Toucan Interactive (TCNT) 10-K 22 Jun 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Feb. 29, 2020	Jun. 19, 2021	Aug. 31, 2019
Cover [Abstract]
Entity Registrant Name	TOUCAN INTERACTIVE CORP
Entity Central Index Key	0001602143
Document Type	10-K
Document Period End Date	Feb. 29, 2020
Amendment Flag	false
Current Fiscal Year End Date	--02-29
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	Yes
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		7,100,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

Balance Sheet

Balance Sheet - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Current Assets
Cash and cash equivalents	$ 2,830	$ 17,662
Prepaid expenses	4,729	4,235
Total Current Assets	7,559	21,897
Total Assets	7,559	21,897
Current Liabilities
Accounts payable		300
Advances from related parties	76,738	76,738
Total Current Liabilities	76,738	77,038
Total Liabilities	76,738	77,038
Stockholders' (Deficit)
Common stock par value $.001; 75,000,000 shares authorized, 7,100,000 shares issued and outstanding	7,100	7,100
Additional paid in capital	37,578	37,578
Accumulated deficit	(113,857)	(99,819)
Total Stockholders' Deficit	(69,179)	(55,141)
Total Liabilities and Stockholders' Deficit	$ 7,559	$ 21,897

Balance Sheet (Parenthetical)

Balance Sheet (Parenthetical) - $ / shares	Feb. 29, 2020	Feb. 28, 2019
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	7,100,000
Common stock, shares outstanding	7,100,000	7,100,000

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
General and administrative expenses	14,038	29,758
TOTAL OPERATING EXPENSES	14,038	29,758
NET LOSS	$ (14,038)	$ (29,758)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	7,100,000	7,100,000

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Deficit) - USD ($)	Common Stock [Member]	Additional Paid In Capital [Member]	Accumulated Deficit [Member]	Total
Balance, beginning of period at Feb. 28, 2018	$ 7,100	$ 37,578	$ (70,061)	$ (25,383)
Balance, shares at Feb. 28, 2018	7,100,000
Net loss			(29,758)	(29,758)
Balance, end of period at Feb. 28, 2019	$ 7,100	37,578	(99,819)	(55,141)
Balance, shares at Feb. 28, 2019	7,100,000
Net loss			(14,038)	(14,038)
Balance, end of period at Feb. 29, 2020	$ 7,100	$ 37,578	$ (113,857)	$ (69,179)
Balance, shares at Feb. 29, 2020	7,100,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (14,038)	$ (29,758)
Changes in operating assets and liabilities:
Prepaid expenses	(494)	7,500
Accounts payable	(300)	200
Net Cash Used in Operating Activities	(14,832)	(22,058)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties
Net cash provided by Financing Activities
Net Change in Cash	(14,832)	(22,058)
Cash, beginning of period	17,662	39,720
Cash, end of period	2,830	17,662
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Feb. 29, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Business	NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS TOUCAN INTERACTIVE Corp. was incorporated under the laws of the State of Nevada on January 28, 2014. It was initially set up as a 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. On April 22, 2016, the Company experienced a change in control and ceased operations as a provider of credit option services; and changed the address of its principal executive offices to 25 E. Foothill Blvd., Arcadia, California 91006. 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

Basis of Presentation	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Basis of Presentation	NOTE 2 – BASIS OF PRESENTATION Basis of Presentation The accompanying audited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” accounting), the rules and regulations of the Securities and Exchange Commission (the “SEC”) for financial reporting, and are presented in US dollars. In the opinion of 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 February 29, 2020 presented herein have been reflected in these financial statements and the notes thereto. Accounting Basis The Company uses the accrual basis of GAAP accounting. The Company has adopted the last day of February as fiscal year end. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $2,830 of cash as of February 29, 2020. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and amounts due to related parties. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Use of Estimates The preparation of financial statements in conformity with GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. StockBased Compensation Stockbased compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of February 29, 2020. 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.

Going Concern

Going Concern	12 Months Ended
	Feb. 29, 2020
Going Concern
Going Concern	NOTE 3 – 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 $113,857 as of February 29, 2020 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. In June 2020 and May 2021, the controlling stockholder, through a related entity, advanced $15,000 and $30,000 respectively to the Company to demonstrate its continued support to finance the Company’s ongoing operation. 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.

Prepaid Expenses

Prepaid Expenses	12 Months Ended
	Feb. 29, 2020
Prepaid Expenses
Prepaid Expenses	NOTE 4 – PREPAID EXPENSES Prepaid expenses consist of amounts paid in advance for services that had not yet occurred as of February 29, 2020 and February 28, 2019, including legal, registration and audit/review fees. These amounts are recognized as expenses in future periods when the services occur. 2020 2019 Legal fees $ - $ 300 Registration related fees 2,429 2,435 Audit/Review fees 2,300 1,500

Advances from Related Parties

Advances from Related Parties	12 Months Ended
	Feb. 29, 2020
Related Party Transactions [Abstract]
Advances from Related Parties	NOTE 5 – ADVANCES FROM RELATED PARTIES There were no new advances from related parties for the period ended February 29, 2020. Advances from related parties as of February 29, 2020 and February 28, 2019 were $76,738.

Capital Stock

Capital Stock	12 Months Ended
	Feb. 29, 2020
Equity [Abstract]
Capital Stock	NOTE 6 – CAPITAL 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, the Company issued 6,000,000 shares of common stock for cash proceeds of $243,605 at $0.04 per share. On April 22, 2016, the Company repurchased 4,000,000 shares of common stock for cash payments of $240,605 at $0.06 per share. There were 7,100,000 shares of common stock issued and outstanding as of February 29, 2020.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Feb. 29, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7 – COMMITMENTS AND CONTINGENCIES The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer 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.

