UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

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

 

For the quarterly period ended October 31, 2021

 

or

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______________ to ______________

 

Commission File Number 333-217387

 

CICLET HOLDINGS INC.

(Exact name of registrant as specified in its charter)

 

Nevada

N/A

(State or other jurisdiction

of incorporation or organization)

(IRS Employer

Identification No.)

 

B11 L12 Woodpecker Street

Bougainvillea Village AgusLapulapuCity, Philippines 66015 CEBU

 

(Address of principal executive offices)

 

(Zip Code)

 

+ 639054201506

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Securities registered pursuant to Section 12(g) of the Act: OTC Pink Sheet, Common Stock, 175,000,000 authorized, $0.00001 par value

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐     No ☒

 

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 is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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

 

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES     ☐ NO

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

15,851,001 common shares issued and outstanding as of December 23, 2021

 

 

 

 

FORM 10-Q

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

 

Item 1.

Financial Statements

 

3

 

Item 2.

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

 

10

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

12

 

Item 4.

Controls and Procedures

 

12

 

 

PART II - OTHER INFORMATION

 

 

Item 1.

Legal Proceedings

 

13

 

Item 1A.

Risk Factors

 

13

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

13

 

Item 3.

Defaults Upon Senior Securities

 

13

 

Item 4.

Mine Safety Disclosures

 

13

 

Item 5.

Other Information

 

13

 

Item 6.

Exhibits

 

14

 

SIGNATURES

 

15

 

 
2

Table of Contents

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Our unaudited condensed interim financial statements for the nine-month period ended October 31, 2021 from part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

CICLET HOLDINGS INC.

BALANCE SHEETS

(UNAUDITED)

 

 

 

October 31,

2021

 

 

January 31,

2021

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$3,521

 

 

$3,767

 

Total Current Assets

 

 

3,521

 

 

 

3,767

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$3,521

 

 

$3,767

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$31,576

 

 

$59,201

 

Due to related party

 

 

41,997

 

 

 

2,097

 

Total Current Liabilities

 

 

73,573

 

 

 

61,298

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

73,573

 

 

 

61,298

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’DEFICIT

 

 

 

 

 

 

 

 

Common Stock:175,000,000 shares authorized; 15,851,001 shares issued and outstanding with par value of $0.00001

 

 

159

 

 

 

159

 

Additional paid-in capital

 

 

54,948

 

 

 

54,948

 

Accumulated deficit

 

 

(125,159)

 

 

(112,638)

Total Stockholders’ Deficit

 

 

(70,052)

 

 

(57,531)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

$3,521

 

 

$3,767

 

 

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

 

 
3

Table of Contents

 

CICLET HOLDINGS INC.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

October 31,

 

 

October 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

$3,750

 

 

$3,867

 

 

$12,175

 

 

$16,368

 

Total Operating Expenses

 

 

3,750

 

 

 

3,867

 

 

 

12,175

 

 

 

16,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER INCOME (EXPENSE)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange transaction gain (loss)

 

 

(21)

 

 

84

 

 

 

(147)

 

 

620

 

Interest income

 

 

1

 

 

 

3

 

 

 

2

 

 

 

14

 

Interest expense

 

 

(151)

 

 

(1,076)

 

 

(201)

 

 

(1,226)

Total Other Expense

 

 

(171)

 

 

(989)

 

 

(346)

 

 

(592)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET LOSS AND COMPREHENSIVE LOSS

 

$(3,921)

 

$(4,856)

 

$(12,521)

 

$(16,960)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted loss per share

 

$(0.00)

 

$(0.00)

 

$(0.00)

 

$(0.00)

Basic and diluted weighted average number of common shares outstanding

 

 

15,851,001

 

 

 

15,851,001

 

 

 

15,851,001

 

 

 

15,851,001

 

 

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

 

 
4

Table of Contents

 

 

CICLET HOLDINGS INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

  FOR THE NINE MONTHS ENDED OCTOBER 31, 2021 AND 2020

(UNAUDITED)

 

 

 

Common Stock

 

 

Additional

 

 

 

 

Total

 

 

 

Number of

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Stockholders’

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 31, 2021

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(112,638)

 

$(57,531)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,814)

