Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Jan. 29, 2021 | Apr. 30, 2020 | |
Details | |||
Registrant CIK | 0001551887 | ||
Fiscal Year End | --10-31 | ||
Registrant Name | DUESENBERG TECHNOLOGIES INC. | ||
SEC Form | 10-K | ||
Period End date | Oct. 31, 2020 | ||
Tax Identification Number (TIN) | 99-0364150 | ||
Number of common stock shares outstanding | 43,892,801 | ||
Public Float | $ 1,193,082 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity File Number | 000-54800 | ||
Entity Incorporation, State or Country Code | A1 | ||
Entity Address, Address Line One | No 21, Denai Endau 3,Seri Tanjung, Pinang | ||
Entity Address, Postal Zip Code | 10470 | ||
Entity Address, City or Town | Tanjung Tokong | ||
Entity Address, Country | MY | ||
City Area Code | 236 | ||
Local Phone Number | 304-0299 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Annual Report | true | ||
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Current assets | ||
Cash | $ 11,715 | $ 19,806 |
Receivables | 3,834 | 827 |
Prepaids | 5,388 | 27,920 |
Total current assets | 20,937 | 48,553 |
Equipment | 213 | 4,559 |
Total assets | 21,150 | 53,112 |
Current liabilities | ||
Accounts payable | 69,525 | 43,520 |
Accrued liabilities | 13,366 | 19,380 |
Due to related parties | 371,650 | 594,177 |
Notes payable | 67,429 | 0 |
Total current liabilities | 521,970 | 657,077 |
Long-term debt | 0 | 64,259 |
Total liabilities | 521,970 | 721,336 |
Stockholders' deficit | ||
Common stock, no par value, unlimited number authorized, 43,892,801 and 35,513,838 issued and outstanding at October 31, 2020 and 2019, respectively | 7,171,032 | 5,358,377 |
Additional paid-in capital | 19,399 | 233,009 |
Obligation to issue shares | 0 | 958,215 |
Accumulated other comprehensive income | 58,829 | 46,339 |
Deficit | (7,750,080) | (7,264,164) |
Total stockholders' deficit | (500,820) | (668,224) |
Total liabilities and stockholders' deficit | $ 21,150 | $ 53,112 |
CONSOLIDATED BALANCE SHEETS - P
CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares | Oct. 31, 2020 | Oct. 31, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Common Stock, Shares, Issued | 43,892,801 | 35,513,838 |
Common Stock, Shares, Outstanding | 43,892,801 | 35,513,838 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Details | ||
Revenue | $ 17,401 | $ 0 |
Operating expenses | ||
Accounting | 16,078 | 18,541 |
Amortization | 4,353 | 4,901 |
General and administrative expenses | 59,997 | 56,437 |
Management fees | 24,000 | 29,333 |
Professional fees | 14,242 | 12,143 |
Regulatory and filing | 32,827 | 28,899 |
Salaries and wages | 295,579 | 338,119 |
Software development costs | 14,629 | 200,333 |
Travel and entertainment | 10,437 | 27,732 |
Total operating expenses | (472,142) | (716,438) |
Other items | ||
Loss on debt conversion | 0 | 115,000 |
Gain (loss) on foreign exchange | 4,513 | 1,856 |
Impairment of deposits | (22,801) | 0 |
Interest expense | (12,887) | (11,674) |
Net loss | (485,916) | (841,256) |
Translation to reporting currency | 12,490 | (4,089) |
Comprehensive loss | $ (473,426) | $ (845,345) |
Loss per share - basic and diluted | $ (0.01) | $ (0.02) |
Weighted average number of shares outstanding: | 41,013,936 | 35,513,838 |
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, 2018 | $ 5,358,377 | $ 0 | $ 123,093 | $ 50,428 | $ (6,422,908) | $ (891,010) |
Equity Balance, Shares at Oct. 31, 2018 | 35,513,838 | |||||
Common stock for services, value | $ 0 | 29,333 | 0 | 0 | 0 | 29,333 |
Common stock for debt, value | 0 | 928,882 | 109,916 | 0 | 0 | 1,038,798 |
Translation to reporting currency | 0 | 0 | 0 | (4,089) | 0 | (4,089) |
Net loss | $ 0 | 0 | 0 | 0 | (841,256) | (841,256) |
Equity Balance, Shares at Oct. 31, 2019 | 35,513,838 | |||||
Equity Balance at Oct. 31, 2019 | $ 5,358,377 | 958,215 | 233,009 | 46,339 | (7,264,164) | (668,224) |
Common stock for services, value | 29,333 | (29,333) | 0 | 0 | 0 | 0 |
Common stock for debt, value | 1,783,322 | (928,882) | (213,610) | 0 | 0 | 640,830 |
Translation to reporting currency | $ 0 | 0 | 0 | 12,490 | 0 | 12,490 |
Common stock for services, shares | 133,333 | |||||
Common stock for debt, shares | 8,245,630 | |||||
Net loss | $ 0 | 0 | 0 | 0 | (485,916) | (485,916) |
Equity Balance, Shares at Oct. 31, 2020 | 43,892,801 | |||||
Equity Balance at Oct. 31, 2020 | $ 7,171,032 | $ 0 | $ 19,399 | $ 58,829 | $ (7,750,080) | $ (500,820) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Cash flow used in in operating activities | ||
Net loss | $ (485,916) | $ (841,256) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest on payables | 12,887 | 11,674 |
Amortization | 4,353 | 4,901 |
Management fees, non-cash | 0 | 29,333 |
Loss on debt conversion | 0 | 115,000 |
Foreign exchange | (1,130) | (2,798) |
Impairment of deposits | 22,801 | 0 |
Changes in operating assets and liabilities | ||
Receivables: | (3,016) | 154 |
