0001477932-21-002278.txt : 20210414 0001477932-21-002278.hdr.sgml : 20210414 20210414140153 ACCESSION NUMBER: 0001477932-21-002278 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20210228 FILED AS OF DATE: 20210414 DATE AS OF CHANGE: 20210414 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Instadose Pharma Corp. CENTRAL INDEX KEY: 0001697587 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD FURNITURE [2510] IRS NUMBER: 813599639 STATE OF INCORPORATION: NV FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-216292 FILM NUMBER: 21825325 BUSINESS ADDRESS: STREET 1: 1545 CROSSWAYS BLVD. STREET 2: SUITE 250 CITY: CHESAPEAKE STATE: VA ZIP: 23320-0218 BUSINESS PHONE: 800-542-8715 MAIL ADDRESS: STREET 1: 1545 CROSSWAYS BLVD. STREET 2: SUITE 250 CITY: CHESAPEAKE STATE: VA ZIP: 23320-0218 FORMER COMPANY: FORMER CONFORMED NAME: Mikrocoze Inc. DATE OF NAME CHANGE: 20170208 10-Q 1 insd_10q.htm FORM 10-Q insd_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended February 28, 2021

  

Commission File Number 333-216292

 

INSTADOSE PHARMA CORP.

(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)

 

MIKROCOZE, INC.

(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  ☐ 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   ☒ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” ,“smaller reporting company” and “emerging growth company in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

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   ☒ 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

INSD

OTCBB

 

As of April 14, 2021 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

3

 

 

 

 

 

Item 1.

Condensed Financial Statements.

3

 

Item 2.

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

3

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

5

 

Item 4.

Controls and Procedures.

5

 

 

 

 

 

PART II—OTHER INFORMATION

6

 

 

 

 

 

Item 1.

Legal Proceedings.

6

 

Item 1A.

Risk Factors.

6

 

Item 2.

Unregistered Sales of Securities and Use of Proceeds.

6

 

Item 3.

Defaults Upon Senior Securities.

6

 

Item 4.

Mine Safety Disclosures

6

 

Item 5.

Other Information

6

 

Item 6.

Exhibits.

7

 

 

 

2

Table of Contents

 

PART I—FINANCIAL INFORMATION

  

Item 1. Condensed Financial Statements.

 

INSTADOSE PHARMA CORP.

(formerly Mikrocoze Inc.)

FINANCIAL STATEMENTS

 

February 28, 2021

  

CONDENSED BALANCE SHEETS

F-1

 

 

 

CONDENSED STATEMENTS OF OPERATIONS

F-2

 

 

 

CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT

F-3

 

 

 

CONDENSED STATEMENTS OF CASH FLOWS

F-4

 

 

 

CONDENSED NOTES TO FINANCIAL STATEMENTS

F-5

 

 

 

3

Table of Contents

 

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

CONDENSED BALANCE SHEETS

 

 

 

February 28,

2021

 

 

November 30,

2020

 

 

 

(Unaudited)

 

 

 

ASSETS 

 

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$ 35

 

 

$ 65

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 35

 

 

$ 65

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$ 1,122

 

 

$ 338

 

Due to related party

 

 

11,355

 

 

 

82,085

 

 

 

 

 

 

 

 

 

 

TOTAL CURRENT LIABILITIES

 

 

12,477

 

 

 

82,423

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

   

STOCKHOLDERS’ DEFICIT

 

 

-

 

 

 

-

 

Common stock

 

 

 

 

 

 

 

 

Authorized:

 

 

 

 

 

 

 

 

500,000,000 shares of common stock, $0.001 par value,

 

 

 

 

 

 

 

 

Issued and outstanding:

 

 

 

 

 

 

 

 

75,000,000 and 75,000,000 shares of common stock

 

 

75,000

 

 

 

75,000

 

Additional paid-in capital

 

 

31,085

 

 

 

(51,000 )

Accumulated deficit

 

 

(118,527 )

 

 

(106,358 )

 

 

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS’ DEFICIT

 

 

(12,442 )

 

 

(82,358 )

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$ 35

 

 

$ 65

 

 

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

 

 
F-1

Table of Contents

  

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)

  

