UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the quarterly period ended July 31, 2021 |
or
☐ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| For the transition period from ______________ to ______________ |
Commission File Number 333-217387
CICLET HOLDINGS INC. |
(Exact name of registrant as specified in its charter) |
Nevada | N/A | |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) | |
| ||
B11 L12 Woodpecker Street Bougainvillea Village Agus Lapulapu City, Philippines 66015 CEBU |
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(Address of principal executive offices) |
| (Zip Code) |
+ 639054201506
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: OTC Pink Sheet, Common Stock, 175,000,000 authorized, $0.00001 par value
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☐ YES ☒ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer | ☐ | Accelerated filer | ☐ |
Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
Emerging growth company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☒ YES ☐ NO
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCYPROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES ☐ NO
APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
15,851,001 common shares issued and outstanding as of December 23, 2021
FORM 10-Q
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2 |
Table of Contents |
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Our unaudited condensed interim financial statements for the six-month period ended July 31, 2021 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.
CICLET HOLDINGS INC.
BALANCE SHEETS
(UNAUDITED)
|
| July 31, 2021 |
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| January 31, 2021 |
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ASSETS |
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Current Assets |
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Cash |
| $ | 3,642 |
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| $ | 3,767 |
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Total Current Assets |
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| 3,642 |
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| 3,767 |
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TOTAL ASSETS |
| $ | 3,642 |
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| $ | 3,767 |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT |
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Current Liabilities |
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Accounts payable and accrued liabilities |
| $ | 52,276 |
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| $ | 59,201 |
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Due to related party |
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| 17,497 |
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|
| 2,097 |
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Total Current Liabilities |
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| 69,773 |
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| 61,298 |
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Total Liabilities |
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| 69,773 |
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| 61,298 |
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STOCKHOLDERS’DEFICIT |
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Common Stock:175,000,000 shares authorized; 15,851,001 shares issued and outstanding with par value of $0.00001 |
|
| 159 |
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| 159 |
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Additional paid-in capital |
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| 54,948 |
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| 54,948 |
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Accumulated deficit |
|
| (121,238 | ) |
|
| (112,638 | ) |
Total Stockholders’ Deficit |
|
| (66,131 | ) |
|
| (57,531 | ) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
| $ | 3,642 |
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| $ | 3,767 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements
3 |
Table of Contents |
CICLET HOLDINGS INC.
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(UNAUDITED)
|
| Three Months Ended |
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| Six Months Ended |
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| July 31, |
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| July 31, |
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| 2021 |
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| 2020 |
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| 2021 |
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| 2020 |
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OPERATING EXPENSES |
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Professional fees |
| $ | 4,675 |
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| $ | 8,250 |
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| $ | 8,425 |
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| $ | 12,501 |
|
Total Operating Expenses |
|
| 4,675 |
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|
| 8,250 |
|
|
| 8,425 |
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| 12,501 |
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OTHER INCOME (EXPENSE) |
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Foreign exchange transaction gain (loss) |
|
| (111 | ) |
|
| 408 |
|
|
| (126 | ) |
|
| 536 |
|
Interest income |
|
| 0 |
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|
| 5 |
|
|
| 1 |
|
|
| 11 |
|
Interest expense |
|
| 0 |
|
|
| (150 | ) |
|
| (50 | ) |
|
| (150 | ) |
Total Other Income (Expense) |
|
| (111 | ) |
|
| 263 |
|
|
| (175 | ) |
|
| 397 |
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NET LOSS AND COMPREHENSIVE LOSS |
| $ | (4,786 | ) |
| $ | (7,987 | ) |
| $ | (8,600 | ) |
| $ | (12,104 | ) |
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Basic and diluted loss per share |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
Basic and diluted weighted average number of common shares outstanding |
|
| 15,851,001 |
|
|
| 15,851,001 |
|
|
| 15,851,001 |
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|
| 15,851,001 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements
4 |
Table of Contents |
CICLET HOLDINGS INC.
STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR THE SIX MONTHS ENDED JULY 31, 2021 AND 2020
(UNAUDITED)
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| Additional |
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| Total |
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| Common Stock |
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| Paid-in |
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| Accumulated |
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| Stockholders’ |
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| Number of Shares |
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| Amount |
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| Capital |
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| Deficit |
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| Deficit |
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Balance - January 31, 2021 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
|
| $ | (112,638 | ) |
| $ | (57,531 | ) |
Net loss |
|
| - |
|
|
| - |
|
|
| - |
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|
| (3,814 | ) |
|
| (3,814 | ) |
Balance - April 30, 2021 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
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| $ | (116,452 | ) |
| $ | (61,345 | ) |
Net loss |
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| - |
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|
| - |
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| - |
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| (4,786 | ) |
|
| (4,786 | ) |
Balance - July 31, 2021 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
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| $ | (121,238 | ) |
| $ | (66,131 | ) |
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| Additional |
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| Total |
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| Common Stock |
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| Paid-in |
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| Accumulated |
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| Stockholders’ |
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| Number of Shares |
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| Amount |
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| Capital |
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| Deficit |
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| Deficit |
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Balance - January 31, 2020 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
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| $ | (92,958 | ) |
| $ | (37,851 | ) |
Net loss |
|
| - |
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|
| - |
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|
| - |
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|
| (4,117 | ) |
|
| (4,117 | ) |
Balance - April 30, 2020 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
|
| $ | (97,075 | ) |
| $ | (41,968 | ) |
Net loss |
|
| - |
|
|
| - |
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|
| - |
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|
| (7,987 | ) |
|
| (7,987 | ) |
Balance - July 31, 2020 |
|
| 15,851,001 |
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| $ | 159 |
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| $ | 54,948 |
|
| $ | (105,062 | ) |
| $ | (49,955 | ) |
The accompanying notes are an integral part of these unaudited condensed financial statements
5 |
Table of Contents |
CICLET HOLDINGS INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
| Six Months Ended |
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|
| July 31, |
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| 2021 |
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| 2020 |
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CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss |
| $ | (8,600 | ) |
| $ | (12,104 | ) |
Changes in operating assets and liabilities: |
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Accounts payable and accrued liabilities |
|
| (6,925 | ) |
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| 12,501 |
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Net cash provided by (used in) operating activities |
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| (15,525 | ) |
|
| 397 |
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CASH FLOWS FROM FINANCING ACTIVITIES |
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Advance from related party |
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| 15,400 |
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|
| 0 |
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Repayment to related party |
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| 0 |
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|
| (1,003 | ) |
Net cash provided by (used in) financing activities |
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| 15,400 |
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| (1,003 | ) |
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|
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Net changes in cash and cash equivalents |
|
| (125 | ) |
|
| (606 | ) |
Cash and cash equivalents - beginning of period |
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| 3,767 |
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|
| 14,333 |
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Cash and cash equivalents - end of period |
| $ | 3,642 |
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| $ | 13,727 |
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Supplemental Cash Flow Disclosures |
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Cash paid for interest |
| $ | 0 |
|
| $ | 0 |
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Cash paid for income taxes |
| $ | 0 |
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| $ | 0 |
|
The accompanying notes are an integral part of these unaudited condensed financial statements
6 |
Table of Contents |
CICLET HOLDINGS INC.
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JULY 31, 2021
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.
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 six months ended July 31, 2021 are not necessarily indicative of the results that may be expected for the year ending January 31, 2022. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2021 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, 2021 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on October 21, 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.
Cash
Cash comprises cash balances, cash on current accounts with banks, and bank deposits. As of July 31, 2021 and January 31, 2021, the Company has $3,642 and $3,767, respectively, in cash. The cash accounts are held in Philippine Pesos, and foreign exchange transaction gain (loss) resulting from fluctuations in the currency exchange rate between U.S. dollar and Philippine Pesos has been recorded in the statements of operations. Translation gain (loss) is reported as a component of other accumulated comprehensive income, which was nil during the periods presented.
