Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jul. 31, 2019 | Sep. 16, 2019 | |
Details | ||
Registrant CIK | 0001551887 | |
Fiscal Year End | --10-31 | |
Registrant Name | VGRAB COMMUNICATIONS INC. | |
SEC Form | 10-Q | |
Period End date | Jul. 31, 2019 | |
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 | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Entity File Number | 000-54800 | |
Entity Incorporation, State or Country Code | A1 | |
Entity Address, Address Line One | 820-1130 West Pender Street | |
Entity Address, City or Town | Vancouver | |
Entity Address, State or Province | BC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | V6E 4A4 | |
City Area Code | 604 | |
Local Phone Number | 648-0510 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2019 | Oct. 31, 2018 |
Current assets | ||
Cash | $ 15,937 | $ 17,964 |
GST recoverable | 1,386 | 982 |
Prepaids | 8,876 | 4,799 |
Total current assets | 26,199 | 23,745 |
Equipment | 5,823 | 3,931 |
Total assets | 32,022 | 27,676 |
Current liabilities | ||
Accounts payable | 396,055 | 454,254 |
Accrued liabilities | 2,424 | 9,555 |
Due to related parties | 724,463 | 354,877 |
Loan payable | 100,000 | 100,000 |
Total current liabilities | 1,222,942 | 918,686 |
Long-term debt | 63,362 | 0 |
Total liabilities | 1,286,304 | 918,686 |
Stockholders' deficit | ||
Common stock, no par value, unlimited number authorized, 35,513,838 issued and outstanding at July 31, 2019 and October 31, 2018 | 5,358,377 | 5,358,377 |
Additional paid-in capital | 123,093 | 123,093 |
Accumulated other comprehensive income | 46,219 | 50,428 |
Deficit | (6,781,971) | (6,422,908) |
Total stockholders' deficit | (1,254,282) | (891,010) |
Total liabilities and stockholders' deficit | $ 32,022 | $ 27,676 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Jul. 31, 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 | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Operating expenses | ||||
Accounting | $ 3,386 | $ 4,240 | $ 7,242 | $ 9,924 |
Amortization | 1,178 | 0 | 3,737 | 0 |
General and administrative expenses | 13,129 | 12,200 | 38,650 | 36,201 |
Management fees | 0 | 62,294 | 0 | 62,294 |
Professional fees | 2,678 | 751 | 8,064 | 4,736 |
Regulatory and filing | 4,166 | 5,568 | 16,396 | 15,970 |
Salaries and wages | 89,957 | 0 | 257,315 | 0 |
Software development costs | 0 | 90,000 | 230 | 270,000 |
Travel and entertainment | 5,202 | 0 | 20,362 | 0 |
Total operating expenses | (119,696) | (175,053) | (351,996) | (399,125) |
Other items | ||||
Gain (loss) on foreign exchange | 81 | (8,517) | 81 | 3,399 |
Interest expense | (2,905) | (800) | (7,148) | (1,847) |
Net loss | (122,520) | (184,370) | (359,063) | (397,573) |
Translation to reporting currency | 1,786 | (15,046) | (4,209) | 255 |
Comprehensive loss | $ (120,734) | $ (199,416) | $ (363,272) | $ (397,318) |
Loss per share - basic and diluted | $ 0 | $ (0.01) | $ (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 | Obligation to Issue Shares | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Total |
Equity Balance at Oct. 31, 2017 | $ 5,298,377 | $ 0 | $ 123,093 | $ 51,283 | $ (5,865,739) | $ (392,986) |
Equity Balance, Shares at Oct. 31, 2017 | 35,013,838 | |||||
Management fees paid by shares, value | $ 0 | 60,000 | 0 | 0 | 0 | 60,000 |
Translation to reporting currency | 0 | 0 | 0 | 255 | 0 | 255 |
Net loss | $ 0 | 0 | 0 | 0 | (397,573) | (397,573) |
Equity Balance, Shares at Jul. 31, 2018 | 35,013,838 | |||||
Equity Balance at Jul. 31, 2018 | $ 5,298,377 | 60,000 | 123,093 | 51,538 | (6,263,312) | (730,304) |
Management fees paid by shares, value | 60,000 | (60,000) | 0 | 0 | 0 | 0 |
Translation to reporting currency | $ 0 | 0 | 0 | (1,110) | 0 | (1,110) |
Management fees paid by shares, shares | 500,000 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (159,596) | (159,596) |
Equity Balance, Shares at Oct. 31, 2018 | 35,513,838 | |||||
Equity Balance at Oct. 31, 2018 | $ 5,358,377 | 0 | 123,093 | 50,428 | (6,422,908) | (891,010) |
Translation to reporting currency | 0 | 0 | 0 | (4,209) | 0 | (4,209) |
Net loss | $ 0 | 0 | 0 | 0 | (359,063) | (359,063) |
