Duesenberg (DUSYF) 10-Q 14 Jun 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Apr. 30, 2019	Jun. 14, 2019
Details
Registrant Name	VGRAB COMMUNICATIONS INC.
Registrant CIK	0001551887
SEC Form	10-Q
Period End date	Apr. 30, 2019
Fiscal Year End	--10-31
Tax Identification Number (TIN)	99-0364150
Number of common stock shares outstanding		35,513,838
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Small Business	true
Emerging Growth Company	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Apr. 30, 2019	Oct. 31, 2018
Current assets
Cash	$ 13,568	$ 17,964
GST recoverable	1,125	982
Prepaids	10,761	4,799
Total current assets	25,454	23,745
Equipment	7,042	3,931
Total assets	32,496	27,676
Current liabilities
Accounts payable	459,063	454,254
Accrued liabilities	2,234	9,555
Due to related parties	597,691	354,877
Loan payable	100,000	100,000
Total liabilities	1,158,988	918,686
Stockholders' deficit
Common stock, no par value, unlimited number authorized, 35,513,838 issued and outstanding at April 30, 2019 and October 31, 2018	5,358,377	5,358,377
Additional paid-in capital	123,093	123,093
Accumulated other comprehensive income	51,489	50,428
Deficit	(6,659,451)	(6,422,908)
Total stockholders' deficit	(1,126,492)	(891,010)
Total liabilities and stockholders' deficit	$ 32,496	$ 27,676

CONSOLIDATED BALANCE SHEETS - P

CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares	Apr. 30, 2019	Oct. 31, 2018
Details
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common Stock, Shares, Issued	35,513,838	35,513,838

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Operating expenses
Accounting	$ 1,602	$ 2,204	$ 3,856	$ 5,684
Amortization	1,198	0	2,559	0
General and administrative expenses	12,415	11,652	25,521	24,001
Professional fees	1,561	1,975	5,386	3,985
Regulatory and filing	5,270	6,016	12,230	10,402
Salaries and wages	85,825	0	167,358	0
Software development costs	0	90,000	230	180,000
Travel and entertainment	5,898	0	15,160	0
Other items
Gain (loss) on foreign exchange	0	32,075	0	11,916
Interest expense	(2,395)	(588)	(4,243)	(1,047)
Net loss	(116,164)	(80,360)	(236,543)	(213,203)
Translation to reporting currency	7,056	(27,255)	1,061	(11,954)
Comprehensive loss	$ (109,108)	$ (107,615)	$ (235,482)	$ (225,157)
Loss per share - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
Weighted average number of shares outstanding:	35,513,838	35,013,838	35,513,838	35,013,838

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings	Total
Equity Balance at Oct. 31, 2017	$ 5,298,377	$ 123,093	$ 51,283	$ (5,865,739)	$ (392,986)
Equity Balance, Shares at Oct. 31, 2017	35,013,838
Translation to reporting currency	$ 0	0	(11,954)	0	(11,954)
Net loss	$ 0	0	0	(213,203)	(213,203)
Equity Balance, Shares at Apr. 30, 2018	35,013,838
Equity Balance at Apr. 30, 2018	$ 5,298,377	123,093	39,329	(6,078,942)	(618,143)
Translation to reporting currency	0	0	11,099	0	11,099
Management fees paid by shares, value	$ 60,000	0	0	0	60,000
Management fees paid by shares, shares	500,000
Net loss	$ 0	0	0	(343,966)	(343,966)
Equity Balance, Shares at Oct. 31, 2018	35,513,838
Equity Balance at Oct. 31, 2018	$ 5,358,377	123,093	50,428	(6,422,908)	(891,010)
Translation to reporting currency	0	0	1,061	0	1,061
Net loss	$ 0	0	0	(236,543)	(236,543)
Equity Balance, Shares at Apr. 30, 2019	35,513,838
Equity Balance at Apr. 30, 2019	$ 5,358,377	$ 123,093	$ 51,489	$ (6,659,451)	$ (1,126,492)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Oct. 31, 2018	Apr. 30, 2018
Cash flow used in operating activities
Net loss	$ (116,164)	$ (80,360)	$ (236,543)	$ (343,966)	$ (213,203)
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest:			4,243		1,047
Amortization			2,559		0
Foreign exchange			(1,602)		(11,408)
Changes in operating assets and liabilities
GST recoverable:			(167)		(337)
Prepaids:			(6,171)		(4,787)
Accounts payable and accrued liabilities:			(484)		189,352
Due to related parties:			19,172		0
Accrued salaries due to related parties			108,929		0
Net cash used in operating activities			(110,064)		(39,336)
Cash flows used in investing activities
Purchase of equipment			(5,515)		0
Net cash used in investing activities			(5,515)		0
Cash flows provided by financing activities
Loans payable to related party			111,379		33,692
Net cash provided by financing activities			111,379		33,692
Effect of exchange rate changes on cash			(196)		45
Net decrease in cash			(4,396)		(5,599)
Cash, beginning			17,964	10,288	15,887
Cash, ending	$ 13,568	$ 10,288	$ 13,568	$ 17,964	$ 10,288

