Duesenberg (DUSYF) 10-Q 22 Mar 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jan. 31, 2021	Mar. 22, 2019
Details
Registrant CIK	0001551887
Fiscal Year End	--10-31
Registrant Name	DUESENBERG TECHNOLOGIES INC.
SEC Form	10-Q
Period End date	Jan. 31, 2021
Tax Identification Number (TIN)	99-0364150
Number of common stock shares outstanding		44,510,205
Filer Category	Non-accelerated Filer
Current with reporting	Yes
Interactive Data Current	Yes
Shell Company	false
Small Business	true
Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	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	2021
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Current assets
Cash	$ 11,512	$ 11,715
Receivables	14,777	3,834
Prepaids	15,446	5,388
Total current assets	41,735	20,937
Equipment	0	213
Total assets	41,735	21,150
Current liabilities
Accounts payable	678,471	69,525
Accrued liabilities	6,921	13,366
Due to related parties	550,396	371,650
Notes payable	85,432	67,429
Total liabilities	1,321,220	521,970
Stockholders' deficit
Common stock, no par value, unlimited number authorized, 43,892,801 issued and outstanding at January 31, 2021 and October 31, 2020, respectively	7,171,032	7,171,032
Additional paid-in capital	19,399	19,399
Accumulated other comprehensive income	39,329	58,829
Deficit	(8,509,245)	(7,750,080)
Total stockholders' deficit	(1,279,485)	(500,820)
Total liabilities and stockholders' deficit	$ 41,735	$ 21,150

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical - $ / shares	Jan. 31, 2021	Oct. 31, 2020
Details
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
Common Stock, Shares, Issued	43,892,801	43,892,801
Common Stock, Shares, Outstanding	43,892,801	43,892,801

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Details
Revenues	$ 10,406	$ 0
Operating expenses
Accounting	5,312	(273)
Amortization	217	1,205
General and administrative expenses	39,233	12,550
Management fees	6,000	6,000
Professional fees	4,614	1,726
Regulatory and filing	4,104	7,542
Research and development costs	616,800	0
Salaries and wages	88,425	71,958
Travel and entertainment	290	3,766
Total operating expenses	(764,995)	(104,474)
Other items
Gain (loss) on foreign exchange	(4)	(2,840)
Impairment of deposits	0	(22,801)
Interest expense	(4,572)	(2,520)
Net loss	(759,165)	(132,635)
Translation to reporting currency	(19,500)	(7,663)
Comprehensive loss	$ (778,665)	$ (140,298)
Loss per share - basic and diluted	$ (0.02)	$ 0
Weighted average number of shares outstanding:	43,892,801	37,257,760

CONDENSED CONSOLIDATED STATEM_2

CONDENSED 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, 2019	$ 5,358,377	$ 958,215	$ 233,009	$ 46,339	$ (7,264,164)	$ (668,224)
Equity Balance, Shares at Oct. 31, 2019	35,513,838
Common stock for services, value	$ 29,333	(29,333)	0	0	0	0
Common stock for services, shares	133,333
Common stock for debt, value	$ 928,882	(928,882)	0	0	0	0
Common stock for debt, shares	6,465,546
Translation to reporting currency	$ 0	0	0	(7,663)	0	(7,663)
Net loss	$ 0	0	0	0	(132,635)	(132,635)
Equity Balance, Shares at Jan. 31, 2020	42,112,717
Equity Balance at Jan. 31, 2020	$ 6,316,592	0	233,009	38,676	(7,396,799)	(808,522)
Equity Balance at Oct. 31, 2020	$ 7,171,032	0	19,399	58,829	(7,750,080)	(500,820)
Equity Balance, Shares at Oct. 31, 2020	43,892,801
Translation to reporting currency	$ 0	0	0	(19,500)	0	(19,500)
Net loss	$ 0	0	0	0	(759,165)	(759,165)
Equity Balance, Shares at Jan. 31, 2021	43,892,801
Equity Balance at Jan. 31, 2021	$ 7,171,032	$ 0	$ 19,399	$ 39,329	$ (8,509,245)	$ (1,279,485)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Cash flow used in operating activities
Net loss	$ (759,165)	$ (132,635)
Adjustments to reconcile net loss to net cash used in operating activities
Accrued interest on notes payable, related party notes	3,399	1,550
Accrued interest on payables	1,156	970
Amortization	217	1,205
Foreign exchange	1,299	10,549
Impairment of deposits	0	22,801
Changes in operating assets and liabilities
Receivables:	(10,889)	(310)
Prepaids:	(9,434)	3,748
Accounts payable and accrued liabilities:	600,085	(9,966)
Due to related parties:	21,255	19,084
Accrued salaries due to related parties	54,585	41,344
Net cash used in operating activities	(97,492)	(41,660)
Cash flows provided by financing activities
Loans payable to related party	82,992	34,647
Proceeds from advances payable	14,000	754
Net cash provided by financing activities	96,992	35,401
Effect of exchange rate changes on cash	297	71
Net decrease in cash	(203)	(6,188)
Cash, beginning	11,715	19,806
Cash, ending	$ 11,512	$ 13,618

