Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 30, 2015 | Jan. 11, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | LUCKYCOM INC | |
Entity Central Index Key | 1,567,098 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 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 | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Nov. 30, 2015 | Feb. 28, 2015 |
Current assets | ||
Cash and cash equivalents | $ 238,117 | $ 48,286 |
Prepaid expenses and other current assets | 125 | |
Total Current Assets | $ 238,242 | $ 48,286 |
Other asset | ||
Drug license, net of $55,000 and $45,833 amortization | 9,167 | |
Total Other Assets | 9,167 | |
TOTAL ASSETS | $ 238,242 | 57,453 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 3,323 | 2,314 |
Due to officer | 20,946 | 390,466 |
Total Current Liabilities | 24,269 | 392,780 |
Total Liabilities | 24,269 | 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 | (817,037) | (526,337) |
Total stockholders' equity (deficit) | 213,973 | (335,327) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 238,242 | $ 57,453 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Nov. 30, 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 | 9 Months Ended | ||
Nov. 30, 2015 | Nov. 30, 2014 | Nov. 30, 2015 | Nov. 30, 2014 | |
Income Statement [Abstract] | ||||
TOTAL OPERATING EXPENSES | $ 88,330 | $ 81,268 | $ 290,700 | $ 200,233 |
NET LOSS | $ (88,330) | $ (81,268) | $ (290,700) | $ (200,233) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED | 17,500,000 | 10,500,000 | 13,589,891 | 10,272,727 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (290,700) | $ (200,233) |
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 accrued expenses | 1,009 | $ (7,995) |
Net Cash Used in Operating Activities | (210,649) | $ (187,603) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 420,000 | |
Proceeds from officer loans | 82,027 | $ 186,359 |
Repayments of officer loans | (101,547) | |
Net Cash Provided by Financing Activities | 400,480 | $ 186,359 |
Net Increase (Decrease) in Cash and Cash Equivalents | 189,831 | (1,244) |
Cash and cash equivalents, beginning of period | 48,286 | 94,320 |
Cash and cash equivalents, end of period | $ 238,117 | $ 93,076 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Nov. 30, 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 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. 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 | 9 Months Ended |
Nov. 30, 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 $817,037 as of November 30, 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Nov. 30, 2015 | |
Related Party Transactions | |
Related Party Transactions | Note 3 Related Party Transactions On August 3, 2015, the Company agreed to convert $350,000 debt owed to it sole officer and 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 Mr. Lee. The Companys sole officer and director, and a shareholder, Mr. Kingrich Lee, loaned an aggregate of $82,027 to the Company during the nine months ended November 30, 2015, and Mr. Lee is owed an aggregate of $20,946 as of November 30, 2015. The amounts are unsecured, non-interest bearing and due on demand. During the nine months ended November 30, 2015, $101,547 was paid in cash to Mr. Kingrich Lee. On October 2, 2015, 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 an annual salary of $180,000. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Nov. 30, 2015 | |
Capital Stock | |
Capital Stock | Note 4 Capital Stock During the nine months ended November 30, 2015, the Company issued 7,000,000 shares of its common stock, including 3,500,000 shares of its common stock at $0.12 per share to eleven investors for total proceeds of $420,000, and 3,500,000 of its common stock at $0.10 per share in conversion of $350,000 owed to its sole officer and director, Mr. Lee. As of November 30, 2015, the Company had 17,500,000 shares of common stock issued and outstanding. |
ORGANIZATION AND BASIS OF PRE10
ORGANIZATION AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Nov. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization and Description of Business | Organization and Description of Business Luckycom, Inc. plans to acquire, develop, manufacture and market pharmaceutical medication. In the next few years, we plan to qualify and gain acceptance in international public tenders for anti-malarial drugs through the prequalification programme process governed by the World Health Organization (WHO). Luckycom Limited, a wholly-owned subsidiary of Luckycom, Inc, was incorporated in Hong Kong as Goldsans Capital (Hong Kong) Limited (Goldsans) on November 08, 2011. Goldsans name was changed to Wudor Capital Hong Kong Limited on May 22, 2012 and subsequently to Luckycom Limited on June 28, 2013. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Luckycom does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Nov. 30, 2015 | Feb. 28, 2015 |
Notes to Financial Statements | ||
Accumulated Deficit | $ 817,037 | $ 526,337 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Nov. 30, 2015 | Nov. 30, 2014 | Feb. 28, 2015 | |
Officer and shareholder loan | $ 82,027 | $ 186,359 | |
Total Loan | 20,946 | $ 390,466 | |
Kingrich Lee [Member] | |||
Officer and shareholder loan | 82,027 | ||
Total Loan | $ 101,547 |