 

 

(3,814)

Balance - April 30, 2021

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(116,452)

 

$(61,345)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,786)

 

 

(4,786)

Balance - July 31, 2021

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(121,238)

 

$(66,131)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,921)

 

 

(3,921)

Balance - October 31, 2021

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(125,159)

 

$(70,052)

 

 

 

Common Stock

 

 

Additional

 

 

 

 

 

Total

 

 

 

Number of

Shares

 

 

Amount

 

 

Paid-in

Capital

 

 

Accumulated

Deficit

 

 

Stockholders’

Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - January 31, 2020

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(92,958)

 

$(37,851)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,117)

 

 

(4,117)

Balance - April 30, 2020

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(97,075)

 

$(41,968)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(7,987)

 

 

(7,987)

Balance - July 31, 2020

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(105,062)

 

$(49,955)

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,856)

 

 

(4,856)

Balance - October 31, 2021

 

 

15,851,001

 

 

$159

 

 

$54,948

 

 

$(109,918)

 

$(54,811)

 

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

 

 
5

Table of Contents

 

 

CICLET HOLDINGS INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

Nine Months Ended

 

 

 

October 31,

 

 

 

2021

 

 

2020

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$(12,521)

 

$(16,960)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

(27,625)

 

 

7,368

 

Net cash used in operating activities

 

 

(40,146)

 

 

(9,592)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Advance from related party

 

 

39,900

 

 

 

500

 

Repayment to related party

 

 

-

 

 

 

(1,003)

Net cash provided by (used in) financing activities

 

 

39,900

 

 

 

(503)

 

 

 

 

 

 

 

 

 

Net changes in cash and cash equivalents

 

 

(246)

 

 

(10,095)

Cash and cash equivalents - beginning of period

 

 

3,767

 

 

 

14,333

 

Cash and cash equivalents - end of period

 

$3,521

 

 

$4,238

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosures

 

 

 

 

 

 

 

 

Cash paid for interest

 

$-

 

 

$-

 

Cash paid for income taxes

 

$-

 

 

$-

 

 

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

 

 
6

Table of Contents

 

CICLET HOLDINGS INC.

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED OCTOBER 31, 2021

 

NOTE 1 – NATURE OF BUSINESS

 

Ciclet Holdings Inc. (the “Company”) is a start-up company with a primary focus on developing software applications for location-based service (LBS) that uses location data to control features. The Company was incorporated in the State of Nevada on June 30, 2016. The Company’s operational office is in the Philippines.

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited interim financial statements are condensed and have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the nine months ended October 31, 2021 are not necessarily indicative of the results that may be expected for the year ending January 31, 2022. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2021 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended January 31, 2021 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on October 21, 2021.

 

Use of Estimates

 

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates.

 

Cash

 

Cash comprises cash balances, cash on current accounts with banks, and bank deposits. As of October 31, 2021 and January 31, 2021, the Company has $3,521 and $3,767, respectively, in cash. The cash accounts are held in Philippine Pesos, and foreign exchange transaction gain (loss) resulting from fluctuations in the currency exchange rate between U.S. dollar and Philippine Pesos has been recorded in the statements of operations. Translation gain (loss) is reported as a component of other accumulated comprehensive income, which was nil during the periods presented.

 

Related Parties

 

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions (see Note 5).

 

Basic and Diluted Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260, “Earnings per Share,” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

No potentially dilutive debt or equity instruments were issued or outstanding during the periods ended October 31, 2021 and October 31, 2020.

 

 

7

Table of Contents

 

Software Developed for Internal Use

 

In accordance with  ASC 350-40 “Internal Use Software”, costs incurred during the preliminary project stage and post-implementation and operation stage should be expensed; whereas, costs incurred during the application development stage can be capitalized or expensed depends on the costs’ nature. The costs that should be capitalized during the application development stage include external direct costs of materials and services consumed in developing internal use computer software, payroll-related costs and interest costs while developing internal-use computer software. The costs that are expensed as incurred during the application development stage include training costs, data conversion costs and general and administrative costs and overhead costs. No software development costs for internal use have been incurred up to October 31, 2021.

