Duesenberg (DUSYF) 10-Q 15 Jun 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Apr. 30, 2015
Document and Entity Information:
Entity Registrant Name	VGRAB COMMUNICATIONS INC.
Document Type	10-Q
Document Period End Date	30-Apr-15
Amendment Flag	FALSE
Entity Central Index Key	1551887
Current Fiscal Year End Date	-21
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding	30,806,661

Balance_Sheets

Balance Sheets (USD $)	Apr. 30, 2015	Oct. 31, 2014
Current Assets
Cash	$33,714	$21,512
GST recoverable	1,919	230
Prepaids	5,686
Total Current Assets	41,319	21,742
Intangibles, net	4,100,688
Unproved mineral property		11,697
Total Assets	4,142,007	33,439
Current Liabilities
Accounts payable	87,691	74,419
Accrued liabilities	3,466	29,002
Due to related parties	67,299	7,844
Total Current Liabilities	158,456	111,265
Total Liabilities	158,456	111,265
Stockholders' Deficit
Common stock value	4,951,375	576,375
Additional paid-in capital	-26,180	-26,180
Accumulated other comprehensive income	154,906	6,552
Deficit	-1,096,550	-634,573
Total Stockholders' Equity (Deficit)	3,983,551	-77,826
Total Liabilities and Stockholders' Equity (Deficit)	$4,142,007	$33,439

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical)	Apr. 30, 2015	Oct. 31, 2014
Balance Sheet
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	30,806,661	7,806,661
Common stock, shares outstanding	30,806,661	7,806,661

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Apr. 30, 2015	Apr. 30, 2014
Operating expenses
Administration	$11,547	$20,395	$37,280	$39,087
Accounting	2,953	4,238	5,526	6,107
Amortization	320,108		320,108
Bank charges	370	296	712	423
Consulting	18,527		19,591	3,738
Corporate communications	1,441	128	1,933	1,676
Management fees		2,595		12,876
Office			389	2,658
Professional fees	1,904	-2,494	9,299	14,417
Regulatory and filing	10,822	2,646	13,806	9,912
Software development	46,362		46,362	1,122
Travel and entertainment				935
Foreign exchange	926	-46	-7,299	288
Total operating expenses	414,960	27,758	447,707	93,239
Other items
Mineral exploration			2,573
Write-down of unproved mineral property			11,697
Net loss	-414,960	-27,758	-461,977	-93,239
Translation to reporting currency	144,039	-2,281	148,354	3,282
Comprehensive loss	($270,921)	($30,039)	($313,623)	($89,957)
Loss per common share - basic and diluted	$0.01	$0	$0.03	$0.01
Weighted common shares outstanding - basic and diluted	28,278,571	7,216,661	17,936,495	7,149,439

Statements_of_Stockholders_Def

Statements of Stockholders' Deficit (USD $)	Common Stock	Stock Subscribed	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning Balance, amount at Oct. 31, 2013	$472,000		($26,180)	($63)	($501,287)	($55,530)
Beginning Balance, shares at Oct. 31, 2013	6,916,661
Common stock issued, shares	300,000
Common stock issued, value	27,000					27,000
Obligation to issue shares		9,000				9,000
Translation to reporting currency				3,282		3,282
Net loss for the period					-93,239	-93,239
Ending Balance, amount at Apr. 30, 2014	499,000	9,000	-26,180	3,219	-594,526	-109,487
Ending Balance, shares at Apr. 30, 2014	7,216,661
Common stock issued, shares	590,000
Common stock issued, value	77,375	-9,000				68,375
Translation to reporting currency				3,333		3,333
Net loss for the period					-40,047	-40,047
Ending Balance, amount at Oct. 31, 2014	576,375		-26,180	6,552	-634,573	-77,826
Ending Balance, shares at Oct. 31, 2014	7,806,661
Common stock issued for cash, shares	500,000
Common stock issued for cash, value	100,000					100,000
Common stock issued for software, shares	22,500,000
Common stock issued for software, value	4,275,000					4,275,000
Translation to reporting currency				148,354		148,354
Net loss for the period					-461,977	-461,977
Ending Balance, amount at Apr. 30, 2015	$4,951,375		($26,180)	$154,906	($1,096,550)	$3,983,551
Ending Balance, shares at Apr. 30, 2015	30,806,661

