Fellazo (FLLZ) 10-Q 13 Jan 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Nov. 30, 2020	Jan. 11, 2021
Cover [Abstract]
Entity Registrant Name	FELLAZO CORP.
Entity Central Index Key	0001659207
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Nov. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		86,264,000
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-208237
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	30-0840869
Entity Address Address Line 1	8th Floor, Wisma Huazong
Entity Address Address Line 2	43300 Seri Kembangan
Entity Address Address Line 3	Selangor Darul Ehsan
Entity Address City Or Town	Lot 15285, 0.7 km Lebuhraya Sungei Besi
Entity Address Country	MY
City Area Code	603
Local Phone Number	9547 9638
Entity Interactive Data Current	Yes
Entity Address Postal Zip Code	43300

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Nov. 30, 2020	Aug. 31, 2020
Current Assets
Cash and cash equivalent	$ 7,299	$ 6,665
Prepaid expense and deposit	1,222	7,728
Total Current Assets	8,521	14,393
TOTAL ASSETS	8,521	14,393
Current Liabilities
Accounts payable and accrued liabilities	17,280	30,137
Due to related party	1,167,909	1,073,252
Total Current Liabilities	1,185,189	1,103,389
TOTAL LIABILITIES	1,185,189	1,103,389
Stockholders' Deficit
Common stock, $0.001 par value, 1,000,000,000 shares authorized; 86,264,000 shares issued and outstanding as of November 30, 2020 and August 31, 2020	86,264	86,264
Additional paid-in capital	36,122	36,122
Accumulated deficit	(1,207,502)	(1,143,619)
Accumulated other comprehensive loss	(2,909)	(1,094)
Total Fellazo Corp. Stockholders' Deficit	(1,088,025)	(1,022,327)
Non-controlling interest	(88,643)	(66,669)
Total Stockholders' Deficit	(1,176,668)	(1,088,996)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 8,521	$ 14,393

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2020	Aug. 31, 2020
Consolidated Balance Sheets
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares issued	86,264,000	86,264,000
Common stock, shares outstanding	86,264,000	86,264,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
Revenues	$ 17,016	$ 37,865
Cost of Goods Sold	9,558	27,089
Gross profit	7,458	10,776
Operating Expenses
General and administrative expenses	91,426	73,329
Total operating expenses	91,426	73,329
Loss from operations	(83,968)	(62,553)
Loss before taxes	(83,968)	(62,553)
Provision for income tax	0	0
Net loss	(83,968)	(62,553)
Net loss attributable to the non-controlling interest	(20,085)	(8,072)
Net Loss Attributable to The Shareholders of Fellazo Corp.	(63,883)	(54,481)
Other comprehensive loss
Foreign currency translation gain (loss)	(3,704)	(130)
Total comprehensive loss	(87,672)	(62,683)
Comprehensive Loss attributable to the non-controlling interest	(21,974)	(8,138)
Comprehensive Loss Attributable to The Shareholders of Fellazo Corp.	$ (65,698)	$ (54,545)
Basic and dilutive net loss per common share	$ 0	$ 0
Weighted average number of common shares outstanding - basic and diluted	86,264,000	86,264,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Deficit (Unaudited) - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated other comprehensive loss [Member]	Non controlling Interest [Member]
Balance, shares at Aug. 31, 2019		86,264,000
Balance, amount at Aug. 31, 2019	$ (778,127)	$ 86,264	$ 36,122	$ (889,870)	$ (209)	$ (10,434)
Net loss	(62,553)	0	0	(54,481)	0	(8,072)
Foreign currency translation	(130)	$ 0	0	0	(64)	(66)
Balance, shares at Nov. 30, 2019		86,264,000
Balance, amount at Nov. 30, 2019	(840,810)	$ 86,264	36,122	(944,351)	(273)	(18,572)
Balance, shares at Aug. 31, 2020		86,264,000
Balance, amount at Aug. 31, 2020	(1,088,996)	$ 86,264	36,122	(1,143,619)	(1,094)	(66,669)
Net loss	(83,968)	0	0	(63,883)	0	(20,085)
Foreign currency translation	(3,704)	$ 0	0	0	(1,815)	(1,889)
Balance, shares at Nov. 30, 2020		86,264,000
Balance, amount at Nov. 30, 2020	$ (1,176,668)	$ 86,264	$ 36,122	$ (1,207,502)	$ (2,909)	$ (88,643)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash Flows from Operating Activities:
Net loss	$ (83,968)	$ (62,553)
Adjustments to reconcile net loss to net cash used in operations:
Expenses paid by related party	103,786	76,647
Changes in operating assets and liabilities:
Prepaid	(87)	9,342
Deposit	6,639	(6,578)
Accounts payable and accrued liabilities	(12,881)	(13,000)
Net Cash Provided by (Used in) Operating Activities	13,489	3,858
Cash Flows from Financing Activities:
Expenses paid on behalf of related party	0	(262,872)
Advances from related party	8,235	227,708
Repayment to related party	(21,104)	0
Net Cash Provided by (Used in) Financing Activities	(12,869)	(35,164)
Effects on changes in foreign exchange rate	14	306
Net change in cash and cash equivalents	634	(31,000)
Cash and cash equivalents, beginning of period	6,665	54,467
Cash and cash equivalents, end of period	7,299	23,467
Supplemental cash flow information
Interest paid	0	0
Income taxes paid	$ 0	$ 0

