Toucan Interactive (TCNT) 10-Q 24 Oct 16 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 31, 2016	Oct. 17, 2016
Document and Entity Information
Entity Registrant Name	TOUCAN INTERACTIVE CORP
Entity Central Index Key	1,602,143
Amendment Flag	false
Current Fiscal Year End Date	--02-28
Document Type	10-Q
Document Period End Date	Aug. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		7,100,000

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Current Assets
Cash and cash equivalents		$ 3,757
Prepaid expenses	5,000
Total Current Assets	5,000	3,757
Total Assets	5,000	3,757
Current Liabilities
Accounts Payable	4,500
Checks in Excess of Cash	390
Director Loan	8,343	4,678
Total Other Current Liabilities	13,233	4,678
Total Liabilities	13,233	4,678
Shareholders' Equity (Deficit)
Common stock par value $.001; 75,000,000 shares authorized, 7,100,000 and 5,100,000 shares issued and outstanding	7,100	5,100
Additional Paid in Capital	36,578	20,900
Accumulated Deficit	(51,911)	(26,920)
Total Shareholders' Equity (Deficit)	(8,233)	(920)
TOTAL LIABILITIES & EQUITY	$ 5,000	$ 3,757

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Aug. 31, 2016	Feb. 29, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	7,100,000	5,100,000
Common stock, shares outstanding	7,100,000	5,100,000

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2016	Aug. 31, 2015	Aug. 31, 2016	Aug. 31, 2015
Income Statement [Abstract]
Revenue		$ 4,500		$ 4,500
Operating Expenses
General and administrative expenses	8,448	2,307	24,990	18,661
Total Operating Expense	8,448	2,307	24,990	18,661
Net Loss From Operations	(8,448)	2,193	(24,990)	(14,161)
Provision for Income Taxes
Net Income / (Loss)	$ (8,448)	$ 2,193	$ (24,990)	$ (14,161)
Net Loss Per Share: Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding:Basic and Diluted	7,100,000	5,100,000		4,000,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Aug. 31, 2016	Aug. 31, 2015
OPERATING ACTIVITIES
Net Income	$ (24,990)	$ (14,161)
Adjustments to reconcile Net Income to net cash provided by operations:
Checks in Excess of Cash	390
Changes in operating assets and liabilities
Prepaid expenses	(500)
Accounts payable	4,500
Net cash (Used) in Operating Activities	(25,100)	(14,161)
INVESTING ACTIVITIES
Net cash provided by Investing Activities
FINANCING ACTIVITIES
Repayment of advances - related party		(180)
Advances from - related party	3,665
Proceeds from sale of capital stock	17,678
Net cash provided by Financing Activities	21,343	(180)
Net cash increase for period	(3,757)	(14,341)
Cash at beginning of period	3,757	14,392
Cash at end of period		$ 51

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Aug. 31, 2016
Organization and Nature of Business [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Toucan Interactive Corp. (the “Company”) was incorporated under the laws of the State of Nevada on January 28, 2014. We were a startup company in the business of providing credit information options on all major banks located in Costa Rica, Canada, United States and other countries located in North, Central and South America. Pursuant to the transactions described in Note 4 below, the Company experienced a change in control and ceased operations as a provider of credit option services. The Company currently serves as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation.

Basis of Presentation and Going

Basis of Presentation and Going Concern	6 Months Ended
	Aug. 31, 2016
Basis of Presentation and Going Concern [Abstract]
BASIS OF PRESENTATION AND GOING CONCERN	NOTE 2 – BASIS OF PRESENTATION AND GOING CONCERN BASIS OF ACCOUNTING The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of August 31, 2016 and for all interim periods presented herein have been reflected in these financial statements and the notes there to. Interim results for the six months ended August 31, 2016 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes as included in the Form 10-K for the year ended February 29, 2016. 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 resulting in an accumulated deficit of $51,911 as of August 31, 2016 and further losses are anticipated in the development of its business raising 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, to obtain the necessary financing to meet its 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 common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements The Company 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.

Advances from Director

Advances from Director	6 Months Ended
	Aug. 31, 2016
Advances from Director [Abstract]
ADVANCES FROM DIRECTOR	NOTE 3 – ADVANCES FROM DIRECTOR On January 28, 2014, director loaned $678 to incorporate the Company and file initial list with Nevada Secretary of State. The loans are unsecured, non-interest bearing and due on demand. During the period March 1, 2014 through February 29, 2016 an additional $9,500 were loaned to the Company to pay operating expenses, and $5,500 were repaid. On April 21, 2016, Director loaned additional $10,000 on working capital. On April 22, 2016, Director loan was repaid in full in the amount of $14,678. On May 2, 2016, Director loaned additional $432 on working capital. On July 20, 2016, Director loaned additional $1,500 on working capital. On July 28, 2016, Director loaned additional $1,411 on working capital. On August 16, 2016, Director loaned additional $5,000 on working capital. The balance due to the director was $8,343 as of August 31, 2016.

