Cover
Cover - shares | 9 Months Ended | |
Oct. 31, 2019 | Jul. 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | CICLET HOLDINGS INC. | |
Entity Central Index Key | 0001699126 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | No | |
Document Period End Date | Oct. 31, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 15,851,001 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | No |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Oct. 31, 2019 | Jan. 31, 2019 |
Current Assets | ||
Cash | $ 14,365 | $ 14,029 |
Total Current Assets | 14,365 | 14,029 |
TOTAL ASSETS | 14,365 | 14,029 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 40,084 | 18,408 |
Due to related party | 3,100 | 3,100 |
Total Current Liabilities | 43,184 | 21,508 |
Total Liabilities | 43,184 | 21,508 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock:175,000,000 shares authorized; 15,851,001 shares issued and outstanding with par value of $0.00001 each | 159 | 159 |
Additional paid-in capital | 54,948 | 54,948 |
Accumulated deficit | (83,926) | (62,586) |
Total Stockholders' Equity (Deficit) | (28,819) | (7,479) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 14,365 | $ 14,029 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Oct. 31, 2019 | Jan. 31, 2019 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, par value | $ 0.00001 | $ 0.00001 |
Common Stock,shares authorized | 175,000,000 | 175,000,000 |
Common Stock, shares issued | 15,851,001 | 15,851,001 |
Common Stock, shares outstanding | 15,851,001 | 15,851,001 |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2019 | Oct. 31, 2018 | |
OPERATING EXPENSES | ||||
Professional fees | $ 4,250 | $ 3,500 | $ 21,676 | $ 7,574 |
General and administrative | 0 | 18 | 0 | 1,018 |
Total Operating Expenses | 4,250 | 3,518 | 21,676 | 8,592 |
OTHER INCOME (EXPENSES) | ||||
Foreign exchange gain (loss) | (7) | (220) | 316 | (2,539) |
Interest income | 7 | 7 | 20 | 137 |
Total Other Income (Expenses) | 0 | (213) | 336 | (2,402) |
NET LOSS AND COMPREHENSIVE LOSS | $ (4,250) | $ (3,731) | $ (21,340) | $ (10,994) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average number of common shares outstanding | 15,851,001 | 15,851,001 | 15,851,001 | 15,851,001 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance, shares at Jan. 31, 2018 | 15,851,001 | |||
Balance, amount at Jan. 31, 2018 | $ 17,920 | $ 159 | $ 54,948 | $ (37,187) |
Net loss | (4,358) | $ 0 | 0 | (4,358) |
Balance, shares at Apr. 30, 2018 | 15,851,001 | |||
Balance, amount at Apr. 30, 2018 | 13,562 | $ 159 | 54,948 | (41,545) |
Net loss | (2,905) | $ 0 | 0 | (2,905) |
Balance, shares at Jul. 31, 2018 | 15,851,001 | |||
Balance, amount at Jul. 31, 2018 | 10,657 | $ 159 | 54,948 | (44,450) |
Net loss | (3,731) | $ 0 | 0 | (3,731) |
Balance, shares at Oct. 31, 2018 | 15,851,001 | |||
Balance, amount at Oct. 31, 2018 | 6,926 | $ 159 | 54,948 | (48,181) |
Balance, shares at Jan. 31, 2019 | 15,851,001 | |||
Balance, amount at Jan. 31, 2019 | (7,479) | $ 159 | 54,948 | (62,586) |
Net loss | (8,915) | $ 0 | 0 | (8,915) |
Balance, shares at Apr. 30, 2019 | 15,851,001 | |||
Balance, amount at Apr. 30, 2019 | (16,394) | $ 159 | 54,948 | (71,501) |
Balance, shares at Jan. 31, 2019 | 15,851,001 | |||
Balance, amount at Jan. 31, 2019 | (7,479) | $ 159 | 54,948 | (62,586) |
Net loss | (21,340) | |||
Balance, shares at Oct. 31, 2019 | 15,851,001 | |||
Balance, amount at Oct. 31, 2019 | (28,819) | $ 159 | 54,948 | (83,926) |
Balance, shares at Apr. 30, 2019 | 15,851,001 | |||
Balance, amount at Apr. 30, 2019 | (16,394) | $ 159 | 54,948 | (71,501) |
Net loss | (8,175) | $ 0 | 0 | (8,175) |
Balance, shares at Jul. 31, 2019 | 15,851,001 | |||
Balance, amount at Jul. 31, 2019 | (24,569) | $ 159 | 54,948 | (79,676) |
Net loss | (4,250) | $ 0 | 0 | (4,250) |
Balance, shares at Oct. 31, 2019 | 15,851,001 | |||
Balance, amount at Oct. 31, 2019 | $ (28,819) | $ 159 | $ 54,948 | $ (83,926) |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (21,340) | $ (10,994) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 21,676 | (14,872) |
Net cash provided by (used in) operating activities | 336 | (25,866) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 0 | 193 |
Net cash provided by financing activities | 0 | 193 |
Net changes in cash and cash equivalents | 336 | (25,673) |
Cash and cash equivalents - beginning of period | 14,029 | 39,339 |
Cash and cash equivalents - end of period | 14,365 | 13,666 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Oct. 31, 2019 | |
NATURE OF BUSINESS | |
NOTE 1 - NATURE OF BUSINESS | Ciclet Holdings Inc. (the “Company”) is a start-up company with a primary focus on developing software applications for location-based service (LBS) that uses location data to control features. The Company was incorporated in the State of Nevada on June 30, 2016. The Company’s operational office is in the Philippines. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited interim financial statements are condensed and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine months ended October 31, 2019 are not necessarily indicative of the results that may be expected for the year ending January 31, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended January 31, 2019 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 14, 2021. Use of Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss). Cash Cash comprises cash balances, cash on current accounts with banks, and bank deposits. As of October 31, 2019 and January 31, 2019, the Company has $14,365 and $14,029, respectively, in cash. The cash accounts are held in Philippine Pesos, and foreign exchange loss has been recorded, which is an insignificant amount as of October 31, 2019 and January 31, 2019. Related Parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions (see Note 5). Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the periods ended October 31, 2019 and October 31, 2018. Software Development Costs In accordance with FASB ASC 985 “Software,” all software development costs incurred prior to the establishment of technological feasibility are expensed. Technological feasibility of a software is established upon the completion of all planning, designing, coding and testing activities required to establish to meet its design specifications. Software development costs are capitalized after the determination of technological feasibility. These costs include coding and testing performed subsequent to establishing technological feasibility. When the software is fully developed and has reached its implementation stage, cost of maintenance and customer support are charged to expense when related revenue is recognized or when those costs are incurred, whichever occurs first. No software development costs have been incurred up to October 31, 2019. Financial Instruments The Company’s financial instruments consist of cash, accounts payable and accrued liabilities and due to shareholder. The carrying amount of such approximate their fair value due to the short maturity of the instrument. Fair Value Measurement ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. Revenue Recognition The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. The Company has not recognized any revenue since its inception. Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will adopt the new standard effective February 1, 2021 and do not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, ”Leases” Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Oct. 31, 2019 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the nine months ended October 31, 2019, the Company incurred a net loss of $21,340. As of October 31, 2019, the Company had an accumulated deficit of $83,926. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholder, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company’s future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These unaudited interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Oct. 31, 2019 | |
COMMON STOCK | |
NOTE 4 - COMMON STOCK | The Company’s authorized common stock consists of 175,000,000 shares with par value of $0.00001. As of October 31, 2019 and January 31, 2019, the Company’s common stock issued and outstanding was 15,851,001 shares. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Oct. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5 - RELATED PARTY TRANSACTIONS | The amount due to related party consists of advances from the Company’s director. The amounts are non-interest bearing, have no set repayment terms and are not secured. During the nine months ended October 31, 2019 and 2018, the director advanced the Company $nil and $193, respectively. As of October 31, 2019 and January 31, 2019, the amount owing to the related party was $3,100 and $3,100, respectively. |
RISKS AND UNCERTAINTIES
RISKS AND UNCERTAINTIES | 9 Months Ended |
Oct. 31, 2019 | |
RISKS AND UNCERTAINTIES | |
NOTE 6 - RISKS AND UNCERTAINTIES | In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no retroactive material adverse impacts on the Company’s results of operations and financial position at October 31, 2019. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not may |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Oct. 31, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | In accordance with ASC 855-10, the Company has analyzed its operations subsequent to the October 31, 2019 to the date these financial statements were issued and has determined that it does not have other material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Oct. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited interim financial statements are condensed and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine months ended October 31, 2019 are not necessarily indicative of the results that may be expected for the year ending January 31, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2019 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended January 31, 2019 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on June 14, 2021. |
Use of Estimates | The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. |
Reclassifications | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported net (loss). |
Cash | Cash comprises cash balances, cash on current accounts with banks, and bank deposits. As of October 31, 2019 and January 31, 2019, the Company has $14,365 and $14,029, respectively, in cash. The cash accounts are held in Philippine Pesos, and foreign exchange loss has been recorded, which is an insignificant amount as of October 31, 2019 and January 31, 2019. |
Related Parties | The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions (see Note 5). |
Basic and Diluted Income (Loss) Per Share | The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the periods ended October 31, 2019 and October 31, 2018. |
Software Development Costs | In accordance with FASB ASC 985 “Software,” all software development costs incurred prior to the establishment of technological feasibility are expensed. Technological feasibility of a software is established upon the completion of all planning, designing, coding and testing activities required to establish to meet its design specifications. Software development costs are capitalized after the determination of technological feasibility. These costs include coding and testing performed subsequent to establishing technological feasibility. When the software is fully developed and has reached its implementation stage, cost of maintenance and customer support are charged to expense when related revenue is recognized or when those costs are incurred, whichever occurs first. No software development costs have been incurred up to October 31, 2019. |
Financial Instruments | The Company’s financial instruments consist of cash, accounts payable and accrued liabilities and due to shareholder. The carrying amount of such approximate their fair value due to the short maturity of the instrument. |
Fair Value Measurement | ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Revenue Recognition | The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. The Company has not recognized any revenue since its inception. |
Recent Accounting Pronouncements | In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will adopt the new standard effective February 1, 2021 and do not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, ”Leases” Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Oct. 31, 2019 | Jan. 31, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Cash | $ 14,365 | $ 14,029 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | Jul. 31, 2018 | Apr. 30, 2018 | Oct. 31, 2019 | Jan. 31, 2019 | |
GOING CONCERN | ||||||||
Accumulated Deficit | $ (83,926) | $ (83,926) | $ (62,586) | |||||
Net loss | $ (4,250) | $ (8,175) | $ (8,915) | $ (3,731) | $ (2,905) | $ (4,358) | $ (21,340) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Oct. 31, 2019 | Jan. 31, 2019 |
COMMON STOCK | ||
Common Stock, share authorized | 175,000,000 | 175,000,000 |
Common Stock, par value | $ 0.00001 | $ 0.00001 |
Common Stock, shares issued | 15,851,001 | 15,851,001 |
Common Stock, shares outstanding | 15,851,001 | 15,851,001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Oct. 31, 2019 | Oct. 31, 2018 | Jan. 31, 2019 | |
Due to related party | $ 3,100 | $ 3,100 | |
Advances from related party | 0 | $ 193 | |
Director [Member] | |||
Advances from related party | $ 0 | $ 193 |