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 July 31, 2021 and July 31, 2020.
7 |
Table of Contents |
Software Developed for Internal Use
In accordance with ASC 350-40 “Internal Use Software”, costs incurred during the preliminary project stage and post-implementation and operation stage should be expensed; whereas, costs incurred during the application development stage can be capitalized or expensed depends on the cost nature. The costs that should be capitalized during the application development stage include external direct cost of materials and services consumed in developing internal use computer software, payroll-related costs and interest costs while developing internal-use computer software. The costs that are expensed as incurred during the application development stage include training costs, data conversion costs and general and administrative costs and overhead costs. No software development costs for internal use have been incurred up to July 31, 2021.
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. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.
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 adopted the new standard effective February 1, 2021 and there was no 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 (“ASU 2018-15”). ASU 2018-15 is effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license), by requiring a customer in a cloud computing arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The impact of this new standard on the Company’s financial statements is not material.
8 |
Table of Contents |
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.
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 six months ended July 31, 2021, the Company incurred a net loss of $8,600. As of July 31, 2021, the Company had an accumulated deficit of $121,238. 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.
NOTE 4 – COMMON STOCK
The Company’s authorized common stock consists of 175,000,000 shares with par value of $0.00001.
As of July 31, 2021 and January 31, 2021, the Company’s common stock issued and outstanding was 15,851,001 shares.
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 six months ended July 31, 2021 and 2020, the director of the Company advanced $15,400 and $0 to the Company, respectively. During the six months ended July 31, 2021 and 2020, the Company repaid to the director $0 and $1,003, respectively.
As of July 31, 2021 and January 31, 2021, the amount owing to the related party was $17,497 and $2,097, respectively.
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 material adverse impacts on the Company’s results of operations and financial position at July 31, 2021. 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 aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these financial statements. These estimates may change, as new events occur and additional information is obtained.
NOTE 7 – SUBSEQUENT EVENTS
In accordance with ASC 855-10, the Company has analyzed its operations subsequent to July 31, 2021 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.
9 |
Table of Contents |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean Ciclet Holdings Inc., unless otherwise indicated.
General Overview
We were incorporated on June 30, 2016 under the laws of the State of Nevada. Our registered statutory office is located at 723 S. Casino Centre Blvd., 2nd Floor, Las Vegas, Nevada, 89101-6716, Tel: (702) 384-8727. Our fiscal year end is January 31. The Company’s operational office is in the Philippines.
The primary goal for our company is to allow consumers to find reliable and professional local services by using the location data of a person’s location through the use of a device that sends out the location of the person via their smart phone or tablet. We are a company focused on creating service driven apps and services for Location-based services (LBS) which are a general class of computer program-level services that use location data of a person’s location to control features. Our first market will be in the Philippines.
We are an early-stage company. To date, our activities have been limited to the sourcing of a software developer, advertising channels, initial branding efforts, and in our formation and the raising of equity capital.
We do not have any subsidiaries.
We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.
Results of Operations
We have not earned any revenues from our inception through July 31, 2021.
Three months ended July 31, 2021 compared to the three months ended July 31, 2020
|
| Three Months Ended |
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|
|
|
|
|
| |||||||
|
| July 31, |
|
|
|
|
|
|
| |||||||
|
| 2021 |
|
| 2020 |
|
| Changes |
|
| % |
| ||||
|
|
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|
|
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|
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|
|
|
|
| ||||
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Professional fees |
| $ | 4,675 |
|
| $ | 8,250 |
|
| $ | (3,575 | ) |
| (43 | )% | |
Total operating expenses |
|
| 4,675 |
|
|
| 8,250 |
|
|
| (3,575 | ) |
| (43 | )% | |
Other income (expenses) |
|
| (111 | ) |
|
| 263 |
|
|
| (374 | ) |
|
| (142 | )% |
Net Loss |
| $ | (4,786 | ) |
| $ | (7,987 | ) |
| $ | 3,201 |
|
| 40 | % |
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During the three months ended July 31, 2021, we had incurred a net loss of $4,786 compared to $7,987 for the three months ended July 31, 2020. The decrease in net loss was due to a decrease in professional fees.
