Cannonau (CNNC) 10-Q 5 Jun 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Jun. 04, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	333-145876
Entity Registrant Name	CANNONAU CORP
Entity Central Index Key	0001410187
Entity Tax Identification Number	84-2870437
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	937 Old Seneca Turnpike Road
Entity Address, City or Town	Skaneateles
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	13252-9318
City Area Code	315
Local Phone Number	558-3702
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		241,815,632

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Total current assets
Total assets	0	0
Current Liabilities
Total current liabilities
Stockholders' Deficit
Preferred stock- authorized 10,000,000 shares, par value $0.001, issued and outstanding nil shares
Common stock- authorized 290,000,000 shares, par value $0.001, issued and outstanding 241,815,632 shares	241,815	241,815
Common stock issuable	27,000	27,000
Additional paid-in capital	3,181,117	3,181,117
Accumulated deficit	(3,449,932)	(3,449,932)
Total stockholders' deficit
Total liabilities and stockholders' deficit	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	290,000,000	290,000,000
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	241,815,632	241,815,632
Common Stock, Shares, Outstanding	241,815,632	241,815,632

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues
Operating expenses:
General and administrative		1,409
Compensation
Professional fees		9,323
Total operating expenses		10,732
Loss from operations		(10,732)
Interest expense
Total other expense
Net loss		$ (10,732)
Net loss per share (basic and diluted)
Weighted average shares outstanding	241,815,632	241,815,632

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (10,732)
Adjustments to reconcile net loss to net loss from operating activities
Inventory
Accounts payable and accrued liabilities		9,534
Net Cash Used in Operating Activities		(1,198)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of equipment
Net Cash Provided by (Used in) Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party		1,048
Net Cash Provided by Financing Activities		1,048
Increase (decrease) in cash		(150)
Cash, beginning of period		157
Cash, end of period		7
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
Cash paid for taxes
SUPPLEMENTAL NON-CASH FINANCING ACTIVITIES
Shares issued to convert amounts due related party

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Common Stock Issuable [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022	$ 241,815	$ 3,181,117	$ 27,000	$ (3,788,168)	$ (338,236)
Shares, Issued at Dec. 31, 2022	241,815,632
Net loss				(10,732)	(10,732)
Ending balance, value at Mar. 31, 2023	$ 241,815	3,181,117	27,000	(3,798,168)	(348,968)
Shares, Issued at Mar. 31, 2023	241,815,632
Beginning balance, value at Dec. 31, 2023	$ 241,815	3,181,117	27,000	(3,449,932)
Shares, Issued at Dec. 31, 2023	241,815,632
Net loss
Ending balance, value at Mar. 31, 2024	$ 241,815	$ 3,181,117	$ 27,000	$ (3,449,932)
Shares, Issued at Mar. 31, 2024	241,815,632

1.Nature of Operations and Cont

1.Nature of Operations and Continuance of Business	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
1.Nature of Operations and Continuance of Business	1. Nature of Operations and Continuance of Business Cannonau Corp. (the “Company”) was incorporated under the laws of the State of Nevada on April 3, 2007 as Pacific Blue Energy Corp. On April 5, 2010, the Company acquired a 100% interest of Ship Ahoy LLC, a limited liability company in Arizona, in exchange for $300,000 1,000,000 Going Concern These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of March 31, 2024, the Company had minimal revenues and an accumulated deficit of $3,449,932

2.Summary of Significant Accoun

2.Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
2.Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies a) These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Ship Ahoy LLC. All intercompany transactions have been eliminated. The Company’s fiscal year-end is December 31. b) The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company’s Annual Report on Form 10-Q. Operating results for the three months ended March 31, 2024, may not necessarily be indicative of results to be expected for any other interim period or for the full year. d) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of March 31, 2024, and December 31, 2023, the Company had no cash equivalents. e) The Company computes net loss per share in accordance with ASC 260, Earnings Per Share, f) ASC 820, “Fair Value Measurements”, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. h) Inventories, which are comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market. i) Certain prior period amounts have been reclassified to conform to current presentation.

3. Stockholders_ Equity

3. Stockholders’ Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
3. Stockholders’ Equity	3. Stockholders’ Equity On May 21, 2019, the Company issued 100,000,000 $5,000 On November 5, 2019, the Company purchased and retired into treasury 15,000,000 $2,000 On January 23, 2020, the Company executed a 2,000 to 1 reverse stock split

1.Nature of Operations and Co_2

1.Nature of Operations and Continuance of Business (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Going Concern	Going Concern These consolidated financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has generated no revenues to date and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. As of March 31, 2024, the Company had minimal revenues and an accumulated deficit of $3,449,932

2.Summary of Significant Acco_2

2.Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
a)Basis of Presentation and Principles of Consolidation	a) These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Ship Ahoy LLC. All intercompany transactions have been eliminated. The Company’s fiscal year-end is December 31.
b)Use of Estimates	b) The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the recoverability of its long-lived assets, stock-based compensation, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
c)Interim Financial Statements	c) The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the applicable rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying financial statements contain all adjustments (consisting of normal and recurring accruals) necessary to present fairly all financial statements in accordance with GAAP. The consolidated financial statements herein should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the fiscal year ended December 31, 2023, included in the Company’s Annual Report on Form 10-Q. Operating results for the three months ended March 31, 2024, may not necessarily be indicative of results to be expected for any other interim period or for the full year.
d)Cash and Cash Equivalents	d) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. As of March 31, 2024, and December 31, 2023, the Company had no cash equivalents.
e)Basic and Diluted Net Loss Per Share	e) The Company computes net loss per share in accordance with ASC 260, Earnings Per Share,
f)Financial Instruments	f) ASC 820, “Fair Value Measurements”, Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
h)Inventory	h) Inventories, which are comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market.
i)Reclassifications	i) Certain prior period amounts have been reclassified to conform to current presentation.

1.Nature of Operations and Co_3

1.Nature of Operations and Continuance of Business (Details Narrative) - USD ($)	Apr. 05, 2010	Mar. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Payments to Acquire Businesses, Gross	$ 300,000
Stock Issued During Period, Shares, Acquisitions	1,000,000
Retained Earnings (Accumulated Deficit)		$ 3,449,932	$ 3,449,932

3. Stockholders_ Equity (Detail

3. Stockholders’ Equity (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	May 21, 2019	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Debt Conversion, Converted Instrument, Shares Issued	100,000,000
Debt Conversion, Converted Instrument, Amount	$ 5,000
Treasury Stock, Shares, Retired			15,000,000
Treasury Stock, Retired, Cost Method, Amount			$ 2,000
Stockholders' Equity, Reverse Stock Split		2,000 to 1 reverse stock split