UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarter ended: February 28, 2018
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from ___________ to ___________
Commission File Number: 333-208237
FELLAZO CORP.
(Exact name of registrant as specified in its charter)
| Nevada | 3990 | 30-0840869 | ||
| (State
or Other Jurisdiction of Incorporation or Organization) |
(Primary Standard Industrial Classification Code Number) |
I.R.S. Employer Identification Number |
8th Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan,
Selangor Darul Ehsan, Malaysia
(Address and telephone number of principal executive offices)
Website: http://fellazo.com Phone: +603-8938 5638 Email: info@fellazo.com
(Address and telephone number of principal executive offices)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange
Act of 1934 during the past 12 months, and (2) has been subject to such filing requirements for
the past 90 days.
Yes [ ] No [X]
Indicate
by check mark wheth9er the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act:
| Large accelerated filer [ ] | Accelerated filer [ ] | Non-accelerated filer [ ] | Smaller reporting company [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [X] No [ ]
As of April 16, 2018 there were 75,000,000 shares outstanding of the registrant’s common stock.
| 2 |
PART 1 - FINANCIAL INFORMATION
BALANCE SHEETS
(UNAUDITED)
| As
At February 28, 2018 | As
At August 31, 2017 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash held in escrow | 71,402 | 70,115 | ||||||
| Prepaid Expense | - | 10,000 | ||||||
| Total Current Assets | $ | 71,402 | $ | 80,115 | ||||
| Total Assets | $ | 71,402 | $ | 80,115 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current Liabilities | ||||||||
| Accrued expenses | 18,415 | 46,215 | ||||||
| Other Creditor | 6,500 | 46,363 | ||||||
| Other Creditor Related party | 498,354 | 275,671 | ||||||
| Loans from director | - | 13,785 | ||||||
| Total Current Liabilities | $ | 523,269 | $ | 382,034 | ||||
| Total Liabilities | $ | 523,269 | $ | 382,034 | ||||
| Stockholders’ Equity (Deficit) | ||||||||
| Common stock, par value $0.001; 1,000,000,000 shares Authorized, 75,000,000 shares issued and outstanding as of February 28, 2018 and August 31, 2017 | 75,000 | 75,000 | ||||||
| Additional Paid In Capital | 36,116 | 36,116 | ||||||
| Accumulated Deficit | (562,983 | ) | (413,035 | ) | ||||
| Total Stockholders’ Equity (Deficit) | $ | (451,867 | ) | $ | (301.919 | ) | ||
| Total Liabilities and Stockholders’ Equity (Deficit) | $ | 71,402 | $ | 80,115 | ||||
See accompanying notes to unaudited financial statements.
| 3 |
FELLAZO CORP.
(UNAUDITED)
| For
Three Months Ended February 28, 2018 | For Three Months
Ended | For
Six Months Ended February 28, 2018 | For
Six Months Ended February 28, 2017 | |||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| General and Administrative Expenses | $ | 64,302 | $ | 708 | $ | 149,948 | $ | 9,813 | ||||||||
| TOTAL OPERATING EXPENSES | $ | 64,302 | $ | 708 | $ | 149,948 | $ | 9,813 | ||||||||
| NET LOSS BEFORE PROVISION FOR INCOME TAX | (64,302 | ) | (708 | ) | (149,948 | ) | (9,813 | ) | ||||||||
| NET PROFIT/(LOSS) | $ | (64,302 | ) | $ | (708 | ) | $ | (149,948 | ) | $ | (9,813 | ) | ||||
| NET LOSS PER SHARE: BASIC AND DILUTED | $ | (0.00 | ) | $ | (0.00 | ) | (0.00 | ) | (0.00 | ) | ||||||
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC & DILUTED | 75,000,000 | 4,885,000 | 75,000,000 | 4,885,000 | ||||||||||||
See accompanying notes to unaudited financial statements.
| 4 |
FELLAZO CORP.