 

 

Three months ended

February 28, 2021

 

 

Three months ended

February 29, 2020

 

 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

Product sales

 

$ -

 

 

$ -

 

Cost of goods sold

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

General and administrative

 

 

2,384

 

 

 

1,344

 

Professional fees

 

 

9,785

 

 

 

7,500

 

 

 

 

 

 

 

 

 

 

TOTAL OPERATING EXPENSES

 

 

(12,169 )

 

 

(8,844 )

 

 

 

 

 

 

 

 

 

NET LOSS

 

 

(12,169 )

 

 

(8,844 )

 

 

 

 

 

 

NET LOSS PER COMMON SHARE – BASIC AND DILUTED

 

$ (0.00 )

 

$ (0.00 )

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED

 

 

75,000,000

 

 

 

75,000,000

 

  

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

 

 
F-2

Table of Contents

 

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT

For the Three months ended February 28, 2021

(UNAUDITED)

  

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

Number of

shares

 

 

Amount

 

 

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2020

 

 

75,000,000

 

 

$ 75,000

 

 

$ (51,000 )

 

$ (106,358 )

 

 

(82,358 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan forgiveness – related party

 

 

-

 

 

 

-

 

 

 

82,085

 

 

 

 

 

 

 

82,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended February 28, 2021

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,169 )

 

 

(12,169 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, February 28, 2021

 

 

75,000,000

 

 

$ 75,000

 

 

$ 31,085

 

 

$ (118,527 )

 

$ (12,442 )

  

CONDENSED STATEMENT OF STOCKHOLDERS’ DEFICIT

For the Three months ended February 29, 2020

(UNAUDITED)

  

 

 

Common Stock

 

 

Additional

 

 

 

 

 

 

 

 

 

Number of

shares

 

 

Amount

 

 

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, November 30, 2019

 

 

75,000,000

 

 

$ 75,000

 

 

$ (51,000 )

 

$ (80,701 )

 

 

(56,701 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss for the period ended February 29, 2020

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(8,844 )

 

 

(8,844 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, February 29, 2020

 

 

75,000,000

 

 

$ 75,000

 

 

$ (51,000 )

 

$ (89,545 )

 

$ (65,545 )

  

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

 

 
F-3

Table of Contents

  

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Three-months

ended

February 28,

2021

 

 

Three-months

ended

February 29,

2020

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss for the period

 

$ (12,442 )

 

$ (8,844 )

Adjustments to reconcile net loss to net cash used in operating activities

 

 

 

 

 

 

 

 

Expenses paid on behalf of the Company by related party

 

 

11,355

 

 

 

1,445

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

784

 

 

 

7,224

 

 

 

 

 

 

 

 

 

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

(30 )

 

 

(175 )

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Related party advances

 

 

-

 

 

 

330

 

 

 

 

 

 

 

 

 

 

NET CASH PROVIDED BY FINANCING ACTIVITIES

 

 

-

 

 

 

330

 

 

 

 

 

 

 

 

 

 

NET CHANGE IN CASH

 

 

(30 )

 

 

155

 

 

 

 

 

 

 

 

 

 

CASH, BEGINNING OF PERIOD

 

 

65

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH, END OF PERIOD

 

$ 35

 

 

$ 155

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

Interest

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Forgiveness of related party debt

 

$ 82,085

 

 

$ -

 

 

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

 

 
F-4

Table of Contents

 

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

NOTES TO CONDENSED FINANCIAL STATEMENTS

FEBRUARY 28, 2021 (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 was organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet.

 

On October 9, 2020, the existing director and officer of the Company resigned effective immediately. Accordingly, Sukhmanjit Singh, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the resignation, Mr. Terry Wilshire consented to act as the new President and Member of the Board of Directors of the Company and Robert Dickenson consented to act as the new Vice President and Member of the Board of Directors of the Company.

 

On March 4, 2021, Mikrocoze, Inc. filed a Certificate of Amendment with the Secretary of State of Nevada effecting a name change on March 11, 2021 to Instadose Pharma Corp. Further on March 11, 2021, the Financial Industry Regulatory Authority approved the name change and trading symbol to “INSD”. Instadose Pharma Corp. is now focused on growth and acquisition of pharmaceutical grade agricultural products.

