Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2021 | Dec. 23, 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 | Jul. 31, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 15,851,001 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-217387 | |
Entity Incorporation State Country Code | NV | |
Entity Address Address Line 1 | B11 L12 | |
Entity Address Address Line 2 | Woodpecker Street | |
Entity Address Address Line 3 | Bougainvillea Village | |
Entity Address City Or Town | Agus Lapulapu City | |
Entity Address Country | PH | |
Entity Address Postal Zip Code | 66015 | |
City Area Code | 63 | |
Local Phone Number | 9054201506 | |
Security 12b Title | Common Stock, 175,000,000 authorized, $0.00001 par value |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jul. 31, 2021 | Jan. 31, 2021 |
Current Assets | ||
Cash | $ 3,642 | $ 3,767 |
Total Current Assets | 3,642 | 3,767 |
TOTAL ASSETS | 3,642 | 3,767 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 52,276 | 59,201 |
Due to related party | 17,497 | 2,097 |
Total Current Liabilities | 69,773 | 61,298 |
Total Liabilities | 69,773 | 61,298 |
STOCKHOLDERS'DEFICIT | ||
Common Stock:175,000,000 shares authorized; 15,851,001 shares issued and outstanding with par value of $0.00001 | 159 | 159 |
Additional paid-in capital | 54,948 | 54,948 |
Accumulated deficit | (121,238) | (112,638) |
Total Stockholders' Deficit | (66,131) | (57,531) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 3,642 | $ 3,767 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2021 | Jan. 31, 2021 |
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 | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
OPERATING EXPENSES | ||||
Professional fees | $ 4,675 | $ 8,250 | $ 8,425 | $ 12,501 |
Total Operating Expenses | 4,675 | 8,250 | 8,425 | 12,501 |
OTHER INCOME (EXPENSE) | ||||
Foreign exchange transaction gain (loss) | (111) | 408 | (126) | 536 |
Interest income | 0 | 5 | 1 | 11 |
Interest expense | 0 | (150) | (50) | (150) |
Total Other Income (Expense) | (111) | 263 | (175) | 397 |
NET LOSS AND COMPREHENSIVE LOSS | $ (4,786) | $ (7,987) | $ (8,600) | $ (12,104) |
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, 2020 | 15,851,001 | |||
Balance, amount at Jan. 31, 2020 | $ (37,851) | $ 159 | $ 54,948 | $ (92,958) |
Net loss | (4,117) | (4,117) | ||
Balance, shares at Apr. 30, 2020 | 15,851,001 | |||
Balance, amount at Apr. 30, 2020 | (41,968) | $ 159 | 54,948 | (97,075) |
Balance, shares at Jan. 31, 2020 | 15,851,001 | |||
Balance, amount at Jan. 31, 2020 | (37,851) | $ 159 | 54,948 | (92,958) |
Net loss | (12,104) | |||
Balance, shares at Jul. 31, 2020 | 15,851,001 | |||
Balance, amount at Jul. 31, 2020 | (49,955) | $ 159 | 54,948 | (105,062) |
Balance, shares at Apr. 30, 2020 | 15,851,001 | |||
Balance, amount at Apr. 30, 2020 | (41,968) | $ 159 | 54,948 | (97,075) |
Net loss | (7,987) | (7,987) | ||
Balance, shares at Jul. 31, 2020 | 15,851,001 | |||
Balance, amount at Jul. 31, 2020 | (49,955) | $ 159 | 54,948 | (105,062) |
Balance, shares at Jan. 31, 2021 | 15,851,001 | |||
Balance, amount at Jan. 31, 2021 | (57,531) | $ 159 | 54,948 | (112,638) |
Net loss | (3,814) | (3,814) | ||
Balance, shares at Apr. 30, 2021 | 15,851,001 | |||
Balance, amount at Apr. 30, 2021 | (61,345) | $ 159 | 54,948 | (116,452) |
Balance, shares at Jan. 31, 2021 | 15,851,001 | |||
Balance, amount at Jan. 31, 2021 | (57,531) | $ 159 | 54,948 | (112,638) |
Net loss | (8,600) | |||
Balance, shares at Jul. 31, 2021 | 15,851,001 | |||
Balance, amount at Jul. 31, 2021 | (66,131) | $ 159 | 54,948 | (121,238) |
Balance, shares at Apr. 30, 2021 | 15,851,001 | |||
Balance, amount at Apr. 30, 2021 | (61,345) | $ 159 | 54,948 | (116,452) |
Net loss | (4,786) | (4,786) | ||
Balance, shares at Jul. 31, 2021 | 15,851,001 | |||
Balance, amount at Jul. 31, 2021 | $ (66,131) | $ 159 | $ 54,948 | $ (121,238) |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (8,600) | $ (12,104) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | (6,925) | 12,501 |
Net cash provided by (used in) operating activities | (15,525) | 397 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advance from related party | 15,400 | 0 |
Repayment to related party | 0 | (1,003) |
Net cash provided by (used in) financing activities | 15,400 | (1,003) |
Net changes in cash and cash equivalents | (125) | (606) |
Cash and cash equivalents - beginning of period | 3,767 | 14,333 |
Cash and cash equivalents - end of period | 3,642 | 13,727 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Jul. 31, 2021 | |
NATURE OF BUSINESS | |
NOTE 1 - 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 | 6 Months Ended |
Jul. 31, 2021 | |
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 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. Software Developed for Internal Use 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 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 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 | 6 Months Ended |
Jul. 31, 2021 | |
GOING CONCERN | |
NOTE 3 - 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 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. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jul. 31, 2021 | |
COMMON STOCK | |
NOTE 4 - 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 July 31, 2021 and January 31, 2021, the Company’s common stock issued and outstanding was 15,851,001 shares. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jul. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5 - 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 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. |
RISKS AND UNCERTAINTIES
RISKS AND UNCERTAINTIES | 6 Months Ended |
Jul. 31, 2021 | |
RISKS AND UNCERTAINTIES | |
NOTE 6 - 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 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 may |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jul. 31, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
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. |
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. 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 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 ($) | Jul. 31, 2021 | Jan. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2020 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Cash | $ 3,642 | $ 3,767 | $ 13,727 | $ 14,333 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
GOING CONCERN | |||||||
Accumulated Deficit | $ (121,238) | $ (121,238) | $ (112,638) | ||||
Net loss | $ (4,786) | $ (3,814) | $ (7,987) | $ (4,117) | $ (8,600) | $ (12,104) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Jul. 31, 2021 | Jan. 31, 2021 |
COMMON STOCK | ||
Common Stock, par value | $ 0.00001 | $ 0.00001 |
Common Stock, share authorized | 175,000,000 | 175,000,000 |
Common Stock, share issued | 15,851,001 | 15,851,001 |
Common Stock, share outstanding | 15,851,001 | 15,851,001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jan. 31, 2021 | |
Due to related party | $ 17,497 | $ 2,097 | |
Advancement from related party | 15,400 | $ 0 | |
Repayment of related party debt | 0 | 1,003 | |
Director [Member] | |||
Advancement from related party | 15,400 | $ 1,003 | |
Repayment of related party debt | $ 0 |