10-Q

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 quarterly period ended May 31, 2019

Commission File Number 333-216292

MIKROCOZE INC.

(Exact name of registrant as specified in its charter)

Nevada	81-3599639
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1545 Crossways Blvd., Suite 250, Chesapeake, Virginia, 23320-0210

(Address of principal executive offices)(Zip Code)

(800) 542-8715

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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 preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ¨ Yes   x No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ¨ Yes   x No

Indicate by check mark whether 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
(Do not check if a smaller reporting company)		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes   x No

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court  ¨ Yes ¨ No

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common, $0.001 Par Value	MZKR	OTCBB

As of July 15, 2019 the registrant had 75,000,000 shares of common stock issued and 75,000,000 shares of common stock outstanding, par value $0.001.

TABLE OF CONTENTS

PART I—FINANCIAL INFORMATION
Item 1.	Condensed Financial Statements.	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	12
Item 3.	Quantitative and Qualitative Disclosures About Market Risk.	13
Item 4.	Controls and Procedures.	13
PART II—OTHER INFORMATION
Item 1.	Legal Proceedings.	14
Item 1A.	Risk Factors.	14
Item 2.	Unregistered Sales of Securities and Use of Proceeds.	14
Item 3.	Defaults Upon Senior Securities.	14
Item 4.	Mine Safety Disclosures	14
Item 5.	Other Information	14
Item 6.	Exhibits.	15

 

2

PART I—FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

MIKROCOZE INC.

FINANCIAL STATEMENTS

May 31, 2019

CONDENSED BALANCE SHEETS	4
CONDENSED STATEMENTS OF OPERATIONS	5
CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIT	6
CONDENSED STATEMENTS OF CASH FLOWS	8
CONDENSED NOTES TO FINANCIAL STATEMENTS	9

 

3

MIKROCOZE INC.

CONDENSED BALANCE SHEETS

	May 31, 2019			November 30, 2018
	(Unaudited)
ASSETS
CURRENT ASSETS
Cash	$	50		$	100
TOTAL CURRENT ASSETS	$	50		$	100
LIABILITIES AND STOCKHOLDERS’ DEFICIT
CURRENT LIABILITIES
Accounts payable		3,550			797
Due to related parties		43,754			32,731
TOTAL CURRENT LIABILITIES		47,304			33,528
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS’ DEFICIT		-			-
Common stock
Authorized
200,000,000 shares of common stock, $0.001 par value,
Issued and outstanding
75,000,000 and 75,000,000 shares of common stock (refer Note 3)		75,000			75,000
Additional paid-in capital		(51,000	)		(51,000	)
Accumulated deficit		(71,254	)		(57,428	)
TOTAL STOCKHOLDERS’ DEFICIT		(47,254	)		(33,428	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	50		$	100

The accompanying notes are an integral part of these condensed financial statements.

 

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MIKROCOZE INC.

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three months ended May 31, 2019			Three months ended May 31, 2018			Six months ended May 31, 2019			Six months ended May 31, 2018
REVENUE
Product sales	$	-		$	1,895		$	-		$	2,715
Cost of goods sold		-			(920	)		-			(1,381	)
GROSS PROFIT		-			975			-			1,334
OPERATING EXPENSES
General and administrative	$	1,331		$	3,079		$	3,026		$	8,421
Professional fees		3,300			2,900			10,800			9,150
TOTAL OPERATING EXPENSES		(4,631	)		(5,979	)		(13,826	)		(17,571	)
NET LOSS		(4,631	)		(5,004	)		(13,826	)		(16,237	)
NET LOSS PER COMMON SHARE – BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED		75,000,000			75,000,000			75,000,000			75,000,000

The accompanying notes are an integral part of these condensed financial statements.

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MIKROCOZE INC.