Prepaids: | (334) | (23,128) |
Accounts payable and accrued liabilities: | 20,584 | 222,541 |
Due to related parties: | 53,290 | 34,044 |
Accrued salaries due to related parties | 216,592 | 212,941 |
Net cash used in operating activities | (159,889) | (236,594) |
Cash flows used in investing activities | ||
Purchase of equipment | 0 | (5,515) |
Net cash used in investing activities | 0 | (5,515) |
Cash flows provided by financing activities | ||
Loans payable to related party | 151,773 | 243,948 |
Net cash provided by financing activities | 151,773 | 243,948 |
Effect of exchange rate changes on cash | 25 | 3 |
Net increase/(decrease) in cash | (8,091) | 1,842 |
Cash, beginning | 19,806 | 17,964 |
Cash, ending | 11,715 | 19,806 |
Accrued interest on related party notes | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest on payables | 8,966 | 10,720 |
Accrued interest on long-term debt | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||
Accrued interest on payables | $ 3,921 | $ 954 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Organization and Basis of Presentation | NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION Nature of Operations On November 1, 2019, Duesenberg Technologies Inc. (formerly, Vgrab Communication Inc.) (the Company) incorporated Duesenberg Inc., a Nevada corporation (the Duesenberg-Nevada), with a purpose to undertake the development of Electric Vehicles (EV) using the Duesenberg brand and its Vgrab Technology and applications based on the Vgrab technology. On December 23, 2020, the Company changed its name to Duesenberg Technologies Inc. (the Name Change). To effect the Name Change, the Company filed a Notice of Alteration with the British Columbia Registrar of Companies. On December 30, 2020, the Companys common shares commenced trading on the OTC Markets under the new ticker symbol DUSYF. As of the date of these consolidated 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 Malaysia Companies Act 2016 May 17, 2018 VGrab Asia Limited Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 Duesenberg Inc. Nevada, USA November 1, 2019 The Companys consolidated financial statements are prepared on a going concern basis in accordance with US generally accepted accounting principles (GAAP) which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. The Company has not generated operating revenues to date, and has accumulated losses of $(7,750,080) since inception. The Company has funded its operations through the issuance of capital stock and debt. Management plans to raise additional funds through equity and/or debt financing. There is no certainty that further funding will be available as needed. These factors raise substantial doubt about the ability of the Company to continue operating as a going concern. The Companys ability to continue its operations as a going concern, realize the carrying value of its assets, and discharge its liabilities in the normal course of business is dependent upon its ability to raise new capital sufficient to fund its commitments and ongoing losses, and ultimately on generating profitable operations. UNCERTAINTY DUE TO GLOBAL OUTBREAK OF COVID-19 In March of 2020, the World Health Organization declared an outbreak of COVID-19 Global pandemic. The COVID-19 has impacted vast array of businesses through the restrictions put in place by most governments internationally, including the federal, provincial, and municipal governments, regarding travel, business operations and isolation/quarantine orders. At this time, the extent of the impact of the COVID-19 outbreak on the Company and its operations is unknown and will greatly depend on future developments that are highly uncertain and that cannot be predicted with confidence. These uncertainties arise from the inability to predict the ultimate geographic spread of the disease, and the duration of the outbreak, including the duration of travel restrictions, business closures or disruptions, and quarantine/isolation measures that are currently, or may be put, in place world-wide to fight the virus. While the extent of the impact is unknown, the COVID-19 outbreak may hinder the Companys ability to raise financing for its research and development initiatives or operating costs due to uncertain capital markets, supply chain disruptions, increased government regulations and other unanticipated factors, all of which may also negatively impact the Companys business and financial condition. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are presented in United States dollars. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant areas of estimate include the carrying value of the intangible assets and deferred income tax assets. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Reclassifications Certain prior period amounts in the accompanying audited 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 audited consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated. Revenue recognition Revenue is measured based on the amount of consideration that is expected to be received by the Company for providing goods or services under a contract with a customer, which is initially estimated with pricing specified in the contract and adjusted primarily for sales returns, discounts and other credits at contract inception then updated each reporting period, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when persuasive evidence of a contract with a customer exists and a performance obligation is identified and satisfied as the customer obtains control of the goods or services. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. Internal-Use Software The Company incurs costs related to the development of its VGrab Application, Vmore Platform and VGrab.com website. Costs incurred in the planning and evaluation stage of internally-developed software and website, as well as development costs where economic benefit cannot be readily determined, are expensed as incurred. Costs incurred and accumulated during the development stage, where economic benefit of the software can be readily determined, are capitalized and included as part of intangible assets on the balance sheets. Additional improvements to the web site following the initial development stage are expensed as incurred. Capitalized internally-developed software and website development costs are amortized over their expected economic life using the straight-line method. Fair Value of Financial Instruments The Companys financial instruments consist of cash, accounts payable, amounts due to related parties, and loans payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and; Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended October 31, 2020 and 2019. Foreign Currency Translation and Transaction The Companys functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on translation to the reporting currency are included in the other comprehensive income. Vgrab International Ltd.s and Duesenberg Incs functional currency is the United States dollar, Vgrab Communications Malaysia Sdn Bhds functional currency is Malaysian Ringgit, and VGrab Asia Limiteds functional currency is Hong Kong Dollar. Reporting currency for all subsidiaries is the United States dollar. Foreign exchange gains and losses on the settlement of foreign currency transactions are included in foreign exchange expense. Except for translations of intercompany balances, all translations of monetary balances to the functional currency at the yearend exchange rate are included in foreign exchange expense. The translations of intercompany balances to the functional currency at the yearend exchange rate are included in accumulated other comprehensive income or loss. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's consolidated financial statements. Loss per Share The Company presents both basic and diluted loss per share (LPS) on the face of the consolidated statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. Equipment Equipment is stated at cost and is amortized over its estimated useful life on a straight-line basis over 2 years. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Related Party Transactions Disclosure | NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: October 31, 2020 October 31, 2019 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,294 $ 1,302 Notes payable to a major shareholder (b) 300,818 138,529 Due to the Chief Executive Officer (CEO) and Director of the Company (a) 39,393 269,381 Due to the Chief Financial Officer (CFO) and Director of the Company (a) 24,145 184,965 Due to a Director of the Company (a) 6,000 - Total due to related parties $ 371,650 $ 594,177 (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 year ended October 31, 2020, the Company recorded $8,966 (2019 - $10,720) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the year ended October 31, 2020, the Company received $156,740 (2019 - $313,663) 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 $4,967 (2019 - $69,601) in loans advanced from Hampshire Avenue. During the fourth quarter of the Companys Fiscal 2019, Hampshire Avenue SDN BHD agreed to convert a total of $263,798, consisting of principal amount of $258,244 and interest accrued of $5,554 into 1,465,546 shares of the Companys common stock at $0.18 per share. These shares were issued on January 8, 2020 (Notes 6). During the year ended October 31, 2020, the Company incurred $120,329 (2019 - $119,798) in wages and salaries to Mr. Lim Hun Beng, the Companys CEO, President and director, in addition, the Company incurred $26,256 (2019 - $28,798) in reimbursable expenses with Mr. Lim. On October 6, 2020, the Companys board of directors approved a conversion of the amounts owed to Mr. Lim as at July 31, 2020, to shares of its common stock. As such, the