Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 03, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | LUCKYCOM INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-31 | |
Entity Common Stock, Shares Outstanding | 17,626,000 | |
Amendment Flag | false | |
Entity Central Index Key | 1,567,098 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 |
Cash and cash equivalents | $ 81,259 | $ 86,262 | $ 116,642 |
Prepaid expense and other current assets | 125 | 125 | 125 |
Total Current Assets | 81,384 | 86,387 | 116,767 |
Total Assets | 81,384 | 86,387 | 116,767 |
Current Liabilities: | |||
Accounts payable and accrued liabilities | 10,436 | 1,037 | 741 |
Due to officer | 254,464 | 35,359 | 32,081 |
Total Liabilities | 264,900 | 36,396 | 32,822 |
Stockholders’ Equity (Deficit): | |||
Common stock, $0.01 par value; 100,000,000 shares authorized; 17,626,000 and 17,500,000 shares issued and outstanding, respectively. | 176,260 | 175,000 | 175,000 |
Additional paid in capital | 973,188 | 856,000 | 856,000 |
Accumulated other comprehensive income | 10 | 10 | 10 |
Accumulated deficit | (1,332,974) | (981,019) | (947,065) |
Total stockholders’ equity (deficit) | (183,516) | 49,991 | 83,945 |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 81,384 | $ 86,387 | $ 116,767 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,626,000 | 17,500,000 |
Common stock, shares outstanding | 17,626,000 | 17,500,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
General and administrative expenses | $ 128,749 | $ 99,696 | $ 351,677 | $ 300,759 |
Other income (expense) | 12 | 238 | (278) | 40 |
Net Loss | $ (128,737) | $ (99,458) | $ (351,955) | $ (300,719) |
Net loss per share – basic and diluted (in Dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted average common shares – basic and diluted (in Shares) | 17,626,000 | 17,500,000 | 17,555,898 | 14,345,455 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | ||
Net loss | $ (351,955) | $ (300,719) |
Common stock issued for service | 5,940 | 0 |
Amortization of drug license | 0 | 6,875 |
Increase (decrease) in prepaid expenses | 0 | 836 |
Increase (decrease) in accounts payable and accrued expenses | 38,222 | (55,468) |
Net cash used in operating activities | (307,793) | (348,476) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 112,508 | 490,000 |
Proceeds from officer loans | 190,282 | 25,707 |
Net cash received from financing activities | 302,790 | 515,707 |
Net increase in cash and cash equivalents | (5,003) | 167,231 |
Cash and Cash Equivalents, beginning of period | 86,262 | 39,425 |
Cash and Cash Equivalents, end of period | 81,259 | 206,656 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NONCASH INVESTING AND FINANCING ACTIVITIES | ||
Expenses paid by related party | 28,823 | 0 |
Shares issued for debt conversion | $ 0 | $ 350,000 |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 9 Months Ended |
Dec. 31, 2016 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 – Organization and Basis of Presentation The accompanying consolidated unaudited interim financial statements of Luckycom, Inc, (the “Company”, “Luckycom”, “we” or “our”) have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto of the Company contained in the Company’s Form 10-K filed with the SEC on May 2, 2016. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the fiscal year ended February 29, 2016 as reported in the Company’s Form 10-K have been omitted. Organization and Description of Business Luckycom, Inc. (“we”, “our”, the “Company”) plans to acquire, develop, manufacture and market pharmaceutical medication. In the next few years, we plan to qualify and gain acceptance in international public tenders for anti-malarial drugs through the prequalification programme process governed by the World Health Organization (”WHO”). Luckycom Limited, a wholly-owned subsidiary of Luckycom, Inc, was incorporated in Hong Kong as Goldsans Capital (Hong Kong) Limited (“Goldsans”) on November 08, 2011. Goldsans name was changed to Wudor Capital Hong Kong Limited on May 22, 2012 and subsequently to Luckycom Limited on June 28, 2013. Fiscal Year On February 11, 2016, the Board of Directors of Luckycom, Inc. approved a change in the fiscal year end from a fiscal year ending on February 28 or 29 (as the case may be) to March 31, effective beginning with fiscal year 2016. The Company expects to make the fiscal year change on a prospective basis and will not adjust operating results for prior periods. We began filing our quarterly reports on Form 10-Q based on the new fiscal year-end beginning with the first quarter of fiscal year ending March 31, 2017. We are reporting the third quarter of fiscal year ending March 31, 2017 as a nine-month period ended December 31, 2016. The change to the Company’s fiscal year will not impact the Company’s fiscal year results for the year ended February 29, 2016. However, the change will impact the prior year comparability of each of the fiscal quarters and annual period in 2016 in future filings. The Company believes this change will provide numerous benefits, including aligning its reporting periods to be more consistent with peer companies and improving comparability between periods. Recent Accounting Pronouncements Luckycom does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Note 2 - Going Concern
