Karbon-X (KARX) 10-Q 14 Jan 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Nov. 30, 2020	Jan. 14, 2021
Cover [Abstract]
Entity Registrant Name	COCOLUV INC.
Entity Central Index Key	0001729637
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Nov. 30, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		64,900,000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	No

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2020	May 31, 2020
CURRENT ASSETS
Cash	$ 428	$ 494
TOTAL CURRENT ASSETS	428	494
CURRENT LIABILITIES
Accounts payable	399	6,500
Due to related party	50,355	28,557
TOTAL CURRENT LIABILITIES	50,754	35,057
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 64,900,000 shares of common stock (May 31, 2020 - 64,900,000)	64,900	64,900
Additional paid in capital	(46,010)	(46,010)
Accumulated deficit	(69,216)	(53,453)
TOTAL STOCKHOLDERS' (DEFICIT)	(50,326)	(34,563)
TOTAL LIABILITIES AND STOCKHOLDER'S (DEFICIT)	$ 428	$ 494

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2020	May 31, 2020
STOCKHOLDERS DEFICIT
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	64,900,000	64,900,000
Common stock, shares outstanding	64,900,000	64,900,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2020	Nov. 30, 2019
STATEMENTS OF OPERATIONS (Unaudited)
REVENUE	$ 0	$ 0	$ 0	$ 0
OPERATING EXPENSES
General and administrative	3,001	2,053	3,763	3,134
Professional fees	6,000	3,900	12,000	10,200
TOTAL OPERATING EXPENSES	(9,001)	(5,953)	(15,763)	(13,334)
NET LOSS	$ (9,001)	$ (5,953)	$ (15,763)	$ (13,334)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	64,900,000	200,000,000	64,900,000	200,000,000

STATEMENT OF STOCKHOLDERS DEFIC

STATEMENT OF STOCKHOLDERS DEFICIT - USD ($)	Total	Common Stock [Member]	Shares to be issued [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance, shares at May. 31, 2019		200,000,000
Balance, amount at May. 31, 2019	$ (13,001)	$ 200,000	$ 0	$ (196,000)	$ (17,001)
Common shares sold, shares
Common shares sold, amount	3,000	$ 0	3,000	0	0
Net loss	(7,381)	$ 0	0	$ 0	(7,381)
Balance, shares at Aug. 31, 2019		200,000,000
Balance, amount at Aug. 31, 2019	(17,382)	$ 200,000	$ 3,000	$ (196,000)	(24,382)
Balance, shares at May. 31, 2019		200,000,000
Balance, amount at May. 31, 2019	(13,001)	$ 200,000	$ 0	(196,000)	(17,001)
Net loss	(13,334)
Balance, shares at Nov. 30, 2019		200,000,000
Balance, amount at Nov. 30, 2019	(22,935)	$ 200,000	3,400	$ (196,000)	(30,335)
Balance, shares at Aug. 31, 2019		200,000,000
Balance, amount at Aug. 31, 2019	(17,382)	$ 200,000	3,000	$ (196,000)	(24,382)
Common shares sold, shares
Common shares sold, amount	400	$ 0	400	0	0
Net loss	(5,953)	$ 0	0	0	(5,953)
Balance, shares at Nov. 30, 2019		200,000,000
Balance, amount at Nov. 30, 2019	(22,935)	$ 200,000	3,400	(196,000)	(30,335)
Balance, shares at May. 31, 2020		64,900,000
Balance, amount at May. 31, 2020	(34,563)	$ 64,900	0	(46,010)	(53,453)
Net loss	(6,762)	$ 0		0	(6,762)
Balance, shares at Aug. 31, 2020		64,900,000
Balance, amount at Aug. 31, 2020	(41,325)	$ 64,900	0	(46,010)	(60,215)
Balance, shares at May. 31, 2020		64,900,000
Balance, amount at May. 31, 2020	(34,563)	$ 64,900	0	(46,010)	(53,453)
Net loss	(15,763)
Balance, shares at Nov. 30, 2020		64,900,000
Balance, amount at Nov. 30, 2020	(50,326)	$ 64,900	0	(46,010)	(69,216)
Balance, shares at Aug. 31, 2020		64,900,000
Balance, amount at Aug. 31, 2020	(41,325)	$ 64,900	0	(46,010)	(60,215)
Net loss	(9,001)	$ 0		0	(9,001)
Balance, shares at Nov. 30, 2020		64,900,000
Balance, amount at Nov. 30, 2020	$ (50,326)	$ 64,900	$ 0	$ (46,010)	$ (69,216)

STATEMENT OF CASH FLOWS (Unaudi

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (15,763)	$ (13,334)
Adjustments to reconcile net loss to net cash used in operating activities
Expenses paid by related party	21,798	13,396
Changes in operating assets and liabilities
Accounts payable	(6,101)	(302)
NET CASH USED IN OPERATING ACTIVITIES	(66)	(240)
CASH FLOWS FROM INVESTING ACTIVITIES	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related party	0	20
Proceeds from shares to be issued	0	3,400
NET CASH PROVIDED BY FINANCING ACTIVITIES	(66)	3,420
NET INCREASE IN CASH	(66)	3,180
CASH, BEGINNING OF PERIOD	494	54
CASH, END OF PERIOD	428	3,234
Cash paid during the period for:
Interest	0	0
Income taxes	$ 0	$ 0