ORGANIZATION DESCRIPTION OF BUS

ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN	3 Months Ended
	Nov. 30, 2020
ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN
NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN	NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND GOING CONCERN Fellazo Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on May 28, 2014. The Company had commenced to be engaged in the industry of “Healthcare and Personal Wellness” products and related products. Activities include but not limited to sourcing raw materials or partly or fully finished products, manufacturing, wholesale and trading of these products. Our office is located at 8 th Going Concern Uncertainties The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of November 30, 2020, the Company had an accumulated deficit of $1,207,502, and net loss of $83,968 for the three months ended November 30, 2020. Losses have principally occurred as a result of the substantial resources required for general and administrative expenses associated with our operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Company’s obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently being taken to obtain additional funding and implement its strategic plan provides the opportunity for the Company to continue as a going concern.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Nov. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended August 31, 2020. Principles of Consolidation The accompanying consolidated financial statements include the financial statements of the Company and its 49% owned subsidiary Fellazo Berhad, an entity under common control. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. Variable Interest Entities The Company holds both the power to direct the most significant activities of FB, as well as an economic interest in FB and, as such, is deemed to be the primary beneficiary or consolidator of FB. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity. Revenue recognition The Company commenced its operation in mid-October 2019. At this initial stage revenue is earned from the trading of raw bird-nest only. The Company’s revenue recognition procedures consist of the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its sales transactions: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. However, at this initial stage of our operations which started with trading of raw bird-nest, the management is using this stage as exposure of management to the bird-nest business in order to learn and experience with our suppliers. who are bird-nest farmers or their agents, determination of quality of the raw material, the process of raw bird-nest cleaning of the different class of the raw material and market for these clean bird-nest. At this initial stage we have not entered into any formal contracts with our suppliers and purchasers, most of the suppliers and purchasers are known to our management or introduced to the management by closed business friends. Cost of Goods Sold – Trading of Raw Bird-Nest At this initial stage of business operations which the management considered as exposure, gaining of knowledge and experience of the overall bird-nest business, our Cost of goods sold only include the actual cost of the raw bird-nest. Foreign Currency Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. Exchange Rates November 30, 2020 August 31, 2020 Spot rate RM : USD exchange rate 0.2457 0.2401 Average period RM : USD exchange rate 0.2417 0.2357

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Nov. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 3 - RELATED PARTY TRANSACTIONS	NOTE 3 – RELATED PARTY TRANSACTIONS Our Management Agent, Swipypay Berhad (a company established in Malaysia) is 80% owned by our Director – Mr. Yap Kit Chuan. Total outstanding amount due to our Management Agent was $1,167,909 and $1,073,252 as at November 30, 2020 and August 31, 2020 respectively. The additional amount of $94,657 incurred in the three months ended November 30, 2020 consisted of operating expenses paid on behalf of the Company of $103,786 and advances from a related party of $8,235, and a repayment to related party of $21,104. The difference of amount was a result of change of exchange rate.

PREPAID EXPENSES AND DEPOSIT

PREPAID EXPENSES AND DEPOSIT	3 Months Ended
	Nov. 30, 2020
PREPAID EXPENSES AND DEPOSIT
NOTE 4 - PREPAID EXPENSES AND DEPOSIT	NOTE 4 – PREPAID EXPENSES AND DEPOSIT Prepaid expense and deposit consist of the following: November 30, August 31, 2020 2020 Prepaid expenses $ 1,222 $ 1,133 Deposit for OEM cleansing and nourishing facial products - 6,595 $ 1,222 $ 7,728