CONDENDED STATEMENTS OF STOCKHOLDERS’ DEFICIT

For the Six-month period ended May 31, 2019

 (UNAUDITED)

	Common Stock				Additional
	Number of shares		Amount		Paid-in Capital			Accumulated Deficit			Total
Balance, November 30, 2018		75,000,000	$	75,000	$	(51,000	)	$	(57,428	)	$	(33,428	)
Net loss for the period ended February 28, 2019		-		-		-			(9,195	)		(9,195	)
Balance, February, 2019		75,000,000	$	75,000	$	(51,000	)	$	(66,623	)	$	(42,623	)
Net loss for the period ended May 31, 2019		-		-		-			(4,631	)		(4,631	)
Balance, May 31, 2019		75,000,000	$	75,000	$	(51,000	)	$	(71,254	)	$	(47,254	)

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CONDENDED STATEMENTS OF STOCKHOLDERS’ DEFICIT

For the Six-month period ended May 31, 2018

 (UNAUDITED)

	Common Stock				Additional
	Number of shares		Amount		Paid-in Capital			Accumulated Deficit			Subscription Receivable from Officer			Total
Balance, November 30, 2017		75,000,000	$	75,000	$	(51,000	)	$	(33,888	)	$	(2,144	)	$	(12,032	)
Net loss for the period ended February 28, 2019		-		-		-			(11,233	)					(11,233	)
Balance, February 28, 2019		75,000,000	$	75,000	$	(51,000	)	$	(45,121	)	$	(2,144	)	$	(23,265	)
Subscription receivable from officer		-		-		-			-			2,144			2,144
Net loss for the period ended May 31, 2018		-		-		-			(5,004	)		-			(5,004	)
Balance, May 31, 2018		75,000,000	$	75,000	$	(51,000	)	$	(50,125	)	$	-		$	(26,125	)

The accompanying notes are an integral part of these condensed financial statements.

 

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MIKROCOZE INC.

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six months ended May 31,  2019			Six months ended May 31,  2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$	(13,826	)	$	(16,237	)
Adjustments to reconcile net loss to net cash used in operating activities
Expenses paid on behalf of the Company by related party		10,998			11,432
Changes in operating assets and liabilities
Accounts payable		2,753			1,864
NET CASH USED IN OPERATING ACTIVITIES		(75	)		(2,941	)
CASH FLOWS FROM INVESTING ACTIVITIES		-			-
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock		-			2,144
Related party advances		25			-
NET CASH PROVIDED BY FINANCING ACTIVITIES		25			2,144
NET CHANGE IN CASH		(50	)		(797	)
CASH, BEGINNING OF PERIOD		100			1,086
CASH, END OF PERIOD	$	50		$	289
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES:
Cash paid during the period for:
Interest	$	-		$	-
Income taxes	$	-		$	-

The accompanying notes are an integral part of these condensed financial statements.

8

 

MIKROCOZE INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019 (Unaudited)

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Mikrocoze Inc. was incorporated in the State of Nevada as a for-profit Company on August 17, 2016 and established a fiscal year end of November 30. The Company is organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet.

Going concern

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $71,254. As at May 31, 2019, the Company has a working capital deficit of $47,254. 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 for a period of one year from the issuance of these financial statements. 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 May 31, 2019, the Company has issued 75,000,000 shares of common stock for cash of $24,000. 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.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – Unaudited Financial Statements

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 November 30, 2018 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 May 31, 2019 are not necessarily indicative of the results that may be expected for the year ending November 30, 2019.

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 August 26, 2017 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for one year at $70 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.

Inventory

We value our inventories at the lower of cost, determined on a first-in, first-out method, or market value. Our inventory consists solely of finished goods. We review inventories on hand at least quarterly and record provisions for estimated excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of net realizable value. The regular and

 

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MIKROCOZE INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019 (Unaudited)

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Inventory (continued)

systematic inventory valuation reviews include a current assessment of future product demand, historical experience and obsolete finished product.

Revenue Recognition

The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) approval of both parties, (ii) the goods or services associated with transaction must be identified, (iii) identification of the transaction price, (iv) the contract has commercial substance, and (v) the performance obligation is satisfied — generally when products are shipped to the customer. Revenue consists of revenue earned from the sale of furniture and is recognized at the time the product is shipped to the customer.

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end of average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within stockholders’ deficit. Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in general and administrative expenses of the statement of operations.

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 May 31, 2019, 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 May 31, 2019 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.

10

MIKROCOZE INC.

CONDENSED NOTES TO FINANCIAL STATEMENTS

MAY 31, 2019 (Unaudited)

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Recent Accounting Pronouncements

In May 2016, the FASB issued a further update, ASU 2016-12 Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 clarifies key areas concerning: (1) assessment of collectability, (2) presentation of sales taxes and other similar taxes collected from customers, (3) non-cash consideration, (4) contract modifications at transition, (5) completed contracts at transition, and (6) disclosing the accounting change in the period of adoption. The updated standard is effective for the Company.

