Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2019 | May 20, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | CLIC TECHNOLOGY, INC. | |
Entity Central Index Key | 0001658304 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 260,725,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | true |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 313,970 | $ 22,857 |
Total Current Assets | 313,970 | 22,857 |
TOTAL ASSETS | 313,970 | 22,857 |
Current Liabilities | ||
Accounts Payable | 44,601 | |
Related party loan | 515,243 | 484,742 |
Total Current Liabilities | 515,243 | 529,343 |
Long Term Liabilities | ||
Note Payable | 1,074,695 | 384,733 |
Total Long Tem Liabilities | 1,074,695 | 384,733 |
Total Liabilities | 1,589,938 | 914,076 |
Stockholders' Equity | ||
Common Stock: Authorized 500,000,000 shares, $0.001 par value; Issued and outstanding 260,725,000 shares | 260,725 | 260,725 |
Retained Earnings | (1,346,964) | (1,151,944) |
Total Stockholders' Equity | (1,086,239) | (891,219) |
Total Liabilities & Equity | $ 503,699 | $ 22,857 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2019 | Sep. 30, 2018 | Dec. 02, 2016 |
Stockholders' Equity | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock shares, authorized | 500,000,000 | 500,000,000 | |
Common stock shares, issued | 260,725,000 | 260,725,000 | 422,000 |
Common stock shares, outstanding | 260,725,000 | 260,725,000 | 422,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Statements Of Operations | ||||
Sales | ||||
Less: Cost of Goods Sold | ||||
Gross Profit | ||||
Deduct Marketing, Selling & Administrative Expenses | 175,843 | 3,000 | 359,787 | 8,974 |
Operating Profit (Loss) | (175,843) | (3,000) | (359,787) | (8,974) |
Other Expenses: Interest on Convertible Note | 19,178 | 24,963 | ||
Net Profit (Loss) | $ (195,020) | $ (3,000) | $ (384,749) | $ (8,974) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ (0.00075) | $ (0.00001) | $ (0.00148) | $ (0.00003) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 260,725,000 | 260,725,000 | 260,725,000 | 260,725,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Profit (Loss) for the period | $ (195,020) | $ (3,000) | $ (384,749) | $ (8,974) |
Adjustments to reconcile net Profit (Loss) to net cash used by operating activities | ||||
Changes in Current Liabilities | 0 | 0 | (44,601) | 6,198 |
NET CASH FROM OPERATING ACTIVITIES | (195,020) | (3,000) | (429,350) | (2,776) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
NET CASH used by Investing Activities | 0 | 0 | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Related party loan | 0 | 0 | 30,501 | |
Notes Payable | 531,848 | 2,943 | 689,963 | 2,719 |
NET CASH used by Financing Activities | 531,848 | 2,943 | 720,464 | 2,719 |
NET CASH INCREASE (DECREASE) For PERIOD | 336,827 | (57) | 291,113 | (57) |
Cash, Beginning | 22,857 | 169 | 22,857 | 169 |
Cash, Ending | 313,970 | 112 | 313,970 | 112 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES: | ||||
Cash paid during the period for Interest | 0 | 0 | 0 | 0 |
Cash paid during the period for Income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Stockholders' Equity
Stockholders' Equity - USD ($) | Common Stock | Accumulated Deficit |
Beginning Balance, Shares at Sep. 30, 2016 | 1,750,000,000 | |
Beginning Balance, Amount at Sep. 30, 2016 | $ 1,750,000 | $ (16,585) |
Shares cancelled, Shares | (1,706,250,000) | |
Shares cancelled, Amount | $ (1,764,950) | |
Shares Issued, Shares | 30,100,000 | |
Shares Issued, Amount | $ 30,100 | |
Net loss | (30,288) | |
Ending Balance, Shares at Sep. 30, 2017 | 73,850,000 | |
Ending Balance, Amount at Sep. 30, 2017 | $ 15,150 | (46,873) |
Shares cancelled, Shares | 186,875,000 | |
Shares cancelled, Amount | $ 245,575 | |
Development cost | (918,783) | |
Net loss | (186,288) | |
Ending Balance, Shares at Sep. 30, 2018 | 260,725,000 | |
Ending Balance, Amount at Sep. 30, 2018 | $ 260,725 | (1,151,944) |
Net loss | (195,020) | |
Ending Balance, Shares at Mar. 31, 2019 | 260,725,000 | |
