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 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 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 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. 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 Companys 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 Companys 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 Companys 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 |