Cannonau (CNNC) 10-K/A 26 Jul 24 2023 FY Annual report (amended) Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Jul. 26, 2024
Cover [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	This Amendment to the Annual Report on Form 10-K of Cannonau Corp. (the "Company") for the fiscal year ended on December 31, 2023, as originally filed on April 12, 2024 (such Annual Report on Form 10-K being referred to as the "Annual Report." This Amendment is being filed to incorporate the audited reports for 2023 and 2024.  It is not intended to, nor does it, reflect events occurring after the filing of the Annual Report, and does not modify or update the disclosures therein in any way other than as required to reflect the change described above. Accordingly, this Amendment should be read in conjunction with the Company's filings made with the Securities and Exchange Commission subsequent to the filing of the Annual Report on December 31, 2023.
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float		$ 412,721
Entity Common Stock, Shares Outstanding		241,377,178
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Boladale Lawal
Auditor Firm ID	6993
Auditor Location	Lagos, Nigeria

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash		$ 157
Accounts Receivable		5,032
Inventory		3,836
Total current assets		9,025
Total assets	0	9,025
Current Liabilities
Accounts payable and accrued liabilities		17,436
Due to related party		329,824
Total current liabilities		347,260
Stockholders' Deficit
Common stock - authorized 290,000,000 shares, par value $0.001, issued and outstanding 241,818,632 as of December 31, 2023 and 2022	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)	(3,788,168)
Total stockholders' deficit		(338,236)
Total liabilities and stockholders' deficit	$ 0	$ 9,025

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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 ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues		$ 227
Cost of Sales		91
Gross Profit		137
Operating expenses:
General and administrative	3,370	9,915
Compensation and benefits		44,056
Professional fees	26,803	32,116
Total operating expenses	30,173	86,086
Loss from operations	(30,173)	(85,950)
Other expense (income)
Write off of assets	8,929
Forgiveness of debts	(377,338)
Total other (income) expense	(368,409)
Net income (loss)	$ 338,236	$ (85,950)
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 ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Net income (loss)	$ 338,236	$ (85,950)
Adjustments to reconcile net loss to net loss from operating activities
Write off of assets	8,929
Forgiveness of debts	(377,338)
Changes in operating assets and liabilities
(increase) decrease in accounts receivable
(increase) decrease in Inventory		(254)
Increase (decrease) in accounts payable	(2,102)
Increase (decrease) in related party debt		(1,245)
Net Cash Used in Operating Activities	(32,275)	(87,448)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from related party	32,118	87,462
Net Cash Provided by  Financing Activities	32,118	87,462
Increase (decrease) in cash	(157)	14
Cash, beginning of year	157	143
Cash, end of year		157
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest
Cash paid for taxes

Statements of Stockholders Defi

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, 2021	$ 241,815	$ 3,181,117	$ 27,000	$ (3,702,218)	$ (252,286)
Net income				(85,950)	(85,950)
Shares, Issued at Dec. 31, 2022	241,815,632
Ending balance, value at Dec. 31, 2022	$ 241,815	3,181,117	27,000	(3,788,168)	(338,236)
Net income				338,236	338,236
Shares, Issued at Dec. 31, 2023	241,815,632
Ending balance, value at Dec. 31, 2023	$ 241,815	$ 3,181,117	$ 27,000	$ (3,449,932)

1. Nature of Operations and Con

1. Nature of Operations and Continuance of Business	12 Months Ended
	Dec. 31, 2023
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 $300,000 1,000,000 The Company is currently developing Cannabis based products. On August 22, 2019, the Company changed its' name to Cannonau Corp. to reflect its' focus on its new Cannabis based products. Going Concern These 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. As of December 31, 2023, the Company had minimal revenues and an accumulated deficit of $ 3,449,932

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
2. Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies a) These 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 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 Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. d) During the year ended December 31, 2023 our revenue recognition policy was in accordance with ASC 605, “Revenue Recognition”, which requires the recognition of sales when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. On January 1, 2019, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers” and all the related amendments, which are also codified into ASC 606. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The Company does not have material contract assets or liabilities that fall under the scope of ASC 606. 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. g) Inventories, which are comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market. Inventories consist of CBD based products. h) Certain prior period amounts have been reclassified to conform to current presentation.