Common Stock

Common Stock	6 Months Ended
	Aug. 31, 2016
Common Stock [Abstract]
COMMON STOCK	NOTE 4 – COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On February 6, 2014, the Company issued 4,000,000 shares of common stock for cash proceeds of $4,000 at $0.001 per share. From October 3, 2014 to November 24, 2014 the company issued 1,100,000 shares of common stock for cash proceeds of $22,000 at $0.02 per share. On April 22, 2016, pursuant to a Securities Purchase Agreement (the “Purchase Agreement”) with BDK Capital Group, LLC (“BDK”), the Company sold 6,000,000 newly issued shares of common stock to BDK for cash proceeds of $243,605 at $0.001 par value per share. On April 22, 2016, subsequent to the closing of the transaction contemplated by the Purchase Agreement and pursuant to a Repurchase Agreement (the “Repurchase Agreement”) with the Majority Stockholder, the Majority Stockholder sold and the Company repurchased 4,000,000 shares of common stock for an aggregate purchase price of $240,605, of which $14,678 went to satisfy amounts due to the Majority Stockholder for amounts previously advanced to the Company. There were 7,100,000 shares of common stock issued and outstanding as of August 31, 2016.

Changes in Control

Changes in Control	6 Months Ended
	Aug. 31, 2016
Changes in Control [Abstract]
CHANGES IN CONTROL	NOTE 5 – CHANGES IN CONTROL Following the closing of the transactions pursuant to the Purchase Agreement and the Repurchase Agreement (collectively, the “Transactions”), and the purchase of an additional 870,000 shares of the Company’s common stock from other minority shareholders, BDK acquired approximately 96% of the issued and outstanding capital of the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 31, 2016
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. Following the closing of the Transactions, BDK has provided office services to the Company without charge. There is no obligation for BDK to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

Subsequent Events

Subsequent Events	6 Months Ended
	Aug. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to August 31, 2016 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

Basis of Presentation and Goi13

Basis of Presentation and Going Concern (Policies)	6 Months Ended
	Aug. 31, 2016
Basis of Presentation and Going Concern [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company 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.

Basis of Presentation and Goi14

Basis of Presentation and Going Concern (Details) - USD ($)	Aug. 31, 2016	Feb. 29, 2016
Basis of Presentation and Going Concern (Textual)
Accumulated deficit	$ (51,911)	$ (26,920)

Advances from Director (Details

Advances from Director (Details) - USD ($)	Aug. 16, 2016	Jul. 28, 2016	Jul. 20, 2016	May 02, 2016	Apr. 22, 2016	Apr. 21, 2016	Feb. 29, 2016	Aug. 31, 2016	Jan. 28, 2014
Advances from Director (Textual)
Due to director							$ 4,678	$ 8,343
Director [Member]
Advances from Director (Textual)
Loaned amount									$ 678
Loaned additional amount	$ 5,000	$ 1,411	$ 1,500	$ 432		$ 10,000	9,500
Repayment of loans					$ 14,678		$ 5,500

Common Stock (Details)

Common Stock (Details) - USD ($)	Feb. 06, 2014	Apr. 22, 2016	Nov. 24, 2014	Aug. 31, 2016	Feb. 29, 2016
Common Stock (Textual)
Common stock, shares authorized				75,000,000	75,000,000
Common stock, par value				$ 0.001	$ 0.001
Stock issued for cash, shares	4,000,000		1,100,000
Stock issued for cash, value	$ 4,000		$ 22,000
Common stock price per share	$ 0.001		$ 0.02
Repurchase of common stock, shares		4,000,000		870,000
Repurchase of common stock, value		$ 240,605
Due to majority stockholder		$ 14,678
Common stock, shares issued				7,100,000	5,100,000
Common stock, shares outstanding				7,100,000	5,100,000
BDK Capital Group, LLC [Member]
Common Stock (Textual)
Stock issued for cash, shares		6,000,000
Stock issued for cash, value		$ 243,605
Common stock price per share		$ 0.001

Changes in Control (Details)

Changes in Control (Details) - shares	1 Months Ended	6 Months Ended
	Apr. 22, 2016	Aug. 31, 2016
Changes in control (Textual)
Purchase of common stock from minority shareholders, shares	4,000,000	870,000
Acquisition, percentage		96.00%