Duesenberg (DUSYF) 10-Q 18 Mar 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 31, 2019	Mar. 18, 2019
Document and Entity Information:
Entity Registrant Name	VGRAB COMMUNICATIONS INC.
Document Type	10-Q
Document Period End Date	Jan. 31, 2019
Amendment Flag	false
Entity Central Index Key	0001551887
Current Fiscal Year End Date	--10-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		35,513,838
Trading Symbol	vgrbf

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jan. 31, 2019	Oct. 31, 2018
Current Assets
Cash	$ 9,797	$ 17,964
GST recoverable	1,088	982
Prepaids	14,371	4,799
Total Current Assets	25,256	23,745
Equipment	8,270	3,931
Total Assets	33,526	27,676
Current Liabilities
Accounts payable	449,361	454,254
Accrued liabilities	11,412	9,555
Due to related parties	490,137	354,877
Loan payable	100,000	100,000
Total Current Liabilities	1,050,910	918,686
Total Liabilities	1,050,910	918,686
Stockholders' Deficit
Common stock value	5,358,377	5,358,377
Additional paid-in capital	123,093	123,093
Accumulated other comprehensive income	44,433	50,428
Deficit	(6,543,287)	(6,422,908)
Total Stockholders' Equity (Deficit)	(1,017,384)	(891,010)
Total Liabilities and Stockholders' Equity (Deficit)	$ 33,526	$ 27,676

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - shares		Jan. 31, 2019	Oct. 31, 2018
Balance Sheet
Common stock, shares authorized	[1]
Common stock, shares issued		35,513,838	35,513,838
Common stock, shares outstanding		35,513,838	35,513,838
[1]	Unlimited

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Operating expenses
Accounting	$ 2,254	$ 3,480
Amortization	1,361
General and administrative expenses	13,106	12,349
Professional fees	3,825	2,010
Regulatory and filing	6,960	4,386
Salaries and wages	81,533
Software development costs	230	90,000
Travel and entertainment	9,262
Total operating expenses	118,531	112,225
Other items
Gain (loss) on foreign exchange		(20,159)
Interest expense	1,848	459
Net loss	(120,379)	(132,843)
Translation to reporting currency	(5,995)	15,301
Comprehensive loss	$ (126,374)	$ (117,542)
Loss per common share - basic and diluted	$ 0	$ 0
Weighted common shares outstanding - basic and diluted	35,513,838	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, 2017	35,013,838
Beginning Balance, amount at Oct. 31, 2017	$ 5,298,377	$ 123,093	$ 51,283	$ (5,865,739)	$ (392,986)
Translation to reporting currency			15,301		15,301
Net loss for the period				(132,843)	(132,843)
Ending Balance, shares at Jan. 31, 2018	35,013,838
Ending Balance, amount at Jan. 31, 2018	$ 5,298,377	123,093	66,584	(5,998,582)	(510,528)
Management fees paid by stock, shares	500,000
Management fees paid by stock, value	$ 60,000				60,000
Translation to reporting currency			(16,156)		(16,156)
Net loss for the period				(424,326)	(424,326)
Ending Balance, shares at Oct. 31, 2018	35,513,838
Ending Balance, amount at Oct. 31, 2018	$ 5,358,377	123,093	50,428	(6,422,908)	(891,010)
Translation to reporting currency			(5,995)		(5,995)
Net loss for the period				(120,379)	(120,379)
Ending Balance, shares at Jan. 31, 2019	35,513,838
Ending Balance, amount at Jan. 31, 2019	$ 5,358,377	$ 123,093	$ 44,433	$ (6,543,287)	$ (1,017,384)

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Cash Flows used in Operating Activities
Net loss	$ (120,379)	$ (132,843)
Adjustment to reconcile net loss to net cash used in operating activities:
Accrued interest	1,848	459
Amortization	1,361
Foreign exchange	556	20,735
Changes in operating assets and liabilities:
GST recoverable	(106)	(5)
Prepaids	(9,560)	700
Accounts payable and accrued liabilities	(3,046)	82,651
Due to related parties	12,008
Accrued salaries	54,027
Net cash used in operating activities	(63,291)	(28,303)
Cash Flows from Investing Activities
Payments for purchase of equipment	5,515
Net cash provided by investing activities	(5,515)
Cash Flows from Financing Activities
Loan payable to related party	60,459	15,940
Net cash provided by financing activities	60,459	15,940
Effect of exchange rate changes on cash	180	145
Net increase (decrease) in cash during the period	(8,167)	(12,218)
Cash, beginning of period	17,964	15,887
Cash, end of period	$ 9,797	$ 3,669

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Jan. 31, 2019
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 June 24, 2015, the Company formed a subsidiary, Vgrab International Ltd., (“Vgrab International”) under the Labuan Companies Act 1990 in Federal Territory of Labuan, Malaysia. On May 17, 2018, the Company formed an additional subsidiary, Vgrab Communications Malaysia Sdn Bhd (“Vgrab Malaysia”) 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, 2018, 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, 2018, 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-month period ended January 31, 2019, are not necessarily indicative of the results that may be expected for the year ending October 31, 2019. 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	3 Months Ended
	Jan. 31, 2019
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 unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated.

