Duesenberg (DUSYF) 10-Q 15 Jun 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 30, 2018	Jun. 14, 2018
Document and Entity Information:
Entity Registrant Name	VGRAB COMMUNICATIONS INC.
Document Type	10-Q
Document Period End Date	Apr. 30, 2018
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	2,018
Document Fiscal Period Focus	Q2
Entity Common Stock, Shares Outstanding		35,013,838
Trading Symbol	vgrbf

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Apr. 30, 2018	Oct. 31, 2017
Current Assets
Cash	$ 10,288	$ 15,887
GST recoverable	1,140	798
Prepaids	8,126	3,303
Total Current Assets	19,554	19,988
Total Assets	19,554	19,988
Current Liabilities
Accounts payable	460,618	265,251
Accrued liabilities	4,674	10,239
Due to related parties	72,405	37,484
Loan payable	100,000	100,000
Total Current Liabilities	637,697	412,974
Total Liabilities	637,697	412,974
Stockholders' Deficit
Common stock value	5,298,377	5,298,377
Additional paid-in capital	123,093	123,093
Accumulated other comprehensive income	39,329	51,283
Deficit	(6,078,942)	(5,865,739)
Total Stockholders' Equity (Deficit)	(618,143)	(392,986)
Total Liabilities and Stockholders' Equity (Deficit)	$ 19,554	$ 19,988

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares		Apr. 30, 2018	Oct. 31, 2017
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		6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Operating expenses
Accounting	$ 2,204	$ 2,253	$ 5,684	$ 5,166
General and administrative expenses	11,652	11,378	24,001	22,831
Professional fees	1,975	2,668	3,985	3,007
Regulatory and filing	6,016	5,443	10,402	10,867
Research and development	90,000		180,000
Total operating expenses	111,847	21,742	224,072	41,871
Other items
Gain (loss) on foreign exchange	32,075	8,249	11,916	2,626
Interest	588		1,047
Net loss	(80,360)	(13,493)	(213,203)	(39,245)
Translation to reporting currency	(27,255)	(5,971)	(11,954)	(2,001)
Comprehensive loss	$ (107,615)	$ (19,464)	$ (225,157)	$ (41,246)
Loss per common share - basic and diluted	$ 0	$ 0	$ (0.01)	$ 0
Weighted common shares outstanding - basic and diluted	35,013,838	35,013,838	35,013,838	35,013,838

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, 2016	35,013,838
Beginning Balance, amount at Oct. 31, 2016	$ 5,298,377	$ 123,093	$ 38,326	$ (5,575,872)	$ (116,076)
Translation to reporting currency			(2,001)		(2,001)
Net loss for the period				(39,245)	(39,245)
Ending Balance, shares at Apr. 30, 2017	35,013,838
Ending Balance, amount at Apr. 30, 2017	$ 5,298,377	123,093	36,325	(5,615,117)	(157,322)
Translation to reporting currency			14,958		14,958
Net loss for the period				(250,622)	(250,622)
Ending Balance, shares at Oct. 31, 2017	35,013,838
Ending Balance, amount at Oct. 31, 2017	$ 5,298,377	123,093	51,283	(5,865,739)	(392,986)
Translation to reporting currency			(11,954)		(11,954)
Net loss for the period				(213,203)	(213,203)
Ending Balance, shares at Apr. 30, 2018	35,013,838
Ending Balance, amount at Apr. 30, 2018	$ 5,298,377	$ 123,093	$ 39,329	$ (6,078,942)	$ (618,143)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Cash Flows used in Operating Activities
Net loss	$ (80,360)	$ (13,493)	$ (213,203)	$ (39,245)
Adjustment to reconcile net loss to net cash used in operating activities:
Accrued interest			1,047
Foreign exchange			(11,408)
Changes in operating assets and liabilities:
GST recoverable			(337)	396
Prepaids			(4,787)	(4,770)
Accounts payable and accrued liabilities			189,352	12,132
Net cash used in operating activities			(39,336)	(31,487)
Cash Flows from Financing Activities
Loan payable to related party			33,692
Net cash provided by financing activities			33,692
Effect of exchange rate changes on cash			45	(3,202)
Net increase (decrease) in cash during the period			(5,599)	(34,689)
Cash, beginning of period			15,887	37,055
Cash, end of period	$ 10,288	$ 2,366	10,288	2,366
Supplemental Disclosure of Cash Flow Information:
Taxes
Interest

