Unique Logistics International (UNQL) 10-Q 14 Sep 18 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2018	Sep. 14, 2018
Details
Registrant Name	INNOCAP INC
Registrant CIK	1,281,845
SEC Form	10-Q
Period End date	Jul. 31, 2018
Fiscal Year End	--01-31
Trading Symbol	inno
Tax Identification Number (TIN)	10,721,929
Number of common stock shares outstanding		152,075,000
Filer Category	Smaller Reporting Company
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Amendment Flag	false
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q2
Entity Incorporation, State Country Name	Nevada
Entity Address, Address Line One	112 N. Walnut Street
Entity Address, Address Line Two	PO Box 489
Entity Address, City or Town	Jefferson
Entity Address, Country	Texas
Entity Address, Postal Zip Code	75657-0489
City Area Code	903
Local Phone Number	926-1287

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2018	Jan. 31, 2018
CURRENT ASSETS:
Cash	$ 16,067	$ 144
Prepaid expenses	59,524	92,857
Investment in salvage project	200,000	200,000
Total current assets	275,591	293,001
TOTAL ASSETS	275,591	293,001
CURRENT LIABILITIES:
Accrued liabilities	18,618	18,118
Project advances	480,300	455,000
Accrued liabilities - related party	156,065	93,484
Total liabilities	654,983	566,602
STOCKHOLDERS' DEFICIT:
Preferred Stock, Value	1,000	1,000
Common stock at $0.001 par value; 199,000,000 shares authorized; 152,075,000 and 149,075,000 shares issued and outstanding, respectively	152,075	149,075
Additional paid-in capital	690,105	667,105
Accumulated deficit	(1,222,572)	(1,090,781)
Total Stockholders' Deficit	(379,392)	(273,601)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 275,591	$ 293,001

Balance Sheets (Unaudited) - Pa

Balance Sheets (Unaudited) - Parenthetical - $ / shares	Jul. 31, 2018	Jan. 31, 2018
Details
Preferred Stock, Par or Stated Value Per Share	$ 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 or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	199,000,000	199,000,000
Common Stock, Shares, Issued	152,075,000	149,075,000
Common Stock, Shares, Outstanding	152,075,000	149,075,000

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2018	Jul. 31, 2017
Details
Revenue	$ 0	$ 0	$ 0	$ 0
General and administrative expenses	72,582	43,683	131,791	72,923
Net loss	$ (72,582)	$ (43,683)	$ (131,791)	$ (72,923)
Net loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	151,629,348	130,825,000	150,958,978	130,825,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2018	Jul. 31, 2017
Operating Activities:
Net loss	$ (131,791)	$ (72,923)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation	59,333	0
Changes in operating liabilities:
Accrued liabilities	500	(8,000)
Accrued liabilities - related party	62,581	34,250
Net Cash Used in Operating Activities	(9,377)	(46,673)
Financing Activities:
Proceeds from contract advances	25,300	45,000
Net Cash Provided by Financing Activities	25,300	45,000
Increase (Decrease) in Cash	15,923	(1,673)
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	144	22,662
Cash and Cash Equivalents, at Carrying Value, Ending Balance	16,067	20,989
Supplemental Cash Flows Information:
Interest	0	0
Income taxes	0	0
Non-cash Financing Activities
Shares issued for prepaid consulting fees	$ 26,000	$ 0

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jul. 31, 2018
Notes
Note 1 - Organization	NOTE 1 – ORGANIZATION Innocap, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on January 23, 2004. The Company has a business for finding and assisting in the salvaging of sunken ships.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	6 Months Ended
	Jul. 31, 2018
Notes
Note 2 - Summary of Significant Accounting Policies	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 of America (“U.S. GAAP”) 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 U.S. GAAP 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, 2018 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, 2018, 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 loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted 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, 2018 and January 31, 2018. There were 1,000,000 shares of convertible preferred shares outstanding at both period ends 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, 2018 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. 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.

NOTE-3 GOING CONCERN

NOTE-3 GOING CONCERN	6 Months Ended
	Jul. 31, 2018
Notes
NOTE-3 GOING CONCERN	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, 2018, the Company had an accumulated deficit of $1,222,572 and has not yet generated revenues from its operations. As of July 31, 2018, the Company had $16,067 in cash, a working capital deficit of $379,392 and had a negative cash flow from operating activities. 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 or additional funding on acceptable terms.