Six months ended July 31, 2021 compared to the six months ended July 31, 2020
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Operating expenses |
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Professional fees |
| $ | 8,425 |
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| $ | 12,501 |
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| $ | (4,076 | ) |
| (33 | )% | |
Operating expenses |
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| 8,425 |
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| 12,501 |
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| (4,076 | ) |
| (33 | )% | ||
Other income (expenses) |
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| (175 | ) |
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| 397 |
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| (572 | ) |
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| (144 | )% |
Net Loss |
| $ | (8,600 | ) |
| $ | (12,104 | ) |
| $ | 3,504 |
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| 29 | % |
During the six months ended July 31, 2021, we had incurred a net loss of $8,600 compared to $12,104 for the six months ended July 31, 2020. The decrease in net loss was due to a decrease in professional fees.
Liquidity and Capital Resources
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Current Assets |
| $ | 3,642 |
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| $ | 3,767 |
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| $ | (125 | ) |
| (3 | )% | |
Current Liabilities |
| $ | 69,773 |
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| $ | 61,298 |
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| $ | 8,475 |
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| 14 | % |
Working Capital (Deficiency) |
| $ | (66,131 | ) |
| $ | (57,531 | ) |
| $ | (8,600 | ) |
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| (15 | )% |
As of July 31, 2021 and January 31, 2021, our total assets were $3,642 and $3,767, respectively.
As of July 31, 2021 and January 31, 2021, our total liabilities were $69,773 and $61,298, respectively.
Stockholders’ deficit was at $66,131 as of July 31, 2021 compared to $57,531 as of January 31, 2021.
As of July 31, 2021, we had a working capital deficiency of $66,131 compared with $57,531 as of January 31, 2021. The increase in working capital deficiency was primarily due to an increase in due to related party.
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Cash flows provided by (used in) operating activities |
| $ | (15,525 | ) |
| $ | 397 |
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| $ | (15,922 | ) |
| (4011 | %) | |
Cash flows provided by (used in) financing activities |
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| 15,400 |
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| (1,003 | ) |
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| 16,403 |
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Net changes in cash |
| $ | (125 | ) |
| $ | (606 | ) |
| $ | 481 |
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| 79 | % |
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Cash Flow from Operating Activities
For the six months ended July 31, 2021, net cash flows used in operating activities was $15,525 attributed to a net loss of $8,600, increased by a decrease in accounts payable and accrued liabilities of $6,925.
For the six months ended July 31, 2020, net cash flows provided by operating activities was $397 attributed to a net loss of $12,104, decreased by an increase in accounts payable and accrued liabilities of $12,501.
Cash Flow from Financing Activities
For the six months ended July 31, 2021, net cash provided by financing activities was $15,400 from advances from the director of the Company.
For the six months ended July 31, 2020, net cash used in financing activities was $1,003 from repayment to the director of the Company.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to an investor in our securities.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer (our principal executive officer, principal financial officer and principal accounting officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer has concluded that as of such date, our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is: (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us.
Item 1A. Risk Factors
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
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Item 6. Exhibits
Exhibit Number | Description | |
(31) | Rule 13a-14 (d)/15d-14d) Certifications | |
(32) | Section 1350 Certifications | |
101* | Interactive Data File | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
_____________
* Filed herewith.
** XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CICLET HOLDINGS INC. | |||
(Registrant) | |||
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Dated: December 23, 2021 | By: | /s/ Eugenio L. Jumawan Jr. | |
Eugenio L. Jumawan Jr. | |||
President, Secretary, Treasurer and Director | |||
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
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