Ending Balance, Amount at Mar. 31, 2019 | $ 260,725 | $ (1,346,964) |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | CLIC Technology, Inc. is a publicly traded holding company under the symbol, “CLIC”. This Company was previously known as: FundThatCompany, Inc. until July 31, 2018 Incorporated in the State of Nevada as a for-profit Company on September 4, 2015 The Company adopted fiscal year end of September 30. The Company acquired a Cyprus company, “Oceanovasto Investments Ltd.”, a company organized under the laws of the Republic of Cyprus, on May 17, 2018 from which date it is its wholly owned subsidiary. In September 2018, the Company decided to discontinue the subsidiary’s operations and develop the technology on the parent company level. Going concern During the current period of reporting, the Company earned no revenue, while the revenue in the previous year was $7,500. The Company incurred operating losses of $1,536,693 since inception. As of the current balance sheet date, the Company’s working capital is negative. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements present the balance sheet, statements of operations, stockholders’ equity and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. Loss per Common Share The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) 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. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As on the reporting date, the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 3. COMMON STOCK | The Company is authorized to issue 350,000,000 common shares with a par value of $0.001 per share. 260,725,000 shares were issued and outstanding on March 31, 2019. No preferred shares have been authorized or issued. On September 4, 2015, the Company issued 1,750,000,000 (pre-split 10,000,000) common shares at $0.000005714 (pre-split $0.001) per share to the sole director and President of the Company for cash proceeds of $10,000. On October 26, 2015, the Company received $10,000 for issued 1,750,000,000 common shares at $0.000005714 per share to the sole director and President of the Company on September 4, 2015. On December 2, 2016 the Company sold 30,100,000 (pre-split 172,000) common shares at $0.0001714 (pre-split $0.03) per share to 30 shareholders of the company for proceeds of $5,160. Funds were received by the Company on January 5, 2017. On December 2, 2016, the founding shareholder of the Company returned 1,706,250,000 (pre-split 9,750,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000005 per share for a total consideration of $10 to the shareholder. On December 2, 2016, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 175 new common shares for 1 old common share. The issued and outstanding common stock increased from 422,000 to 73,850,000 as of December 2, 2016. On April 11, 2018, following a change of control effective April 9, 2018, as reported on Form 8-K, filed with the Securities and Exchange Commission on April 10, 2018, the board of directors of the Company increased the total quantity of authorized shares to 350,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On May 3, 2018, the Company issued 110,000,000 restricted shares pursuant to the agreement of merger and plan of reorganization. On May 17, 2018, the Company issued 76,875,000 restricted shares pursuant to the acquisition agreement with the Oceanovasto shareholders. As of the date of these financial statements, the Company has not granted any stock options and has not recorded any stock-based compensation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 4. RELATED PARTY TRANSACTIONS | As on the reporting date, the present chairman, Yosef Biton, a related party, advanced $515,243 towards the operating expenses. The amounts due to the related parties are unsecured, and non- interest bearing, with no set terms of repayment. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 5. INCOME TAXES | The components of deferred income tax assets are as follows: Mar 31, 2019 Sept 30, 2018 Net operating loss carry-forward $ (1,536,693 ) $ (1,151,944 ) Total deferred tax assets $ 1,536,693 $ 1,151,944 Valuation allowance $ (1,536,693 ) $ (1,151,944 ) The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change, and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of the current balance sheet date, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the current year; and no interest or penalties have been accrued as of the current balance sheet date. The Company did not have any amounts recorded pertaining to uncertain tax positions, as of the current balance sheet date. The tax files of the current as well as the past years remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
NOTE 6. SUBSEQUENT EVENTS | Amendments to Articles of Incorporation On June 3, 2019, the Company filed on Form 8-K with the SEC that on May 24, 2019, the Company’s Board of Directors, with the approval of a majority of votes of its shareholders, had approved an amendment changing Article 3, “Authorized Stock”, of the Company’s Articles of Incorporation (the “Amendment”), wherein the total number of authorized shares of common stock of the Company shall be increased from three hundred and fifty million (350,000,000) shares to six hundred million (600,000,000) shares. The Amendment was submitted to the Nevada Secretary of State and was declared effective on May 24, 2019. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 6 Months Ended |