  

Going concern

 

To date the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $118,527. As at February 28, 2021, the Company has a working capital deficit of $12,442. 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. 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, 2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending November 30, 2021.

 

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, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for automatic renewal on an annual basis at $79 per month.

 

 
F-5

Table of Contents

 

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

NOTES TO CONDENSED FINANCIAL STATEMENTS

FEBRUARY 28, 2021 (Unaudited)

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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.

 

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. Anticipated revenues will come from the sale of medical grade agricultural products and will be recognized at the time the product is shipped to the customer.

  

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, 2021 and February 29, 2020, 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, 2021 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.

  

 
F-6

Table of Contents

 

INSTADOSE PHARMA CORP.

(Formerly Mikrocoze Inc.)

NOTES TO CONDENSED FINANCIAL STATEMENTS

FEBRUARY 28, 2021 (Unaudited)

 

Recent Accounting Pronouncements

 

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 500,000,000 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 period.

 

On December 23, 2020, Mikrocoze, Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Nevada increasing the authorized shares of common stock, par value $0.001 to 500,000,000.

 

NOTE 4 – RELATED PARTY TRANSACTIONS

  

During the period ended February 28, 2021, the CEO paid expenses of $11,355 on behalf of the Company. The total amount owed to the CEO as of February 28, 2021, was $11,355 (November 30, 2020 - $82,085- owed to the previous CEO). The amounts due to related parties are unsecured and non-interest-bearing with no set terms of repayment.

 

On February 28, 2021, the former CEO of the Company forgave all related party loans to the Company totaling $82,085. This was reflected as an increase in Additional-Paid-In-Capital in the financial statements.

 

NOTE 5 COMMITMENTS AND CONTINGENCIES

 

On August 26, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for an automatic renewal on an monthly basis at $79 per month.

 

On December 7, 2020, Mikrocoze, Inc. (the “Company”), entered into a non-binding letter of intent (the “Letter of Intent”) with Instadose Pharma Corp. (“Instadose”) and holders of a majority of its outstanding shares (the “Shareholders”) for a potential transaction pursuant to which the Company would acquire 100% of the outstanding common shares of Instadose (the “Acquisition”) from the Shareholders in exchange for approximately 80% of the issued and outstanding shares of common stock of the Company following such exchange.

 

The parties intend that the closing of the Acquisition occur no later than 90 days after the execution of the definitive transaction documents (the “Definitive Documents”), subject to extension by the parties. Closing of the Acquisition would be subject to a number of conditions, including but not limited to, approval of the Acquisition by the shareholders of the Company and Instadose, obtaining necessary third-party approvals, and no material adverse change occurring in the Company or Instadose.

 

The parties have agreed to an exclusivity period of ninety (90) days from the date of the Letter of Intent, during which negotiations leading to the execution of Definitive Agreement shall be undertaken in good faith and in a mutually exclusive manner and that neither party will circumvent the other during such negotiations. As of the filing of this report the Definitive Agreement has not been completed. Both parties have agreed to verbally extend the time in order to complete the audit of the seller.

 

NOTE 6 – SUBSEQUENT EVENTS

 

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

 

 
F-7

Table of Contents

  

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.

 

On October 9, 2020, the existing director and officer of the Company resigned effective immediately. Accordingly, Sukhmanjit Singh, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the resignation, Mr. Terry Wilshire consented to act as the new President and Member of the Board of Directors of the Company and Robert Dickenson consented to act as the new Vice President and Member of the Board of Directors of the Company.

 

On March 4, 2021, Mikrocoze, Inc. filed a Certificate of Amendment with the Secretary of State of Nevada effecting a name change on March 11, 2021 to Instadose Pharma Corp. Further on March 11, 2021, the Financial Industry Regulatory Authority approved the name change and trading symbol to “INSD”.

 

InstadosePharma Corp is focused on growth and acquisition of pharmaceutical grade agricultural products

 

Results of Operations

 

For the three-month period ended February 28, 2021 and February 29, 2020 we had no revenues, or cost of goods sold.