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Jan. 31, 2021
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 Company’s common shares commenced trading on the OTC Markets under the new ticker symbol DUSYF. As of the date of these interim condensed 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 Basis of Presentation The unaudited interim condensed 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, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC on January 29, 2021. The unaudited interim condensed consolidated financial statements of the Company should be read in conjunction with those financial statements for the year ended October 31, 2020, 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, 2021, are not necessarily indicative of the results that may be expected for the year ending October 31, 2021. Going Concern The Company’s interim condensed consolidated financial statements are prepared on a going concern basis in accordance with GAAP which contemplate the realization of assets and discharge of liabilities and commitments in the normal course of business. To date the Company has generated a total of $27,807 in revenue from its operating activities and has accumulated losses of $8,509,245 since inception. Continuation of the Company 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. To date the Company has funded its operations through the issuance of capital stock and debt. Management plans to continue raising additional funds through equity and/or debt financing. The outcome of these efforts 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 condensed 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. 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 Company’s 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 Company’s business and financial condition.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jan. 31, 2021
Notes
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The unaudited interim condensed 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, 2021
Notes
Related Party Transactions Disclosure	NOTE 3 - RELATED PARTY TRANSACTIONS The following amounts were due to related parties as at: January 31, 2021 October 31, 2020 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,322 $ 1,294 Notes payable to a major shareholder (b) 395,963 300,818 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 77,103 39,393 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 49,008 24,145 Due to a Director of the Company (a) 12,000 6,000 Due to the Chief Technical Officer (“CTO”) of the Company’s major subsidiary (a) 7,500 - Due to the Chief Strategy Officer (“CSO”) of the Company’s major subsidiary (a) 7,500 - Total due to related parties $ 550,396 $ 371,650 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4% per annum. During the three-month period ended January 31, 2021, the Company recorded $3,399 (2020 - $1,550) in interest expense associated with its liabilities under the notes payable issued to the major shareholder. During the three-month period ended January 31, 2021, the Company received $82,992 (2020 - $39,614) 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 three-month period ended January 31, 2020, the Company repaid $4,967 in loans advanced from Hampshire Avenue. The Company did not repay any loans during the current period ended January 31, 2021. During the three-month period ended January 31, 2021, the Company incurred $30,325 (2020 - $30,238) in wages and salaries to Mr. Lim Hun Beng, the Company’s CEO, President, and director. In addition, the Company incurred $7,417 (2020 - $7,269) in reimbursable expenses with Mr. Lim. During the three-month period ended January 31, 2021, the Company incurred $24,260 (2020 - $24,190) in wages and salaries to Mr. Liong Fook Weng, the Company’s CFO, and director. In addition, the Company incurred $625 (2020 - $843) in reimbursable expenses with Mr. Liong. During the three-month period ended January 31, 2021, the Company incurred $6,000 (2020 - $6,000) in management fees to its director, Mr. Ong See-Ming. During the three-month period ended January 31, 2021, the Company incurred $7,500 (2020 - $Nil) in management fees to its CTO, Mr. Ian Thompson. During the three-month period ended January 31, 2021, the Company incurred $7,500 (2020 - $Nil) in management fees to its CSO, Mr. Brendan Norman. During the three-month period ended January 31, 2021, a non-arms’ length entity paid the Company $7,373 in revenue from its SMART Systems software licensing and maintenance of the applications required to run SMART Systems.

