Duesenberg (DUSYF) 10-Q 15 Sep 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Jul. 31, 2017shares
Document and Entity Information:
Entity Registrant Name	VGRAB COMMUNICATIONS INC.
Document Type	10-Q
Document Period End Date	Jul. 31, 2017
Amendment Flag	false
Entity Central Index Key	1,551,887
Current Fiscal Year End Date	--10-31
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	2,017
Document Fiscal Period Focus	Q3
Entity Common Stock, Shares Outstanding	35,013,838
Trading Symbol	vgrbf

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Current Assets
Cash	$ 13,559	$ 37,055
GST recoverable	904	1,559
Prepaids	8,395	3,582
Total Current Assets	22,858	42,196
Total Assets	22,858	42,196
Current Liabilities
Accounts payable	183,865	49,621
Accrued liabilities	2,455	8,615
Due to related parties	10,770	36
Loan payable	100,000	100,000
Total Current Liabilities	297,090	158,272
Total Liabilities	297,090	158,272
Stockholders' Deficit
Common stock value	5,298,377	5,298,377
Additional paid-in capital	123,093	123,093
Accumulated other comprehensive income	45,207	38,326
Deficit	(5,740,909)	(5,575,872)
Total Stockholders' Equity (Deficit)	(274,232)	(116,076)
Total Liabilities and Stockholders' Equity (Deficit)	$ 22,858	$ 42,196

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares		Jul. 31, 2017	Oct. 31, 2016
Balance Sheet
Common stock, shares authorized	[1]
Common stock, shares issued		35,013,838	35,013,838
Common stock, shares outstanding		35,013,838	35,013,838
[1]	Unlimited

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Jul. 31, 2017	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Operating expenses
Accounting	$ 3,254	$ 2,640	$ 8,420	$ 9,465
General and administrative expenses	27,074	43,558	47,279	63,178
Professional fees	1,711	2,496	4,718	9,202
Regulatory and filing	3,753	5,041	14,620	12,664
Software development costs	90,000		90,000	150,000
Total operating expenses	125,792	53,735	165,037	244,509
Other items
Finder's Fee				79,167
Gain on debt conversion		20,611		20,611
Net loss	(125,792)	(33,124)	(165,037)	(303,065)
Translation to reporting currency	2,911	6,955	6,881	(3,726)
Comprehensive loss	$ (122,881)	$ (26,169)	$ (158,156)	$ (306,791)
Loss per common share - basic and diluted	$ 0	$ 0	$ 0	$ (0.01)
Weighted common shares outstanding - basic and diluted	35,013,838	32,086,482	35,013,838	31,499,156

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Deficit - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning Balance, shares at Oct. 31, 2015	30,806,661
Beginning Balance, amount at Oct. 31, 2015	$ 4,951,375	$ (26,180)	$ 46,447	$ (5,253,631)	$ (281,989)
Common stock issued as finder's fee, shares	500,000
Common stock issued as finder's fee, value	$ 80,000				80,000
Common stock issued for debt, shares	3,407,177
Common stock issued for debt, value	$ 238,502				238,502
Common stock issued for services, shares	300,000
Common stock issued for services, value	$ 28,500				28,500
Gain on settlement of debt with shareholder		149,273			149,273
Translation to reporting currency			(3,726)		(3,726)
Net loss for the period				(303,065)	(303,065)
Ending Balance, shares at Jul. 31, 2016	35,013,838
Ending Balance, amount at Jul. 31, 2016	$ 5,298,377	123,093	42,751	(5,556,696)	(92,505)
Translation to reporting currency			(4,395)		(4,395)
Net loss for the period				(19,176)	(19,176)
Ending Balance, shares at Oct. 31, 2016	35,013,838
Ending Balance, amount at Oct. 31, 2016	$ 5,298,377	123,093	38,326	(5,575,872)	(116,076)
Translation to reporting currency			6,881		6,881
Net loss for the period				(165,037)	(165,037)
Ending Balance, shares at Jul. 31, 2017	35,013,838
Ending Balance, amount at Jul. 31, 2017	$ 5,298,377	$ 123,093	$ 45,207	$ (5,740,909)	$ (274,232)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended	9 Months Ended
	Jul. 31, 2016	Jul. 31, 2017	Jul. 31, 2016
Cash Flows used in Operating Activities
Net loss	$ (33,124)	$ (165,037)	$ (303,065)
Adjustment to reconcile net loss to net cash used in operating activities:
Accrued interest		3	241
Consulting fees, non-cash			28,500
Finder's fee, non-cash			79,167
Gain on debt conversion	20,611		20,611
Foreign exchange		11,590
Changes in operating assets and liabilities:
GST recoverable		724	230
Prepaids		(4,278)	(3,780)
Accounts payable		128,617	(7,273)
Accrued liabilities		(6,388)	(1,524)
Due to related parties		728	150,000
Net cash used in operating activities		(34,041)	(78,115)
Cash Flows from Financing Activities
Loan payable to related party		10,000
Loan payable			126,527
Net cash provided by financing activities		10,000	126,527
Effect of exchange rate changes on cash		545	2,146
Net increase (decrease) in cash during the period		(23,496)	50,558
Cash, beginning of period		37,055	3,751
Cash, end of period	$ 54,309	$ 13,559	$ 54,309