 

Expenses for the three-month period ended February 28, 2021 totaled $12,169 resulting in a net loss of $12,169. The net loss for the three-month period ended February 28, 2021 is the result of expenses of $12,169, comprised of professional fees of $9,785; transfer agent expenses of $1,571; filing fees of $783; and bank service charges of $30. Expenses for the three-month period ended February 29, 2020 totaled $8,844 resulting in a net loss of $8,844. The net loss for the three-month period ended February 29, 2020 is the result of expense of $8,844, comprised of professional fees of $7,500; transfer agent expenses of $949; expenses of $209; telephone expense of $63; and bank service charges of $123. The increase in expenses between February 28, 2021 and February 29, 2020 is primarily due to the increase in professional fees.

 

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 $75,000. However, this is not in writing and maybe rescinded at any time.

 

 
4

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As of February 28, 2021, we had $35 in cash and $11,355 due to a related party. As of November 30, 2020, we had $65 in cash, and $82,085 due to a related party, the former president/director of the Company. Total liabilities as of February 28, 2021, were $12,477 compared to $82,423 at November 30, 2020. 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 February 28, 2021, the Company owed $11,355 (November 30, 2020; $82,085 owed to the previous CEO of the Company) to its current Chief Executive Officer. During the three-month period ended February 28, 2021 and February 29, 2020, the CEO, paid expenses of $11,355 and $1,445, 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.

 

On February 28, 2021, the former CEO of the Company forgave all related party loans to the Company totaling $82,085. This was reflected as an increase in Additional-Paid-In-Capital in the financial statements.

 

The Company is investigating the possibility of changing its business model. On December 7, 2020, Mikrocoze, Inc. (the “Company”), entered into a non-binding letter of intent (the “Letter of Intent”) with Instadose Pharma Corp. (“Instadose”) and holders of a majority of its outstanding shares (the “Shareholders”) for a potential transaction pursuant to which the Company would acquire 100% of the outstanding common shares of Instadose (the “Acquisition”) from the Shareholders in exchange for approximately 80% of the issued and outstanding shares of common stock of the Company following such exchange. As of the filing of this report a Definitive Agreement has not been completed.

 

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 February 28, 2021, 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 February 28, 2021 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

 

 
5

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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 December 23, 2020, Mikrocoze, Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Nevada increasing the authorized shares of common stock, par value $0.001 to 500,000,000.

 

 
6

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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 **

 

 

 

101

 

Interactive data files pursuant to Rule 405 of Regulation S-T.

  

* Included in Exhibit 31.1

 

** Included in Exhibit 32.1

 

 
7

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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.

 

  INSTADOSE PHARMA CORP.

(formerly Mikrocoze Inc.)

(Registrant)

         
Date: April 14, 2021 By: /s/ Terry Wilshire

 

 

Terry Wilshire

President and Director

Principal and Executive Officer

Principal Financial Officer

Principal Accounting Officer

 

  

 
8

 

EX-31.1 2 insd_ex311.htm CERTIFICATION insd_ex311.htm

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Terry Wilshire, certify that:

 

1.

I have reviewed this quarterly report of INSTADOSE PHARMA CORP.; (formerly 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/ Terry Wilshire                                           

Terry Wilshire

President, Treasurer, Principal Executive Officer,

Principal Financial Officer and Director

 

Date: April 14, 2021

 

EX-32.1 3 insd_ex321.htm CERTIFICATION insd_ex321.htm

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 February 28, 2021 of INSTADOSE PHARMA CORP. (formerly Mikrocoze Inc.); a Nevada corporation (the "Company"), as filed with the Securities and Exchange Commission on the date hereof (the "Quarterly Report"), I, Terry Wilshire, 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/ Terry Wilshire                                

Terry Wilshire

President, Secretary Treasurer, Principal Executive Officer,

Principal Financial Officer and Director 

 

