Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Aug. 31, 2015 | Oct. 14, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | LUCKYCOM INC | |
Entity Central Index Key | 1,567,098 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-29 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 17,500,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Aug. 31, 2015 | Feb. 28, 2015 |
Current assets | ||
Cash and cash equivalents | $ 221,435 | $ 48,286 |
Prepaid expenses and other current assets | $ 139,325 | |
Other asset | ||
Drug license, net of $55,000 and $45,833 amortization | $ 9,167 | |
TOTAL ASSETS | $ 360,760 | 57,453 |
Current Liabilities | ||
Accounts payable and accrued expenses | 2,314 | 2,314 |
Due to officer | 56,143 | 390,466 |
Total Liabilities | 58,457 | 392,780 |
Stockholders' Deficit | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 17,500,000 and 10,500,000 shares issued and outstanding, respectively. | 175,000 | 105,000 |
Additional paid in capital | 856,000 | 86,000 |
Accumulated other comprehensive income | 10 | 10 |
Accumulated deficit | (728,707) | (526,337) |
Total Stockholders' Deficit | 302,303 | (335,327) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 360,760 | $ 57,453 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Aug. 31, 2015 | Feb. 28, 2015 |
Statement of Financial Position [Abstract] | ||
Drug license amortization | $ 55,000 | $ 45,833 |
Common Stock, par value | $ .01 | $ 0.01 |
Common Stock, Shares Authorised | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 17,500,000 | 10,500,000 |
Common Stock, Shares Outstanding | 17,500,000 | 10,500,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | |
Income Statement [Abstract] | ||||
TOTAL OPERATING EXPENSES | $ 140,093 | $ 62,504 | $ 202,370 | $ 118,965 |
NET LOSS | $ (140,093) | $ (62,504) | $ (202,370) | $ (118,965) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.01) | $ (0.01) | $ (0.01) | $ (0.01) |
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED | 16,240,272 | 10,500,000 | 14,980,543 | 10,500,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (202,370) | $ (118,965) |
Amortization of drug license | 9,167 | $ 6,875 |
Stock-based compensation | 70,000 | |
Changes in assets and liabilities: | ||
Increase (decrease) in prepaid expenses and other assets | $ (125) | |
Increase (decrease) in accounts payable | $ (9,344) | |
Increase (decrease) in accrued expenses | 1,349 | |
Net Cash Used in Operating Activities | $ (123,328) | $ (113,210) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Cash received from collection of stock subscriptions | 280,800 | |
Proceeds from officer loans | $ 15,677 | $ 44,114 |
Repayments of officer loans | ||
Net Cash Provided by Financing Activities | $ 296,477 | $ 44,114 |
Exchange rate effect on cash | ||
Net Increase (Decrease) in Cash and Cash Equivalents | $ 173,149 | $ (69,096) |
Cash and cash equivalents, beginning of period | 48,286 | 94,320 |
Cash and cash equivalents, end of period | $ 221,435 | $ 25,224 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid | ||
Shares issued for debt conversion | $ 350,000 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 6 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | 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 Companys Form 10-K filed with the SEC on June 1, 2015. 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 28, 2015 as reported in the Companys Form 10-K have been omitted. Organization and Description of Business Luckycom Inc. 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 2, 2011. Goldsans name was changed to Wudor Capital Hong Kong Limited on May 17, 2012 and subsequently to Luckycom Limited on May 21, 2013. Recent Accounting Pronouncements Luckycom does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
GOING CONCERN | 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 $658,707 as of August 31, 2015 and further losses are anticipated as a result of the development of business which raises substantial doubt about the Companys 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 Companys 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 Companys common stock. |
LOANS PAYABLE - RELATED PARTY
LOANS PAYABLE - RELATED PARTY | 6 Months Ended |
Aug. 31, 2015 | |
Payables and Accruals [Abstract] | |
LOANS PAYABLE - RELATED PARTY | NOTE 3 LOANS PAYABLE RELATED PARTY On August 3, 2015, the Company agreed to convert $350,000 debt owed to director Mr. Kingrich Lee into 3,500,000 of its common stock at $0.10 per share. The Company has fair valued the total shares as $420,000 and recognized the $70,000 as the stock based compensation by director Mr. Kingrich Lee. An officer and shareholder loaned an aggregate of $15,677 to the Company during the six months ended August 31, 2015, and such officer and shareholder is owed an aggregate of $56,143 as of August 31, 2015. The amounts are unsecured, non-interest bearing and due on demand. From June to August 2015, the Company issued 3,500,000 shares of its common stock at $0.12 per share to eleven investors for total proceeds of $420,000, of which $280,800 was received before 31 August 2015 and the remaining $139, 200 was received in September 2015. |
ORGANIZATION AND BASIS OF PRES9
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Aug. 31, 2015 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | Organization and Description of Business Luckycom Inc. plans to acquire, develop, manufacture and market pharmaceutical medication. In the next few years, we plan to qualify and gain acceptance in international public tenders for anti-malarial drugs through the prequalification programme process governed by the World Health Organization (WHO). Luckycom Limited, a wholly-owned subsidiary of Luckycom Inc, was incorporated in Hong Kong as Goldsans Capital (Hong Kong) Limited (Goldsans) on November 2, 2011. Goldsans name was changed to Wudor Capital Hong Kong Limited on May 17, 2012 and subsequently to Luckycom Limited on May 21, 2013. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Luckycom does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Aug. 31, 2015 | Feb. 28, 2015 |
Notes to Financial Statements | ||
Accumulated Deficit | $ 728,707 | $ 526,337 |
LOANS PAYABLE - RELATED PARTY (
LOANS PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2015 | Aug. 31, 2014 | Feb. 28, 2015 | |
Payables and Accruals [Abstract] | ||||
Officer and shareholder loan | $ 15,677 | $ 15,677 | $ 44,114 | |
Total Loan | $ 56,143 | $ 56,143 | $ 390,466 |