Mar. 31, 2019 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The financial statements present the balance sheet, statements of operations, stockholders’ equity and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. |
Loss per Common Share | The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) 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. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, “Stock Compensation”, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, “Accounting for Stock-Based Compensation,” and supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock Issued to Employees,” and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As on the reporting date, the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Income Taxes Tables | |
Schedule of deferred income tax assets | Mar 31, 2019 Sept 30, 2018 Net operating loss carry-forward $ (1,536,693 ) $ (1,151,944 ) Total deferred tax assets $ 1,536,693 $ 1,151,944 Valuation allowance $ (1,536,693 ) $ (1,151,944 ) |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 43 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Mar. 31, 2019 | |
Nature Of Operations And Basis Of Presentation | ||||||
State of incorporation | Nevada | |||||
Date of incorporation | Sep. 4, 2015 | |||||
Net loss before income taxes per financial statements | $ (1,536,693) | $ (1,151,944) | $ (1,536,693) | |||
Revenues | $ 7,500 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | Dec. 02, 2016USD ($)Shareholder$ / sharesshares | Sep. 04, 2015USD ($)$ / sharesshares | Mar. 31, 2019$ / sharesshares | Sep. 30, 2018$ / sharesshares | May 17, 2018shares | May 03, 2018shares |
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | ||||
Common stock shares authorized | 500,000,000 | 500,000,000 | ||||
Common stock shares issued | 422,000 | 260,725,000 | 260,725,000 | |||
Common stock shares, outstanding | 422,000 | 260,725,000 | 260,725,000 | |||
Forward split description | Common stock of the Company on a basis of 175 new common shares for 1 old common share | |||||
Common Stock [Member] | ||||||
Common stock shares issued | 73,850,000 | |||||
Common stock shares, outstanding | 73,850,000 | |||||
Acquisition agreement [Member] | Oceanovasto investments, Ltd. [Member] | ||||||
Common stock shares issued | 76,875,000 | |||||
Merger and plan of reorganization agreement [Member] | Restricted Stock [Member] | ||||||
Common stock shares issued | 110,000,000 | |||||
Shareholder [Member] | ||||||
Common stock par value | $ / shares | $ 0.0001714 | |||||
Common stock shares issued | 30,100,000 | |||||
Pre-split of common shares issued | 172,000 | |||||
Pre-split of common stock, par value | $ / shares | $ 0.03 | |||||
Proceeds from issuance of common stock | $ | $ 5,160 | |||||
Number of shareholders | Shareholder | 30 | |||||
Director and President [Member] | ||||||
Common stock par value | $ / shares | $ 0.000005714 | |||||
Common stock shares issued | 1,750,000,000 | |||||
Pre-split of common shares issued | 10,000,000 | |||||
Pre-split of common stock, par value | $ / shares | $ 0.001 | |||||
Proceeds from issuance of common stock | $ | $ 10,000 | |||||
Chairman [Member] | On April 10, 2018 [Member] | ||||||
Common stock par value | $ / shares | $ 0.001 | |||||
Common stock shares authorized, increased | 350,000,000 | |||||
Treasury Stock [Member] | ||||||
Common stock par value | $ / shares | $ 0.00 | |||||
Pre-split of common shares issued | 9,750,000 | |||||
Proceeds from issuance of common stock | $ | $ 10 | |||||
Common stock shares returned or cancelled | 1,706,250,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Due to related party | $ 515,243 | $ 484,742 |
Chairman [Member] | ||
Due to related party | $ 515,243 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | 12 Months Ended | 43 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | |
Income Taxes Details Abstract | |||
Net operating loss carry-forward | $ (1,536,693) | $ (1,151,944) | $ (1,536,693) |
Total deferred tax assets | 1,536,693 | 1,151,944 | |
Valuation allowance change | $ (1,536,693) | $ (1,151,944) |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Jun. 03, 2019shares |
Subsequent Event [Member] | |
Increased in common stock shares authorized | (600,000,000) |