Date: April 14, 2021

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The Company was organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On October 9, 2020, the existing director and officer of the Company resigned effective immediately. Accordingly, Sukhmanjit Singh, serving as a director and an officer, ceased to be the Company&#8217;s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the resignation, Mr. Terry Wilshire consented to act as the new President and Member of the Board of Directors of the Company and Robert Dickenson consented to act as the new Vice President and Member of the Board of Directors of the Company. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On March 4, 2021, Mikrocoze, Inc. filed a Certificate of Amendment with the Secretary of State of Nevada effecting a name change on March 11, 2021 to Instadose Pharma Corp. Further on March 11, 2021, the Financial Industry Regulatory Authority approved the name change and trading symbol to &#8220;INSD&#8221;. Instadose Pharma Corp is now focused on growth and acquisition of pharmaceutical grade agricultural products.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Going concern</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">To date the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $118,527. As at February 28, 2021, the Company has a working capital deficit of $12,442. 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&#8217;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. 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.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Basis of Presentation &#8211; Unaudited Financial Statements</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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, 2020 included in the Company&#8217;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, 2021 are not necessarily indicative of the results that may be expected for the year ending November 30, 2021.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Use of Estimates and Assumptions</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Commitments and Contingencies</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 26, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for automatic renewal on an annual basis at $79 per month.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Cash and Cash Equivalents</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Revenue Recognition</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes revenue in accordance with ASC topic 606 &#8220;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 &#8212; generally when products are shipped to the customer. Anticipated revenues will come from the sale of medical grade agricultural products and will be recognized at the time the product is shipped to the customer.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;&nbsp;&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Fair Value of Financial Instruments</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The carrying amount of the Company&#8217;s financial assets and liabilities approximates their fair values due to their short-term maturities.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Loss per Common Share</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The basic loss per share is calculated by dividing the Company&#8217;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&#8217;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, 2021 and February 29, 2020, there were no common stock equivalents outstanding.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Income Taxes</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Stock-based Compensation</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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, 2021 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.</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Recent Accounting Pronouncements</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company is authorized to issue 500,000,000 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 period.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 23, 2020, Mikrocoze, Inc. (the &#8220;Company&#8221;) filed a Certificate of Amendment to its Articles of Incorporation (the &#8220;Certificate of Amendment&#8221;) with the Secretary of State of the State of Nevada increasing the authorized shares of common stock, par value $0.001 to 500,000,000.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">During the period ended February 28, 2021, the CEO paid expenses of $11,355 on behalf of the Company. The total amount owed to the CEO as of February 28, 2021, was $11,355 (November 30, 2020 - $82,085- owed&nbsp;to the previous CEO). The amounts due to related parties are unsecured and non-interest-bearing with no set terms of repayment.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On February 28, 2021, the former CEO of the Company forgave all related party loans to the Company totaling $82,085. This was reflected as an increase in Additional-Paid-In-Capital in the financial statements. </p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 26, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for an automatic renewal on an monthly basis at $79 per month.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On December 7, 2020, Mikrocoze, Inc. (the &#8220;Company&#8221;), entered into a non-binding letter of intent (the &#8220;Letter of Intent&#8221;) with Instadose Pharma Corp. (&#8220;Instadose&#8221;) and holders of a majority of its outstanding shares (the &#8220;Shareholders&#8221;) for a potential transaction pursuant to which the Company would acquire 100% of the outstanding common shares of Instadose (the &#8220;Acquisition&#8221;) from the Shareholders in exchange for approximately 80% of the issued and outstanding shares of common stock of the Company following such exchange. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The parties intend that the closing of the Acquisition occur no later than 90 days after the execution of the definitive transaction documents (the &#8220;Definitive Documents&#8221;), subject to extension by the parties. Closing of the Acquisition would be subject to a number of conditions, including but not limited to, approval of the Acquisition by the shareholders of the Company and Instadose, obtaining necessary third-party approvals, and no material adverse change occurring in the Company or Instadose. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The parties have agreed to an exclusivity period of ninety (90) days from the date of the Letter of Intent, during which negotiations leading to the execution of Definitive Agreement shall be undertaken in good faith and in a mutually exclusive manner and that neither party will circumvent the other during such negotiations. As of the filing of this report the Definitive Agreement has not been completed. Both parties have agreed to verbally extend the time in order to complete the audit of the seller.