 

Financial Instruments

 

The Company’s financial instruments consist of cash, accounts payable and accrued liabilities and due to shareholder. The carrying amount of such approximate their fair value due to the short maturity of the instrument.

 

Fair Value Measurement

 

ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The three levels of valuation hierarchy are defined as follows: Level 1 - inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 – to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

Revenue Recognition

 

The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.

 

Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

 

The Company has not recognized any revenue since its inception.

 

Recent Accounting Pronouncements

 

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We adopted the new standard effective February 1, 2021 and there was no material impact on the Company’s financial statements.

 

In August 2018, the FASB issued ASU No. 2018-15, Internal-Use Software (Subtopic 350-40)—Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (“ASU 2018-15”). ASU 2018-15 is effective for reporting periods beginning after December 15, 2019 and early adoption is permitted. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license), by requiring a customer in a cloud computing arrangement that is a service contract to capitalize certain implementation costs as if the arrangement was an internal-use software project. The impact of this new standard on the Company’s financial statements is not material.

 

Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

 

 
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NOTE 3 – GOING CONCERN

 

These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the nine months ended October 31, 2021, the Company incurred a net loss of $12,521. As of October31, 2021, the Company had an accumulated deficit of $125,159. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholder, the ability to raise equity or debt financing, and the attainment of profitable operations from the Company’s future business. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These unaudited interim financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

 

NOTE 4 – COMMON STOCK

 

The Company’s authorized common stock consists of 175,000,000 shares with par value of $0.00001.

 

As of October 31, 2021 and January 31, 2021, the Company’s common stock issued and outstanding was 15,851,001 shares.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

The amount due to related party consists of advances from the Company’s director. The amounts are non-interest bearing, have no set repayment terms and are not secured.

 

During the nine months ended October 31, 2021 and 2020, the director of the Company advanced $39,900 and $500 to the Company, respectively. During the nine months ended October 31, 2021 and 2020, the Company repaid to the director $0 and $1,003, respectively.

 

As of October 31, 2021 and January 31, 2021, the amount owing to the related party was $41,997 and $2,097, respectively.

 

NOTE 6 – RISKS AND UNCERTAINTIES

 

In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at October 31, 2021. The full extent of the future impacts of COVID-19 on the Company’s operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company in the future. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of these financial statements. These estimates may change, as new events occur and additional information is obtained.

 

NOTE 7 – SUBSEQUENT EVENTS

 

In accordance with ASC 855-10, the Company has analyzed its operations subsequent to October 31, 2021 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

 
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

FORWARD LOOKING STATEMENTS

 

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

 

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean Ciclet Holdings Inc., unless otherwise indicated.

 

General Overview

 

We were incorporated on June 30, 2016 under the laws of the State of Nevada. Our registered statutory office is located at 723 S. Casino Centre Blvd., 2nd Floor, Las Vegas, Nevada, 89101-6716, Tel: (702) 384-8727. Our fiscal year end is January 31. The Company’s operational office is in the Philippines.

 

The primary goal for our company is to allow consumers to find reliable and professional local services by using the location data of a person’s location through the use of a device that sends out the location of the person via their smart phone or tablet. We are a company focused on creating service driven apps and services for Location-based services (LBS) which are a general class of computer program-level services that use location data of a person’s location to control features. Our first market will be in the Philippines.

 

We are an early-stage company. To date, our activities have been limited to the sourcing of a software developer, advertising channels, initial branding efforts, and in our formation and the raising of equity capital.

 

We do not have any subsidiaries.

 

We have never declared bankruptcy, been in receivership, or involved in any kind of legal proceeding.

 

Results of Operations

 

We have not earned any revenues from our inception through October 31, 2021.

 

Three months ended October 31, 2021 compared to the three months ended October 31, 2020

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

October 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

$3,750

 

 

$3,867

 

 

$(117)

 

(3

%)

Total operating expenses

 

 

3,750

 

 

 

3,867

 

 

 

(117)

 

(3

%)

Other income (expenses)

 

 

(171)

 

 

(989)

 

 

818

 

 

 

83%

Net Loss

 

$(3,921)

 

$(4,856)

 

$935

 

 

19

%

 

During the three months ended October 31, 2021, we had incurred a net loss of $3,921 compared to $4,856 for the three months ended October 31, 2020. The decrease in net loss was due to a decrease in professional fees and other expenses.