Equity Balance, Shares at Jul. 31, 2019 | 35,513,838 | |||||
Equity Balance at Jul. 31, 2019 | $ 5,358,377 | $ 0 | $ 123,093 | $ 46,219 | $ (6,781,971) | $ (1,254,282) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 9 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Cash flow used in in operating activities | ||
Net loss | $ (359,063) | $ (397,573) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest: | 7,148 | 1,847 |
Amortization | 3,737 | 0 |
Management fees, non-cash | 0 | 60,000 |
Foreign exchange | (4,393) | (1,151) |
Changes in operating assets and liabilities | ||
GST recoverable: | (405) | (351) |
Prepaids: | (4,073) | (3,964) |
Accounts payable and accrued liabilities: | (1,941) | 277,517 |
Due to related parties: | 31,685 | 0 |
Accrued salaries due to related parties | 163,039 | 0 |
Net cash used in operating activities | (164,266) | (63,675) |
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 | 167,661 | 49,205 |
Net cash provided by financing activities | 167,661 | 49,205 |
Effect of exchange rate changes on cash | 93 | (11) |
Net decrease in cash | (2,027) | (14,481) |
Cash, beginning | 17,964 | 15,887 |
Cash, ending | $ 15,937 | $ 1,406 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Jul. 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. As of the date of these consolidated interim financial statements, the Company has the following subsidiaries: Name Incorporation Incorporation Date Vgrab International Ltd. Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia June 24, 2015 Vgrab Communications Malaysia Sdn Bhd Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia. May 17, 2018 VGrab Asia Limited Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 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 Companys 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 Companys 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, 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 | 9 Months Ended |
Jul. 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 periods 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 | 9 Months Ended |
Jul. 31, 2019 | |
Notes | |
Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: July 31, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,310 $ 1,301 Notes payable to a major shareholder (b) 327,119 148,289 Due to the Chief Executive Officer (CEO) and Director of the Company (a) 234,657 121,156 Due to the Chief Financial Officer (CFO) and Director of the Company (a) 161,377 84,131 Total due to related parties $ 724,463 $ 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 nine-month period ended July 31, 2019, the Company recorded $7,148 (2018 - $1,847) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the nine-month period ended July 31, 2019, the Company received $219,426 (2018 - $49,205) 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 $48,743 (2018 - $Nil) in loans advanced from Hampshire Avenue. During the nine-month period ended July 31, 2019, the Company incurred $90,577 (2018 - $Nil) in wages and salaries to Mr. Lim Hun Beng, the Companys CEO, President and director. In addition, the Company incurred $21,773 (2018 - $Nil) in reimbursable expenses with Mr. Lim. During the nine-month period ended July 31, 2019, the Company incurred $72,462 (2018 - $Nil) in wages and salaries to Mr. Liong Fook Weng, the Companys CFO and director. In addition, the Company incurred $3,977 (2018 - $Nil) in reimbursable expenses with Mr. Liong. |
Equipment Disclosure
Equipment Disclosure | 9 Months Ended |
Jul. 31, 2019 | |
Notes | |
Equipment Disclosure | NOTE 4 - EQUIPMENT As at July 31, 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 $3,737 (2018: $Nil) in amortization expense on its equipment for the nine months ended July 31, 2019. |
Long-Term Debt Disclosure
Long-Term Debt Disclosure | 9 Months Ended |
Jul. 31, 2019 | |
Notes | |
Long-Term Debt Disclosure | NOTE 5 - LONG-TERM DEBT On July 31, 2019, one of the vendors of the Company agreed to defer repayment of the amounts owed to the vendor on the following terms: July 31, 2019 Amount deferred $ CAD$83,309 US$63,362 Date of repayment December 31, 2020 Annual interest rate compounded monthly 6% |