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">There were no significant subsequent events from the balance sheet date to the date the financial statements were issued.&nbsp;</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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, 2020 included in the Company&#8217;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, 2021 are not necessarily indicative of the results that may be expected for the year ending November 30, 2021.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">On August 26, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for automatic renewal on an annual basis at $79 per month.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company recognizes revenue in accordance with ASC topic 606 &#8220;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 &#8212; generally when products are shipped to the customer. Anticipated revenues will come from the sale of medical grade agricultural products and will be recognized at the time the product is shipped to the customer.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The carrying amount of the Company&#8217;s financial assets and liabilities approximates their fair values due to their short-term maturities.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The basic loss per share is calculated by dividing the Company&#8217;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&#8217;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, 2021 and February 29, 2020, there were no common stock equivalents outstanding.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">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, 2021 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.</p></div> <div style="TEXT-ALIGN: justify; FONT: 10pt TIMES NEW ROMAN"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements.</p></div> -118527 -12442 79 0 0 0 0 0.001 500000000 11355 82085 82085 11355 1 0.8 EX-101.SCH 5 insd-20210228.xsd XBRL TAXONOMY EXTENSION SCHEMA 000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 000002 - Statement - CONDENSED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 000003 - Statement - CONDENSED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 000004 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 000005 - Statement - CONDENSED STATEMENT OF STOCKHOLDERS DEFICIT (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 000006 - 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NATURE OF OPERATIONS AND BASIS OF PRESENTATION SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES COMMON STOCK NOTE 3 - COMMON STOCK RELATED PARTY TRANSACTIONS NOTE 4 - RELATED PARTY TRANSACTIONS COMMITMENTS AND CONTINGENCIES NOTE 5 - COMMITMENTS AND CONTINGENCIES SUBSEQUENT EVENTS NOTE 6 - SUBSEQUENT EVENTS Basis of Presentation - Unaudited Financial Statements Use of Estimates and Assumptions Commitments and Contingencies Cash and Cash Equivalents Revenue Recognition Fair Value of Financial Instruments Loss per Common Share Income Taxes Stock-based Compensation Recent Accounting Pronouncements Operating losses Working capital deficit Rent expenses per month Related Party [Axis] Secretary Of State [Member] Common stock, Shares authorized Preferred stock, Shares Issued Preferred stock, Shares Authorized Common stock, Shares par value Related Party Transaction Axis CEO [Member] Due to related party Forgiveness of related party debt [Debt Instrument, Decrease, Forgiveness] Expenses paid on behalf of the Company by related party Instadose Pharma Corp. 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Entity Registrant Name Instadose Pharma Corp.  
Entity Central Index Key 0001697587  
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Entity Common Stock Shares Outstanding   75,000,000
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CONDENSED BALANCE SHEETS - USD ($)
Feb. 28, 2021
Nov. 30, 2020
CURRENT ASSETS    
Cash $ 35 $ 65
TOTAL ASSETS 35 65
CURRENT LIABILITIES    
Accounts payable 1,122 338
Due to related party 11,355 82,085
TOTAL CURRENT LIABILITIES 12,477 82,423
COMMITMENTS AND CONTINGENCIES 0 0
STOCKHOLDERS DEFICIT    
Common stock Authorized: 500,000,000 shares of common stock, $0.001 par value,Issued and outstanding:75,000,000 and 75,000,000 shares of common stock 75,000 75,000
Additional paid-in capital 31,085 (51,000)
Accumulated deficit (118,527) (106,358)
TOTAL STOCKHOLDERS' DEFICIT (12,442) (82,358)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 35 $ 65
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Nov. 30, 2020
STOCKHOLDERS' DEFICIT    
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares outstanding 75,000,000 75,000,000
Common stock, shares issued 75,000,000 75,000,000
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CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
REVENUE    
Product sales $ 0 $ 0
Cost of goods sold 0 0
GROSS PROFIT 0 0
OPERATING EXPENSES    
General and administrative 2,384 1,344
Professional fees 9,785 7,500
TOTAL OPERATING EXPENSES (12,169) (8,844)
NET LOSS $ (12,169) $ (8,844)
NET LOSS PER COMMON SHARE - BASIC AND DILUTED $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED 75,000,000 75,000,000
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Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit [Member]
Balance, shares at Nov. 30, 2019   75,000,000    
Balance, amount at Nov. 30, 2019 $ (56,701) $ 75,000 $ (51,000) $ (80,701)
Net loss for the period ended February 29, 2020 (8,844) $ 0 0 (8,844)
Balance, shares at Feb. 29, 2020   75,000,000    
Balance, amount at Feb. 29, 2020 (65,545) $ 75,000 (51,000) (89,545)
Balance, shares at Nov. 30, 2020   75,000,000    
Balance, amount at Nov. 30, 2020 (82,358) $ 75,000 (51,000) (106,358)
Net loss for the period ended February 29, 2020 (12,169) 0 0 (12,169)
Loan forgiveness - related party 82,085 $ 0 82,085  
Balance, shares at Feb. 28, 2021   75,000,000    
Balance, amount at Feb. 28, 2021 $ (12,442) $ 75,000 $ 31,085 $ (118,527)
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CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (12,169) $ (8,844)
Adjustments to reconcile net loss to net cash used in operating activities    
Expenses paid on behalf of the Company by related party 11,355 1,445
Changes in operating assets and liabilities    
Accounts payable 784 7,224
NET CASH USED IN OPERATING ACTIVITIES (30) (175)
CASH FLOWS FROM INVESTING ACTIVITIES 0 0
CASH FLOWS FROM FINANCING ACTIVITIES    
Related party advances 0 330
NET CASH PROVIDED BY FINANCING ACTIVITIES 0 330
NET CHANGE IN CASH (30) 155
CASH, BEGINNING OF PERIOD 65 0
CASH, END OF PERIOD 35 155
Cash paid during the period for:    
Interest 0 0
Income taxes 0 0
Forgiveness of related party debt $ 82,085 $ 0
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NATURE OF OPERATIONS AND BASIS OF PRESENTATION
3 Months Ended
Feb. 28, 2021
NATURE OF OPERATIONS AND BASIS OF PRESENTATION  
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 was organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet.

