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AFRIKA4U – ‘10-Q’ for 5/31/19

On:  Thursday, 9/12/19, at 2:51pm ET   ·   For:  5/31/19   ·   Accession #:  1477932-19-5354   ·   File #:  333-222638

Previous ‘10-Q’:  ‘10-Q’ on 6/28/19 for 2/28/19   ·   Latest ‘10-Q’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/12/19  AFRIKA4U                          10-Q        5/31/19   29:724K                                   Discount Edgar/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    161K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     16K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     11K 
25: R1          Document and Entity Information                     HTML     40K 
19: R2          Condensed Balance Sheets                            HTML     45K 
13: R3          Condensed Balance Sheets (Parenthetical)            HTML     21K 
21: R4          Condensed Statement of Operations (Unaudited)       HTML     32K 
24: R5          Condensed Statements of Stockholders Equity         HTML     41K 
                (Deficit) (Unaudited)                                            
18: R6          Condensed Statement of Cash Flows (Unaudited)       HTML     48K 
12: R7          Condensed Financial Statements                      HTML     15K 
20: R8          Basis of Presentation                               HTML     16K 
26: R9          Going Concern                                       HTML     15K 
28: R10         Capital Stock                                       HTML     15K 
23: R11         Related Party Transactions                          HTML     14K 
11: R12         Recent Accounting Pronouncements                    HTML     14K 
17: R13         Condensed Financial Statements (Details Narrative)  HTML     14K 
27: R14         Going Concern (Details Narrative)                   HTML     16K 
22: R15         Capital Stock (Details Narrative)                   HTML     25K 
10: R16         Related Party Transactions (Details Narrative)      HTML     18K 
16: R17         Recent Accounting Pronouncements (Details           HTML     16K 
                Narrative)                                                       
15: XML         IDEA XML File -- Filing Summary                      XML     43K 
29: EXCEL       IDEA Workbook of Financial Reports                  XLSX     20K 
 4: EX-101.INS  XBRL Instance -- afrika4u-20190531                   XML    195K 
 7: EX-101.CAL  XBRL Calculations -- afrika4u-20190531_cal           XML     33K 
 9: EX-101.DEF  XBRL Definitions -- afrika4u-20190531_def            XML     73K 
 6: EX-101.LAB  XBRL Labels -- afrika4u-20190531_lab                 XML    191K 
 8: EX-101.PRE  XBRL Presentations -- afrika4u-20190531_pre          XML    159K 
 5: EX-101.SCH  XBRL Schema -- afrika4u-20190531                     XSD     41K 
14: ZIP         XBRL Zipped Folder -- 0001477932-19-005354-xbrl      Zip     27K 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended May 31, 2019

333-222638

Commission File Number

(775) 882-1013

(Registrant’s telephone number, including area code)

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, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

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. x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). x 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

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. As of September 6, 2019, we had 10,079,875 shares of common stock outstanding.

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

AFRIKA4U

CONDENSED INTERIM FINANCIAL STATEMENTS 

May 31, 2019 

Unaudited

AFRIKA4U 

CONDENSED BALANCE SHEETS 

The accompanying notes are an integral part of these financial statements 

AFRIKA4U 

CONDENSED STATEMENT OF OPERATIONS 

Unaudited 

The accompanying notes are an integral part of these financial statements 

AFRIKA4U 

CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) 

to May 31, 2019 

 Unaudited

AFRIKA4U   

CONDENSED STATEMENT OF CASH FLOWS   

Unaudited   

The accompanying notes are an integral part of these financial statements 

AFRIKA4U 

NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS 

 May 31, 2019 

The Company was incorporated in the State of Nevada as a for-profit Company on August 4, 2017 and established a fiscal year end of August 31. The Company intends to export leather shoes and leather bags as fashion accessories, to the US. 

In the opinion of management, the accompanying balance sheets and related interim statements of income, cash flows, and stockholders’ equity include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. 

NOTE 2 - BASIS OF PRESENTATION 

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 August 31, 2018 included in the Company’s 10-K filed with the Securities and Exchange Commission filed on January 28, 2019. 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 nine months ended May 31, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. 

NOTE 3 - GOING CONCERN 

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit of $17,014, an accumulated deficit of $30,209. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. 

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. 

The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, and Edgarizing costs 

NOTE 4 - CAPITAL STOCK 

The Company’s capitalization is 750,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. 

On August 7, 2017 the Company issued 10,000,000 Founder’s shares for cash at $0.001 per share.  

