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2018-02-28
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Fellazo Corp
10-Q
2018-02-28
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<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 2 – GOING CONCERN</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s financial statements have
been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments
in the normal course of business. As at February 28, 2018, the Company has a working capital deficit of $451,867 and has not yet
established a stabilized source of revenue sufficient to cover operating cost for the foreseeable future. These factors, among
others, raise substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The financial statements do not include any
adjustments that might be necessary if the Company is unable to continue as a going concern</p>
<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 3 – RELATED PARTY TRANSACTIONS</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period, we had requested our Management
Agent to fully settle all outstanding Loan due from Director which amounted to $13,785.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our Management Agent, Swipypay Berhad (a company
established in Malaysia) is 70% owned by our Director – Mr Yap Kit Chuan. Total outstanding amount due to our Management
Agent was $498,355 and $275,671 as at February 28, 2018 and August 31, 2017 respectively.</p>
451867
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<p style="margin: 0pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 1 – ORGANIZATION AND BASIS OF
PRESENTATION</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying unaudited financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial
statements and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly,
they do not contain all information and footnotes required by accounting principles generally accepted in the United States of
America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial
statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position
of the Company as of February 28, 2018 and the results of operations and cash flows for the periods presented. The results of operations
for the six months ended February 28, 2018 are not necessarily indicative of the operating results for the full fiscal year or
any future period. These unaudited financial statements should be read in conjunction with the financial statements for the year
ended August 31, 2017, and related notes thereto included in the elsewhere in this filing.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Organization and Business Description</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Fellazo Corp. (“the Company”, “we”,
“us” or “our”) was incorporated in the State of Nevada on May 28, 2014.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter ending February 28, 2018
the Company had commenced its transformation process into an IT based company specialized in Mobile Application Developments with
worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital
market.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our office is located at 8<sup>th</sup> Floor,
Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300 Seri Kembangan, Selangor Darul Ehsan, Malaysia.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Reclassifications</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Certain prior period amounts have been reclassified
to conform to the current period presentation.</p>
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