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

NOTE 3 – COMMON STOCK

The Company is authorized to issue 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. There were no issuances of common stock during the current interim period.

NOTE 4 – RELATED PARTY TRANSACTIONS

During the period ended May 31, 2019, an entity controlled by the CEO paid expenses of $10,998 on behalf of the Company and advanced the Company $25. The total amount owed to the CEO or entities controlled by the CEO as of May 31, 2019 was $43,754 (November 30, 2018 - $32,731). The amounts due to related parties are unsecured and non-interest-bearing with no set terms of repayment.

NOTE 5 – SUBSEQUENT EVENTS

There were no significant subsequent events from the balance sheet date to the date the financial statements were issued.

11

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This section of this Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

Results of Operations

For the three-month period ended May 31, 2019 we had no revenues. For the three-month period ended May 31, 2018 we generated gross revenues of $1,895. We had $1,895 in gross sales less $920 in cost-of-goods sold resulting in a gross profit of $975.

Expenses for the three-month period ended May 31, 2019 totaled $4,631 resulting in a net loss of $4,631. The net loss for the three-month period ended May 31, 2019 is the result of expenses of $4,631, comprised of professional fees of $3,300; filing fees of $500; transfer agent expenses of $372; rent expenses of $353; telephone expense of $61; and bank service charges of $45. Expenses for the three-month period ended May 31, 2018 totaled $5,979 resulting in a net loss of $5,004. The net loss for the three-month period ended May 31, 2018 is the result of expense of $5,979, comprised of professional fees of $2,900; filing fees of $1,000; transfer agent expenses of $323; postage and delivery expenses of $801; rent expenses of $304; telephone expense of $76 ; and bank service charges of $575. The decrease in expenses between May 31, 2019 and May 31, 2018 is primarily due to the decrease in delivery expenses.

For the six-month period ended May 31, 2019 we had no revenues. For the six-month period ended May 31, 2018 we generated gross revenues of $2,715. We had $2,715 in gross sales less $1,381 in cost-of-goods sold resulting in a gross profit of $1,334.

Expenses for the six-month period ended May 31, 2019 totaled $13,826 resulting in a net loss of $13,826. The net loss for the six-month period ended May 31, 2019 is the result of expenses of $13,826, comprised of professional fees of $10,800; filing fees of $1,500; transfer agent expenses of $669; rent expenses of $653; telephone expense of $129; and bank service charges of $75. Expenses for the six-month period ended May 31, 2018 totaled $17,571 resulting in a net loss of $16,237. The net loss for the six-month period ended May 31, 2018 is the result of expense of $17,571, comprised of professional fees of $9,150; filing fees of $1,073; transfer agent expenses of $3,332; postage and delivery expenses of $2,631; rent expenses of $447; telephone expense of $114; and bank service charges of $824. The decrease in expenses between May 31, 2019 and May 31, 2018 is primarily due to the decrease in delivery and transfer agent expenses.

Liquidity and Capital Resources

We have generated minimal revenues to date and anticipate until we generate a more rapid growth in revenues, we will require additional financings in order to fully implement our plan of operations. With the exception of cash advances from our sole Officer and Director, and cash received in our initial offering, we have not had any additional funding. We must raise cash to implement our strategy and stay in business. Our president has verbally committed to continue to fund our operations up to $50,000. However, this is not in writing and maybe rescinded at any time.

12

As of May 31, 2019, we had $50 in cash and $43,754 due to a related party. As of November 30, 2018, we had $100 in cash, no inventory, and $32,731 due to a related party. Total liabilities as of May 31, 2019, were $47,304 compared to $33,528 in total liabilities at November 30, 2018. The funds available to the Company will not be sufficient to fund the planned operations of the Company and maintain a reporting status. As of May 31, 2019, the Company owed $43,754 (November 30, 2018; $32,731) to its Chief Executive Officer. During the six-month period ended May 31, 2019 and 2018, the CEO paid expenses of $10,998 and $11,432, respectively, on behalf of the Company. All amounts due to the related party are unsecured, non-interest bearing and have no set terms of repayment.

We are continuing our implementation of our operational plans. Initial test sales have occurred, and the Company is currently developing plans in scale up sales. The website is operational (www.mikrocozeinc.com). Management expects a slow and steady increase in sales during the next fiscal year.