(UNAUDITED)
For
Six Months February 28, 2018 |
For
Six Months February 28, 2017 |
|||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
| Net Loss | $ | (149,948 | ) | $ | (9,183 | ) | ||
| Adjustments to reconcile net loss to net cash (used in) operating activities: | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Expenses paid by Director | - | 14,513 | ||||||
| Prepaid expense | 10,000 | - | ||||||
| Other Creditors – Related Party | 140,720 | - | ||||||
| Accrued expenses | 14,300 | (4,700 | ) | |||||
| CASH FLOWS USED IN OPERATING ACTIVITIES | $ | 15,072 | $ | - | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
| Repayment of loan from director | (13,785 | ) | (76 | ) | ||||
| CASH FLOWS USED IN FINANCING ACTIVITIES | $ | (13,785 | ) | $ | (76 | ) | ||
| INCREASE/(DECREASE) IN CASH | 1,287 | (76 | ) | |||||
| Cash, beginning of period | 70,115 | 76 | ||||||
| Cash, end of period | $ | 71,402 | $ | - | ||||
| Income tax payment | - | - | ||||||
| Interest expense | - | - | ||||||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
| (1) “Resulted from the Assignment Of Rights And Assumption Of Liabilities of Company to the previous sole-director of the Company, Mr. Galina Hripcenco for consideration of Mr. Hripcenco retiring all shares of the Company to the treasury of the Company” | ||||||||
| (a) Disposal of inventory | - | 705 | ||||||
| (b) Prepaid expense forgone | - | 1,300 | ||||||
| (c) Disposal loss of equipment | - | 6,972 | ||||||
| (d) Waiver of loan from director | - | (28,128 | ) | |||||
| $ | - | $ | (19.151 | ) | ||||
See accompanying notes to unaudited financial statements.
| 5 |
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
FEBRUARY 28, 2018
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and Article 10 of 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 financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of February 28, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended February 28, 2018 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 for the year ended August 31, 2017, and related notes thereto included in the elsewhere in this filing.
Organization and Business Description
Fellazo Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on May 28, 2014.
During the quarter ending February 28, 2018 the Company had commenced its transformation process into an IT based company specialized in Mobile Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market.
Our office is located at 8th Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation.
NOTE 2 – GOING CONCERN
The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. As at February 28, 2018, the Company has a working capital deficit of $451,867 and has not yet established a stabilized source of revenue sufficient to cover operating cost for the foreseeable future. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
However the Company had commenced its transformation into an IT based company specialized in Mobile Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market. The Board of Director is assisted by a team consisting of highly competent professional consultants and experts in the related the fields during this period of the transformation exercise.
We strongly believe that the transformation would bring a significant growth potential to the Company which would generate more than sufficient revenue and liquidity to sustain the Company for the next twelve months and a significant future growth. In addition there will be in-flow of funds and capital injections by the Directors to facilitate this transformation exercise.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern
| 6 |
NOTE 3 – RELATED PARTY TRANSACTIONS
During the period, we had requested our Management Agent to fully settle all outstanding Loan due from Director which amounted to $13,785.
Our Management Agent, Swipypay Berhad (a company established in Malaysia) is 70% owned by our Director – Mr Yap Kit Chuan. Total outstanding amount due to our Management Agent was $498,355 and $275,671 as at February 28, 2018 and August 31, 2017 respectively.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.
GENERAL
Fellazo Corp. was incorporated on May 28, 2014 in the State of Nevada and established fiscal year on August 31.
During the quarter ending February 28, 2018 the Company had commenced its transformation into an IT based company specialized in Mobile Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market.
SIGNIFICANT EVENTS
During the quarter ending February 28, 2018 there is no significant event to report.
CORPORATE EXCERCISE
The exercise to acquire the total shares and assets of Asia Loyalty Corporation Pte. Limited (ALC) as reported in the previous quarter was delayed due to the Company did not foresee additional requirements and information required by our Company auditor in reviewing ALC’s operations and financial statements.
Meantime ALC is working towards meeting the additional requirements and information pending management’s final decision on restructuring the corporate exercise.
EMPLOYEES
Our President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company, Prof. Dr. Wong Kong-Yew and Director of the Company Mr. Yap Kit Chuan are assisted by a personal assistance in our Malaysia office.
The Company has yet to have any other full time employee as The Board is assisted by a team consisting of highly competent professional consultants and experts in the related the fields during this period of transformation exercise.
| 7 |
GOVERNMENT REGULATION
We will always comply with all regulations, rules and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. We do not believe that regulation will have a material impact on the way we conduct our business.
Item 3. Quantitative and Qualitative Disclosures about Market Risk.
None.
Item 4. Controls and Procedures.
