issuance of shares for services | 41,150 | |
Net change in: | ||
Accrued liabilities | 19,752 | (21,734) |
Accrued liabilities - related party | 19,200 | (37,196) |
Net Cash Used in Operating Activities | (112,118) | (154,801) |
FINANCING ACTIVITIES: | ||
Contract advance received | 90,000 | |
Proceeds from sale of common stock | 200,000 | |
Net Cash Provided by Financing Activities | 90,000 | 200,000 |
INCREASE (DECREASE) IN CASH | (22,118) | 45,199 |
CASH AT BEGINNING OF PERIOD | 45,199 | |
CASH AT END OF PERIOD | 23,081 | 45,199 |
SUPPLEMENTAL CASH FLOWS INFORMATION: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
NON-CASH FINANCING ACTIVITIES | ||
Common shares issued to settle accrued expenses | $ 9,100 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1. ORGANIZATION | Innocap, Inc. (the Company) was incorporated under the laws of the State of Nevada on January 23, 2004. In May 2011, the Company and its principal shareholders entered into agreements with its current President who provided the Company with a new business plan of finding and assisting in the salvaging of sunken ships. To do this, the Company will have to raise capital to undertake each project. There are no assurances that the Company will be successful in obtaining the necessary financing. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of presentation The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). Year-end The Company has elected a fiscal year ending on January 31. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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 reporting period. Actual results could differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered or assets shipped to a customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. Income Taxes The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company had no material adjustments to its liabilities for unrecognized income tax benefits. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at January 31, 2016 and 2015. Net Loss Per Common Share Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of January 31, 2016 or 2015. There were 1,000,000 shares of convertible preferred shares outstanding at both periods which are not considered dilutive because the Company incurred operating losses during each fiscal year. Subsequent Events The Company has evaluated all transactions from January 31, 2016 through the financial issuance date for subsequent event disclosure consideration and noted no significant subsequent event that needs to be disclosed. Recently Issued Accounting Standards The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The accompanying financial statements have been prepared on a going concern basis which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At January 31, 2016, the Company had negative working capital and an accumulated deficit of $616,751 and had no revenues. These factors, among others, indicate that the Company's continuation as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. The Company intends to continue seeking revenue producing projects through a new business plan of operations and the business contacts of its new officers. No assurances can be given as to the likelihood of it obtaining any revenue producing projects. |
STOCKHOLDERS_ DEFICIT
STOCKHOLDERS’ DEFICIT | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - STOCKHOLDERS' DEFICIT | Preferred Stock The Companys certificate of incorporation authorizes the issuance of 1,000,000 shares of preferred stock with designations, rights and preferences determined from time to time by its board of directors. Accordingly, the Companys board of directors is empowered, without stockholder approval, to issue shares of preferred stock with voting, liquidation, conversion, or other rights that could adversely affect the rights of the holders of the common stock. In May 2011, the Company issued 1,000,000 shares of preferred stock to Paul Tidwell. Each share of preferred stock is convertible into 50 shares of common stock commencing on April 1, 2012. As of January 31, 2016, the Company had 1,000,000 shares of preferred stock issued and outstanding. Common Stock The holders of the Companys common stock: Have equal ratable rights to dividends from funds legally available for payment of dividends when, as and if declared by the board of directors; Are entitled to share ratably in all of the assets available for distribution to holders of common stock upon liquidation, dissolution or winding up of our affairs; Do not have preemptive, subscription or conversion rights, or redemption or access to any sinking fund; and Are entitled to one noncumulative vote per share on all matters submitted to stockholders for a vote at any meeting of stockholders. In April 2014, the Company issued 5,000,000 shares of newly-issued restricted common stock to an unaffiliated investor for $100,000. In October 2014, the Company issued 2,500,000 shares of newly-issued restricted common stock to an unaffiliated investor for $50,000. In January 2015, the Company issued 2,500,000 shares of newly-issued restricted common stock to an unaffiliated investor for $50,000. In December 2014, the Company issued 3,325,000 shares of restricted common stock: 2,415,000 shares were issued for services valued at $41,150 (including 1,500,000 shares to the Companys President); 910,000 shares were issued to settle $9,100 of previously accrued expenses. As of January 31, 2016, there were 119,825,000 shares of common stock issued and outstanding. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - INCOME TAXES | Innocap has experienced a change in control both in 2008 and in 2011. Accordingly, the utilization of its net operating loss against future taxable income will be limited and no net operating losses are available to carry forward to offset future taxable income. The operating loss incurred subsequent to the change in control that occurred in 2011 was approximately $400,000. The potential benefit from the carryforward of this loss has been fully reserved because utilization is doubtful. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - RELATED PARTY TRANSACTIONS | The Company is provided office space by its President for $350 per month. There is no formal lease agreement. The Companys President is currently funding the Company current operating and travel expenses. |
CONTRACT ADVANCE
CONTRACT ADVANCE | 12 Months Ended |
Jan. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - CONTRACT ADVANCE | On August 2015, the Company entered into an agreement with Charles E. Hill and Associates (Investor) under which the Investor agreed to finance an exploration to find the Flor de la Mar, a Portuguese ship that sank in 1511 with a rumored large cargo of treasures. Undertaking this project is contingent on finalizing an agreement with the Government of Indonesia. The Investor is an entity controlled by a 8.3% minority shareholder of the Company. As of January 31, 2016, the Investor had provided advances of $90,000 under this agreement. Under the terms of the agreement, the Company will provide the Investor with periodic budgets and documentation of expenses relating to the project. If anything is recovered from the project, the Companys share will be split evenly with the Investor after expenses are reimbursed. If a contract with Indonesia is executed, it is likely that the contract will specify that the Company will have to split the proceeds of any recovery with Indonesia. If a contract is not reached with Indonesia, the advance will be applied to any other contract that is executed by the Company. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 12 Months Ended |
Jan. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The Companys financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). |
Year-end | The Company has elected a fiscal year ending on January 31. |
Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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 reporting period. Actual results could differ from those estimates. |
Reclassifications | Certain prior period amounts have been reclassified to conform to current period presentation. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Revenue Recognition | The Company recognizes revenue when it is realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the services have been rendered or assets shipped to a customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Income Taxes | The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company had no material adjustments to its liabilities for unrecognized income tax benefits. |
Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. A fair value hierarchy has been established for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. The Company does not have any assets or liabilities measured at fair value on a recurring or a non-recurring basis, consequently, the Company did not have any fair value adjustments for assets and liabilities measured at fair value at January 31, 2016 and 2015. |
Net Loss Per Common Share | Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of January 31, 2016 or 2015. There were 1,000,000 shares of convertible preferred shares outstanding at both periods which are not considered dilutive because the Company incurred operating losses during each fiscal year. |
Subsequent Events | The Company has evaluated all transactions from January 31, 2016 through the financial issuance date for subsequent event disclosure consideration and noted no significant subsequent event that needs to be disclosed. |
Recently Issued Accounting Standards | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
Going Concern Details Narrative | ||
Accumulated deficit | $ (616,751) | $ (465,681) |
STOCKHOLDERS_ DEFICIT (Details
STOCKHOLDERS’ DEFICIT (Details Narrative) - shares | Jan. 31, 2016 | Jan. 31, 2015 |
Stockholders Deficit Details Narrative | ||
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock shares issued | 119,825,000 | 119,825,000 |
Common stock shares outstanding | 119,825,000 | 119,825,000 |
CONTRACT ADVANCE (Details Narra
CONTRACT ADVANCE (Details Narrative) - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Contract Advance Details Narrative | ||
Contract advance received | $ 90,000 |