Company issued to Mr. Lim 1,029,803 shares at $0.36 per share to extinguish $370,729 it owed to Mr. Lim as at July 31, 2020. The Company recorded $123,576 as loss on conversion of debt, which was recorded as part of additional paid-in capital for the year ended October 31, 2020. During the year ended October 31, 2020, the Company incurred $96,263 (2019 - $95,838) in wages and salaries to Mr. Liong Fook Weng, the Companys CFO and director, in addition, the Company incurred $3,034 (2019 - $5,247) in reimbursable expenses with Mr. Liong. On October 6, 2020, the Companys board of directors approved a conversion of the amounts owed to Mr. Liong as at July 31, 2020, to shares of its common stock. As such, the Company issued to Mr. Liong 700,281 shares at $0.36 per share to extinguish $252,101 it owed to Mr. Liong as at July 31, 2020. The Company recorded $84,034 as loss on conversion of debt, which was recorded as part of additional paid-in capital for the year ended October 31, 2020. During the year ended October 31, 2020, the Company incurred $24,000 (2019 - $29,333) in management fees to its director, Mr. Ong See-Ming. On October 6, 2020, the Companys board of directors approved a conversion of the amounts owed to Mr. Ong as at July 31, 2020, to shares of its common stock. As such, the Company issued to Mr. Ong 50,000 shares at a deemed price of $0.36 per share to extinguish $18,000 it owed to Mr. Ong as at July 31, 2020. The Company recorded $6,000 as loss on conversion of debt, which was recorded as part of additional paid-in capital for the year ended October 31, 2020. During the year ended October 31, 2020, a non-arms length entity paid the Company $14,375 in revenue for its SMART Systems software licensing and maintenance of the applications required to run SMART Systems. An arms length entity paid the Company $3,026 in revenue for its WeChat Online product. |
Equipment Disclosure
Equipment Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Equipment Disclosure | NOTE 4 - EQUIPMENT Changes in the net book value of the equipment at October 31, 2020 and 2019 are as follows: October 31, 2020 October 31, 2019 Book value, beginning of the year $ 4,559 $ 3,931 Changes during the period - 5,515 Amortization 4,353 4,901 Foreign exchange 7 14 Book value, end of the year $ 213 $ 4,559 |
Notes Payable Disclosure
Notes Payable Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Notes Payable Disclosure | NOTE 5 - NOTES PAYABLE On July 31, 2019, one of the vendors of the Company agreed to defer repayment of CAD$83,309 the Company owed to the vendor. The deferred amount accrues interest at 6% per annum compounded monthly, is unsecured, and is payable on or after August 31, 2021. During the year ended October 31, 2020, the Company accrued $3,921 in interest on the note payable (2019 - $954). As at October 31, 2020, the Company owed a total of $67,429 under note payable (2019 - $64,259). |
Common Stock Disclosure
Common Stock Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Common Stock Disclosure | NOTE 6 - COMMON STOCK Shares issued during the year ended October 31, 2020 During the year ended October 31, 2020, the Companys management agreed to convert a total of $640,830, representing a balance the Company owed to them as at July 31, 2020, into shares of the Companys common stock (Note 3). The conversion of debt to shares was as follows: Description Amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt Shares issued on conversion of debt owed to the CEO and President $370,729 1,029,803 $494,305 $123,576 Shares issued on conversion of debt owed to the CFO 252,101 700,281 336,135 83,034 Shares issued on conversion of debt owed to a director 18,000 50,000 24,000 6,000 Total $640,830 1,780,084 $854,440 $213,610 (1) The $213,610 loss on conversion of debt to shares was recorded as part of additional paid-in capital. Shares issued during the year ended October 31, 2019 During the year ended October 31, 2019, the Companys board of directors resolved to grant 133,333 shares of its common stock to Mr. Ong See-Ming for services he has provided to the Company. The fair value of these shares was calculated to be $29,333, and was recorded as management fees. The shares were issued on November 4, 2019. (Note 3). During the year ended October 31, 2019, the Companys debt holders agreed to convert a total of $923,798, representing a part or all of the debt owed to them by the Company into shares of the Companys common stock (Note 3). The conversion of debt to shares was as follows: Description Amount converted Number of shares issued (3) Fair market value of issued shares Loss/(gain) on conversion of debt Shares issued for non-interest-bearing loan $100,000 1,000,000 $205,000 $105,000 Shares issued for services 560,000 4,000,000 570,000 10,000 Shares issued for advances with related party (Note 3) (2) 263,798 1,465,546 153,882 (109,916) Total $923,798 6,465,546 $928,882 $5,084 (2) Gain on conversion of debt to shares with related party was recorded as part of additional paid-in capital; therefore, the Company expensed $115,000 as loss on conversion of debt. (3) The above shares were issued on January 8, 2020. During the years ended October 31, 2020 and 2019, the Company did not have any warrants or options issued and exercisable. |