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Jul. 31, 2017
Notes
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations 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. 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 11, 2015. On June 24, 2015, the Company formed a subsidiary, Vgrab International Ltd., (the “Subsidiary”) under the Labuan Companies Act 1990 in Federal Territory of Labuan, Malaysia. Basis of Presentation The unaudited interim consolidated 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 consolidated financial statements for the year ended October 31, 2016, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The unaudited interim consolidated financial statements should be read in conjunction with those financial statements for the year ended October 31, 2016 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 nine months ended July 31, 2017, are not necessarily indicative of the results that may be expected for the year ending October 31, 2017. Going Concern The accompanying unaudited interim consolidated 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 and raises substantial doubt that the Company will be able to continue as a going concern. These unaudited interim consolidated 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 Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jul. 31, 2017
Notes
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reclassifications Certain prior period amounts in the accompanying unaudited interim consolidated 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. Principles of Consolidation The interim consolidated financial statements include the accounts of the Company and the Subsidiary. On consolidation, all intercompany balances and transactions are eliminated.

Related Party Transactions, Dis

Related Party Transactions, Disclosure	9 Months Ended
	Jul. 31, 2017
Notes
Related Party Transactions, Disclosure	NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: July 31, 2017 October 31, 2016 Due to a major shareholder for payments made on behalf of the Company (a) $ 728 $ -- Note payable to a major shareholder (b) 10,003 -- Due to a former director (a) 39 36 Total due to related parties $ 10,770 $ 36 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amount is unsecured, due on demand and bears interest at 4%.

Subsequent Event, Disclosure

Subsequent Event, Disclosure	9 Months Ended
	Jul. 31, 2017
Notes
Subsequent Event, Disclosure	NOTE 4 - SUBSEQUENT EVENT Subsequent to July 31, 2017, the Company received $10,000 under a loan agreement with its major shareholder. The loan bears interest at 4% per annum compounded monthly, is unsecured, non-convertible and payable on demand.

Summary of Significant Accoun11

Summary of Significant Accounting Policies: Reclassifications Policy (Policies)	9 Months Ended
	Jul. 31, 2017
Policies
Reclassifications Policy	Reclassifications Certain prior period amounts in the accompanying unaudited interim consolidated 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 Accoun12

Summary of Significant Accounting Policies: Principles of Consolidation Policy (Policies)	9 Months Ended
	Jul. 31, 2017
Policies
Principles of Consolidation Policy	Principles of Consolidation The interim consolidated financial statements include the accounts of the Company and the Subsidiary. On consolidation, all intercompany balances and transactions are eliminated.

Related Party Transactions, D13

Related Party Transactions, Disclosure: Schedule of Amounts Due to Related Parties (Tables)	9 Months Ended
	Jul. 31, 2017
Tables/Schedules
Schedule of Amounts Due to Related Parties	July 31, 2017 October 31, 2016 Due to a major shareholder for payments made on behalf of the Company (a) $ 728 $ -- Note payable to a major shareholder (b) 10,003 -- Due to a former director (a) 39 36 Total due to related parties $ 10,770 $ 36 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amount is unsecured, due on demand and bears interest at 4%.

Related Party Transactions, D14

Related Party Transactions, Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($)	Jul. 31, 2017	Oct. 31, 2016
Due to related parties	$ 10,770	$ 36
Major shareholder for payments made on behalf of the Company
Due to related parties	728
Major shareholder note payable
Due to related parties	10,003
Former director
Due to related parties	$ 39	$ 36

Subsequent Event, Disclosure (D

Subsequent Event, Disclosure (Details) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 14, 2017	Jul. 31, 2017
Details
Proceeds from related party loan agreement	$ 10,000	$ 10,000