Income Taxes

Income Taxes	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 8 – INCOME TAXES As of February 29, 2020, the Company had net operating loss carry forwards of approximately $113,857 that may be available to reduce future years’ taxable income in varying amounts through 2034. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following for the periods ended February 29, 2020 and February 28, 2019: 2020 2019 Federal income tax benefit attributable to: Current Operations $ 2,948 $ 6,249 Less: valuation allowance (2,948 ) (6,249 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows as of February 29, 2020 and February 28, 2019: 2020 2019 Deferred tax asset attributable to: Net operating loss carryover $ 23,910 $ 20,962 Less: valuation allowance (23,910 ) (20,962 ) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $113,857 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

Subsequent Events

Subsequent Events	12 Months Ended
	Feb. 29, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 9 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10), the Company has analyzed its operations subsequent to February 29, 2020 to the date these financial statements were available to be issued as of June 19, 2021, and has determined that it does not have any material subsequent events to disclose in these financial statements, except that in June 2020 and May 2021, the controlling stockholder, through a related entity, advanced $15,000 and $30,000 to the Company to demonstrate its continued support to finance the Company’s ongoing operation.

Basis of Presentation (Policies

Basis of Presentation (Policies)	12 Months Ended
	Feb. 29, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying audited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP” accounting), the rules and regulations of the Securities and Exchange Commission (the “SEC”) for financial reporting, and are presented in US dollars. In the opinion of 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 February 29, 2020 presented herein have been reflected in these financial statements and the notes thereto.
Accounting Basis	Accounting Basis The Company uses the accrual basis of GAAP accounting. The Company has adopted the last day of February as fiscal year end.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $2,830 of cash as of February 29, 2020.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and amounts due to related parties. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP accounting requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
StockBased Compensation	StockBased Compensation Stockbased compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of February 29, 2020.
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.

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	12 Months Ended
	Feb. 29, 2020
Prepaid Expenses Tables Usd Abstract
Schedule of Prepaid Expenses in Future Periods	These amounts are recognized as expenses in future periods when the services occur. 2020 2019 Legal fees $ - $ 300 Registration related fees 2,429 2,435 Audit/Review fees 2,300 1,500 $ 4,729 $ 4,235

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Feb. 29, 2020
Income Tax Disclosure [Abstract]
Schedule of Provision for Federal Income Tax Benefit	The provision for Federal income tax consists of the following for the periods ended February 29, 2020 and February 28, 2019: 2020 2019 Federal income tax benefit attributable to: Current Operations $ 2,948 $ 6,249 Less: valuation allowance (2,948 ) (6,249 ) Net provision for Federal income taxes $ - $ -
Schedule of Deferred Tax Assets	The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows as of February 29, 2020 and February 28, 2019: 2020 2019 Deferred tax asset attributable to: Net operating loss carryover $ 23,910 $ 20,962 Less: valuation allowance (23,910 ) (20,962 ) Net deferred tax asset $ - $ -

Basis of Presentation (Details

Basis of Presentation (Details Narrative) - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 2,830	$ 17,662

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	May 31, 2021	Jun. 30, 2020	Feb. 29, 2020	Feb. 28, 2019
Accumulated deficit			$ 113,857	$ 99,819
Subsequent Event [Member]
Due from stockholders	$ 30,000	$ 15,000

Prepaid Expenses - Schedule of

Prepaid Expenses - Schedule of Prepaid Expenses in Future Periods (Details) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Prepaid Expenses - Schedule Of Prepaid Expenses In Future Periods
Legal fees		$ 300
Registration related fees	2,429	2,435
Audit/Review fees	2,300	1,500
Prepaid expenses	$ 4,729	$ 4,235

Advances from Related Parties (

Advances from Related Parties (Details Narrative) - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Related Party Transactions [Abstract]
Advances from related parties	$ 76,738	$ 76,738

Capital Stock (Details Narrativ

Capital Stock (Details Narrative) - USD ($)	Apr. 22, 2016	Feb. 06, 2014	Nov. 24, 2014	Feb. 29, 2020	Feb. 28, 2019
Equity [Abstract]
Common stock, shares authorized				75,000,000	75,000,000
Common stock, par value				$ 0.001	$ 0.001
Stock issued for cash, shares	6,000,000	4,000,000	1,100,000
Stock issued for cash, value	$ 243,605	$ 4,000	$ 22,000
Stock issued price per share	$ 0.04	$ 0.001	$ 0.02
Repurchase of common stock, shares	4,000,000
Repurchase of common stock, value	$ 240,605
Repurchase price per share	$ 0.06
Common stock, shares issued				7,100,000	7,100,000
Common stock, shares outstanding				7,100,000	7,100,000

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Feb. 29, 2020USD ($)
Income Tax Disclosure [Abstract]
Net operating loss carry forwards	$ 113,857
Operating loss carry forwards expiration	Available to reduce future years' taxable income in varying amounts through 2034.
Cumulative effect of deferred tax rate	21.00%

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Federal Income Tax Benefit (Details) - USD ($)	12 Months Ended
	Feb. 29, 2020	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Current Operations	$ 2,948	$ 6,249
Less: valuation allowance	(2,948)	(6,249)
Net provision for Federal income taxes

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Feb. 29, 2020	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Net operating loss carryover	$ 23,910	$ 20,962
Less: valuation allowance	(23,910)	(20,962)
Net deferred tax asset

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	May 31, 2021	Jun. 30, 2020
Subsequent Event [Member]
Due from stockholders	$ 30,000	$ 15,000