Income Tax Disclosure
Income Tax Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Income Tax Disclosure | NOTE 7 - INCOME TAXES The Company has established a valuation allowance against its federal and state deferred tax assets due to the uncertainty surrounding the realization of such assets as evidenced by the cumulative losses from operations through October 31, 2020. Management periodically evaluates the recoverability of the deferred tax assets. At such time as it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced accordingly and recorded as a tax benefit. A reconciliation of income taxes at statutory rates is as follows: Year ended October 31, 2020 2019 Loss before income taxes $ (485,916) $ (841,256) Statutory tax rate 27% 27% Expected recovery of income taxes (131,000) (227,000) Non-deductible expenses 393,000 (121,000) Share issue costs - - Effect of foreign exchange 1,000 (2,000) Change in valuation allowance (263,000) 362,000 Effect of change in tax rates - (12,000) $ - $ - The Companys tax-effected deferred income tax assets are estimated as follows: Year ended October 31, 2020 2019 Share issuance costs $ - $ 5,000 Non-capital losses carried forward 415,000 673,000 Mineral properties 8,000 8,000 Less: Valuation allowance 423,000 686,000 $ - $ - The Company has non-capital losses carried forward of approximately $1,537,000 which will expire from 2031 to 2040. |
Subsequent Events, Disclosure
Subsequent Events, Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Notes | |
Subsequent Events, Disclosure | NOTE 8 - SUBSEQUENT EVENTS Subsequent to October 31, 2020, the Company entered into a general services agreement (the Agreement) with an arms-length automotive design house (the Consultant) to commence design and development of the prototype electric car. Pursuant to the Agreement the Company agreed to pay the Consultant $2,056,000 based on certain deliverables. The Agreement is in force until July 31, 2021, subject to an earlier termination or subsequent extension if agreed by both parties. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Basis of Presentation | Basis of Presentation These consolidated financial statements and related notes are presented in accordance with US GAAP and are presented in United States dollars. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect certain of the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. Significant areas of estimate include the carrying value of the intangible assets and deferred income tax assets. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies: Reclassifications, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Reclassifications, Policy | Reclassifications Certain prior period amounts in the accompanying audited 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_5
Summary of Significant Accounting Policies: Principles of Consolidation, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Principles of Consolidation, Policy | Principles of Consolidation The audited consolidated financial statements include the accounts of the Company and its subsidiaries. On consolidation, all intercompany balances and transactions are eliminated. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies: Revenue recognition, policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Revenue recognition, policy | Revenue recognition Revenue is measured based on the amount of consideration that is expected to be received by the Company for providing goods or services under a contract with a customer, which is initially estimated with pricing specified in the contract and adjusted primarily for sales returns, discounts and other credits at contract inception then updated each reporting period, and excludes any sales incentives and amounts collected on behalf of third parties. The Company recognizes revenue when persuasive evidence of a contract with a customer exists and a performance obligation is identified and satisfied as the customer obtains control of the goods or services. Revenue is recognized net of any taxes collected from customers and subsequently remitted to governmental authorities. |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies: Internal-Use Software, policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Internal-Use Software, policy | Internal-Use Software The Company incurs costs related to the development of its VGrab Application, Vmore Platform and VGrab.com website. Costs incurred in the planning and evaluation stage of internally-developed software and website, as well as development costs where economic benefit cannot be readily determined, are expensed as incurred. Costs incurred and accumulated during the development stage, where economic benefit of the software can be readily determined, are capitalized and included as part of intangible assets on the balance sheets. Additional improvements to the web site following the initial development stage are expensed as incurred. Capitalized internally-developed software and website development costs are amortized over their expected economic life using the straight-line method. