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2017-03-01
2017-05-31
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2017-02-28
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iso4217:USD
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TOUCAN INTERACTIVE CORP
0001602143
10-Q
2017-05-31
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--02-28
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<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Toucan Interactive Corp. was incorporated
under the laws of the State of Nevada on January 28, 2014. It was initially set up as a company in the business of providing credit
information options on all major banks located in Costa Rica, Canada, United States and other countries located in North, Central
and South America. On April 22, 2016, the Company experienced a change in control and ceased operations as a provider of credit
option services. The Company currently serves as a vehicle to investigate and, if such investigation warrants, acquire a target
company or business seeking the perceived advantages of being a publicly held corporation.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 – COMMON STOCK</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has 75,000,000, $0.001 par
value shares of common stock authorized.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 6, 2014, the Company issued
4,000,000 shares of common stock for cash proceeds of $4,000 at $0.001 per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">From October 3, 2014 to November 24,
2014 the company issued 1,100,000 shares of common stock for cash proceeds of $22,000 at $0.02 per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 22, 2016, the Company issued
6,000,000 shares of common stock for cash proceeds of $243,605 at $0.04 per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 22, 2016, the Company repurchased
4,000,000 shares of common stock for cash payments of $240,605 at $0.06 per share.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">There were 7,100,000 shares of common
stock issued and outstanding as of May 31, 2017.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 4 – COMMITMENTS AND CONTINGENCIES</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company neither owns nor leases
any real or personal property. An officer has provided office services without charge. There is no obligation for the officer
to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein.
The officers and directors are involved in other business activities and most likely will become involved in other business activities
in the future.</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 5 – SUBSEQUENT EVENTS</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In accordance with SFAS 165 (ASC 855-10),
the Company has analyzed its operations subsequent to May 31, 2017 to the date these financial statements were available to be
issued as of December 1, 2018, and has determined that it does not have any material subsequent events to disclose in these financial
statements.</p>
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<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not expect the adoption
of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial
position or cash flow.</p>
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<p style="margin: 0pt"></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><b>NOTE 2 – BASIS OF PRESENTATION AND GOING CONCERN</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>BASIS OF ACCOUNTING</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited interim financial
statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of
America and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting.
Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial
statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments,
consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of
operations and cash flows as of May 31, 2017 and for all interim periods presented herein have been reflected in these financial
statements and the notes thereto. Interim results for the three month period ended May 31, 2017 are not necessarily indicative
of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the
audited financial statements and accompanying notes as included in the Form 10-K for the year ended February 28, 2017.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>GOING CONCERN</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements have been prepared
on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal
course of business for the foreseeable future. The Company has incurred losses resulting in an accumulated deficit of $66,804 as
of May 31, 2017 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s
ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable
operations in the future and, or, to obtain the necessary financing to meet its obligations and repay its liabilities arising from
normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing
cash on hand and loans from related parties and, or, private placement of common stock. These financials do not include any adjustments
relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that
might result from this uncertainty.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES</b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements</u></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not expect the adoption
of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial
position or cash flow.</p>
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