Evaluation of Internal Controls
We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of February 28, 2018. Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective.
Changes in Internal Controls over Financial Reporting
There has been no change in our internal control over financial reporting occurred during our second fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
During the past ten years, none of the following occurred with respect to the President of the Company:
(1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;
(2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);
(3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of any competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and
(4) being found by a court of competent jurisdiction (in a civil action), the SEC or the commodities futures trading commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions.
| 8 |
Not Applicable to smaller reporting company.
Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No unregistered sales of equity securities took place during quarter ended February 28, 2018.
Item 3. DEFAULTS UPON SENIOR SECURITIES
None.
Item 4. MINE SAFETY DISCLOSURE
Not Applicable.
None.
The following exhibits are included as part of this report by reference:
| Exhibit No. | Description | |
| 31.1 | “Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer” | |
| 32.1 | “Section 1350 Certification of principal executive officer” |
| 9 |
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
| FELLAZO CORP. | ||
| By: | /s/ Prof. Dr. Wong Kong-Yew | |
| Date: April 16, 2018 | Name: | Prof. Dr. Wong Kong-Yew |
| Title: | President,
CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company | |
| 10 |
Exhibit 31.1
CERTIFICATION
I, WONG KONG YEW, certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of FELLAZO CORP. for the quarter ended February 28, 2018;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:
| a) | designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |
| b) | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |
| c) | evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |
| d) | disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
| a) | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |
| b) | any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: April 16, 2018 | By: | /s/ Prof. Dr. Wong Kong-Yew |
| President, CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company |
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of FELLAZO CORP. for the quarter ended February 28, 2018, as filed with the Securities and Exchange Commission on the date hereof, the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to best of my knowledge and belief:
| (1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: April 16, 2018 | By: | /s/ Prof. Dr. Wong Kong-Yew |
| President,
CEO, CFO, Treasurer, Secretary and Chairman of the Board of Directors of the Company |
A signed original of this written statement required by Section 906, or other documents authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Document and Entity Information - shares |
6 Months Ended | |
|---|---|---|
Feb. 28, 2018 |
Apr. 16, 2018 |
|
| Document And Entity Information | ||
| Entity Registrant Name | Fellazo Corp | |
| Entity Central Index Key | 0001659207 | |
| Document Type | 10-Q | |
| Document Period End Date | Feb. 28, 2018 | |
| Amendment Flag | false | |
| Current Fiscal Year End Date | --08-31 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 75,000,000 | |
| Trading Symbol | FLLZ | |
| Document Fiscal Period Focus | Q2 | |
| Document Fiscal Year Focus | 2018 |
Balance Sheets (Unaudited) - USD ($) |
Feb. 28, 2018 |
Aug. 31, 2017 |
|---|---|---|
| Current Assets | ||
| Cash and cash held in escrow | $ 71,402 | $ 70,115 |
| Prepaid Expense | 10,000 | |
| Total Current Assets | 71,402 | 80,115 |
| Total Assets | 71,402 | 80,115 |
| Current Liabilities | ||
| Accrued expenses | 18,415 | 46,215 |
| Other Creditor | 6,500 | 46,363 |
| Other Creditor Related party | 498,354 | 275,671 |
| Loans from director | 13,785 | |
| Total Current Liabilities | 523,269 | 382,034 |
| Total Liabilities | 523,269 | 382,034 |
| Stockholders' Equity (Deficit) | ||
| Common stock, par value $0.001; 1,000,000,000 shares Authorized, 75,000,000 shares issued and outstanding as of February 28, 2018 and August 31, 2017 | 75,000 | 75,000 |
| Additional Paid In Capital | 36,116 | 36,116 |
| Accumulated Deficit | (562,983) | (413,035) |
| Total Stockholders' Equity (Deficit) | (451,867) | (301,919) |
| Total Liabilities and Stockholders' Equity (Deficit) | $ 71,402 | $ 80,115 |
Balance Sheets (Unaudited) (Parenthetical) - $ / shares |
Feb. 28, 2018 |
Aug. 31, 2017 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
| Common stock, shares issued | 75,000,000 | 75,000,000 |
| Common stock, shares outstanding | 75,000,000 | 75,000,000 |
Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Feb. 28, 2018 |
