Kenloc 10-Q 14 Aug 20 2020 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2020	Aug. 14, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Current Fiscal Year End Date	--03-31
Entity File Number	333-230996
Entity Registrant Name	Kenloc, Inc.
Entity Central Index Key	0001742491
Entity Incorporation, State or Country Code	NV
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,432,300
Document Fiscal period Focus	Q1
Document Fiscal Year Focus	2020

Condensed Balance Sheets (Unaud

Condensed Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Current Assets
Cash	$ 63,538	$ 90,454
Total Current Assets	63,538	90,454
TOTAL ASSETS	63,538	90,454
Current Liabilities
Accounts payable and accrued liabilities	18,491	3,986
Accrued management fees	19,000	15,000
Due to related parties	102,000	102,000
Total Current Liabilities	139,491	120,986
Total Liabilities	139,491	120,986
Stockholders' Deficit
Preferred Stock: 40,000,000 shares authorized; $0.0001 par value no shares issued and outstanding	0	0
Common stock: 160,000,000 shares authorized; $0.0001 par value 48,432,300 and 48,432,300 shares issued and outstanding, respectively	4,843	4,843
Additional paid in capital	181,089	181,089
Accumulated deficit	(261,885)	(216,464)
Total Stockholders' Deficit	(75,953)	(30,532)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 63,538	$ 90,454

Condensed Balance Sheets (Una_2

Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	40,000,000	40,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	160,000,000	160,000,000
Common stock, shares issued	48,432,300	48,432,300
Common stock, shares outstanding	48,432,300	48,432,300

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 0	$ 0
Operating Expenses
General and administrative	13,895	6,050
Professional fees	31,526	1,001
Total operating expenses	45,421	7,051
Operating Loss	(45,421)	(7,051)
Other expense
Interest expense	0	(413)
Total other expenses	0	(413)
Net loss before income taxes	(45,421)	(7,464)
Provision for income taxes	0	0
Net loss	(45,421)	(7,464)
Net comprehensive loss	$ (45,421)	$ (7,464)
Basic and diluted loss per common share	$ 0	$ 0
Basic and diluted weighted average common shares outstanding	48,432,300	48,370,000

Condensed Statements of Changes

Condensed Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated Deficit	Total
Beginning balance, shares at Mar. 31, 2019	4,837,000
Beginning balance, value at Mar. 31, 2019	$ 4,837	$ 23,463	$ (136,053)	$ (107,743)
Net loss			(7,464)	(7,464)
Ending balance, shares at Jun. 30, 2019	4,837,000
Ending balance, value at Jun. 30, 2019	$ 4,837	23,463	(143,517)	(115,217)
Beginning balance, shares at Mar. 31, 2020	48,432,300
Beginning balance, value at Mar. 31, 2020	$ 4,843	181,089	(216,464)	(30,532)
Net loss			(45,421)	(45,421)
Ending balance, shares at Jun. 30, 2020	48,432,300
Ending balance, value at Jun. 30, 2020	$ 4,843	$ 181,089	$ (261,885)	$ (75,953)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (45,421)	$ (7,464)
Changes in current assets and liabilities:
Accounts payable and accrued liabilities	14,505	(781)
Accrued management fees	4,000	(5,000)
Accrued interest, related party	0	413
Net cash used in operating activities	(26,916)	(12,832)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by (used in) financing activities	0	0
Net change in cash for period	(26,916)	(12,832)
Cash at beginning of period	90,454	70,118
Cash at end of period	63,538	57,286
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	0	0
Cash paid for interest	$ 0	$ 0