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Apr. 30, 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. On February 18, 2019, the Compnay formed a subsidiary, VGrab Asia Limited (“VGrab Asia”), under the Companies Ordinance, Chapter 622 of the Laws of Hong Kong. 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 and six months ended April 30, 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	6 Months Ended
	Apr. 30, 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	6 Months Ended
	Apr. 30, 2019
Notes
Related Party Transactions Disclosure	NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: April 30, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,308 $ 1,301 Notes payable to a major shareholder (b) 263,379 148,289 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 196,834 121,156 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 136,170 84,131 Total due to related parties $ 597,691 $ 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 six-month period ended April 30, 2019, the Company recorded $4,243 (2018 - $1,047) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the six-month period ended April 30, 2019, the Company received $145,471 (2018 - $33,692) 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 $34,092 (2018 - $Nil) in loans advanced from Hampshire Avenue. During the six-month period ended April 30, 2019, the Company incurred $60,516 (2018 - $Nil) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President and director. In addition, the Company incurred $14,547 (2018 - $Nil) in reimbursable expenses with Mr. Lim. During the six-month period ended April 30, 2019, the Company incurred $48,413 (2018 - $Nil) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO and director. In addition, the Company incurred $3,141 (2018 - $Nil) in reimbursable expenses with Mr. Liong.

Equipment Disclosure

Equipment Disclosure	6 Months Ended
	Apr. 30, 2019
Notes
Equipment Disclosure	NOTE 4 - EQUIPMENT As at April 30, 2019, the equipment consisted of several computers and software required to operate the computers; and office equipment required for operations. The cost of equipment was $9,601. The Company recorded $2,559 (2018: $Nil) in amortization expense on its equipment for the six months ended April 30, 2019.

Common Stock Disclosure

Common Stock Disclosure	6 Months Ended
	Apr. 30, 2019
Notes
Common Stock Disclosure	NOTE 5 - COMMON STOCK During the six-month period ended April 30, 2019, 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)	6 Months Ended
	Apr. 30, 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 and six months ended April 30, 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)	6 Months Ended
	Apr. 30, 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)	6 Months Ended
	Apr. 30, 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)	6 Months Ended
	Apr. 30, 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)	6 Months Ended
	Apr. 30, 2019
Tables/Schedules
Schedule of Amounts Due to Related Parties	April 30, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,308 $ 1,301 Notes payable to a major shareholder (b) 263,379 148,289 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 196,834 121,156 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 136,170 84,131 Total due to related parties $ 597,691 $ 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 ($)	Apr. 30, 2019	Oct. 31, 2018
Due to related parties	$ 597,691	$ 354,877
Due to a major shareholder for payments made on behalf of the Company
Due to related parties	1,308	1,301
Notes payable to a major shareholder
Due to related parties	263,379	148,289
Due to CEO and Director
Due to related parties	196,834	121,156
Due to CFO and Director
Due to related parties	$ 136,170	$ 84,131

Related Party Transactions Di_4

Related Party Transactions Disclosure (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018
Interest expense	$ 2,395	$ 588	$ 4,243	$ 1,047
Notes payable to a major shareholder
Interest expense			4,243	1,047
Hampshire Avenue
Proceeds from Notes payable			145,471	$ 33,692
Repayment of loans			34,092
Due to CEO and Director
Wages and Salary, for officers			60,516
Reimbursable expense incurred			14,547
Due to CFO and Director
Wages and Salary, for officers			48,413
Reimbursable expense incurred			$ 3,141

Equipment Disclosure (Details)

Equipment Disclosure (Details) - USD ($)	3 Months Ended		6 Months Ended
	Apr. 30, 2019	Apr. 30, 2018	Apr. 30, 2019	Apr. 30, 2018	Oct. 31, 2018
Equipment	$ 7,042		$ 7,042		$ 3,931
Amortization	1,198	$ 0	2,559	$ 0
Computers, software, and office equipment for operations
Equipment	$ 9,601		9,601
Amortization			$ 2,559