Cover
Cover - shares | 9 Months Ended | 21 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Nov. 04, 2021 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
DocumentQuarterlyReport | true | ||
DocumentTransitionReport | false | ||
Document Period End Date | Sep. 30, 2021 | ||
Document Fiscal Period Focus | Q3 | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
File Number | 333-231286 | ||
Registrant Name | LOVARRA | ||
Entity Central Index Key | 0001746278 | ||
Tax Identification Number | 35-2618297 | ||
Incorporation State Country Code | NV | ||
Address Line 1 | Kemp House,152 - 160 City Road | ||
Address City | London | ||
Address Country | GB | ||
Address Postal Zip Code | EC1V 2NX | ||
City Area Code | 44 | ||
Local Phone Number | 2038078230 | ||
Current Reporting Status | Yes | ||
Interactive Data Current | No | ||
Filer Category | Non-accelerated Filer | ||
Small Business | true | ||
Emerging Growth Company | true | ||
extended transition period | false | ||
Shell Company | true | ||
Common Stock Shares Outstanding | 5,731,000 | ||
Contact Personnel Email Address | director@lovarra.com |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash | $ 4,677 | |
Prepaid expenses and deposits | 350 | 705 |
TOTAL ASSETS | 350 | 5,382 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,500 | |
Due to related parties (Note 3) | 22,493 | 20,225 |
Total Liabilities | 23,993 | 20,225 |
Common stock Authorized: 70,000,000 shares, $0.001 par value 5,731,000 shares issued and outstanding | 5,731 | 5,731 |
Additional paid-in capital | 17,176 | 17,176 |
Deficit | (46,550) | (37,750) |
Total Stockholder’s Deficit | (23,643) | (14,843) |
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT | $ 350 | $ 5,382 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
EXPENSES | ||||
General and administrative | $ 445 | $ 295 | $ 1,185 | |
Professional fees | 1,500 | 4,200 | 8,150 | 10,850 |
Rent | 97 | |||
Transfer agent fees | 285 | 2,560 | 355 | 2,560 |
Total Expenses | 1,785 | 7,205 | 8,800 | 14,692 |
Net Loss and Comprehensive Loss | $ (1,785) | $ (7,205) | $ (8,800) | $ (14,692) |
Basic and Diluted Net Loss per Common Share | ||||
Weighted Average Number of Common Shares Outstanding | 5,731,000 | 5,514,891 | 5,731,000 | 5,085,084 |
Statements of Changes in Stockh
Statements of Changes in Stockholders Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 4,500 | $ (11,728) | $ (7,228) | |
Beginning balance, shares at Dec. 31, 2019 | 4,500,000 | |||
Net loss for the period | (5,617) | (5,617) | ||
Issuance of common stock | 538 | 7,532 | $ 8,070 | |
Issuance of common stock | 538,000 | |||
Ending balance, value at Mar. 31, 2020 | $ 5,038 | 7,532 | (17,345) | $ (4,775) |
Ending balance, shares at Mar. 31, 2020 | 5,038,000 | |||
Net loss for the period | (1,870) | (1,870) | ||
Ending balance, value at Jun. 30, 2020 | $ 5,038 | 7,532 | (19,215) | (6,645) |
Ending balance, shares at Jun. 30, 2020 | 5,038,000 | |||
Net loss for the period | (7,205) | (7,205) | ||
Ending balance, value at Sep. 30, 2020 | $ 5,731 | 17,186 | (26,420) | (3,503) |
Ending balance, shares at Sep. 30, 2020 | 5,731,000 | |||
Issuance of common stock | $ 693 | 9,654 | $ 10,347 | |
Issuance of common stock | 693,000 | |||
Beginning balance, value at Dec. 31, 2020 | $ 5,731 | 17,176 | (37,750) | $ (14,843) |
Beginning balance, shares at Dec. 31, 2020 | 5,731,000 | |||
Net loss for the period | (5,220) | (5,220) | ||
Ending balance, value at Mar. 31, 2021 | $ 5,731 | 17,176 | (42,970) | (20,063) |
Ending balance, shares at Mar. 31, 2021 | 5,731,000 | |||
Net loss for the period | (1,795) | (1,795) | ||
Ending balance, value at Jun. 30, 2021 | $ 5,731 | 17,176 | (44,765) | (21,858) |
Ending balance, shares at Jun. 30, 2021 | 5,731,000 | |||
Net loss for the period | (1,785) | (1,785) | ||
Ending balance, value at Sep. 30, 2021 | $ 5,731 | $ 17,176 | $ (46,550) | $ (23,643) |
Ending balance, shares at Sep. 30, 2021 | 5,731,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (8,800) | $ (14,692) |
Changes in Operating Assets and Liabilities: | ||
Prepaid expense and deposits | 355 | 97 |
Accounts payable and accrued liabilities | 1,500 | 1,060 |
Due to related parties | 2,268 | 3,350 |
Net Cash Used in Operating Activities | (4,677) | (10,185) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from share issuances | 18,417 | |
Net Cash Provided by Financing Activities | 18,417 | |
Change in Cash | (4,677) | 8,232 |
Cash, Beginning of Period | 4,677 | 40 |
Cash, End of Period | 8,272 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Nature of Business and Continua