Equipment Disclosure

Equipment Disclosure	3 Months Ended
	Jan. 31, 2021
Notes
Equipment Disclosure	NOTE 4 - EQUIPMENT Changes in the net book value of the equipment at January 31, 2021 and at October 31, 2020 are as follows: January 31, 2021 October 31, 2020 Book value, beginning of the period $ 213 $ 4,559 Amortization (217) (4,353) Foreign exchange 4 7 Book value, end of the period $ - $ 213

Notes Payable Disclosure

Notes Payable Disclosure	3 Months Ended
	Jan. 31, 2021
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 (the “6% Note Payable”). During the three-month period ended January 31, 2021, the Company accrued $1,060 in interest on the 6% Note Payable (2020 - $970). As at January 31, 2021, the Company owed a total of $71,336 under the 6% Note Payable (2020 - $67,429). During the three-month period ended January 31, 2021, the Company received $14,000 in exchange for 4% notes payable due on demand (the “4% Notes Payable”). The Company accrued $96 in interest on the 4% Notes Payable (2020 - $Nil). As at January 31, 2021, the Company owed a total of $14,096 under the 4% Notes Payable (2020 - $Nil).

Common Stock Disclosure

Common Stock Disclosure	3 Months Ended
	Jan. 31, 2021
Notes
Common Stock Disclosure	NOTE 6 - COMMON STOCK During the three-month period ended January 31, 2021, the Company did not have any transactions that would have resulted in issuance of common stock, warrants or options to purchase its equity securities.

Subsequent Events, Disclosure

Subsequent Events, Disclosure	3 Months Ended
	Jan. 31, 2021
Notes
Subsequent Events, Disclosure	NOTE 7 - SUBSEQUENT EVENT On March 9, 2021, Mr. Lim, the Company’s President, CEO and major shareholder, and Hampshire Avenue, the Company’s major shareholder, agreed to convert a total of $463,053 the Company owed on account of services and cash advances provided to it into 617,404 shares of the Company’s common stock at $0.75 per share. The conversion of debt was approved by the Company’s board of directors on March 15, 2021.

Organization and Basis of Pre_2

Organization and Basis of Presentation: Basis of Accounting, Policy (Policies)	3 Months Ended
	Jan. 31, 2021
Policies
Basis of Accounting, Policy	Basis of Presentation The unaudited interim condensed 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, 2020, included in the Company’s Annual Report on Form 10-K, filed with the SEC on January 29, 2021. The unaudited interim condensed consolidated financial statements of the Company should be read in conjunction with those financial statements for the year ended October 31, 2020, 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, 2021, are not necessarily indicative of the results that may be expected for the year ending October 31, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies: Principles of Consolidation, Policy (Policies)	3 Months Ended
	Jan. 31, 2021
Policies
Principles of Consolidation, Policy	Principles of Consolidation The unaudited interim condensed 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_3

Organization and Basis of Presentation: Scedule of Subsidiaries Owned (Tables)	3 Months Ended
	Jan. 31, 2021
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)	3 Months Ended
	Jan. 31, 2021
Tables/Schedules
Schedule of Amounts Due to Related Parties	January 31, 2021 October 31, 2020 Due to a major shareholder for payments made on behalf of the Company (a) $ 1,322 $ 1,294 Notes payable to a major shareholder (b) 395,963 300,818 Due to the Chief Executive Officer (“CEO”) and Director of the Company (a) 77,103 39,393 Due to the Chief Financial Officer (“CFO”) and Director of the Company (a) 49,008 24,145 Due to a Director of the Company (a) 12,000 6,000 Due to the Chief Technical Officer (“CTO”) of the Company’s major subsidiary (a) 7,500 - Due to the Chief Strategy Officer (“CSO”) of the Company’s major subsidiary (a) 7,500 - Total due to related parties $ 550,396 $ 371,650 (a) Amounts are unsecured, due on demand and bear no interest. (b) Amounts are unsecured, due on demand and bear interest at 4% per annum.