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014
Cash Flows used in Operating Activities
Net loss	($461,977)	($93,239)
Adjustment to reconcile net loss to net cash used in operating activities:
Amortization	320,108
Write-down of unproved mineral property	11,697
Changes in operating assets and liabilities:
GST recoverable	-1,712	225
Prepaids	-5,625
Accounts payable	-376	50,801
Accrued liabilities	-4,971
Due to related parties	60,000	3,625
Net cash used in operating activities	-82,856	-38,588
Cash Flows from Financing Activities
Shares issued	100,000	27,000
Shares subscribed		9,000
Advances received		2,472
Net cash provided by financing activities	100,000	38,472
Effect of exchange rate changes on cash	-4,942	-245
Net increase (decrease) in cash during the period	12,202	-361
Cash, beginning of period	21,512	4,266
Cash, end of period	33,714	3,905
Supplemental Disclosure of Cash Flow Information:
Taxes
Interest
Non-cash investing transactions:
Shares issued for software	$4,275,000

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Apr. 30, 2015
Notes
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION
	Nature of Operations
	VGrab Communications Inc. (formerly Corecomm Solutions Inc.) (the “Company”) is a development stage company.
	On January 8, 2015, the Company entered into a software purchase agreement with Hampshire Capital Limited (the “Vendor”) to acquire the VGrab Software Application (“VGrab Application”). VGrab Application is developed for use with smartphones using the Android and Apple iOS operating systems allowing users to redeem vouchers on their smartphones at a number of retailers and merchants. On February 10, 2015, the Company completed the acquisition of VGrab Application (Note 3). As a result of the transaction, the Company changed its principal business focus from the acquisition and exploration of mineral resources to the software development and changed its name to VGrab Communications Inc. on February 13, 2015.
	Basis of presentation
	The unaudited interim financial statements of the Company are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended October 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited financial statements should be read in conjunction with those financial statements for the year ended October 31, 2014 included in the Company’s Annual Report on Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months ended April 30, 2015, are not necessarily indicative of the results that may be expected for the year ending October 31, 2015.
	Going Concern
	The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations.  The outcome of these matters cannot be predicted with any certainty at this time and raises substantial doubt that the Company will be able to continue as a going concern.  These unaudited interim financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.  Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2015
Notes
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Reclassifications
	Certain prior period amounts in the accompanying unaudited interim financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no effect on the results of operations or financial position for any period presented.
	Internal-Use Software
	The Company incurs costs related to the development of its VGrab Application and Vgrab.com website. Costs incurred in the planning and evaluation stage of internally-developed software and website development are expensed as incurred. Costs incurred and accumulated during the development stage are capitalized and included as part of Intangible assets on the balance sheets. Additional improvements to the web site following the initial development state are expensed as incurred. Capitalized internally-developed software and website development costs are amortized over their expected economic life of three years using the straight-line method.
	Impairment of Long-Lived Assets
	Long-lived assets, such as property, equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.

Software_Purchase_Agreement_Di

Software Purchase Agreement Disclosure	3 Months Ended
	Apr. 30, 2015
Notes
Software Purchase Agreement Disclosure	NOTE 3 - SOFTWARE PURCHASE AGREEMENT
	On January 8, 2015, the Company entered into a software purchase agreement with Hampshire Capital Limited (the “Vendor”) to acquire the VGrab Software Application. The transaction was completed on February 10, 2015. In consideration for the acquisition, the Company issued 22,500,000 shares of its common stock with a fair value of $0.19 per share for a total value of $4,275,000. The VGrab Application is amortized over three years on a straight line basis. During the six months ended April 30, 2015, amortization expense of $320,108 (April 30, 2014 - $Nil) was recorded.
	The table below summarizes the value of the VGrab Application:
		30-Apr-15
	Acquisition cost	$	4,275,000
	Amortization		-320,108
	Effect of foreign currency translation		145,796
	Total	$	4,100,688

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Apr. 30, 2015
Notes
Related Party Transactions	NOTE 4 - RELATED PARTY TRANSACTIONS
	During the six months ended April 30, 2015 and 2014, the Company incurred the following transactions with related parties:
		Six Months Ended April 30,
		2015		2014
	Management fees incurred to a former director	$	--	$	2,299
	Management fees incurred to a former Chief Executive Officer		--		8,278
	Management fees incurred to a former Chief Financial Officer		--		2,299
	Consulting and software development costs incurred to		61,813		--
	a company controlled by a significant shareholder
	Total transactions with related parties	$	61,813	$	12,876
	At April 30, 2015, the Company owed $67,299 (October 31, 2014 - $7,844) to related parties. The amounts bear no interest, are unsecured and due on demand.