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Apr. 30, 2018
Notes
Organization and Basis of Presentation	NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations On January 8, 2015, Vgrab Communications Inc. (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, 2017, 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, 2017, 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, 2018, are not necessarily indicative of the results that may be expected for the year ending October 31, 2018. 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	6 Months Ended
	Apr. 30, 2018
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 Disc

Related Party Transactions Disclosure	6 Months Ended
	Apr. 30, 2018
Notes
Related Party Transactions Disclosure	NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: April 30, 2018 October 31, 2017 Due to a major shareholder for payments made on behalf of the Company (a) $ 728 $ 728 Notes payable to a major shareholder (b) 71,677 36,719 Due to a former director (c) -- 37 Total due to related parties $ 72,405 $ 37,484 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amount is unsecured, due on demand and bears interest at 4%. (c) Amount due to former director has been included in accounts payable. During the six months ended April 30, 2018, the Company received $33,692 in exchange for notes payable to a major shareholder. During the six months ended April 30, 2018, the Company recorded $1,047 (April 30, 2017 - $Nil) in interest expense in connection with the notes payable to a major shareholder.

Subsequent Event, Disclosure

Subsequent Event, Disclosure	6 Months Ended
	Apr. 30, 2018
Notes
Subsequent Event, Disclosure	NOTE 4 - SUBSEQUENT EVENT Subsequent to April 30, 2018, the Company received $7,690 (CAD$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.

Organization and Basis of Pre11

Organization and Basis of Presentation: Basis of Presentation (Policies)	6 Months Ended
	Apr. 30, 2018
Policies
Basis of Presentation	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, 2017, 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, 2017, 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, 2018, are not necessarily indicative of the results that may be expected for the year ending October 31, 2018.

Summary of Significant Accoun12

Summary of Significant Accounting Policies: Reclassifications Policy (Policies)	6 Months Ended
	Apr. 30, 2018
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 Accoun13

Summary of Significant Accounting Policies: Principles of Consolidation Policy (Policies)	6 Months Ended
	Apr. 30, 2018
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 Di14

Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Tables)	6 Months Ended
	Apr. 30, 2018
Tables/Schedules
Schedule of Amounts Due to Related Parties	April 30, 2018 October 31, 2017 Due to a major shareholder for payments made on behalf of the Company (a) $ 728 $ 728 Notes payable to a major shareholder (b) 71,677 36,719 Due to a former director (c) -- 37 Total due to related parties $ 72,405 $ 37,484 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amount is unsecured, due on demand and bears interest at 4%. (c) Amount due to former director has been included in accounts payable.

Related Party Transactions Di15

Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($)	Apr. 30, 2018	Oct. 31, 2017
Due to related parties	$ 72,405	$ 37,484
Major shareholder for payments made on behalf of the Company
Due to related parties	728	728
Major shareholder note payable
Due to related parties	$ 71,677	36,719
Former director
Due to related parties		$ 37

Related Party Transactions Di16

Related Party Transactions Disclosure (Details) - USD ($)	3 Months Ended	6 Months Ended
	Apr. 30, 2018	Apr. 30, 2018
Loans received from related party		$ 33,692
Interest	$ 588	1,047
Major shareholder note payable
Loans received from related party		33,692
Interest		$ 1,047

Subsequent Event, Disclosure (D

Subsequent Event, Disclosure (Details) - USD ($)	2 Months Ended	6 Months Ended
	Jun. 12, 2018	Apr. 30, 2018
Loans received from related party		$ 33,692
Loan agreements with its major shareholder
Loans received from related party	$ 7,690