Off-balance sheet arrangements

Other than the situation described in the section titled Capital Recourses and Liquidity, the company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the company is a party, under which the company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

In connection with this quarterly report, as required by Rule 15d-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of the design and operation of our company's disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our company's management, including our company's principal executive officer and principal financial officer. Based upon that evaluation, our company's principal executive officer and principal financial officer concluded that subject to the inherent limitations noted in this Part II, Item 9A(T) as of May 31, 2019, our disclosure controls and procedures were not effective due to the existence of material weaknesses in our internal controls over financial reporting.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the quarter ended May 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

13

PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

Currently we are not involved in any pending litigation or legal proceeding.

Item 1A. Risk Factors.

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

Item 2. Unregistered Sales of Securities and Use of Proceeds.

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mining Safety Disclosures.

None

Item 5. Other Information.

On March 7, 2019 the Company received its trading symbol “MZKR”

 

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Item 6. Exhibits.

31.1	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Executive Officer
31.2	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer *
32.1	Section 1350 Certification of Chief Executive Officer
32.2	Section 1350 Certification of Chief Financial Officer **

* Included in Exhibit 31.1

** Included in Exhibit 32.1

 

15

SIGNATURES*

Pursuant to the requirements 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.

 

	MIKROCROZE INC. (Registrant)
Date: July 15, 2019	By:	/s/ Sukmanjit Singh
		Sukhmanjit Singh President and Director
		Principal and Executive Officer
		Principal Financial Officer Principal Accounting Officer

 

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EX-31.1

EXHIBIT 31.1

CERTIFICATIONS

I, Sukhmanjit Singh, certify that:

1.	I have reviewed this quarterly report of MIKROCOZE INC.;
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 the Exchange Act Rules 13a-15(f) and 15d – 15(f)) for the registrant and have:

a)	Designed such disclosure controls and procedures, or caused such 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 controls and procedures, or caused such disclosure controls and procedures 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 registrants’ internal control over financial reporting that occurred during the registrants most recent fiscal quarter 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 equivalent functions):

a)	All significant deficiencies and material weaknesses in the design or operation of internal controls 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.

/s/ Sukhmanjit Singh                                

Sukhmanjit Singh

President, Treasurer, Principal Executive Officer,

Principal Financial Officer and Director

Date: July 15, 2019

EX-32.1

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 for the period ended May 31, 2019 of MIKROCOZE INC., a Nevada corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Quarterly Report"), I, Sukhmanjit Singh, President and Chief Financial Officer of the Company certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.	The Quarterly Report fully complies with the requirements of Section 13(a) or15(d) of the Securities and Exchange Act of 1934, as amended; and
2.	The information contained in this Quarterly Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

/s/ Sukhmanjit Singh                                           

Sukhmanjit Singh

President, Secretary Treasurer, Principal Executive Officer,

Principal Financial Officer and Director

Date: July 15, 2019

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Document and Entity Information - shares	6 Months Ended
	May 31, 2019	Jul. 15, 2019
Document And Entity Information
Entity Registrant Name	MIKROCOZE INC.
Entity Central Index Key	0001697587
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	May 31, 2019
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Shell Company	false
Entity Common Stock Shares Outstanding		75,000,000

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CONDENSED BALANCE SHEETS - USD ($)	May 31, 2019	Nov. 30, 2018
CURRENT ASSETS
Cash	$ 50	$ 100
TOTAL CURRENT ASSETS	50	100
CURRENT LIABILITIES
Accounts payable	3,550	797
Due to related parties	43,754	32,731
TOTAL CURRENT LIABILITIES	47,304	33,528
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 75,000,000 and 75,000,000 shares of common stock (refer Note 3)	$ 75,000	$ 75,000
Additional paid-in capital	$ (51,000)	$ (51,000)
Accumulated deficit	(71,254)	(57,428)
TOTAL STOCKHOLDERS' DEFICIT	(47,254)	(33,428)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 50	$ 100

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CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2019	Nov. 30, 2018
CURRENT LIABILITIES
Common stock, shares par value	$ 0.001	$ 0.001
Common stock shares issued	75,000,000	75,000,000
Common stock, shares outstanding	75,000,000	75,000,000
Common stock, shares Authorized	200,000,000	200,000,000