Note 2 - Going Concern | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Note 2 – Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $1,332,974 as of December 31, 2016, and further losses are anticipated as a result of the development of business which raises substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining financing necessary to meet the Company’s obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of the Company’s common stock. |
Note 3 - Related Party Transact
Note 3 - Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 3 – Related Party Transactions The Company’s sole officer and director, and a shareholder, Mr. Kingrich Lee, loaned an aggregate of $190,282 and $25,707 to the Company during the nine month ended December 31, 2016 and 2015, respectively. During the nine months ended December 31, 2016 and 2015, Mr. Kingrich Lee has paid, on behalf of the Company, the amounts of $28,823 and $nil, respectively. Mr. Lee is owed an aggregate amount of $254,464, as of December 31, 2016. The amounts are unsecured, non-interest bearing and due on demand. On October 2, 2016, the Company entered into a one-year employment agreement with Mr. Kingrich Lee to serve as its CEO. For his services, the Company agreed to pay him an annual salary of $180,000. |
Note 4 - Capital Stock
Note 4 - Capital Stock | 9 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Note 4 – Capital Stock As of December 31, 2016, the Company had 17,626,000 shares of common stock issued and outstanding. During nine months ended December 31, 2016, the Company issued 120,000 shares of common stock for $120,000 of cash and the Company received cash for $112,508 after deduction of stock issuance cost. Additionally, during nine month ended December 31, 2016, 6,000 shares of common stock were issued for services with fair value of $6,000. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Organization and Description of Business Luckycom, Inc. (“we”, “our”, the “Company”) plans to acquire, develop, manufacture and market pharmaceutical medication. In the next few years, we plan to qualify and gain acceptance in international public tenders for anti-malarial drugs through the prequalification programme process governed by the World Health Organization (”WHO”). Luckycom Limited, a wholly-owned subsidiary of Luckycom, Inc, was incorporated in Hong Kong as Goldsans Capital (Hong Kong) Limited (“Goldsans”) on November 08, 2011. Goldsans name was changed to Wudor Capital Hong Kong Limited on May 22, 2012 and subsequently to Luckycom Limited on June 28, 2013. |
Fiscal Period, Policy [Policy Text Block] | Fiscal Year On February 11, 2016, the Board of Directors of Luckycom, Inc. approved a change in the fiscal year end from a fiscal year ending on February 28 or 29 (as the case may be) to March 31, effective beginning with fiscal year 2016. The Company expects to make the fiscal year change on a prospective basis and will not adjust operating results for prior periods. We began filing our quarterly reports on Form 10-Q based on the new fiscal year-end beginning with the first quarter of fiscal year ending March 31, 2017. We are reporting the third quarter of fiscal year ending March 31, 2017 as a nine-month period ended December 31, 2016. The change to the Company’s fiscal year will not impact the Company’s fiscal year results for the year ended February 29, 2016. However, the change will impact the prior year comparability of each of the fiscal quarters and annual period in 2016 in future filings. The Company believes this change will provide numerous benefits, including aligning its reporting periods to be more consistent with peer companies and improving comparability between periods. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Luckycom does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
Note 2 - Going Concern (Details
Note 2 - Going Concern (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Retained Earnings (Accumulated Deficit) | $ (1,332,974) | $ (981,019) | $ (947,065) |
Note 3 - Related Party Transa12
Note 3 - Related Party Transactions (Details) - USD ($) | Oct. 02, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | |||
Proceeds from Related Party Debt | $ 190,282 | $ 25,707 | |
Related Party Transaction, Amounts of Transaction | 28,823 | ||
Due to Related Parties, Current | $ 254,464 | ||
Officers' Compensation | $ 180,000 |
Note 4 - Capital Stock (Details
Note 4 - Capital Stock (Details) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | ||
Common Stock, Shares, Outstanding | 17,626,000 | 17,500,000 |
Common Stock, Shares, Issued | 17,626,000 | 17,500,000 |
Stock Issued During Period, Shares, New Issues | 120,000 | |
Stock Issued During Period, Value, New Issues (in Dollars) | $ 120,000 | |
Proceeds from Issuance or Sale of Equity (in Dollars) | $ 112,508 | |
Stock Issued During Period, Shares, Issued for Services | 6,000 | |
Stock Issued During Period, Value, Issued for Services (in Dollars) | $ 6,000 |