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies: Fair Value of Financial Instruments, policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Fair Value of Financial Instruments, policy | Fair Value of Financial Instruments The Companys financial instruments consist of cash, accounts payable, amounts due to related parties, and loans payable. The carrying value of these financial instruments approximates their fair value based on their short-term nature. The Company is not exposed to significant interest, exchange or credit risk arising from these financial instruments. The fair value hierarchy under US GAAP is based on the following three levels of inputs, of which the first two are considered observable and the last unobservable: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level I, quoted prices for similar assets or liabilities in active prices whose inputs are observable or whose significant value drivers are observable; and; Level 3: Assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the years ended October 31, 2020 and 2019. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies: Foreign Currency Translation and Transaction, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Foreign Currency Translation and Transaction, Policy | Foreign Currency Translation and Transaction The Companys functional currency is the Canadian dollar and reporting currency is the United States dollar. The Company translates assets and liabilities to US dollars using year-end exchange rates, and translates revenues and expenses using average exchange rates during the period. Gains and losses arising on translation to the reporting currency are included in the other comprehensive income. Vgrab International Ltd.s and Duesenberg Incs functional currency is the United States dollar, Vgrab Communications Malaysia Sdn Bhds functional currency is Malaysian Ringgit, and VGrab Asia Limiteds functional currency is Hong Kong Dollar. Reporting currency for all subsidiaries is the United States dollar. Foreign exchange gains and losses on the settlement of foreign currency transactions are included in foreign exchange expense. Except for translations of intercompany balances, all translations of monetary balances to the functional currency at the yearend exchange rate are included in foreign exchange expense. The translations of intercompany balances to the functional currency at the yearend exchange rate are included in accumulated other comprehensive income or loss. The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies: Income Taxes, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Income Taxes, Policy | Income Taxes Income taxes are determined using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes that date of enactment. In addition, a valuation allowance is established to reduce any deferred tax asset for which it is determined that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company accounts for uncertainty in income taxes by applying a two-step method. First, it evaluates whether a tax position has met a more likely than not recognition threshold, and second, it measures that tax position to determine the amount of benefit, if any, to be recognized in the financial statements. The application of this method did not have a material effect on the Company's consolidated financial statements. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies: Loss per Share, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Loss per Share, Policy | Loss per Share The Company presents both basic and diluted loss per share (LPS) on the face of the consolidated statements of operations. Basic LPS is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during the year. Diluted LPS gives effect to all dilutive potential common shares outstanding during the period including convertible debt, stock options, and warrants, using the treasury stock method. Diluted LPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Summary of Significant Accou_12
Summary of Significant Accounting Policies: Equipment, Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Policies | |
Equipment, Policy | Equipment Equipment is stated at cost and is amortized over its estimated useful life on a straight-line basis over 2 years. |
Organization and Basis of Pre_2