 

 
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Nine months ended October 31, 2021 compared to the nine months ended October 31, 2020

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

October 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Changes

 

 

% 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

Professional fees

 

$12,175

 

 

$16,368

 

 

(4,193)

 

(26

%)

Operating expenses

 

 

12,175

 

 

 

16,368

 

 

(4,193)

 

(26

%)

Other income (expenses)

 

 

(346)

 

 

(592)

 

 

246

 

 

42

%

Net Loss

 

$(12,521)

 

$(16,960)

 

$4,439

 

 

26

%

 

During the nine months ended October 31, 2021, we had incurred a net loss of $12,521 compared to $16,960 for the nine months ended October 31, 2020. The decrease in net loss was due to a decrease in professional fees.

 

Liquidity and Capital Resources

 

 

 

As of

 

 

As of

 

 

 

 

 

 

 

 

 

October 31,

 

 

January 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2021

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$3,521

 

 

$3,767

 

 

$(246)

 

(7

%)

Current Liabilities

 

$73,573

 

 

$61,298

 

 

$12,275

 

 

 

20%

Working Capital Deficiency

 

$(70,052)

 

$(57,531)

 

$(12,521)

 

 

(22%)

 

As of October 31, 2021 and January 31, 2021, our total assets were $3,521 and $3,767, respectively.

 

As of October 31, 2021 and January 31, 2021, our total liabilities were $73,573 and $61,298, respectively.

 

Stockholders’ deficit was at $70,052 as of October 31, 2021 compared to $57,531 as of January 31, 2021.

 

As of October 31, 2021, we had a working capital deficiency of $70,052 compared with $57,531 as of January 31, 2021. The increase in working capital deficiency was primarily due to an increase in due to related party.

 

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

October 31,

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

 

Changes

 

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows provided by (used in) operating activities

 

$(40,146)

 

$(9,592)

 

$(30,554)

 

 

(319%)

Cash flows provided by (used in) financing activities

 

 

39,900

 

 

 

(503)

 

 

40,403

 

 

8,032

%

Net changes in cash

 

$(246)

 

$(10,095)

 

$9,849

 

 

98

%

 

 
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Cash Flow from Operating Activities

 

For the nine months ended October 31, 2021, net cash flows used in operating activities was $40,146 attributed to a net loss of $12,521, increased by a decrease in accounts payable and accrued liabilities of $27,625.

 

For the nine months ended October 31, 2020, net cash flows used in operating activities was $9,592 attributed to a net loss of $16,960, decreased by an increase in accounts payable and accrued liabilities of $7,368.

 

Cash Flow from Financing Activities

 

For the nine months ended October 31, 2021, net cash provided by financing activities was $39,900 from advances from the director of the Company.

 

For the nine months ended October 31, 2020, net cash used in financing activities was $503 from advances from the director of the Company of $500 and repayment to the director of the Company of $1,003

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to an investor in our securities.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

Our management, with the participation of our Chief Executive Officer (our principal executive officer, principal financial officer and principal accounting officer), has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a- 15(e) and 15d- 15(e) under the Securities Exchange Act of 1934, as amended (Exchange Act)), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on such evaluation, our Chief Executive Officer has concluded that as of such date, our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

 

Changes in Internal Control Over Financial Reporting

 

During the period covered by this report there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 
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Table of Contents

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is: (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us.

 

Item 1A. Risk Factors

 

As a “smaller reporting company”, we are not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

 
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Table of Contents

  

Item 6. Exhibits

 

Exhibit

Number

Description

(31)

Rule 13a-14 (d)/15d-14d) Certifications

31.1*

Section 302 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

(32)

Section 1350 Certifications

32.1**

Section 906 Certification by the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

101*

Interactive Data File

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

_____________

* Filed herewith.

** XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
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Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) 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.

 

CICLET HOLDINGS INC.

(Registrant)

 

Dated: December 23, 2021

By:

/s/ Eugenio L. Jumawan Jr.

Eugenio L. Jumawan Jr.

President, Secretary, Treasurer and Director

(Principal Executive Officer,

Principal Financial Officer and

Principal Accounting Officer)

 

 

15