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	Nov. 30, 2020
NATURE OF OPERATIONS AND BASIS OF PRESENTATION
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION	CocoLuv Inc. was incorporated in the State of Nevada as a for-profit Company on September 13, 2017 and established a fiscal year end of May 31. The Company intends to manufacture market and sell a product line of 5 hair care products derived from Virgin Coconut Oil. The initial 5 products will be 3 for women and 2 for men. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $69,216. As at November 30, 2020, the Company has a working capital deficit of $50,326. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of November 30, 2020, the Company has issued 50,000,000 founders shares for net proceeds of $3,990 and 14,900,000 private placement shares for net proceeds of $14,900 to the Company. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Nov. 30, 2020
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 generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2020 included in the Company’s year-end financial statements on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six-months ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Commitments and Contingencies On September 26, 2018 the Company signed a lease for office space in San Francisco, California. The term of the lease is for one year and is then renewed on a month to month basis. Current monthly rent is $71 per month. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. Loss per Common Share The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of November 30, 2020, there were no common stock equivalents outstanding. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at November 30, 2020 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Nov. 30, 2020
COMMON STOCK
NOTE 3 - COMMON STOCK	The Company’s capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. Total shares issued and outstanding as of November 30, 2020 is 64,900,000. On September 30, 2017, the Company issued 200,000,000 (4,000,000 pre-split) common shares at $0.00002 per share to the sole director and President of the Company. The Company received net proceeds of $4,000 in payment of the shares. Between August 2019 and April, 2020 the Company sold 14,900,000 (298,000 pre-split) shares of its common stock at $0.001 for $14,900 net proceeds to the Company. On May 20, 2020, the founding shareholder of the Company returned 150,000,000 (pre-split 3,000,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000066 per share for a total consideration of $10 to the shareholder. On May 20, 2020, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 50 new common shares for 1 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 50:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Nov. 30, 2020
RELATED PARTY TRANSACTIONS
NOTE 4 - RELATED PARTY TRANSACTIONS	During the six-month ended November 30, 2020, the CEO paid expenses of $21,798 and on behalf of the Company. Total amount owed to the CEO as of November 30, 2020 is $50,355 (May 31, 2020- $28,557). The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Nov. 30, 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended May 31, 2020 included in the Company’s year-end financial statements on Form 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six-months ended November 30, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021.
Use of Estimates and Assumptions	Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates.
Commitments and Contingencies	On September 26, 2018 the Company signed a lease for office space in San Francisco, California. The term of the lease is for one year and is then renewed on a month to month basis. Current monthly rent is $71 per month.
Cash and Cash Equivalents	For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Fair Value of Financial Instruments	The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities.
Loss per Common Share	The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of November 30, 2020, there were no common stock equivalents outstanding.
Income Taxes	The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.
Stock-based Compensation	The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at November 30, 2020 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date.
Recent Accounting Pronouncements	The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

NATURE OF OPERATIONS AND BASI_2

NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Accumulated deficit	$ (69,216)		$ (53,453)
Working capital deficit	(50,326)
Proceeds from common stock shares issued	$ 0	$ 3,400
Common stock, shares issued	64,900,000		64,900,000
Private Placement [Member]
Proceeds from common stock shares issued	$ 14,900
Common stock, shares issued	14,900,000
Founder [Member]
Proceeds from common stock shares issued	$ 3,990
Common stock, shares issued	50,000,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	1 Months Ended
	Sep. 26, 2018USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Monthly lease rent	$ 71
Lease term, description	The Company signed a lease for office space in San Francisco, California. The term of the lease is for one year and is then renewed on a month to month basis. Current monthly rent is $71 per month

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	1 Months Ended		6 Months Ended
	May 20, 2020	Sep. 30, 2017	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Common stock, shares par value			$ 0.001		$ 0.001
Common stock, shares authorized			200,000,000		200,000,000
Common stock, shares issued			64,900,000		64,900,000
Common stock, shares outstanding			64,900,000		64,900,000
Stock split ratio description	All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 50:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted.
Total consideration of common stock	$ 10
Common stock shares returned	150,000,000
Shares returned, description	The Company returned 150,000,000 (pre-split 3,000,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company.
Shares returned, price per share	$ 0.0000
Proceeds from issuance of common stock			$ 0	$ 3,400
Common Stock [Member] | Between August, 2019 and April, 2020 [Member]
Shares returned, price per share			$ 0.001
Proceeds from issuance of common stock			$ 14,900
Shares sold description			The Company sold 14,900,000 (298,000 pre-split) shares of its common stock at $0.001 for $14,900 net proceeds to the Company.
Common stock, shares sold			14,900,000
Director and President [Member]
Total consideration of common stock		$ 4,000
Shares returned, description		The Company issued 200,000,000 (4,000,000 pre-split) common shares at $0.00002 per share to the sole director and President of the Company.
Shares returned, price per share		$ 0.00002
Shares issued		200,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	May 31, 2020
Expenses paid by related party	$ 21,798	$ 13,396
Due to related party	50,355		$ 28,557
Chief Executive Officer [Member]
Expenses paid by related party	21,798
Due to related party	$ 50,355		$ 28,557