Organization and Basis of Presentation: Scedule of Subsidiaries Owned (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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 Malaysia Companies Act 2016 May 17, 2018 VGrab Asia Limited Companies Ordinance, Chapter 622 of the Laws of Hong Kong February 18, 2019 Duesenberg Inc. Nevada, USA November 1, 2019 |
Related Party Transactions Di_2
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Schedule of Amounts Due to Related Parties | October 31, 2020 October 31, 2019 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,294 $ 1,302 Notes payable to a major shareholder (b) 300,818 138,529 Due to the Chief Executive Officer (CEO) and Director of the Company (a) 39,393 269,381 Due to the Chief Financial Officer (CFO) and Director of the Company (a) 24,145 184,965 Due to a Director of the Company (a) 6,000 - Total due to related parties $ 371,650 $ 594,177 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4%. |
Equipment Disclosure_ Changes i
Equipment Disclosure: Changes in Book Value of Equipment (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Changes in Book Value of Equipment | October 31, 2020 October 31, 2019 Book value, beginning of the year $ 4,559 $ 3,931 Changes during the period - 5,515 Amortization 4,353 4,901 Foreign exchange 7 14 Book value, end of the year $ 213 $ 4,559 |
Common Stock Disclosure_ Schedu
Common Stock Disclosure: Schedule of Debt Conversion 2020 (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Schedule of Debt Conversion 2020 | Description Amount converted Number of shares issued Fair market value of issued shares Loss on conversion of debt Shares issued on conversion of debt owed to the CEO and President $370,729 1,029,803 $494,305 $123,576 Shares issued on conversion of debt owed to the CFO 252,101 700,281 336,135 83,034 Shares issued on conversion of debt owed to a director 18,000 50,000 24,000 6,000 Total $640,830 1,780,084 $854,440 $213,610 (1) The $213,610 loss on conversion of debt to shares was recorded as part of additional paid-in capital. |
Common Stock Disclosure_ Sche_2
Common Stock Disclosure: Schedule of Debt Conversion 2019 (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Schedule of Debt Conversion 2019 | Description Amount converted Number of shares issued (3) Fair market value of issued shares Loss/(gain) on conversion of debt Shares issued for non-interest-bearing loan $100,000 1,000,000 $205,000 $105,000 Shares issued for services 560,000 4,000,000 570,000 10,000 Shares issued for advances with related party (Note 3) (2) 263,798 1,465,546 153,882 (109,916) Total $923,798 6,465,546 $928,882 $5,084 (2) Gain on conversion of debt to shares with related party was recorded as part of additional paid-in capital; therefore, the Company expensed $115,000 as loss on conversion of debt. (3) The above shares were issued on January 8, 2020. |
Income Tax Disclosure_ Schedule
Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Year ended October 31, 2020 2019 Loss before income taxes $ (485,916) $ (841,256) Statutory tax rate 27% 27% Expected recovery of income taxes (131,000) (227,000) Non-deductible expenses 393,000 (121,000) Share issue costs - - Effect of foreign exchange 1,000 (2,000) Change in valuation allowance (263,000) 362,000 Effect of change in tax rates - (12,000) $ - $ - |
Income Tax Disclosure_ Schedu_2
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | Year ended October 31, 2020 2019 Share issuance costs $ - $ 5,000 Non-capital losses carried forward 415,000 673,000 Mineral properties 8,000 8,000 Less: Valuation allowance 423,000 686,000 $ - $ - |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Details | ||
Accumulated losses since inception | $ (7,750,080) | $ (7,264,164) |
Related Party Transactions Di_3
Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Due to related parties | $ 371,650 | $ 594,177 |
Due to a major shareholder for payments made on behalf of the Company | ||
Due to related parties | 1,294 | 1,302 |
Notes payable to a major shareholder | ||
Due to related parties | 300,818 | 138,529 |
Due to CEO and Director | ||
Due to related parties | 39,393 | 269,381 |
Due to CFO and Director | ||
Due to related parties | 24,145 | 184,965 |
Due to a Director | ||
Due to related parties | $ 6,000 | $ 0 |
Related Party Transactions Di_4
Related Party Transactions Disclosure (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Interest expense | $ 12,887 | $ 11,674 |
Amount of debt converted, principal and accrued interest | 640,830 | 923,798 |
Management fees | 24,000 | 29,333 |
Revenue | 17,401 | 0 |
Notes payable to a major shareholder | ||
Interest expense | 8,966 | 10,720 |
Hampshire Avenue | ||
Proceeds from Notes payable | 156,740 | 313,663 |
Repayment of loans | $ 4,967 | 69,601 |
Amount of debt converted, principal and accrued interest | $ 263,798 | |
Common stock issued for convertible debt | 1,465,546 | 1,465,546 |
