6 unchanged sentences
(“CocoLuv Inc.” or the “Company”) was incorporated in the State of Nevada.
−Removed: We are an early stage company that plans to commence operations as an online retailer offering was incorporated in the State of Nevada as a for-profit Company on September 13, 2017 and established a fiscal year end of May 31.
−Removed: The Company intends to manufacture market and sell a product line of 5 hair care products derived from Virgin Coconut Oil.
+Added: We are an early stage company that plans to commence operations as an online retailer offering was incorporated in the State of Nevada as a for-profit Company on September 13, 2017 and established a fiscal year end of May 31.The Company intends to manufacture market and sell a product line of 5 hair care products derived from Virgin Coconut Oil.
The initial 5 products will be 3 for women and 2 for men.
10 unchanged sentences
Results of Operations Three and Nine-month periods
−Removed: For the three-month periods ended February 29, 2020 and February 28, 2019, we had no revenue.
−Removed: Expenses for the three-month period ended February 29, 2020 totaled $15,711 resulting in a net loss of $15,711, compared to expenses for the three-month period ended February 28, 2019, totaled $2,943 resulting in a net loss of $2,943.
−Removed: The net loss for the three-month period ended February 29, 2020 is a result of office and general expense of $15,711 comprised primarily of professional fees of $14,900;
−Removed: filing fees of $500;
−Removed: telephone expenses of $27;
−Removed: rent expenses of $231;
−Removed: and bank service charges of $53.
−Removed: Compared to expenses for the three-months ended February 28, 2019 is a result of office and general expenses of $2,943 comprised primarily of professional fees of $2,500;
−Removed: filing fees of $202;
−Removed: telephone expenses of $18;
−Removed: rent expense of $190;
−Removed: and bank service charges of $33.
−Removed: The increase in expenses for the three-month period ended February 29, 2020 compared to February 28, 2019 is primarily due to an increase in professional fees, which is consulting increasing $11,000 during the period.
−Removed: For the nine-month periods ended February 29, 2020 and February 28, 2019, we had no revenue.
−Removed: Expenses for the nine-month period ended February 29, 2020 totaled $29,045 resulting in a net loss of $29,045, compared to expenses for the nine-month period ended February 28, 2019, totaled $11,031 resulting in a net loss of $11,031.
−Removed: The net loss for the nine-month period ended February 29, 2020 is a result of office and general expense of $29,045 comprised primarily of professional fees of $25,100;
+Added: For the three-month periods ended August 31, 2020 and August 31, 2019, we had no revenue.
+Added: Expenses for the three-month period ended August 31, 2020 totaled $6,762 resulting in a net loss of $6,762, The net loss for the three-month period ended August 31, 2020 is a result of office and general expense of $6,762;
+Added: comprised primarily of professional fees of $6,000;
filing fees of $500;
2 unchanged sentences
and bank service charges of $33.
−Removed: Compared to expenses for the nine-months ended February 28, 2019 is a result of office and general expenses of $11,031 comprised primarily of professional fees of $9,200;
+Added: Expenses for the three-months ended August 31, 2019 totaled $7,381 resulting in a net loss of $7,381.
+Added: The net loss for the three-month period ended August 31, 2019 is a result of office and general expenses of $7,381;
+Added: comprised primarily of professional fees of $6,300;
filing fees of $813;
2 unchanged sentences
and bank service charges of $78.
−Removed: The increase in expenses for the nine-month period ended February 29, 2020 compared to February 28, 2019 is primarily due to an increase in professional fees, which is consulting fee increase $11,000 and legal and accounting fee increase $7,100 during the period.
+Added: The decrease in expenses for the three-month period ended August 31, 2020 compared to August 31, 2019 is primarily due to an decrease in professional fees and filing fees.
Capital Resources and Liquidity
4 unchanged sentences
We must raise additional cash to implement our strategy and stay in business.
−Removed: On September 30, 2017, the Company issued 4,000,000 common shares at $0.001 per share to the sole director and President of the Company.
−Removed: The Company received net proceeds of $4,000 in payment of the shares.
−Removed: Between August 19, 2019 to February 2020, the Company sold 228,000 shares of its common stock at $0.05 for $11,400 net proceeds to the Company.
−Removed: As of February 29, 2020 the Company had not issued these shares.
−Removed: This is reflected on the balance sheet as shares to be issued.
−Removed: During the subsequent period, on March 3, 2020 the Company sold 60,000 shares of its common stock at $0.05 for $3,000 net proceeds to the Company.
−Removed: As of the filing of this report the Company had not issued these shares.
−Removed: During the subsequent period, on March, 2020, the Company received cash advances from its CEO of $2,530.
−Removed: The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment.
−Removed: As of February 29, 2020, we had $332 in cash as compared to $54 in cash at May 31, 2019.
−Removed: The funds available to the Company will not be sufficient to fund the planned operations of the Company and maintain a reporting status.
−Removed: As of February 29, 2020, the Company’s officer and director Mr.
−Removed: Guillermo has loaned the Company $24,428 and Mr.
−Removed: Guillermo has indicated that he may be willing to provide a maximum of $60,000, required to maintain the reporting status, in the form of a non-secured loan for the next twelve months as the expenses are incurred if no other proceeds are obtained by the Company.
−Removed: However, there is no contract or written agreement in place.
−Removed: We anticipate that we will begin the development of our proposed business plan to purchase overstocked inventory items and offer them to the public via a web-based on-line store and hire additional consultants to setup out website within the next 24 month period.
+Added: As of August 31, 2020, we had $461 of cash compared to $494 of cash as of May 31, 2020.
+Added: We anticipate that our current cash and cash equivalents and cash generated from financing activities will be insufficient to satisfy our liquidity requirements for the next 12 months.
+Added: To date, the Company has incurred operating losses since inception of $60,215.
+Added: As at August 31, 2020, the Company has working capital deficit of $41,325.
+Added: The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses.
+Added: Our auditor has expressed substantial doubt about our ability to continue as a going concern.
+Added: 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.
+Added: 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.
+Added: We expect to incur marketing, professional, and administrative expenses as well expenses associated with maintaining our filings with the Commission.
+Added: We will require additional funds during this time and will seek to raise the necessary additional capital.
+Added: If we are unable to obtain additional financing, we may be required to reduce the scope of our business development activities, which could harm our business plans, financial condition and operating results.
+Added: Additional funding may not be available on favorable terms, if at all.
+Added: The Company intends to continue to fund its business by way of equity or debt financing and advances from related parties.
+Added: Any inability to raise capital as needed would have a material adverse effect on our business, financial condition and results of operations.
+Added: If we cannot raise additional funds, we will have to cease business operations.
+Added: As a result, investors in the Company’s common stock would lose all of their investment.
Off-balance sheet arrangements
8 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.