Common_Stock_Disclosure

Common Stock Disclosure	3 Months Ended
	Apr. 30, 2015
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK
	On January 8, 2014, the Company completed a private placement and issued 300,000 common shares for gross proceeds of $30,000 and paid finders a cash commission totalling $3,000 associated with this offering.
	On July 31, 2014, the Company completed a private placement and issued 325,000 common shares at a price of $0.075 per share for gross proceeds of $24,375.
	On October 31, 2014, the Company completed a private placement and issued 265,000 common shares at a price of $0.20 per share for gross proceeds of $53,000.
	On January 8, 2015, the Company completed a private placement of 500,000 common shares at $0.20 per share for gross proceeds of $100,000.
	On February 10, 2015, the Company issued 22,500,000 common shares at $0.19 per share (Note 3) to the Vendor of the VGrab Application.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies: Reclassifications Policy (Policies)	3 Months Ended
	Apr. 30, 2015
Policies
Reclassifications Policy	Reclassifications
	Certain prior period amounts in the accompanying unaudited interim financial statements have been reclassified to conform to the current period’s presentation. These reclassifications had no effect on the results of operations or financial position for any period presented.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies: Internal-Use Software Policy (Policies)	3 Months Ended
	Apr. 30, 2015
Policies
Internal-Use Software Policy	Internal-Use Software
	The Company incurs costs related to the development of its VGrab Application and Vgrab.com website. Costs incurred in the planning and evaluation stage of internally-developed software and website development are expensed as incurred. Costs incurred and accumulated during the development stage are capitalized and included as part of Intangible assets on the balance sheets. Additional improvements to the web site following the initial development state are expensed as incurred. Capitalized internally-developed software and website development costs are amortized over their expected economic life of three years using the straight-line method.

Summary_of_Significant_Account3

Summary of Significant Accounting Policies: Impairment of Long-lived Assets Policy (Policies)	3 Months Ended
	Apr. 30, 2015
Policies
Impairment of Long-lived Assets Policy	Impairment of Long-Lived Assets
	Long-lived assets, such as property, equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require that a long lived asset or asset group be tested for possible impairment, the Company first compares the undiscounted cash flows expected to be generated by that long-lived asset or asset group to its carrying amount. If the carrying amount of the long lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value.

Software_Purchase_Agreement_Di1

Software Purchase Agreement Disclosure: Summary of VGrab Application (Tables)	3 Months Ended
	Apr. 30, 2015
Tables/Schedules
Summary of VGrab Application
		30-Apr-15
	Acquisition cost	$	4,275,000
	Amortization		-320,108
	Effect of foreign currency translation		145,796
	Total	$	4,100,688

Software_Purchase_Agreement_Di2

Software Purchase Agreement Disclosure (Details) (Software acquisition)	6 Months Ended
	Apr. 30, 2015
Software acquisition
Common stock issued for software acquisition	22,500,000

Software_Purchase_Agreement_Di3

Software Purchase Agreement Disclosure: Summary of VGrab Application (Details) (USD $)	3 Months Ended
	Apr. 30, 2015
Details
Software acquisition cost	$4,275,000
Amortization of software costs	-320,108
Effect of foreign currency translation on software acquisition	145,796
Total cost of software acquisition	$4,100,688

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	6 Months Ended
	Apr. 30, 2015	Apr. 30, 2014	Oct. 31, 2014
Related party expenses	$61,813	$12,876
Due to related parties	67,299		7,844
Management fees, former director
Related party expenses		2,299
Management fees incurred, former CEO
Related party expenses		8,278
Management fees incurred, former CFO
Related party expenses		2,299
Consulting and software development costs, shareholder
Related party expenses	$61,813

Common_Stock_Disclosure_Detail

Common Stock Disclosure (Details) (USD $)	6 Months Ended
	Apr. 30, 2015	Oct. 31, 2014	Apr. 30, 2014
Gross proceeds from common stock issued in private placement		$68,375	$27,000
Gross proceeds from common stock issued for cash	100,000
8-Jan-14
Shares of common stock issued in private placement			300,000
Gross proceeds from common stock issued in private placement			30,000
Cash commission paid to finders			3,000
31-Jul-14
Shares of common stock issued in private placement		325,000
Gross proceeds from common stock issued in private placement		24,375
Price per common share		$0.08
31-Oct-14
Shares of common stock issued in private placement		265,000
Gross proceeds from common stock issued in private placement		53,000
Price per common share		$0.20
8-Jan-15
Price per common share	$0.20
Shares of common stock issued for cash	500,000
Gross proceeds from common stock issued for cash	$100,000
Software acquisition
Price per common share	$0.19
Common stock issued for software acquisition	22,500,000