Related Party Transactions Disc

Related Party Transactions Disclosure	3 Months Ended
	Jan. 31, 2019
Notes
Related Party Transactions Disclosure	NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: January 31, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,315 $ 1,301 Notes payable to a major shareholder (b) 217,279 148,289 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 160,651 121,156 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 110,892 84,131 Total due to related parties $ 490,137 $ 354,877 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4%. During the three-month period ended January 31, 2019, the Company recorded $1,848 (2018 - $459) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the three-month period ended January 31, 2019, the Company received $86,774 (2018 - $15,940) in exchange for the notes payable to Hampshire Avenue SDN BHD (“Hampshire Avenue”), a parent company of Hampshire Capital Limited and Hampshire Infotech SDN BHD. The loans bear interest at 4% per annum, are unsecured and payable on demand. During the same period the Company repaid $21,761 (2018 - $Nil) in loans advanced from Hampshire Avenue. During the three-month period ended January 31, 2019, the Company incurred $30,015 (2018 - $Nil) in wages and salary to Mr. Lim Hun Beng, the Company’s CEO, President and director. In addition, the Company incurred $7,215 (2018 - $Nil) in reimbursable expenses with Mr. Lim. During the three-month period ended January 31, 2019, the Company incurred $24,012 (2018 - $Nil) in wages and salary to Mr. Liong Fook Weng, the Company’s CFO and director. In addition, the Company incurred $1,168 (2018 - $Nil) in reimbursable expenses with Mr. Liong.

Equipment Disclosure

Equipment Disclosure	3 Months Ended
	Jan. 31, 2019
Notes
Equipment Disclosure	NOTE 4 - EQUIPMENT As at January 31, 2019, the equipment consisted of several computers and software required to operate the computers and office equipment required for operations with a cost of $9,631. The Company recorded $1,361 (2018 - $nil) in amortization expense on its equipment for the three months ended January 31, 2019.

Common Stock Disclosure

Common Stock Disclosure	3 Months Ended
	Jan. 31, 2019
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK During the three-month periods ended January 31, 2019, and 2018, the Company did not have any transactions that would have resulted in issuance of its common stock. In addition, the Company did not have any warrants or options issued and exercisable during this period.

Organization and Basis of Pre_2

Organization and Basis of Presentation: Basis of Presentation (Policies)	3 Months Ended
	Jan. 31, 2019
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, 2018, 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, 2018, 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-month period ended January 31, 2019, are not necessarily indicative of the results that may be expected for the year ending October 31, 2019.

Organization and Basis of Pre_3

Organization and Basis of Presentation: Going Concern (Policies)	3 Months Ended
	Jan. 31, 2019
Policies
Going Concern	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 Accoun_2

Summary of Significant Accounting Policies: Reclassifications Policy (Policies)	3 Months Ended
	Jan. 31, 2019
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 Accoun_3

Summary of Significant Accounting Policies: Principles of Consolidation Policy (Policies)	3 Months Ended
	Jan. 31, 2019
Policies
Principles of Consolidation Policy	Principles of Consolidation The unaudited interim consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated.

Related Party Transactions Di_2

Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Tables)	3 Months Ended
	Jan. 31, 2019
Tables/Schedules
Schedule of Amounts Due to Related Parties	January 31, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,315 $ 1,301 Notes payable to a major shareholder (b) 217,279 148,289 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 160,651 121,156 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 110,892 84,131 Total due to related parties $ 490,137 $ 354,877 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4%.

Related Party Transactions Di_3

Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($)	Jan. 31, 2019	Oct. 31, 2018
Due to related parties	$ 490,137	$ 354,877
Major shareholder for payments made on behalf of the Company
Due to related parties	1,315	1,301
Major shareholder note payable
Due to related parties	217,279	148,289
CEO and Director
Due to related parties	160,651	121,156
CFO and Director
Due to related parties	$ 110,892	$ 84,131

Related Party Transactions Di_4

Related Party Transactions Disclosure (Details) - USD ($)	3 Months Ended
	Jan. 31, 2019	Jan. 31, 2018
Interest expense	$ 1,848	$ 459
Major shareholder note payable
Interest expense	1,848	459
Hampshire Avenue Sdn Bhd
Proceeds from Notes payable	86,774	$ 15,940
Repayment of loans	21,761
CEO and Director
Wages and Salary, for officers	30,015
Reimbursable expense incurred	7,215
CFO and Director
Wages and Salary, for officers	24,012
Reimbursable expense incurred	$ 1,168

Equipment Disclosure (Details)

Equipment Disclosure (Details) - Consisting of several computers, software and office equipment	3 Months Ended
	Jan. 31, 2019USD ($)
Equipment	$ 9,631
Amortization	$ 1,361