Unique Logistics International (UNQL) 10-Q 13 Sep 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 31, 2019	Sep. 09, 2019
Details
Registrant Name	INNOCAP INC
Registrant CIK	0001281845
SEC Form	10-Q
Period End date	Jul. 31, 2019
Fiscal Year End	--01-31
Tax Identification Number (TIN)	01-0721929
Number of common stock shares outstanding		152,075,000
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Entity File Number	333-153035
Entity Incorporation, State or Country Code	NV
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, State or Province	TX
Entity Address, Postal Zip Code	75657-0489
City Area Code	903
Local Phone Number	926-1287
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2019	Jan. 31, 2019
CURRENT ASSETS:
Cash	$ 1,406	$ 18,870
Prepaid expenses	0	8,286
Total current assets	1,406	27,156
Investment in salvage project	200,000	200,000
TOTAL ASSETS	201,406	227,156
CURRENT LIABILITIES:
Accrued liabilities	25,652	33,352
Accrued liabilities - related party	218,565	179,065
Project advances	535,300	520,300
Total liabilities	779,517	732,717
STOCKHOLDERS' DEFICIT:
Preferred Stock, Value	1,000	1,000
Common stock at $0.001 par value; 199,000,000 shares authorized; 152,075,000 shares issued and outstanding	152,075	152,075
Additional paid-in capital	689,105	689,105
Accumulated deficit	(1,420,291)	(1,347,741)
Total Stockholders' Deficit	(578,111)	(505,561)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 201,406	$ 227,156

Balance Sheets (Unaudited) - Pa

Balance Sheets (Unaudited) - Parenthetical - $ / shares	Jul. 31, 2019	Jan. 31, 2019
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	152,075,000
Common Stock, Shares, Outstanding	152,075,000	152,075,000

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018
Details
Revenue	$ 0	$ 0	$ 0	$ 0
General and administrative expenses	32,148	72,582	72,550	131,791
Net loss	$ (32,148)	$ (72,582)	$ (72,550)	$ (131,791)
Net loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	152,075,000	151,629,348	152,075,000	150,958,978

Statement of Stockholders' Defi

Statement of Stockholders' Deficit (Unaudited) - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-in Capital
Stockholders' Equity, Starting Balance at Jan. 31, 2018		$ 1,000	$ 149,075	$ 667,105
Shares Outstanding, Starting Balance at Jan. 31, 2018		1,000,000	149,075,000
Stock Issued During Period, Value, Issued for Services		$ 0	$ 2,000	18,000
Stock Issued During Period, Shares, Issued for Services		0	2,000,000
Net loss		$ 0	$ 0	0
Shares Outstanding, Ending Balance at Apr. 30, 2018		1,000,000	151,075,000
Equity Balance, Ending at Apr. 30, 2018		$ 1,000	$ 151,075	685,105
Stockholders' Equity, Starting Balance at Jan. 31, 2018		$ 1,000	$ 149,075	667,105
Shares Outstanding, Starting Balance at Jan. 31, 2018		1,000,000	149,075,000
Net loss	$ (131,791)
Shares Outstanding, Ending Balance at Jul. 31, 2018		1,000,000	152,075,000
Equity Balance, Ending at Jul. 31, 2018		$ 1,000	$ 152,075	690,105
Stockholders' Equity, Starting Balance at Apr. 30, 2018		$ 1,000	$ 151,075	685,105
Shares Outstanding, Starting Balance at Apr. 30, 2018		1,000,000	151,075,000
Stock Issued During Period, Value, Issued for Services		$ 0	$ 1,000	5,000
Stock Issued During Period, Shares, Issued for Services		0	1,000,000
Net loss	(72,582)	$ 0	$ 0	0
Shares Outstanding, Ending Balance at Jul. 31, 2018		1,000,000	152,075,000
Equity Balance, Ending at Jul. 31, 2018		$ 1,000	$ 152,075	690,105
Stockholders' Equity, Starting Balance at Jan. 31, 2019	(505,561)	$ 1,000	$ 152,075	689,105
Shares Outstanding, Starting Balance at Jan. 31, 2019		1,000,000	152,075,000
Net loss	(72,550)
Shares Outstanding, Ending Balance at Jul. 31, 2019		1,000,000	152,075,000
Equity Balance, Ending at Jul. 31, 2019	$ (578,111)	$ 1,000	$ 152,075	$ 689,105

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2019	Jul. 31, 2018
Operating Activities:
Net loss	$ (72,550)	$ (131,791)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation	0	59,333
Amortization of prepaid expenses	8,286	0
Changes in operating liabilities:
Accrued liabilities	(7,700)	500
Accrued liabilities - related party	39,500	62,581
Net Cash Used in Operating Activities	(32,464)	(9,377)
Financing Activities:
Proceeds from contract advances	15,000	25,300
Net Cash Provided by Financing Activities	15,000	25,300
Increase (Decrease) in Cash	(17,464)	15,923
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	18,870	144
Cash and Cash Equivalents, at Carrying Value, Ending Balance	1,406	16,067
Supplemental Cash Flows Information:
Interest	0	0
Income taxes	0	0
Non-cash Financing Activities
Shares issued for prepaid consulting fees	$ 0	$ 26,000

Note 1 - Organization

Note 1 - Organization	6 Months Ended
	Jul. 31, 2019
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 plan 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, 2019
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, 2019, 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, 2019 and January 31, 2019. There were 1,000,000 shares of convertible preferred shares outstanding at both period-ends which are anti-dilutive and excluded from the calculation of basic and diluted loss per share. Subsequent Events The Company has evaluated all transactions from July 31, 2019 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 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. No new accounting pronouncement that became effective during the six months ended July 31, 2019 affected the Company.