 

On October 9, 2020, the existing director and officer of the Company resigned effective immediately. Accordingly, Sukhmanjit Singh, serving as a director and an officer, ceased to be the Company’s Chief Executive Officer, Chief Financial Officer, President, Treasurer, Secretary and a Director. At the effective date of the resignation, Mr. Terry Wilshire consented to act as the new President and Member of the Board of Directors of the Company and Robert Dickenson consented to act as the new Vice President and Member of the Board of Directors of the Company.

 

On March 4, 2021, Mikrocoze, Inc. filed a Certificate of Amendment with the Secretary of State of Nevada effecting a name change on March 11, 2021 to Instadose Pharma Corp. Further on March 11, 2021, the Financial Industry Regulatory Authority approved the name change and trading symbol to “INSD”. Instadose Pharma Corp is now focused on growth and acquisition of pharmaceutical grade agricultural products.

  

Going concern

 

To date the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $118,527. As at February 28, 2021, the Company has a working capital deficit of $12,442. 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. 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
3 Months Ended
Feb. 28, 2021
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, 2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending November 30, 2021.

 

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, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for automatic renewal on an annual basis at $79 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.

 

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. Anticipated revenues will come from the sale of medical grade agricultural products and will be recognized at the time the product is shipped to the customer.

   

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, 2021 and February 29, 2020, 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, 2021 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

 

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

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.21.1
COMMON STOCK
3 Months Ended
Feb. 28, 2021
COMMON STOCK  
NOTE 3 - COMMON STOCK

The Company is authorized to issue 500,000,000 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 period.

 

On December 23, 2020, Mikrocoze, Inc. (the “Company”) filed a Certificate of Amendment to its Articles of Incorporation (the “Certificate of Amendment”) with the Secretary of State of the State of Nevada increasing the authorized shares of common stock, par value $0.001 to 500,000,000.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.21.1
RELATED PARTY TRANSACTIONS
3 Months Ended
Feb. 28, 2021
RELATED PARTY TRANSACTIONS  
NOTE 4 - RELATED PARTY TRANSACTIONS

During the period ended February 28, 2021, the CEO paid expenses of $11,355 on behalf of the Company. The total amount owed to the CEO as of February 28, 2021, was $11,355 (November 30, 2020 - $82,085- owed to the previous CEO). The amounts due to related parties are unsecured and non-interest-bearing with no set terms of repayment.