Equipment Disclosure_ Changes i

Equipment Disclosure: Changes in Book Value of Equipment (Tables)	3 Months Ended
	Jan. 31, 2021
Tables/Schedules
Changes in Book Value of Equipment	January 31, 2021 October 31, 2020 Book value, beginning of the period $ 213 $ 4,559 Amortization (217) (4,353) Foreign exchange 4 7 Book value, end of the period $ - $ 213

Organization and Basis of Pre_4

Organization and Basis of Presentation (Details) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Details
Accumulated reveunes	$ 27,807
Deficit	$ 8,509,245	$ 7,750,080

Related Party Transactions Di_3

Related Party Transactions Disclosure: Schedule of Amounts Due to Related Parties (Details) - USD ($)	Jan. 31, 2021	Oct. 31, 2020
Due to related parties	$ 550,396	$ 371,650
Due to a major shareholder for payments made on behalf of the Company
Due to related parties	1,322	1,294
Notes payable to a major shareholder
Due to related parties	395,963	300,818
Due to CEO and Director
Due to related parties	77,103	39,393
Due to CFO and Director
Due to related parties	49,008	24,145
Due to a Director
Due to related parties	12,000	6,000
Due to CTO of major subsidiary
Due to related parties	7,500	0
Due to CSO of major subsidiary
Due to related parties	$ 7,500	$ 0

Related Party Transactions Di_4

Related Party Transactions Disclosure (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
Interest expense	$ 4,572	$ 2,520
Management fees	6,000	6,000
Revenues	10,406	0
Notes payable to a major shareholder
Interest expense	3,399	1,550
Hampshire Avenue
Proceeds from Notes payable	$ 82,992	39,614
Loan interest rate per annum	4.00%
Repayment of loans		4,967
Due to CEO and Director
Wages and Salary, for officers	$ 30,325	30,238
Reimbursable expense incurred	7,417	7,269
Due to CFO and Director
Wages and Salary, for officers	24,260	24,190
Reimbursable expense incurred	625	843
Due to a Director
Management fees	6,000	$ 6,000
Due to CTO of major subsidiary
Management fees	7,500
Due to CSO of major subsidiary
Management fees	7,500
Revenue from non-arms' length entity
Revenues	$ 7,373

Equipment Disclosure_ Changes_2

Equipment Disclosure: Changes in Book Value of Equipment (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020	Oct. 31, 2019
Details
Amortization of equipment	$ 217		$ 4,353
Foreign exchange effect on equipment	4	$ 7
Equipment, net	$ 0		$ 213	$ 4,559

Notes Payable Disclosure (Detai

Notes Payable Disclosure (Details) - USD ($)	3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Oct. 31, 2020
Notes payable	$ 85,432		$ 67,429
Proceeds from advances payable	$ 14,000	$ 754
6% Note Payable
Interest per annum compounded monthly	6.00%
Interest accrued on defer repayment	$ 1,060		970
Notes payable	$ 71,336		$ 67,429
4% Note Payable
Interest per annum compounded monthly	4.00%
Interest accrued on defer repayment	$ 96
Notes payable	14,096
Proceeds from advances payable	$ 14,000

Subsequent Events, Disclosure (

Subsequent Events, Disclosure (Details) - Hampshire Avenue	1 Months Ended
	Mar. 09, 2021USD ($)$ / sharesshares
Amount of debt converted, principal and accrued interest | $	$ 463,053
Common stock issued for convertible debt | shares	617,404
Common stock issued for convertible debt, conversion price per share | $ / shares	$ 0.75