NOTE 4 - INVESTMENT IN SALVAGE

NOTE 4 - INVESTMENT IN SALVAGE PROJECT	6 Months Ended
	Jul. 31, 2018
Notes
NOTE 4 - INVESTMENT IN SALVAGE PROJECT	NOTE 4 – INVESTMENT IN SALVAGE PROJECT On November 21, 2017, the Company entered into an agreement to assist a company in Singapore to recover a large shipment of tin from a sunken ship that is believed to be in the waters between Indonesia and Malaysia. The Company invested $200,000 in the project. Charles E. Hill and Associates provided the $200,000 needed by the Company as project advances to participate in this contract. The parties of the agreement have also agreed to use a portion of the proceeds from the recovery for a $600,000 project to recover another cargo believed to have sunk off the coast of the Philippines. The initial salvage project began at the end of May 2018 with a current anticipated time schedule of several months. No assurances can be given that the sunken ship will be found and, if found, will have the amount of recoverable tin that the parties to the contract are seeking.

NOTE 5 - PROJECT ADVANCES

NOTE 5 - PROJECT ADVANCES	6 Months Ended
	Jul. 31, 2018
Notes
NOTE 5 - PROJECT ADVANCES	NOTE 5 – PROJECT ADVANCES The Company has 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 negotiations for which are underway. The Investor is an entity controlled by a minority shareholder of the Company. As of July 31, 2018, the Investor had provided aggregate advances of $280,300 under this agreement, including $25,300 during the six months ended July 31, 2018. 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. As discussed in Note 4, the Investor has also advanced $200,000 for the salvage project in the coastal waters between Indonesia and Malaysia.

NOTE 6 - EQUITY

NOTE 6 - EQUITY	6 Months Ended
	Jul. 31, 2018
Notes
NOTE 6 - EQUITY	NOTE 6 – EQUITY On March 7, 2018, the Company issued 2,000,000 shares to a consultant for services. In June 2018, the Company issued 1,000,000 additional shares to the same consultant. The shares were valued at $0.01 and $0.006, respectively, per share using the stock price on issuance date. The shares issued were recorded as prepaid consulting fees and will be amortized during the contract period of one year. During the six months ended July 31, 2018, the Company recorded $59,333 stock-based compensation based on the amortization. As of July 31, 2018, the Company has approximately $16,600 in unamortized prepaid consulting fees related to the shares issued to this consultant.

Note 2 - Summary of Significa12

Note 2 - Summary of Significant Accounting Policies: Basis of presentation (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Basis of presentation	Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are expressed in US dollars. The Company’s fiscal year-end is January 31.

Note 2 - Summary of Significa13

Note 2 - Summary of Significant Accounting Policies: Interim Financial Statements (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim financial statements of the Company have been prepared in accordance with U.S. GAAP 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, 2018 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, 2018, have been omitted.

Note 2 - Summary of Significa14

Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Cash and Cash Equivalents	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.

Note 2 - Summary of Significa15

Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Loss Per Common Share (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Basic and Diluted Loss Per Common Share	Basic and Diluted Loss Per Common Share Basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted 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, 2018 and January 31, 2018. There were 1,000,000 shares of convertible preferred shares outstanding at both period ends which are not considered dilutive because the Company incurred operating losses during each fiscal year.

Note 2 - Summary of Significa16

Note 2 - Summary of Significant Accounting Policies: Subsequent Events (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Subsequent Events	Subsequent Events The Company has evaluated all transactions from July 31, 2018 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.

Note 2 - Summary of Significa17

Note 2 - Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jul. 31, 2018
Policies
Recently Issued Accounting Standards	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.

Note 1 - Organization (Details)

Note 1 - Organization (Details)	6 Months Ended
	Jul. 31, 2018
Details
Entity Incorporation, State Country Name	Nevada
Entity Incorporation, Date of Incorporation	Jan. 23, 2004

NOTE-3 GOING CONCERN (Details)

NOTE-3 GOING CONCERN (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Jul. 31, 2018	Jul. 31, 2017	Jan. 31, 2018
Details
Accumulated deficit	$ (1,222,572)		$ (1,222,572)		$ (1,090,781)
Revenue	$ 0	$ 0	$ 0	$ 0

NOTE 5 - PROJECT ADVANCES (Deta

NOTE 5 - PROJECT ADVANCES (Details)	6 Months Ended
	Jul. 31, 2018USD ($)
Details
Aggregate Project advances	$ 280,300
Project advances	$ 25,300

NOTE 6 - EQUITY (Details)

NOTE 6 - EQUITY (Details) - USD ($)	6 Months Ended
	Jul. 31, 2018	Jul. 31, 2017	Mar. 07, 2018
Details
Shares, Issued			2,000,000
Stock-based compensation	$ 59,333	$ 0