Common Stock Disclosure
Common Stock Disclosure | 9 Months Ended |
Jul. 31, 2019 | |
Notes | |
Common Stock Disclosure | NOTE 6 - COMMON STOCK During the nine-month period ended July 31, 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) | 9 Months Ended |
Jul. 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 Companys 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 Companys 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, 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) | 9 Months Ended |
Jul. 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) | 9 Months Ended |
Jul. 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 periods 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) | 9 Months Ended |
Jul. 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. |
Organization and Basis of Pre_4
Organization and Basis of Presentation: Scedule of Subsidiaries Owned (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Tables/Schedules | |
Scedule of Subsidiaries Owned | Name Incorporation Incorporation Date Vgrab International Ltd. Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia June 24, 2015 Vgrab Communications Malaysia Sdn Bhd Labuan Companies Act 1990, Federal Territory of Labuan, Malaysia. May 17, 2018 VGrab Asia Limited Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 |
Related Party Transactions Di_2
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Tables/Schedules | |
Schedule of Amounts Due to Related Parties | July 31, 2019 October 31, 2018 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,310 $ 1,301 Notes payable to a major shareholder (b) 327,119 148,289 Due to the Chief Executive Officer (CEO) and Director of the Company (a) 234,657 121,156 Due to the Chief Financial Officer (CFO) and Director of the Company (a) 161,377 84,131 Total due to related parties $ 724,463 $ 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%. |
Long-Term Debt Disclosure_ Defe
Long-Term Debt Disclosure: Deferment of Payments Owed to the Vendor (Tables) | 9 Months Ended |
Jul. 31, 2019 | |
Tables/Schedules | |
Deferment of Payments Owed to the Vendor | July 31, 2019 Amount deferred $ CAD$83,309 US$63,362 Date of repayment December 31, 2020 Annual interest rate compounded monthly 6% |
Related Party Transactions Di_3
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($) | Jul. 31, 2019 | Oct. 31, 2018 |
Due to related parties | $ 724,463 | $ 354,877 |
Due to a major shareholder for payments made on behalf of the Company | ||
Due to related parties | 1,310 | 1,301 |
Notes payable to a major shareholder | ||
Due to related parties | 327,119 | 148,289 |
Due to CEO and Director | ||
Due to related parties | 234,657 | 121,156 |
Due to CFO and Director | ||
Due to related parties | $ 161,377 | $ 84,131 |
Related Party Transactions Di_4
Related Party Transactions Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | |
Interest expense | $ 2,905 | $ 800 | $ 7,148 | $ 1,847 |
Notes payable to a major shareholder | ||||
Interest expense | 7,148 | 1,847 | ||
Hampshire Avenue | ||||
Proceeds from Notes payable | 219,426 | $ 49,205 | ||
Repayment of loans | 48,743 | |||
Due to CEO and Director | ||||
Wages and Salary, for officers | 90,577 | |||
Reimbursable expense incurred | 21,773 | |||
Due to CFO and Director | ||||
Wages and Salary, for officers | 72,462 | |||
Reimbursable expense incurred | $ 3,977 |
Equipment Disclosure (Details)
Equipment Disclosure (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2019 | Jul. 31, 2018 | Oct. 31, 2018 | |
Equipment | $ 5,823 | $ 5,823 | $ 3,931 | ||
Amortization | 1,178 | $ 0 | 3,737 | $ 0 | |
Computers, software, and office equipment for operations | |||||
Equipment | $ 9,601 | 9,601 | |||
Amortization | $ 3,737 |
Long-Term Debt Disclosure_ De_2
Long-Term Debt Disclosure: Deferment of Payments Owed to the Vendor (Details) - USD ($) | Jul. 31, 2019 | Oct. 31, 2018 |
Details | ||
Amount deferred | $ 63,362 | $ 0 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 6.00% |