Feb. 28, 2017 |
Feb. 28, 2018 |
Feb. 28, 2017 |
|
| OPERATING EXPENSES: | ||||
| General and Administrative Expenses | $ 64,302 | $ 708 | $ 149,948 | $ 9,813 |
| TOTAL OPERATING EXPENSES | 64,302 | 708 | 149,948 | 9,813 |
| NET LOSS BEFORE PROVISION FOR INCOME TAX | (64,302) | (708) | (149,948) | (9,813) |
| NET PROFIT/(LOSS) | $ (64,302) | $ (708) | $ (149,948) | $ (9,813) |
| NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
| WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC & DILUTED | 75,000,000 | 4,885,000 | 75,000,000 | 4,885,000 |
Statements of Cash Flows (Unaudited) - USD ($) |
6 Months Ended | |
|---|---|---|
Feb. 28, 2018 |
Feb. 28, 2017 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net Loss | $ (149,948) | $ (9,813) |
| Changes in operating assets and liabilities: | ||
| Expenses paid by Director | 14,513 | |
| Prepaid expense | 10,000 | |
| Other Creditors – Related Party | 140,720 | |
| Accrued expenses | 14,300 | (4,700) |
| CASH FLOWS USED IN OPERATING ACTIVITIES | 15,072 | |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Repayment of loan from director | (13,785) | (76) |
| CASH FLOWS USED IN FINANCING ACTIVITIES | (13,785) | (76) |
| INCREASE/(DECREASE) IN CASH | 1,287 | (76) |
| Cash, beginning of period | 70,115 | 76 |
| Cash, end of period | 71,402 | |
| Income tax payment | ||
| Interest expense | ||
| NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
| (a) Disposal of inventory | 705 | |
| (b) Prepaid expense forgone | 1,300 | |
| (c) Disposal loss of equipment | 6,972 | |
| (d) Waiver of loan from director | (28,128) | |
| TOTAL CAPITAL CONTRIBUTION | $ (19,151) | |
Organization and Basis of Presentation |
6 Months Ended |
|---|---|
Feb. 28, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Basis of Presentation |
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and Article 10 of 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 financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of February 28, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended February 28, 2018 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 for the year ended August 31, 2017, and related notes thereto included in the elsewhere in this filing.
Organization and Business Description
Fellazo Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on May 28, 2014.
During the quarter ending February 28, 2018 the Company had commenced its transformation process into an IT based company specialized in Mobile Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market.
Our office is located at 8th Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current period presentation. |
Going Concern |
6 Months Ended |
|---|---|
Feb. 28, 2018 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Going Concern |
NOTE 2 – GOING CONCERN
The Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business. As at February 28, 2018, the Company has a working capital deficit of $451,867 and has not yet established a stabilized source of revenue sufficient to cover operating cost for the foreseeable future. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
However the Company had commenced its transformation into an IT based company specialized in Mobile Application Developments with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market. The Board of Director is assisted by a team consisting of highly competent professional consultants and experts in the related the fields during this period of the transformation exercise.
We strongly believe that the transformation would bring a significant growth potential to the Company which would generate more than sufficient revenue and liquidity to sustain the Company for the next twelve months and a significant future growth. In addition there will be in-flow of funds and capital injections by the Directors to facilitate this transformation exercise.
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern |
Related Party Transactions |
6 Months Ended |
|---|---|
Feb. 28, 2018 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
NOTE 3 – RELATED PARTY TRANSACTIONS
During the period, we had requested our Management Agent to fully settle all outstanding Loan due from Director which amounted to $13,785.
Our Management Agent, Swipypay Berhad (a company established in Malaysia) is 70% owned by our Director – Mr Yap Kit Chuan. Total outstanding amount due to our Management Agent was $498,355 and $275,671 as at February 28, 2018 and August 31, 2017 respectively. |
Going Concern (Details Narrative) |
Feb. 28, 2018
USD ($)
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Working capital deficit | $ 451,867 |
Related Party Transactions (Details Narrative) - USD ($) |
6 Months Ended | ||
|---|---|---|---|
Feb. 28, 2018 |
Feb. 28, 2017 |
Aug. 31, 2017 |
|
| Repayment of loan from director | $ 13,785 | $ 76 | |
| Other creditor related party | $ 498,354 | $ 275,671 | |
| Mr Yap Kit Chuan [Member] | |||
| Ownership percentage | 70.00% | ||