Large accelerated filer ☐
|
Accelerated filer ☐
|
Non-accelerated filer ☒
|
Smaller reporting company ☒
|
|
Emerging growth company ☐
|
MASCOTA RESOURCES CORP.
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(Unaudited)
|
||||||||
February 28,
|
November 30,
|
|||||||
ASSETS
|
2019
|
2018
|
||||||
Current Assets
|
||||||||
Cash
|
$
|
1,286
|
$
|
49,380
|
||||
Total Current Assets
|
1,286
|
49,380
|
||||||
Fixed Assets
|
||||||||
Land and land improvements
|
143,963
|
101,163
|
||||||
Total Fixed Assets
|
143,963
|
101,163
|
||||||
Total Assets
|
$
|
145,249
|
$
|
150,543
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
LIABILITIES
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
32,575
|
$
|
21,205
|
||||
Accrued interest
|
3,409
|
2,780
|
||||||
Accrued interest, related parties
|
1,270
|
604
|
||||||
Notes payable - related parties, current portion
|
54,900
|
24,400
|
||||||
Total Current Liabilities
|
92,154
|
48,989
|
||||||
Long Term Liabilities
|
||||||||
Notes payable | 45,000 |
45,000 |
||||||
Notes payable - related parties, net of current portion |
5,000 |
5,000 |
||||||
Total Long-term Liabilities
|
50,000
|
50,000
|
||||||
Total Liabilities
|
142,154
|
98,989
|
||||||
STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
Preferred Stock, $0.01 par value, 10,000,000 shares
authorized, 50,000 shares outstanding as of February
28, 2019 and November 30, 2018
|
500
|
500
|
||||||
Common Stock, $0.001 par value, 90,000,000 shares
authorized, 6,491,190 shares outstanding as of
February 28, 2019 and November 30, 2018
|
6,491
|
6,491
|
||||||
Additional paid-in capital
|
286,611
|
286,611
|
||||||
Accumulated deficit
|
(290,507)
|
(242,048
|
)
|
|||||
Total Stockholders' Equity (Deficit)
|
3,095
|
51,554
|
||||||
Total Liabilities and Stockholders' Equity (Deficit)
|
$
|
145,249
|
$
|
150,543
|
MASCOTA RESOURCES CORP.
|
||||||||
Condensed Consolidated Statements of Operations
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
February 28,
|
||||||||
2019
|
2018
|
|||||||
Revenue
|
$
|
-
|
$ | - | ||||
Operating Expenses
|
||||||||
General and administrative
|
47,164
|
6,549
|
||||||
Total Expenses
|
$
|
47,164
|
$
|
6,549
|
||||
Operating loss
|
(47,164
|
)
|
(6,549
|
)
|
||||
Other Expense
|
||||||||
Interest expense
|
1,295
|
1,054
|
||||||
Total Other Expense
|
1,295
|
1,054
|
||||||
Net loss
|
(48,459
|
)
|
(7,603
|
)
|
||||
Loss per share, basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.00
|
)
|
||
Weighted average number of shares
|
6,491,190
|
4,140,750
|
||||||
outstanding - basic and diluted
|
MASCOTA RESOURCES CORP.
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Three Months Ended
|
||||||||
February 28,
|
||||||||
2019
|
2018
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
|
$
|
(48,459
|
)
|
$
|
(7,603
|
)
|
||
Change in operating assets and liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
11,370
|
2,080
|
||||||
Accrued interest
|
629
|
877
|
||||||
Accrued interest, related parties
|
666
|
177
|
||||||
Net Cash used by Operating Activities
|
(35,794
|
)
|
(4,469
|
)
|
||||
Cash Flows from Investing Activities
|
||||||||
Land improvements
|
(42,800
|
)
|
-
|
|||||
Net Cash used by Investing Activities
|
(42,800
|
)
|
-
|
|||||
Cash Flows from Financing Activities
|
||||||||
Proceeds from notes payable - related parties
|
30,500
|
5,216
|
||||||
Net Cash provided by Financing Activities
|
30,500
|
5,216
|
||||||
Net increase (decrease) in cash
|
(48,094
|
)
|
747
|
|||||
Cash at beginning of period
|
49,380
|
2,846
|
||||||
Cash at end of period
|
$
|
1,286
|
$
|
3,593
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Cash paid for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
|
Common
Stock |
Preferred Stock
|
Additional
paid-in capital |
Accumulated
Equity (Deficit)
|
Total
Stockholders’
Equity
(Deficit)
|
||||||||||||||
Balance at November 30, 2017
|
$
|
4,141
|
$
|
500
|
$
|
160,753
|
$
|
(197,952
|
)
|
$
|
(32,558
|
||||||||
Net loss | - |
- |
- |
(7,603) |
(7,603) |
||||||||||||||
Balance at February 28, 2018 | $ |
4,141 |
$ |
500 |
$ |
160,753 |
$ |
(205,555) |
$ | (40,161) |
|||||||||
Balance at November 30, 2018 | $ | 6,491 |
$ |
500 |
$ |
286,611 |
$ |
(242,048) |
$ | 51,554 |
|||||||||
Net loss | - |
- |
- |
(48,459) |
(48,459) |
||||||||||||||
Balance at February 28, 2019 | $ |
6,491 |
$ |
500 |
$ |
286,611 |
$
|
290,507 |
$ | 3,095 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
·
|
Ability to raise capital to construct residential properties
|
·
|
Condition of housing market in Anchorage, Alaska
|
·
|
Interest rates
|
·
|
know of any significant changes in our expected sources and uses of cash.
|
·
|
have any commitments or arrangements from any person to provide us with any equity capital.
|
ITEM 4. |
CONTROLS AND PROCEDURES
|
31.1 |
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2 |
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32 |
Certification pursuant to Section 906 of the Sarbanes-Oxley Act.
|