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CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
REVENUE
Product sales		$ 1,895		$ 2,715
Cost of goods sold		(920)		(1,381)
GROSS PROFIT		975		1,334
OPERATING EXPENSES
General and administrative	1,331	3,079	3,026	8,421
Professional fees	3,300	2,900	10,800	9,150
TOTAL OPERATING EXPENSES	(4,631)	(5,979)	$ (13,826)	(17,571)
NET LOSS	$ (4,631)	$ (5,004)		$ (16,237)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	75,000,000	75,000,000	75,000,000	75,000,000

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CONDENDED STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($)	Total	Common Stock Number of shares	Accumulated Deficit	Subscription Receivable from officer [Member]	Additional Paid-in Capital
Balance, Shares at Nov. 30, 2017		75,000,000
Balance, Amount at Nov. 30, 2017		$ 75,000			$ (51,000)
Net loss	$ (16,237)		$ (11,233)
Balance, Shares at May. 31, 2018		75,000,000
Balance, Amount at May. 31, 2018	(26,125)	$ 75,000	(50,125)		(51,000)
Balance, Shares at Nov. 30, 2018		75,000,000
Balance, Amount at Nov. 30, 2018	(33,428)	$ 75,000	(57,428)		(51,000)
Net loss	(13,826)		(9,195)
Balance, Shares at Feb. 28, 2019		75,000,000
Balance, Amount at Feb. 28, 2019	(23,265)	$ 75,000	(45,121)	(2,144)	(51,000)
Net loss	(4,631)		(5,004)
Subscription receivable from officer	2,144			2,144
Balance, Shares at May. 31, 2019		75,000,000
Balance, Amount at May. 31, 2019	$ (47,254)	$ 75,000	$ (71,254)		$ (51,000)

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CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED - USD ($)	6 Months Ended
	May 31, 2019	May 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period		$ (16,237)
Adjustments to reconcile net loss to net cash used in operating activities
Expenses paid on behalf of the Company by related party	$ 10,998	11,432
Changes in operating assets and liabilities
Accounts payable	2,753	1,864
NET CASH USED IN OPERATING ACTIVITIES	(75)	(2,941)
CASH FLOWS FROM INVESTING ACTIVITIES
CASHFLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	24,000	2,144
Related party advances	25
NET CASH PROVIDED BY FINANCING ACTIVITIES	25	2,144
NET CHANGE IN CASH	(50)	(797)
CASH, BEGINNING OF PERIOD	100	1,086
CASH, END OF PERIOD	$ 50	$ 289
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES:
Cash paid during the period for:
Interest
Income taxes

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NATURE OF OPERATIONS AND BASIS OF PRESENTATION

6 Months Ended

May 31, 2019

NATURE OF OPERATIONS AND BASIS OF PRESENTATION

NOTE 2- NATURE OF OPERATIONS AND BASIS OF PRESENTATION

Mikrocoze Inc. was incorporated in the State of Nevada as a for-profit Company on August 17, 2016 and established a fiscal year end of November 30. The Company is organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet.

Going concern

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $71,254. As at May 31, 2019, the Company has a working capital deficit of $47,254. 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 for a period of one year from the issuance of these financial statements. 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 May 31, 2019, the Company has issued 75,000,000 shares of common stock for cash of $24,000. 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.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

May 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation – Unaudited Financial Statements

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 November 30, 2018 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 May 31, 2019 are not necessarily indicative of the results that may be expected for the year ending November 30, 2019.

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 August 26, 2017 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for one year at $70 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.

Inventory

We value our inventories at the lower of cost, determined on a first-in, first-out method, or market value. Our inventory consists solely of finished goods. We review inventories on hand at least quarterly and record provisions for estimated excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of net realizable value. The regular and

   

Inventory (continued)

systematic inventory valuation reviews include a current assessment of future product demand, historical experience and obsolete finished product.

Revenue Recognition

The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) approval of both parties, (ii) the goods or services associated with transaction must be identified, (iii) identification of the transaction price, (iv) the contract has commercial substance, and (v) the performance obligation is satisfied — generally when products are shipped to the customer. Revenue consists of revenue earned from the sale of furniture and is recognized at the time the product is shipped to the customer.

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end of average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”). Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented. The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within stockholders’ deficit. Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in general and administrative expenses of the statement of operations.