Nature of Business and Continuance of Operations | 21 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business and Continuance of Operations | Note 1 – Nature of Business and Continuance of Operations Lovarra (the “Company”) was incorporated on January 29, 2018 under the laws of the State of Nevada. The Company is focused on application development, including an expense and income tracker and a physical wallet with a lock that can be opened via Bluetooth linked by a user application. Going Concern These condensed financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to support operations, and the attainment of profitable operations. As at September 30, 2021, the Company has not generated any revenues, has a working capital deficit of $23,643, and has an accumulated deficit of $46,550. These factors raise substantial doubt upon the Company’s ability to continue as a going concern. These condensed financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. The outbreak of the novel coronavirus – COVID-19, which was declared a pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the American and global economies, disruptions of financial markets, and created uncertainty regarding potential impacts to the Company’s supply chain and operations. The COVID-19 pandemic has impacted and could further impact the Company’s operations and the operations of the Company’s suppliers and vendors as a result of quarantines, facility closures, and travel and logistics restrictions. The extent to which the COVID-19 pandemic impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including, but not limited to the duration, spread, severity and impact of the COVID-19 pandemic, the effects of the COVID-19 pandemic on the Company’s suppliers and vendors and the remedial actions and stimulus measures adopted by local and federal governments, and to what extent normal economic and operating conditions can resume. The management team is closely following the progression of COVID-19 and its potential impact on the Company. Even after the COVID-19 pandemic has subsided, the Company may experience adverse impacts to its business as a result of any economic regression or depression that has occurred or may occur in the future. The impact on the Company has not been significant, but management continues to monitor the situation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 21 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31. Use of Estimates and Judgments The preparation of financial statements in conformity with U.S. 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 reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. 9 LOVARRA Notes to the Condensed Financial Statements Nine Months Ended September 30, 2021 (Expressed in U.S. dollars) (unaudited) Interim Financial Statements These interim condensed financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. Fair Value Measurements The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows: Level 1 – quoted prices for identical instruments in active markets. Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and. Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial instruments consist of cash, accounts payable and accrued liabilities, and amounts due to related parties, which approximate their current fair values because of their nature and respective relatively short maturity dates or durations. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Recently Adopted Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its condensed financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 21 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 3 – Related Party Transactions As at September 30, 2021, the Company owed $ 21,843 As at September 30, 2021, the Company owed $650 (December 31, 2020 - $nil) to a Director of the Company. The amount owing is unsecured, non-interest bearing, and due on demand. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 21 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year-end is December 31. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of financial statements in conformity with U.S. 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 reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. 9 LOVARRA Notes to the Condensed Financial Statements Nine Months Ended September 30, 2021 (Expressed in U.S. dollars) (unaudited) |
Interim Financial Statements | Interim Financial Statements These interim condensed financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. |
Fair Value Measurements | Fair Value Measurements The Company measures and discloses the estimated fair value of financial assets and liabilities using the fair value hierarchy prescribed by U.S. generally accepted accounting principles. The fair value hierarchy has three levels, which are based on reliable available inputs of observable data. The hierarchy requires the use of observable market data when available. The three-level hierarchy is defined as follows: Level 1 – quoted prices for identical instruments in active markets. Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which significant inputs and significant value drivers are observable in active markets; and. Level 3 – fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Financial instruments consist of cash, accounts payable and accrued liabilities, and amounts due to related parties, which approximate their current fair values because of their nature and respective relatively short maturity dates or durations. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its condensed financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Sep. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
As at September 30, 2021, the Company owed $21,843 | $ 21,843 |