 

On February 28, 2021, the former CEO of the Company forgave all related party loans to the Company totaling $82,085. This was reflected as an increase in Additional-Paid-In-Capital in the financial statements.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.21.1
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Feb. 28, 2021
COMMITMENTS AND CONTINGENCIES  
NOTE 5 - COMMITMENTS AND CONTINGENCIES

On August 26, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for an automatic renewal on an monthly basis at $79 per month.

 

On December 7, 2020, Mikrocoze, Inc. (the “Company”), entered into a non-binding letter of intent (the “Letter of Intent”) with Instadose Pharma Corp. (“Instadose”) and holders of a majority of its outstanding shares (the “Shareholders”) for a potential transaction pursuant to which the Company would acquire 100% of the outstanding common shares of Instadose (the “Acquisition”) from the Shareholders in exchange for approximately 80% of the issued and outstanding shares of common stock of the Company following such exchange.

 

The parties intend that the closing of the Acquisition occur no later than 90 days after the execution of the definitive transaction documents (the “Definitive Documents”), subject to extension by the parties. Closing of the Acquisition would be subject to a number of conditions, including but not limited to, approval of the Acquisition by the shareholders of the Company and Instadose, obtaining necessary third-party approvals, and no material adverse change occurring in the Company or Instadose.

 

The parties have agreed to an exclusivity period of ninety (90) days from the date of the Letter of Intent, during which negotiations leading to the execution of Definitive Agreement shall be undertaken in good faith and in a mutually exclusive manner and that neither party will circumvent the other during such negotiations. As of the filing of this report the Definitive Agreement has not been completed. Both parties have agreed to verbally extend the time in order to complete the audit of the seller.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.21.1
SUBSEQUENT EVENTS
3 Months Ended
Feb. 28, 2021
SUBSEQUENT EVENTS  
NOTE 6 - SUBSEQUENT EVENTS

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

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Feb. 28, 2021
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, 2020 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, 2021 are not necessarily indicative of the results that may be expected for the year ending November 30, 2021.

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, 2018 the Company signed (renewed) its lease for office space in Chesapeake, Virginia. The term of the lease is for automatic renewal on an annual basis at $79 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.

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. Anticipated revenues will come from the sale of medical grade agricultural products and will be recognized at the time the product is shipped to the customer.

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, 2021 and February 29, 2020, 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, 2021 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

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

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.21.1
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($)
3 Months Ended 54 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Feb. 28, 2021
NATURE OF OPERATIONS AND BASIS OF PRESENTATION      
Operating losses $ (12,169) $ (8,844) $ (118,527)
Working capital deficit $ (12,442)   $ (12,442)
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.21.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
1 Months Ended
Aug. 26, 2018
USD ($)
NATURE OF OPERATIONS AND BASIS OF PRESENTATION  
Rent expenses per month $ 79
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.21.1
COMMON STOCK (Details Narrative) - $ / shares
Feb. 28, 2021
Dec. 23, 2020
Nov. 30, 2020
Common stock, Shares authorized 500,000,000   500,000,000
Preferred stock, Shares Issued 0   0
Preferred stock, Shares Authorized 0   0
Common stock, Shares par value $ 0.001   $ 0.001
Secretary Of State [Member]      
Common stock, Shares authorized   500,000,000  
Common stock, Shares par value   $ 0.001  
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.21.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
3 Months Ended
Feb. 28, 2021
Feb. 29, 2020
Nov. 30, 2020
Due to related party $ 11,355   $ 82,085
Expenses paid on behalf of the Company by related party 11,355 $ 1,445  
CEO [Member]      
Due to related party 11,355   $ 82,085
Forgiveness of related party debt 82,085    
Expenses paid on behalf of the Company by related party $ 11,355    
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.21.1
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)
1 Months Ended
Aug. 26, 2018
Dec. 07, 2020
Rent expenses per month $ 79  
Instadose Pharma Corp. [Member]    
Equity, Ownership percentage   100.00%
Equity, share exchange percentage on acqusition   80.00%
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