On October 10, 2018 the Company issued 79,875 common shares at @0.04 per share for cash. On October 16, 2018, the Company effected a 312:1 Forward Stock Split of all issued and outstanding shares of the Company’s common stock. The Effected date will be a date not later than 10 days after notifying the Nevada Secretary of the State. As of the date financial statements were available issued, the Forward Stock Split is not yet effected. As of May 31, 2019, 10,079,875 common shares are issued and outstanding.  

NOTE 5 - RELATED PARTY TRANSACTIONS 

During six months ended May 31, 2019, Charl Fredrick Coertzen, Founder and President of the Company loaned cash $9,906 to the Company. As of May 31, 2019, loans balance is $15,660.The loans are payable on demand, unsecured and without interest. 

NOTE 6 - RECENT ACCOUNTING PRONOUNCEMENTS 

On June 18, 2019, the Company loaned $2,040 cash from Charl Fredirck Coertzen, President of the Company. The loans are payable on demand, unsecured and without interest.  

On July, 2019, the Company loaned $2,020 cash from Charl Fredirck Coertzen, President of the Company. The loans are payable on demand, unsecured and without interest. 

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

Management’s Discussion and Analysis

This section of the 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.

AFRIKA4U (the “Company”) was incorporated under the laws of the State of Nevada on August 4, 2017, The Company intends to market and sell African leather products made from ostrich and other exotic leathers. We aim to market leather women’s fashion accessories like bags, and fashion accessories made by Klein Karoo Boutique, Ltd in South Africa to the North American markets. We have commenced only limited operations, primarily focused on organizational matters in connection with this offering. The Company has not yet implemented its business model.

Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Capital Resources and Liquidity

Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt if we can continue as an on-going business unless we obtain additional capital. No substantial revenues from our planned business model are anticipated until we have raised sufficient monies to implement our business model.

The Company will need to seek capital from other resources such as private placements or in the Company’s sales of registered securities, or debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with no or limited operations to date, it would likely have to pay additional costs associated with such financing and in the case of high risk loans be subject to an above market interest rate. At such time these funds are required, management would evaluate the terms of such financing. If the company cannot raise additional proceeds via such financing, it would be required to cease business operations.

As of May 31, 2019, we had $2,690 in cash as compared to $1,184 as of August 31, 2018. As of the date of this Form 10-Q, management does not believe that the Company’s capital resources would be adequate to continue operating and maintaining its business strategy during the fiscal year ended August 31, 2019. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures.

We do not anticipate researching any further products nor the purchase or sale of any significant equipment. We also do not expect any significant additions to the number of employees.

Results of Operations

We had $NIL in revenue for the three month period ended May 31, 2019.

Total expenses in the three month period ended May 31, 2019 were $1,036 resulting in a net loss for the three month period ended May 31, 2019 of $1,036 as compared to total expenses of $3,034 and a net loss of $3,034 for the three month period ended May 31, 2018. The net loss for the three month period ended May 31, 2019 is a result of Professional fees of $1,000 comprised of accounting fees and Office and general expense of $36 as compared to the net loss for the three month period ended May 31, 2018 which was a result of Professional fees of $2,000 comprised of accounting fees and Office and general expense of $1,034.

Total expenses for the nine month period ended May 31, 2019 were $15,639 resulting a net loss of $15,639 as compared to total expenses of $11,531 resulting in a net loss of $11,531 for the nine month period ended May 31, 2018. The net loss for the nine month period ended May 31, 2019 was a result of Professional fees of $13,000 consisting of accounting fees and Office and general expense of $2,639 as compared to the net loss for the nine month period ended May 31, 2018 of 11,351 which was a result of Professional fees of $10,000 comprised of accounting fees, Office and general expense of $1,531.

Off-balance sheet arrangements

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 May 31, 2019, 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 May 31, 2019 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

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 Securities Exchange Act of 1934 and are not required to provide the information under this item. 

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

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosure.

None

Item 5. Other Information.

None

(a) Item 6. Exhibits.

The following documents are filed as a part of this report or are incorporated by reference to previous filings, if so indicated:

________ 

* Included in Exhibit 31.1

** Included in Exhibit 32.1

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.

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
Filed on:		9/12/19
		9/6/19
		8/31/19
		6/18/19
For Period end:		5/31/19
		2/28/19		10-Q
		1/28/19		10-K
		11/30/18		10-Q
		10/16/18
		10/10/18
		8/31/18		10-K
		5/31/18		10-Q,  CORRESP
		8/31/17
		8/7/17
		8/4/17
				List all Filings

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Filing Submission 0001477932-19-005354   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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