Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2016 | Jun. 14, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | INNOCAP INC, | |
Entity Central Index Key | 1,281,845 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 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 Common Stock, Shares Outstanding | 124,825,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2016 | Jan. 31, 2016 |
Current Assets | ||
Cash | $ 1,975 | $ 23,081 |
Total Assets | 1,975 | 23,081 |
Current Liabilities | ||
Accrued liabilities | 40,018 | 38,768 |
Accrued liabilities - related party | 41,984 | 40,984 |
Contract advance | 110,000 | 90,000 |
Total Liabilities | 192,002 | 169,752 |
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 | 349,225 | 349,255 |
Accumulated deficit | (660,107) | (616,751) |
Total Stockholders' Deficit | (190,027) | (146,671) |
Total Liabilities and Stockholders' Deficit | $ 1,975 | $ 23,081 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2016 | Jan. 31, 2016 |
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 (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Statements Of Operations | ||
General and administrative expenses | $ 43,356 | $ 41,382 |
Net loss | $ (43,356) | $ (41,382) |
Net loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 119,825,000 | 118,083,427 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Operating Activities | ||
Net loss | $ (43,356) | $ (41,382) |
Changes in operating liabilities: | ||
Accrued liabilities | 1,250 | 11,000 |
Accrued liabilities - related party | 1,000 | 3,344 |
Net Cash Used in Operating Activities | (41,106) | (27,038) |
Financing Activities | ||
Proceeds from contract advances | 20,000 | |
Net Cash Provided by Financing Activities | 20,000 | |
Increase In Cash | (21,106) | (27,038) |
Cash at beginning of period | 23,081 | 45,199 |
Cash at end of period | 1,975 | 18,161 |
Supplemental Cash Flows Information: | ||
Cash paid for interest | ||
Cash paid for income taxes |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Apr. 30, 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 June 2004, the Company filed a notice with the Securities and Exchange Commission of its intent to elect in good faith, within 90 days from the date of such filing, to be regulated as a Business Development Company (BDC) under the Investment Company Act of 1940 and be subject to Sections 54 through 65 of said Act. In July 2008, the Company withdrew its election and ceased being a BDC. At that time, it decided to use the business connections of its president and become a consulting business. 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 | 3 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation These financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Companys fiscal year-end is January 31. Interim Financial Statements The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's January 31, 2016 report filed with the SEC on Form 10K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end, January 31, 2016, have been omitted. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. Basic and Diluted 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 after giving retroactive effect to the reverse and forward splits. 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 after giving retroactive effect to the reverse and forward splits. Shares issuable under the convertible preferred stock were not included in the calculation of earnings per share because they would not have been dilutive. Recently Issued Accounting Standards There were no new accounting pronouncements that had a significant impact on the Companys operating results or financial position. Subsequent Events The Company has evaluated all transactions from April 30, 2016 through the financial statement issuance date for subsequent event disclosure consideration and have disclosed them in Note 5. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Apr. 30, 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 April 30, 2016, the Company had an accumulated deficit of $660,107 and had yet generated revenues from its operations. 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 and financing through the business contacts of its new officers. No assurances can be given as to the likelihood of it obtaining any revenue producing projects. |
ADVANCES
ADVANCES | 3 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
NOTE 4. ADVANCES | 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 minority shareholder of the Company. As of April 30, 2016, the Investor had provided advances of $110,000 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. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Apr. 30, 2016 | |
Notes to Financial Statements | |
NOTE 5. SUBSEQUENT EVENTS | In May 2016, the Company agreed to settle $12,000 of accrued expenses for the issuance of 1,200,000 shares of common stock and agreed to issue 3,000,000 shares of common stock to its President and 800,000 shares of common stock to consultants for services. These shares will be issued in June 2016. In May 2016, an additional advance of $20,000 was received by the Company bringing the total balance to $130,000. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Apr. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | These financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Companys fiscal year-end is January 31. |
Interim Financial Statements | The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's January 31, 2016 report filed with the SEC on Form 10K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end, January 31, 2016, have been omitted. |
Cash and Cash Equivalents | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Basic and Diluted 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 after giving retroactive effect to the reverse and forward splits. 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 after giving retroactive effect to the reverse and forward splits. Shares issuable under the convertible preferred stock were not included in the calculation of earnings per share because they would not have been dilutive. |
Recently Issued Accounting Standards | There were no new accounting pronouncements that had a significant impact on the Companys operating results or financial position. |
Subsequent Events | The Company has evaluated all transactions from April 30, 2016 through the financial statement issuance date for subsequent event disclosure consideration and have disclosed them in Note 5. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Apr. 30, 2016 | Jan. 31, 2016 |
Going Concern Details Narrative | ||
Accumulated deficit | $ (660,107) | $ (616,751) |
ADVANCES (Details Narrative)
ADVANCES (Details Narrative) - USD ($) | Apr. 30, 2016 | Jan. 31, 2016 |
Advances Details Narrative | ||
Contract advance | $ 110,000 | $ 90,000 |