NOTE-3 GOING CONCERN

NOTE-3 GOING CONCERN	6 Months Ended
	Jul. 31, 2019
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, 2019, the Company had an accumulated deficit of $1,420,291 and has not yet generated revenues from its operations. As of July 31, 2019, the Company had $1,406 in cash, a working capital deficit of $778,111 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 officer. 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, 2019
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 recovery efforts ran into numerous delays and incurred several problems. Since there is no certainty as to when or if the problems and delays will be resolved, Innocap has entered into a new agreement with Solar Resources Inc. (“Solar”) in June 2019 under which the $200,000 investment made by Innocap will no longer relate to the recovery of tin but will now be associated with the already recovered Ming Dynasty porcelain which is now in Indonesia being protected by the government of Indonesia. Under the terms of the new agreement: · · · It is not certain when or to whom sales of the Ming Dynasty porcelain will be made or how much proceeds will be raised.

NOTE 5 - PROJECT ADVANCES

NOTE 5 - PROJECT ADVANCES	6 Months Ended
	Jul. 31, 2019
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, 2019, the Investor had provided aggregate advances of $335,300 under this agreement, including $15,000 during the six months ended July 31, 2019. 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 - RELATED PARTY TRANSACT

NOTE 6 - RELATED PARTY TRANSACTIONS	6 Months Ended
	Jul. 31, 2019
Notes
NOTE 6 - RELATED PARTY TRANSACTIONS	NOTE 6 - RELATED PARTY TRANSACTIONS The Company is provided office space by its President for $750 per month. There is no formal lease agreement. The Company’s President is currently funding many of the Company current operating and travel expenses. The Company has accrued these liabilities as of July 31, 2019. Accrued liabilities – related party also includes compensation due to the Company’s president that has not been paid. The principal involved with the Company providing the project advances described in Note 5 is a minority shareholder in the Company but has no management role.

Note 2 - Summary of Significa_2

Note 2 - Summary of Significant Accounting Policies: Basis of presentation (Policies)	6 Months Ended
	Jul. 31, 2019
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 Significa_3

Note 2 - Summary of Significant Accounting Policies: Interim Financial Statements (Policies)	6 Months Ended
	Jul. 31, 2019
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, 2019, have been omitted.

Note 2 - Summary of Significa_4

Note 2 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	6 Months Ended
	Jul. 31, 2019
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 Significa_5

Note 2 - Summary of Significant Accounting Policies: Basic and Diluted Loss Per Common Share (Policies)	6 Months Ended
	Jul. 31, 2019
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, 2019 and January 31, 2019. There were 1,000,000 shares of convertible preferred shares outstanding at both period-ends which are anti-dilutive and excluded from the calculation of basic and diluted loss per share.

Note 2 - Summary of Significa_6

Note 2 - Summary of Significant Accounting Policies: Subsequent Events (Policies)	6 Months Ended
	Jul. 31, 2019
Policies
Subsequent Events	Subsequent Events The Company has evaluated all transactions from July 31, 2019 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 Significa_7

Note 2 - Summary of Significant Accounting Policies: Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jul. 31, 2019
Policies
Recently Issued Accounting Standards	Recently Issued Accounting Standards The Company has implemented all 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. No new accounting pronouncement that became effective during the six months ended July 31, 2019 affected the Company.

Note 1 - Organization (Details)

Note 1 - Organization (Details)	6 Months Ended
	Jul. 31, 2019
Details
Entity Incorporation, State or Country Code	NV
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, 2019	Jul. 31, 2018	Jul. 31, 2019	Jul. 31, 2018	Jan. 31, 2019
Details
Accumulated deficit	$ (1,420,291)		$ (1,420,291)		$ (1,347,741)
Revenue	$ 0	$ 0	$ 0	$ 0

NOTE 5 - PROJECT ADVANCES (Deta

NOTE 5 - PROJECT ADVANCES (Details)	6 Months Ended
	Jul. 31, 2019USD ($)
Details
Aggregate Project advances	$ 335,300
Project advances	15,000
Project Advances	$ 200,000

Uncategorized Items - inno-2019

Label	Element	Value
Preferred Stock
Net loss	us-gaap_NetIncomeLoss	$ 0
Additional Paid-in Capital
Net loss	us-gaap_NetIncomeLoss	0
Common Stock
Net loss	us-gaap_NetIncomeLoss	$ 0