NOTES
TO THE UNAUDITED FINANCIAL STATEMENTS
FEBRUARY
28, 2017
NOTE
1 – ORGANIZATION AND BASIS OF PRESENTATION
The
accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America for interim financial statements and Article 10 of Regulation S-X of the United States Securities
and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting
principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s
management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring
accruals) to present the financial position of the Company as of February 28, 2017 and the results of operations and cash flows
for the periods presented. The results of operations for the six months ended February 28, 2017 are not necessarily indicative
of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in
conjunction with the financial statements for the year ended August 31, 2016, and related notes thereto included in the elsewhere
in this filing.
Organization
and Business Description
Fellazo
Corp. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada
on May 28, 2014.
During the quarter ending February 28, 2017
the Company had commenced its transformation process into an IT based company specialized in Mobile Application Developments
with worldwide clientele and a portfolio investment company in primary industries such as healthcare, energy, development and
capital market.
Our office is located at 8
th
Floor, Wisma Huazong, Lot 15285, 0.7km Lebuhraya Sungei Besi, 43300
Seri Kembangan, Selangor Darul Ehsan, Malaysia.
NOTE
2 – GOING CONCERN
The
Company’s financial statements have been prepared on a going concern basis, which contemplates the realization of assets
and settlement of liabilities and commitments in the normal course of business. As at February 28, 2017, the Company has a working
capital deficit of $5,645 and has not yet established a stabilized source of revenue sufficient to cover operating cost for the
foreseeable future. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going
concern.
However
the Company had commenced its transformation into an IT based company specialized in Mobile Application Developments with worldwide
clientele and a portfolio investment company in primary industries such as healthcare, energy, development and capital market.
The Board of Director is assisted by a team consisting of highly competent professional consultants and experts in the related
the fields during this period of the transformation exercise.
We
strongly believe that the transformation would bring a significant growth potential to the Company which would generate more than
sufficient revenue and liquidity to sustain the Company for the next twelve months and a significant future growth. In addition
there will be in-flow of funds and capital injections by the Directors to facilitate this transformation exercise.
NOTE 3 – SETTLEMENT OF ASSETS
AND LIABILITIES
As a result of the “Assignment Of
Rights And Assumption of Liabilities Agreement” entered into by the Company with the previous sole-director of the Company,
Ms. Galina Hripcenco where all rights and obligations in the Assets and Liabilities of the Company is transferred to Ms. Hripcenco
for a consideration that Ms. Hripcenco shall retire all shares of the Company to the treasury of the Company (Exhibit No. 99.1);
All existing equipment ($6,972), balance
of inventory ($705) and pre-paid expenses ($1,300) were given to Ms. Galina Hripcenco for a total amount of $8,977.
The director loan due to Ms. Galina Hripcenco
totaling $28,128 was also waived.
As a result of the transaction, the net amount of $19,151 was deemed to have been given as a capital contribution.
NOTE
4 – RELATED PARTY TRANSACTIONS
O
ur
President and Director, Prof. Dr. Wong Kong-Yew settled on behalf of the Company, invoices from our auditor, consultant and
share transfer agent (include bank charges) amounting to $14,512; this amount was taken-in as Loan from Director.