Item
1. Financial Statements.
FELLAZO
CORP.
BALANCE
SHEETS
(UNAUDITED)
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As
At
November 30, 2017
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As
At
August 31, 2017
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ASSETS
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Current
Assets
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Cash
held in escrow
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70,115
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70,115
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Prepaid
Expense
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-
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10,000
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Total
Current Assets
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$
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70,115
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$
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80,115
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Total
Assets
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$
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70,115
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$
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80,115
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LIABILITIES
AND STOCKHOLDERS’ EQUITY (DEFICIT)
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Current
Liabilities
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Accrued
expenses
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10,400
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46,215
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Other
Creditor
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433,495
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322,034
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Loans
from director
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13,785
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13,785
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Total
Current Liabilities
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$
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457,680
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$
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382,034
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Total
Liabilities
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$
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457,680
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$
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382,034
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Stockholders’
Equity (Deficit)
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Common
stock, par value $0.001; 1,000,000,000 shares Authorized, 75,000,000 shares issued and outstanding as of November 30,
2017 and August 31, 2017
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75,000
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75,000
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Additional
Paid In Capital
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36,116
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36,116
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Accumulated
Deficit
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(498,681
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)
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(413,035
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)
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Total
Stockholders’ Equity (Deficit)
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$
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(387,565
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)
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$
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(301.919
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)
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Total
Liabilities and Stockholders’ Equity (Deficit)
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$
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70,115
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$
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80,115
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See
accompanying notes to unaudited financial statements.
FELLAZO
CORP.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
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For
Three
Months Ended
November 30, 2017
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For
Three
Months Ended
November 30, 2016
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OPERATING
EXPENSES:
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General
and Administrative Expenses
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$
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85,646
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$
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9,105
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TOTAL
OPERATING EXPENSES
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85,646
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9,105
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NET LOSS BEFORE PROVISION FOR INCOME TAX
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(85,646
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)
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(9,105
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)
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NET
PROFIT/(LOSS)
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$
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(85,646
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)
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$
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(9,105
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)
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NET
LOSS PER SHARE: BASIC AND DILUTED
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$
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(0.00
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)
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$
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(0.00
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)
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WEIGHTED
AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC & DILUTED
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75,000,000
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4,885,000
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See
accompanying notes to unaudited financial statements.
FELLAZO
CORP.
STATEMENTS
OF CASH FLOWS
(UNAUDITED)
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For
Three Months
Ended
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For
Three Months
Ended
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November
30, 2017
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November
30, 2016
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CASH
FLOWS FROM OPERATING ACTIVITIES
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Net Loss
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$
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(85,646)
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$
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(9,105)
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Adjustments
to reconcile net loss to net cash (used in) operating activities:
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Changes
in operating assets and liabilities:
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Expenses
paid by Director
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-
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13,785
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Prepaid
expense
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10,000
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-
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Other
Creditors
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67,846
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-
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Accrued
expenses
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7,800
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(4,680)
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CASH
FLOWS USED IN OPERATING ACTIVITIES
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-
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-
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CASH
FLOWS FROM FINANCING ACTIVITIES
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Repayment
of loan from director
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-
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(76)
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CASH FLOWS USED IN
FINANCING ACTIVITIES
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-
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(76)
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INCREASE/(DECREASE)
IN CASH
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-
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(76)
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Cash,
beginning of period
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70,115
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76
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Cash,
end of period
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$
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70,115
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$
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-
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Income
tax payment
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-
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-
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Interest
expense
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-
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-
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See
accompanying notes to unaudited financial statements.
FELLAZO
CORP.
STATEMENTS
OF CASH FLOWS
NON-CASH
INVESTING AND FINANCING ACTIVITIES
(UNAUDITED)
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For
Three Months
Ended
November 30, 2017
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For
Three Months
Ended
November 30, 2016
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NON-CASH INVESTING
AND FINANCING ACTIVITIES
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(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”
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(a)
Disposal of inventory
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705
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(b) Prepaid expense
forgone
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-
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1,300
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(c) Disposal loss
of equipment
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-
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6,972
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(d)
Waiver of loan from director
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-
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(28,128
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)
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-
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(19,151
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)
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See
accompanying notes to unaudited financial statements.
NOTES
TO THE UNAUDITED FINANCIAL STATEMENTS
NOVEMBER
30, 2017
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 November 30, 2017 and the results of operations and cash flows
for the periods presented. The results of operations for the three months ended November 30, 2017 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 November 30, 2017 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 8
th
Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan, Selangor
Darul Ehsan, Malaysia.
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 November 30, 2017, the Company has a working
capital deficit of $387,565 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
NOTE
3 – RELATED PARTY TRANSACTIONS
In prior period our President and Director,
Prof. Dr. Wong Kong-Yew settled on behalf of the Company, invoices from our auditor, consultant and share transfer agent (include
bank charges) amounting to $13,785; this amount was taken-in as Loan from Director.
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 November 30, 2017 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
Summary
of significant events during the quarter ending November 30, 2017 in conjunction with the commencement of the Company’s
transformation;
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(1)
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On
October 11, 2017, the Company make a final settlement of HKD580,000 (approximately $75,400) being consultation and legal fees
to China Wise International Limited after negotiation by both management which resulted in a discount of HKD92,000 (approximately
$11,960) of granted by China Wise International Limited.
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The
Company and consultant China Wise Management International Limited of Hong Kong had mutually agreed to terminate the consultancy
engagement agreement on July 10, 2017.
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UPCOMING
CORPORATE EXCERCISE
The Company are in negotiation with related
party to acquire the total shares and assets of Asia Loyalty Corporation Pte. Limited (ALC), a company incorporated in Hong Kong
since September 30, 2015.
ALC’s shareholders and directors
are Prof Dr. Wong Kong Yew (50%) and Mr. Yap Kit Chuan (50%) whom are also our President and Director respectively.
The eighteen (18) months financial statements
ending March 31, 2017 which was audited in Hong Kong by Chan Yui Fai (Certified Public Accountant (Practising)) and expressed
in Malaysian Ringgit(RM) reported a paid-up capital of RM520,000 (equivalent to 1,000,000 subscriber shares of HKD1.00 each) and
shareholders’ equity of RM991,507; approximately $119,540 and $227,933 respectively.
The first reported turnover showed a healthy
turnover of RM35,679,726 and generated a net profit before tax of RM471,507 (approximately $8,202,236 and $108,392 respectively).
Presently ALC’s financial statements
for period ending August 31, 2016 and August 31, 2017 had been submitted to our Company auditor for review and audit.
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.
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
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 November 30, 2017. 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 first fiscal quarter that has materially
affected, or is reasonably likely to materially affect, our internal control over financial reporting.