3.Stockholders_ Deficit

3.Stockholders’ Deficit	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
3.Stockholders’ Deficit	3. Stockholders’ Deficit 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 On February 25, 2020, convertible notes to related parties of $ 3,260 9,055,556 On March 20, 2020, convertible notes of $ 4,370 12,138,888 On May 29, 2020, convertible notes to related parties of $ 1,142 30,000,000 On July 6, 2020, convertible notes to related parties of $6,858 180,473,684 On July 21, 2020, convertible notes to related parties of $362 9,526,316 On October 2020, the Company issued 10,597,222 5,299 During 2021, the Company issued 438,454 At December 31, 2023 and 2022 the Company had 241,815,632

4. Income Taxes

4. Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
4. Income Taxes	4. Income Taxes The Company has a net operating loss carried forward of approximately $3,450,000 21% The tax effects of temporary differences that give rise to the Company’s net deferred tax liability as of December 31, 2023 and 2022 are as follows: The significant components of deferred income tax assets and liabilities at December 31, 2023 and 2022 are as follows: 2023 2022 Net operating loss carried forward 723,486 795,515 Valuation allowance (723,486 ) (795,515 ) Net deferred income tax asset — —

5. Related Party Transaction

5. Related Party Transaction	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
5. Related Party Transaction	5 . Related Party Transaction On February 18, 2020, the Company executed a promissory note of $ 1,500 $.00036 On February 25, 2020, the Company executed a promissory note of $1,760 $.00036 On March 13, 2020, the Company executed a promissory note of $2,610 $.00036 On March 20, 2020, the Company executed a promissory note of $1,760 $.00036 During the year ended December 31, 2020, the legal custodian additionally advanced the Company $27,117 $6,000 On July 2, 2020, the Company executed a promissory note of $3,000 $.00038 During the year ended December 31, 2020, the Chief Executive Officer additionally advanced the Company $33,813

6. Subsequent Events

6. Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
6. Subsequent Events	6. Subsequent Events None.

2. Summary of Significant Acc_2

2. Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
a) Basis of Presentation	a) These 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 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) Cash and Cash Equivalents	c) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
d)Revenue Recognition	d) During the year ended December 31, 2023 our revenue recognition policy was in accordance with ASC 605, “Revenue Recognition”, which requires the recognition of sales when control of the product passes to the customer or the service is provided and is recognized at an amount that reflects the consideration expected to be received in exchange for such goods or services. On January 1, 2019, the Company adopted ASU 2014-09, “Revenue from Contracts with Customers” and all the related amendments, which are also codified into ASC 606. The adoption of this guidance did not have a material effect on the Company’s financial position, results of operations or cash flows. The Company does not have material contract assets or liabilities that fall under the scope of ASC 606.
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.
g)Inventory	g) Inventories, which are comprised of finished goods, are stated at the lower of cost (based on the first in, first out method) or market. Inventories consist of CBD based products.
h)Reclassification	h) Certain prior period amounts have been reclassified to conform to current presentation.

4. Income Taxes (Tables)

4. Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Deferred Income Taxes	2023 2022 Net operating loss carried forward 723,486 795,515 Valuation allowance (723,486 ) (795,515 ) Net deferred income tax asset — —

1. Nature of Operations and C_2

1. Nature of Operations and Continuance of Business (Details Narrative) - USD ($)	Apr. 05, 2010	Dec. 31, 2023	Dec. 31, 2022
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	$ 3,788,168

3.Stockholders_ Deficit (Detail

3.Stockholders’ Deficit (Details Narrative) - USD ($)		1 Months Ended					12 Months Ended
	Jul. 06, 2020	Jul. 21, 2020	Apr. 29, 2020	Mar. 20, 2020	Feb. 25, 2020	May 21, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Debt Conversion, Converted Instrument, Shares Issued	180,473,684	9,526,316	30,000,000	12,138,888	9,055,556	100,000,000
Debt Conversion, Converted Instrument, Amount	$ 6,858	$ 362	$ 1,142	$ 4,370	$ 3,260	$ 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
Partners' Capital Account, Units, Sold in Private Placement								10,597,222
Partners' Capital Account, Private Placement of Units								$ 5,299
Stock Issued During Period, Shares, Issued for Services							438,454
Common Stock, Shares, Outstanding										241,815,632	241,815,632

Deferred Income Taxes (Details)

Deferred Income Taxes (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carried forward	$ 723,486	$ 795,515
Valuation allowance	(723,486)	(795,515)
Net deferred income tax asset

4. Income Taxes (Details Narrat

4. Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 3,450,000
Effective Income Tax Rate Reconciliation, Percent	21%

5. Related Party Transaction (D

5. Related Party Transaction (Details Narrative) - USD ($)	2 Months Ended			3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 13, 2020	Feb. 25, 2020	Feb. 18, 2020	Mar. 20, 2020	Jul. 02, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Related Party Transaction [Line Items]
Promissory Note	$ 2,610	$ 1,760	$ 1,500	$ 1,760	$ 3,000
Debt Instrument, Convertible, Conversion Price	$ 0.00036	$ 0.00036	$ 0.00036	$ 0.00036	$ 0.00038
Proceeds from Related Party Debt						$ 32,118	$ 87,462
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Proceeds from Related Party Debt								$ 33,813
Affiliated Entity [Member]
Related Party Transaction [Line Items]
Proceeds from Related Party Debt								27,117
Repaid								$ 6,000