XML 21 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Nature of Business and Continuance of Operations
12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Nature of Business and Continuance of Operations

Note 1 – Nature of Business and Continuance of Operations

 

Lovarra (the “Company”) was incorporated on January 29, 2018 under the laws of the State of Nevada. As of December 31, 2021, the Company was a shell company focused on software application development, including an expense and income tracker and a physical wallet with a lock that can be opened via Bluetooth linked by a user application.

 

Going Concern

 

These financial statements have been prepared on the going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to support operations, and the attainment of profitable operations.  During the year ended December 31, 2021, the Company had no revenues, and had negative cash flows from operating activities.  As of December 31, 2021, the Company had a working capital deficit of $(42,643) and an accumulated deficit of $(65,550). These factors raise substantial doubt upon the Company’s ability to continue as a going concern. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern.

 

On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The impact on the Company has not been significant, but management continues to monitor the situation.