Toucan Interactive (TCNT) 10-Q 22 Jun 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 31, 2020	Jun. 19, 2021
Cover [Abstract]
Entity Registrant Name	TOUCAN INTERACTIVE CORP
Entity Central Index Key	0001602143
Document Type	10-Q
Document Period End Date	Aug. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--02-28
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 Common Stock, Shares Outstanding		7,100,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021

Condensed Balance Sheet (Unaudi

Condensed Balance Sheet (Unaudited) - USD ($)	Aug. 31, 2020	Feb. 29, 2020
Current Assets
Cash and cash equivalents	$ 16,160	$ 2,830
Prepaid expenses	3,564	4,729
Total Current Assets	19,724	7,559
Total Assets	19,724	7,559
Current Liabilities
Accounts payable	600
Advances from related parties	91,738	76,738
Total Current Liabilities	92,338	76,738
Total Liabilities	92,338	76,738
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	(117,292)	(113,857)
Total Stockholders' Deficit	(72,614)	(69,179)
Total Liabilities and Stockholders' Deficit	$ 19,724	$ 7,559

Condensed Balance Sheet (Unau_2

Condensed Balance Sheet (Unaudited) (Parenthetical) - $ / shares	Aug. 31, 2020	Feb. 29, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ .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

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 31, 2020	Aug. 31, 2019	Aug. 31, 2020	Aug. 31, 2019
Income Statement [Abstract]
REVENUE
OPERATING EXPENSES
General and administrative expenses	1,715	1,715	3,435	10,967
TOTAL OPERATING EXPENSES	1,715	1,715	3,435	10,967
NET LOSS	$ (1,715)	$ (1,715)	$ (3,435)	$ (10,967)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	7,100,000	7,100,000	7,100,000	7,100,000

Condensed Statement of Changes

Condensed Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid in Capital [Member]	Accumulated Deficit [Member]	Total
Beginning balance at Feb. 28, 2019	$ 7,100	$ 37,578	$ (99,819)	$ (55,141)
Beginning balance, shares at Feb. 28, 2019	7,100,000
Net loss			(9,253)	(9,253)
Ending balance at May. 31, 2019	$ 7,100	37,578	(109,072)	(64,394)
Ending balance, shares at May. 31, 2019	7,100,000
Beginning balance at Feb. 28, 2019	$ 7,100	37,578	(99,819)	(55,141)
Beginning balance, shares at Feb. 28, 2019	7,100,000
Net loss				(10,967)
Ending balance at Aug. 31, 2019	$ 7,100	37,578	(110,786)	(66,108)
Ending balance, shares at Aug. 31, 2019	7,100,000
Beginning balance at May. 31, 2019	$ 7,100	37,578	(109,072)	(64,394)
Beginning balance, shares at May. 31, 2019	7,100,000
Net loss			(1,714)	(1,715)
Ending balance at Aug. 31, 2019	$ 7,100	37,578	(110,786)	(66,108)
Ending balance, shares at Aug. 31, 2019	7,100,000
Beginning balance at Feb. 29, 2020	$ 7,100	37,578	(113,857)	(69,179)
Beginning balance, shares at Feb. 29, 2020	7,100,000
Net loss			(1,720)	(1,720)
Ending balance at May. 31, 2020	$ 7,100	37,578	(115,577)	(70,899)
Ending balance, shares at May. 31, 2020	7,100,000
Beginning balance at Feb. 29, 2020	$ 7,100	37,578	(113,857)	(69,179)
Beginning balance, shares at Feb. 29, 2020	7,100,000
Net loss				(3,435)
Ending balance at Aug. 31, 2020	$ 7,100	37,578	(117,292)	(72,614)
Ending balance, shares at Aug. 31, 2020	7,100,000
Beginning balance at May. 31, 2020	$ 7,100	37,578	(115,577)	(70,899)
Beginning balance, shares at May. 31, 2020	7,100,000
Net loss			(1,715)	(1,715)
Ending balance at Aug. 31, 2020	$ 7,100	$ 37,578	$ (117,292)	$ (72,614)
Ending balance, shares at Aug. 31, 2020	7,100,000

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Aug. 31, 2020	May 31, 2020	Aug. 31, 2019	May 31, 2019	Aug. 31, 2020	Aug. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (1,715)	$ (1,720)	$ (1,715)	$ (9,253)	$ (3,435)	$ (10,967)
Changes in operating assets and liabilities:
Prepaid expenses					1,165	365
Accounts payable					600	(100)
Net Cash Used in Operating Activities					(1,670)	(10,702)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties					15,000
Net Cash Provided by Financing Activities					15,000
Net Change in Cash					13,330	(10,702)
Cash, beginning of period		$ 2,830		$ 17,662	2,830	17,662
Cash, end of period	$ 16,160		$ 6,960		16,160	6,960
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

Organization and Nature of Busi

Organization and Nature of Business	6 Months Ended
	Aug. 31, 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. 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, 2020
Accounting Policies [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, 2020 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the six month period ended August 31, 2020 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, 2020. 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 $117,292 as of August 31, 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. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from related parties and, or, private placement of common stock. 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. 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 Related Parties

Advances from Related Parties	6 Months Ended
	Aug. 31, 2020
Related Party Transactions [Abstract]
Advances from Related Parties	NOTE 3 – ADVANCES FROM RELATED PARTIES Advances from related parties for the periods ended August 31, 2020 and 2019 were $91,738 and $76,738, respectively.

Common Stock

Common Stock	6 Months Ended
	Aug. 31, 2020
Equity [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, 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 August 31, 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 5 – 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Aug. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10), the Company has analyzed its operations subsequent to August 31, 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 May 2021, the controlling stockholder, through a related entity, advanced $30,000 to the Company to demonstrate its continued support to finance the Company’s ongoing operation.

Basis of Presentation and Goi_2

Basis of Presentation and Going Concern (Policies)	6 Months Ended
	Aug. 31, 2020
Accounting Policies [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 Goi_3

Basis of Presentation and Going Concern (Details Narrative) - USD ($)	May 31, 2021	Aug. 31, 2020	Jun. 30, 2020	Feb. 29, 2020
Accumulated deficit		$ 117,292		$ 113,857
Due from stockholders			$ 15,000
Subsequent Event [Member]
Due from stockholders	$ 30,000

Advances from Related Parties (

Advances from Related Parties (Details Narrative) - USD ($)	Aug. 31, 2020	Feb. 29, 2020	Aug. 31, 2019
Related Party Transactions [Abstract]
Advances from related parties	$ 91,738	$ 76,738	$ 76,738

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	Apr. 22, 2016	Feb. 06, 2014	Nov. 24, 2014	Aug. 31, 2020	Feb. 29, 2020
Equity [Abstract]
Common stock, shares authorized				75,000,000	75,000,000
Common stock, par value				$ 0.001	$ .001
Stock issued for cash, shares	6,000,000	4,000,000	1,100,000
Proceeds from issuance of common stock	$ 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

Subsequent Events (Details Narr

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