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2020
SUBSEQUENT EVENTS
NOTE 6 - SUBSEQUENT EVENTS	NOTE 5 – SUBSEQUENT EVENTS On December 8, 2020, Fellazo Corp. (the “Company”) signed a Memorandum of Understanding (MOU) with PT Hyppe Technologi Indonesia (Hyppe). The MOU calls for the Company to purchase twenty percent (20%) of the shares of Hyppe in exchange for the issuance of 22,566,000 shares of common stock of the Company. The MOU is subject to a definitive stock exchange agreement to be signed within three (3) months of the date of the MOU. The MOU is attached as an Exhibit.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Nov. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements and Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by U.S. GAAP for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended August 31, 2020.
Principles of Consolidation	The accompanying consolidated financial statements include the financial statements of the Company and its 49% owned subsidiary Fellazo Berhad, an entity under common control. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
Variable Interest Entities	The Company holds both the power to direct the most significant activities of FB, as well as an economic interest in FB and, as such, is deemed to be the primary beneficiary or consolidator of FB. The determination of the VIE’s primary beneficiary requires an evaluation of the contractual and implied rights and obligations associated with each party’s relationship with or involvement in the entity, an estimate of the entity’s expected losses and expected residual returns and the allocation of such estimates to each party involved in the entity.
Revenue recognition	The Company commenced its operation in mid-October 2019. At this initial stage revenue is earned from the trading of raw bird-nest only. The Company’s revenue recognition procedures consist of the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations pursuant to each of its sales transactions: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. However, at this initial stage of our operations which started with trading of raw bird-nest, the management is using this stage as exposure of management to the bird-nest business in order to learn and experience with our suppliers. who are bird-nest farmers or their agents, determination of quality of the raw material, the process of raw bird-nest cleaning of the different class of the raw material and market for these clean bird-nest. At this initial stage we have not entered into any formal contracts with our suppliers and purchasers, most of the suppliers and purchasers are known to our management or introduced to the management by closed business friends.
Cost of Goods Sold - Trading of Raw Bird-Nest	At this initial stage of business operations which the management considered as exposure, gaining of knowledge and experience of the overall bird-nest business, our Cost of goods sold only include the actual cost of the raw bird-nest.
Foreign Currency Translation	Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. Exchange Rates November 30, 2020 August 31, 2020 Spot rate RM : USD exchange rate 0.2457 0.2401 Average period RM : USD exchange rate 0.2417 0.2357

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Nov. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accumulated other comprehensive income	Exchange Rates November 30, 2020 August 31, 2020 Spot rate RM : USD exchange rate 0.2457 0.2401 Average period RM : USD exchange rate 0.2417 0.2357

PREPAID EXPENSES AND DEPOSIT (T

PREPAID EXPENSES AND DEPOSIT (Tables)	3 Months Ended
	Nov. 30, 2020
PREPAID EXPENSES AND DEPOSIT
Schedule of prepaid expense and deposit	November 30, August 31, 2020 2020 Prepaid expenses $ 1,222 $ 1,133 Deposit for OEM cleansing and nourishing facial products - 6,595 $ 1,222 $ 7,728

ORGANIZATION DESCRIPTION OF B_2

ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
ORGANIZATION DESCRIPTION OF BUSINESS AND GOING CONCERN
Net loss	$ (83,968)	$ (62,553)
Accumulated deficit	$ (1,207,502)		$ (1,143,619)

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Nov. 30, 2020	Aug. 31, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Spot rate RM : USD exchange rate	0.2457	0.2401
Average period RM : USD exchange rate	0.2417	0.2357

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Nov. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Ownership percentage	4900.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Aug. 31, 2020
Advance from a related party	$ 8,235	$ 227,708
Expenses paid for related party	0	(262,872)
Due to related party	1,167,909		$ 1,073,252
Repayment to related party	$ (21,104)	$ 0
Mr Yap Kit Chuan [Member]
Ownership percentage hold by yap	8000.00%
Additional amount incurred	$ 94,657
Advance from a related party	8,235
Expenses paid for related party	(362,099)
Due to related party	1,167,909		$ 1,073,252
Operating expenses paid by related party	103,786
Repayment to related party	$ 21,104

PREPAID EXPENSES AND DEPOSIT (D

PREPAID EXPENSES AND DEPOSIT (Details) - USD ($)	Nov. 30, 2020	Aug. 31, 2020
PREPAID EXPENSES AND DEPOSIT (Details)
Prepaid expenses	$ 1,222	$ 1,133
Deposit for OEM cleansing and nourishing facial products	0	6,595
Prepaid expense and deposit	$ 1,222	$ 7,728

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - shares	Dec. 08, 2020	Nov. 30, 2020	Aug. 31, 2020
Common stock shares issued		86,264,000	86,264,000
Subsequent Event [Member]
Common stock shares issued	22,566,000
Exchange rate	2000.00%