Due to CEO and Director | ||
Amount of debt converted, principal and accrued interest | $ 370,729 | |
Common stock issued for convertible debt | 1,029,803 | |
Wages and Salary, for officers | $ 120,329 | $ 119,798 |
Reimbursable expense incurred | 26,256 | 28,798 |
Due to CFO and Director | ||
Amount of debt converted, principal and accrued interest | $ 252,101 | |
Common stock issued for convertible debt | 700,281 | |
Wages and Salary, for officers | $ 96,263 | 95,838 |
Reimbursable expense incurred | 3,034 | 5,247 |
Due to a Director | ||
Amount of debt converted, principal and accrued interest | $ 18,000 | |
Common stock issued for convertible debt | 50,000 | |
Management fees | $ 24,000 | $ 29,333 |
Revenue from non-arms' length entity | ||
Revenue | $ 14,375 |
Equipment Disclosure_ Changes_2
Equipment Disclosure: Changes in Book Value of Equipment (Details) - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Details | |||
Changes in equipment during the period | $ 5,515 | ||
Amortization | $ 4,353 | 4,901 | |
Foreign exchange effect on equipment | 7 | 14 | |
Equipment, net | $ 213 | $ 4,559 | $ 3,931 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Details | ||
Interest per annum compounded monthly | 6.00% | |
Interest accrued on defer repayment | $ 3,921 | $ 954 |
Notes payable | 67,429 | 0 |
Long-term classification, notes payable | $ 0 | $ 64,259 |
Common Stock Disclosure (Detail
Common Stock Disclosure (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Details | ||
Amount of debt converted, principal and accrued interest | $ 640,830 | $ 923,798 |
Common Stock Disclosure_ Sche_3
Common Stock Disclosure: Schedule of Debt Conversion 2020 (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Amount of debt converted, principal and accrued interest | $ 640,830 | $ 923,798 |
Conversion of debt owed to the CEO and President | ||
Amount of debt converted, principal and accrued interest | $ 370,729 | |
Common stock issued for convertible debt | 1,029,803 | |
Fair market value of shares issued for debt conversion | $ 494,305 | |
Gain (loss) on debt conversion | 123,576 | |
Conversion of debt owed to the CFO | ||
Amount of debt converted, principal and accrued interest | $ 252,101 | |
Common stock issued for convertible debt | 700,281 | |
Fair market value of shares issued for debt conversion | $ 336,135 | |
Gain (loss) on debt conversion | 83,034 | |
Conversion of debt owed to a director | ||
Amount of debt converted, principal and accrued interest | $ 18,000 | |
Common stock issued for convertible debt | 50,000 | |
Fair market value of shares issued for debt conversion | $ 24,000 | |
Gain (loss) on debt conversion | $ 6,000 |
Common Stock Disclosure_ Sche_4
Common Stock Disclosure: Schedule of Debt Conversion 2019 (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Amount of debt converted, principal and accrued interest | $ 640,830 | $ 923,798 |
For non-interest bearing loan | ||
Amount of debt converted, principal and accrued interest | 100,000 | |
Common stock issued for convertible debt | 1,000,000 | |
Fair market value of shares issued for debt conversion | 205,000 | |
Gain (loss) on debt conversion | 105,000 | |
For amounts indebted to services rendered | ||
Amount of debt converted, principal and accrued interest | 560,000 | |
Common stock issued for convertible debt | 4,000,000 | |
Fair market value of shares issued for debt conversion | 570,000 | |
Gain (loss) on debt conversion | 10,000 | |
Hampshire Avenue | ||
Amount of debt converted, principal and accrued interest | $ 263,798 | |
Common stock issued for convertible debt | 1,465,546 | 1,465,546 |
Fair market value of shares issued for debt conversion | $ 153,882 | |
Gain (loss) on debt conversion | $ (109,916) |
Income Tax Disclosure_ Schedu_3
Income Tax Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Details | ||
Loss before income taxes | $ (485,916) | $ (841,256) |
Statutory tax rate | 27.00% | 27.00% |
Expected recovery of income taxes | $ (131,000) | $ (227,000) |
Non-deductible expenses | 393,000 | (121,000) |
Share issue costs | 0 | 0 |
Effect of foreign exchange | 1,000 | (2,000) |
Change in valuation allowance | (263,000) | 362,000 |
Effect of change in tax rates | $ 0 | $ (12,000) |
Income Tax Disclosure_ Schedu_4
Income Tax Disclosure: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Details | ||
Share issuance costs (deferred income tax) | $ 0 | $ 5,000 |
Non-capital losses carried forward | 415,000 | 673,000 |
Mineral properties (deferred income tax) | 8,000 | 8,000 |
(Less) Valuation allowance | $ 423,000 | $ 686,000 |
Income Tax Disclosure (Details)
Income Tax Disclosure (Details) | Oct. 31, 2020USD ($) |
Details | |
Operating losses carried forward | $ 1,537,000 |
Subsequent Events, Disclosure (
Subsequent Events, Disclosure (Details) | Jan. 29, 2021USD ($) |
Details | |
Consulting Agreement, proto electric car | $ 2,056,000 |