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 May 31, 2019, 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 May 31, 2019 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

In May 2016, the FASB issued a further update, ASU 2016-12 Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 clarifies key areas concerning: (1) assessment of collectability, (2) presentation of sales taxes and other similar taxes collected from customers, (3) non-cash consideration, (4) contract modifications at transition, (5) completed contracts at transition, and (6) disclosing the accounting change in the period of adoption. The updated standard  is effective for the Company.

The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.

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COMMON STOCK

6 Months Ended

May 31, 2019

COMMON STOCK

NOTE 3 - COMMON STOCK

The Company is authorized to issue 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. There were no issuances of common stock during the current interim period.

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RELATED PARTY TRANSACTIONS

6 Months Ended

May 31, 2019

RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

During the period ended May 31, 2019, an entity controlled by the CEO paid expenses of $10,998 on behalf of the Company and advanced the Company $25. The total amount owed to the CEO or entities controlled by the CEO as of May 31, 2019 was $43,754 (November 30, 2018 - $32,731). The amounts due to related parties are unsecured and non-interest-bearing with no set terms of repayment.

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SUBSEQUENT EVENTS

6 Months Ended

May 31, 2019

SUBSEQUENT EVENTS

NOTE 5 - SUBSEQUENT EVENTS

There were no significant subsequent events from the balance sheet date to the date the financial statements were issued.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

May 31, 2019

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

Basis of Presentation ? Unaudited Financial Statements

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 November 30, 2018 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 three months ended February 28, 2019 are not necessarily indicative of the results that may be expected for the year ending November 30, 2019.

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 August 26, 2017 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for one year at $70 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.

Inventory

We value our inventories at the lower of cost, determined on a first-in, first-out method, or market value. Our inventory consists solely of finished goods. We review inventories on hand at least quarterly and record provisions for estimated excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of net realizable value. The regular and systematic inventory valuation reviews include a current assessment of future product demand, historical experience and obsolete finished product.

Revenue Recognition

The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) approval of both parties, (ii) the goods or services associated with transaction must be identified, (iii) identification of the transaction price, (iv) the contract has commercial substance, and (v) the performance obligation is satisfied — generally when products are shipped to the customer. Revenue consists of revenue earned from the sale of furniture and is recognized at the time the product is shipped to the customer.

Foreign Currency Translation

The Company translates the foreign currency financial statements into US Dollars using the year or reporting period end of average exchange rates in accordance with the requirements of Accounting Standards Codification subtopic 830-10, Foreign Currency Matters (“ASC 830-10”).  Assets and liabilities of these subsidiaries were translated at exchange rates as of the balance sheet date. Revenues and expenses are translated at average rates in effect for the periods presented.  The cumulative translation adjustment is included in the accumulated other comprehensive gain (loss) within stockholders’ deficit.  Foreign currency transaction gains and losses arising from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in general and administrative expenses of the statement of operations.

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 February 28, 2019, 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 February 28, 2019 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

In May 2016, the FASB issued a further update, ASU 2016-12 Revenue from Contracts with Customers (Topic 606) Narrow-Scope Improvements and Practical Expedients. ASU 2016-12 clarifies key areas concerning: (1) assessment of collectability, (2) presentation of sales taxes and other similar taxes collected from customers, (3) non-cash consideration, (4) contract modifications at transition, (5) completed contracts at transition, and (6) disclosing the accounting change in the period of adoption. The updated standard is effective for the Company in the first quarter of fiscal year 2018, but allows the Company to adopt the standard one year earlier if it so chooses.

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NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	6 Months Ended		33 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative)
State or country of incorporation	Nevada
Incorporation date	Aug. 17, 2016
Common stock shares issued for cash, shares	75,000,000
Common stock shares issued for cash, amount	$ 24,000	$ 2,144
Operating losses			$ (71,254)
Working capital deficit	$ (47,254)		$ (47,254)

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	1 Months Ended
	Aug. 26, 2017 USD ($)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
Term of lease	1 year
Rent expenses per month	$ 70

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COMMON STOCK (Details Narrative) - $ / shares	May 31, 2019	Nov. 30, 2018
COMMON STOCK (Details Narrative)
Common stock, Shares authorized	200,000,000	200,000,000
Common stock, Shares par value	$ 0.001	$ 0.001

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended
	May 31, 2019	May 31, 2018	Nov. 30, 2018
Related party advances	$ 25
CEO [Member]
Expenses paid by related party	10,998
Related party advances	25
Due to related party	$ 43,754		$ 32,731