1. Nature of Operations and Goi

1. Nature of Operations and Going Concern	3 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations and Going Concern	1. Nature of Operations and Going Concern Description of Business Kenloc, Inc. (the “Company”) is a for profit corporation established under the corporation laws in the state of Nevada, United States of America on February 12, 2018. Unless the context otherwise requires, all references to “Kenloc, Inc.,” “we,” “us,” “our” or the “company” are to Kenloc, Inc. We intend to be a full-service real estate company, including providing consulting and advisory services to Chinese investors interested in real estate investments. We intend to assist our clients in finding properties in the state of California and evaluating them for purchase. Providing strategic advisory, transaction due diligence, and property management services to international and domestic investors. Our services are focused on the research and analysis of real estate properties, advising clients on the best use of their real estate assets, and on managing their properties. To date, the Company’s activities have been limited to developing initial business contacts and services in the real estate industry. Current President and Chief Executive Officer, Fei Hao, also serves as the President and Chief Executive Officer of another real estate company and aims to utilize her contacts in the industry to expand the Company’s activities. COVID-19 A novel strain of coronavirus (COVID-19) was first identified in December 2019, and subsequently declared a global pandemic by the World Health Organization on March 11, 2020. As a result of the outbreak, many companies have experienced disruptions in their operations and in markets served. The Company has instituted some and may take additional temporary precautionary measures intended to help ensure the well-being of its managers and minimize business disruption. 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 as of June 30, 2020. 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, including the timing and ability of the Company to develop its business plan. Going Concern The accompanying unaudited condensed financial statements and notes have been prepared assuming that the Company will continue as a going concern. As of June 30, 2020, the Company had an accumulated deficit of $261,885. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. The Company’s ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended June 30, 2020 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the company’s Annual Report on Form 10-K for the year ended March 31, 2020 filed with the SEC on June 26, 2020. Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less when purchased to be cash equivalents. The Company had $63,538 and $90,454 in cash and cash equivalents as of June 30, 2020 and March 31, 2020, respectively. Recently Issued Accounting Pronouncements 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.

3. Related Party Transactions

3. Related Party Transactions	3 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions Due to Related Parties As of March 31, 2019, there was $100,000 due to Lucas Yu Wu, who was the Company’s majority shareholder, officer and director, respectively until his resignation on January 15, 2020. In addition to the $100,000 owed to Mr. Wu, Mr. Wu also made payments on behalf of the Company for $4,000 to service providers for services received by the Company. During the year ended March 31, 2020, Mr. Wu forgave both the $100,000 and $4,000 owed to him. Subsequent to the forgiveness of the $100,000 and $4,000, but prior to March 31, 2020, Mr. Wu made an additional advance to the Company of $19,000 of which the Company repaid him $10,000; accordingly. As of June 30, 2020, and March 31, 2020, there was net balance owed to Mr. Wu of $9,000. The advances bear no interest, were due on demand, and were not secured by the Company’s assets. As of June 30, 2020, and March 31, 2020, there were advances $93,000 and $93,000 owing to our majority shareholder, officer, and director, respectively. The advances bear no interest, were due on demand, and were not secured by the Company’s assets. Notes Payable On April 10, 2018 and June 1, 2018, the Company issued to Mr. Wu, two promissory notes of $30,000 totaling to $60,000, respectively. Unpaid balances are due within 30 days after demand and have an annual interest rate of 2.67%. As of March 31, 2020, $30,000 note and interest of $2,000 were repaid to the holder and $30,000 note and $570 of accrued interest was forgiven by Mr. Wu. Notes payable and accrued interest as of June 30, 2020 and March 31, 2020, were $0. For the periods ended June 30, 2020 and June 30, 2019, interest expense was $0 and $413, respectively. Management fees During the period ended June 30, 2020, the Company recorded $12,000 in management fees to officers of the Company. As of June 30, 2020, and March 31, 2020, there were accrued management fees of $19,000 and $15,000 owing to our officers and former directors, respectively.

4. Subsequent Events

4. Subsequent Events	3 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	4. Subsequent Events Management evaluated all events subsequent to the balance sheet date through the date these financial statements were available to be issued.

2. Summary of Significant Acc_2

2. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited interim financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of June 30, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended June 30, 2020 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included in the company’s Annual Report on Form 10-K for the year ended March 31, 2020 filed with the SEC on June 26, 2020.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the 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. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of six months or less when purchased to be cash equivalents. The Company had $63,538 and $90,454 in cash and cash equivalents as of June 30, 2020 and March 31, 2020, respectively.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements 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.

1. Going Concern (Details Narra

1. Going Concern (Details Narrative) - USD ($)	Jun. 30, 2020	Mar. 31, 2020
Accounting Policies [Abstract]
Accumulated deficit	$ (261,885)	$ (216,464)

2. Summary of Significant Acc_3

2. Summary of Significant Accounting Policies (Details Narrative)	Mar. 31, 2020USD ($)
Accounting Policies [Abstract]
Cash and cash equivalents	$ 90,454

3. Related Party Transactions (

3. Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020
Notes payable - related parties	$ 0		$ 0
Management fees	31,526	$ 1,001
Accrued management fees	19,000		15,000
Lucas Yu Wu [Member]
Due to related parties	9,000		9,000
Majority Stockholder [Member]
Due to related parties	93,000		93,000
Officers [Member]
Management fees	12,000
Accrued management fees	$ 19,000		$ 15,000