Unique Logistics International (UNQL) 10-Q/A 12 Oct 17 2018 Q2 Quarterly report (amended) Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2017	Sep. 06, 2017
Document And Entity Information
Entity Registrant Name	INNOCAP INC,
Entity Central Index Key	1,281,845
Document Type	10-Q
Document Period End Date	Jul. 31, 2017
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		140,075,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,018

Balance Sheets

Balance Sheets - USD ($)	Jul. 31, 2017	Jan. 31, 2017
CURRENT ASSETS:
Cash	$ 20,989	$ 22,662
TOTAL ASSETS	20,989	22,662
CURRENT LIABILITIES:
Accrued liabilities	22,018	30,018
Accrued liabilities - related party	49,484	15,234
Advances on exploration financing	255,000	210,000
Total Liabilities	326,502	255,252
STOCKHOLDERS’ 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; 130,825,000 shares issued and outstanding	130,825	130,825
Additional paid-in capital	475,255	475,255
Accumulated deficit	(912,593)	(839,670)
Total Stockholders’ Deficit	(305,513)	(232,590)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 20,989	$ 22,662

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2017	Jan. 31, 2017
STOCKHOLDERS’ DEFICIT:
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	130,825,000	130,825,000
Common stock, shares outstanding	130,825,000	130,825,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Statements Of Operations
Revenue
General and administrative expense	43,683	51,100	72,923	94,456
Loss on settlement of payables		12,600		12,600
Net loss	$ (43,683)	$ (63,700)	$ (72,923)	$ (107,056)
Net loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	130,825,000	123,466,304	130,825,000	121,665,659

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Operating Activities:
Net loss	$ (43,683)	$ (63,700)	$ (72,923)	$ (107,056)
Adjustment to reconcile net loss to net cash used in operating activities:
Share-based compensation				10,400
Loss on settlement of payables		12,600		12,600
Changes in operating liabilities:
Accrued liabilities			(8,000)	(13,350)
Accrued liabilities - related party			34,250	27,850
Net Cash Used in Operating Activities			(46,673)	(69,556)
Financing Activities:
Proceeds from contract advances			45,000	60,000
Net Cash Provided by Financing Activities			45,000	60,000
Decrease In Cash			(1,673)	(9,556)
Cash at beginning of period		1,975	22,662	23,081
Cash at end of period	$ 20,989	$ 13,525	20,989	13,525
Supplemental Cash Flows Information:
Cash paid for interest
Cash paid for income taxes
Non-cash Investing and Financing Activities:
Shares issued to settle accrued liabilities – related party				39,000
Shares issued to settle accrued liabilities				$ 15,600

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jul. 31, 2017
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 has 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	6 Months Ended
	Jul. 31, 2017
Notes to Financial Statements
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of Presentation The 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 Company’s 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, 2017 report filed with the SEC on Form 10-K. 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, 2017, 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. There were no potentially dilutive shares outstanding as of July 31, 2017 and January 31, 2017. 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 July 31, 2017 through the financial statement issuance date for subsequent event disclosure consideration and has determined that there were no reportable events that occurred during that subsequent period to be disclosed or recorded except as disclosed in Note 5. 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	6 Months Ended
	Jul. 31, 2017
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 July 31, 2017, the Company had an accumulated deficit of $912,593 and has not 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.

EXPLORATION FINANCING

EXPLORATION FINANCING	6 Months Ended
	Jul. 31, 2017
Notes to Financial Statements
NOTE 4. EXPLORATION FINANCING	On August 17, 2015, the Company entered into an agreement with Charles E. Hill and Associates (“Investor”) under which the Investor agreed to finance in several stages of an exploration to find the Flor de la Mar, a Portuguese ship that sank in 1511 with a rumored large cargo of treasures. The first stage of financing will be up to $500,000. 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 July 31, 2017, the Investor had provided aggregate advances of $255,000 under this Agreement, including $45,000 during the six months ended July 31, 2017. 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 Company’s 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 advances will be applied to any other contract that is executed by the Company.

NON STATUTORY STOCK OPTION PLAN

NON STATUTORY STOCK OPTION PLAN	6 Months Ended
	Jul. 31, 2017
Notes to Financial Statements
NOTE 5. NON STATUTORY STOCK OPTION PLAN	In July 2017, the Company established a Non Statutory Stock Option Plan which provides for the issuance of up to 15,000,000 shares of the Company’s common stock. The plan expires on July 25, 2027. In August 2017, the Company granted options for 9,250,000 shares under the plan to an employee, consultants, and advisors for services, including 4,000,000 to the Company’s President. The shares have an exercise price of $0.006, a term of 10 years, and vested immediately.

SUMMARY OF SIGNIFICANT ACCOUN11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES)	6 Months Ended
	Jul. 31, 2017
Summary Of Significant Accounting Policies Policies
Basis of Presentation	The 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 Company’s 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, 2017 report filed with the SEC on Form 10-K. 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, 2017, 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. There were no potentially dilutive shares outstanding as of July 31, 2017 and January 31, 2017. 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 July 31, 2017 through the financial statement issuance date for subsequent event disclosure consideration and has determined that there were no reportable events that occurred during that subsequent period to be disclosed or recorded except as disclosed in Note 5.
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.

ORGANIZATION (Details Narrative

ORGANIZATION (Details Narrative)	6 Months Ended
	Jul. 31, 2017
Notes to Financial Statements
State Country Name	State of Nevada
Date of Incorporation	Jan. 23, 2004

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares	Jul. 31, 2017	Jan. 31, 2017
Summary Of Significant Accounting Policies Details Narrative
Preferred stock shares outstanding	1,000,000	1,000,000

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	Jul. 31, 2017	Jan. 31, 2017
Going Concern Details Narrative
Accumulated deficit	$ (912,593)	$ (839,670)

EXPLORATION FINANCING (Details

EXPLORATION FINANCING (Details Narrative) - USD ($)	6 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jan. 31, 2017	Aug. 17, 2015
Advances on exploration financing	$ 255,000		$ 210,000
Proceeds from contract advances	$ 45,000	$ 60,000
Charles E. Hill [Member]
Initial level of financing				$ 500,000

NON STATUTORY STOCK OPTION PL16

NON STATUTORY STOCK OPTION PLAN (Details Narrative) - Equity Option [Member] - $ / shares	1 Months Ended
	Aug. 31, 2017	Jul. 31, 2017
Stock option issuance share		15,000,000
Stock option expire period		Jul. 25, 2027
Exercise price		$ 0.006
Vested period		10 years
Subsequent Event [Member] | Employee [Member]
Stock option issuance share	4,000,000
Subsequent Event [Member] | President [Member]
Stock option issuance share	9,250,000