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 ~~August~~November 3130, 2021

☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

Commission File Number: 333-195267

TOUCAN INTERACTIVE CORP.

(Exact name of registrant as specified in its charter)

Nevada

EIN 36-4778745

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

25 E. Foothill Blvd.

Arcadia, California

91006

(Address of principal executive offices)

(Zip Code)

(626) 898-7010

(Registrant’s telephone number, including area code)

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, $.001 par value per share		TCNT		OTC Markets Group

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 every Interactive Data File required to be submitted 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 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 ☐

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

7,100,000 shares of common stock were issued and outstanding as of ~~October~~January 177, ~~2021~~2022.

TOUCAN INTERACTIVE CORP.

QUARTERLY REPORT ON FORM 10-Q

For the Fiscal Quarter ended ~~August~~November 3130, 2021

TABLE OF CONTENTS

PART 1
Item 1	Financial Statements	3
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3	Quantitative and Qualitative Disclosures About Market Risk	11
Item 4	Controls and Procedures	11
PART II
Item 1	Legal Proceedings	12
Item 1A	Risk Factors	12
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	13

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements

The accompanying interim financial statements of Toucan Interactive Corp. (the “Company”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted principles have been condensed or omitted pursuant to such rules and regulations.

In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

TOUCAN INTERACTIVE CORP.

Condensed Balance Sheet

(Unaudited)

	August 31, 2021			February 28, 2021
	November 30, 2021			February 28, 2021
ASSETS
Current Assets
Cash and cash equivalents	$	148,~~320~~530		$	11,175
Prepaid expenses		12,~~273~~411			4,738
Total Current Assets		1510,~~593~~941			15,913
Total Assets	$	1510,~~593~~941		$	15,913
LIABILITIES & STOCKHOLDERS’ (DEFICIT)
Liabilities
Current Liabilities
Accounts payable	$	~~750~~200		$	200
Advances from related parties		121,738			91,738
Total Current Liabilities		~~122~~121,~~488~~938			91,938
Total Liabilities		~~122~~121,~~488~~938			91,938
Stockholders’ (Deficit)
Common stock par value $.001; 75,000,000 shares authorized, 7,100,000 shares issued and outstanding		7,100			7,100
Additional paid in capital		37,578			37,578
Accumulated deficit		(~~151~~155,~~573~~675	)		(120,703	)
Total Stockholders’ Deficit		(~~106~~110,~~895~~997	)		(76,025	)
Total Liabilities and Stockholders’ Deficit	$	1510,~~593~~941		$	15,913

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

TOUCAN INTERACTIVE CORP.

Condensed Statement of Operations

(Unaudited)

	Three Months Ended August 31, 2021			Three Months Ended August 31, 2020			Six Months Ended August 31, 2021			Six Months Ended August 31, 2020
	Three Months Ended November 30, 2021			Three Months Ended November 30, 2020			Nine Months Ended November 30, 2021			Nine Months Ended November 30, 2020
REVENUE	$	-		$	-		$	-		$	-
OPERATING EXPENSES
General and administrative expenses		244,~~565~~102			12,~~715~~214			3034,~~870~~972			35,~~435~~649
TOTAL OPERATING EXPENSES		244,~~565~~102			12,~~715~~214			3034,~~870~~972			35,~~435~~649
NET LOSS	$	(244,~~565~~102	)	$	(12,~~715~~214	)	$	(3034,~~870~~972	)	$	(35,~~435~~649	)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		7,100,000			7,100,000			7,100,000			7,100,000

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

TOUCAN INTERACTIVE CORP.

Condensed Statement of Changes in Stockholders’ Deficit

(Unaudited)

	Shares		Amount		Capital		Deficit			(Deficit)
	Common Stock				Additional Paid in		Accumulated			Total Stockholders’ Equity
	Shares		Amount		Capital		Deficit			(Deficit)
Balances at February 28, 2021		7,100,000	$	7,100	$	37,578	$	(120,703	)	$	(76,025	)
Net loss		-		-		-		(6,305	)		(6,305	)
Balances at May 31, 2021		7,100,000	$	7,100	$	37,578	$	(127,008	)	$	(82,330	)
Net loss		-		-		-		(24,565	)		(24,565	)
Balances at August 31, 2021		7,100,000	$	7,100	$	37,578	$	(151,573	)	$	(106,895	)
Net loss				-		-		(4,102	)		(4,102	)
Balances at November 30, 2021		7,100,000	$	7,100	$	37,578	$	(155,675	)	$	(110,997	)

	Common Stock				Additional Paid in		Accumulated			Total Stockholders’ Equity
	Shares		Amount		Capital		Deficit			(Deficit)
Balances at February 29, 2020		7,100,000	$	7,100	$	37,578	$	(113,857	)	$	(69,179	)
Net loss		-		-		-		(1,720	)		(1,720	)
Balances at May 31, 2020		7,100,000	$	7,100	$	37,578	$	(115,577	)	$	(70,899	)
Beginning balance		7,100,000	$	7,100	$	37,578	$	(115,577	)	$	(70,899	)
Net loss				-		-		(1,715	)		(1,715	)
Net loss		-		-		-		(1,715	)		(1,715	)
Balances at August 31, 2020		7,100,000	$	7,100	$	37,578	$	(117,292	)	$	(72,614	)
Ending balance		7,100,000	$	7,100	$	37,578	$	(117,292	)	$	(72,614	)
Beginning balance		7,100,000	$	7,100	$	37,578	$	(117,292	)	$	(72,614	)
Net loss				-		-		(2,214	)		(2,214	)
Balances at November 30, 2020		7,100,000	$	7,100	$	37,578	$	(119,506	)	$	(74,828	)
Ending balance		7,100,000	$	7,100	$	37,578	$	(119,506	)	$	(74,828	)

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

TOUCAN INTERACTIVE CORP.

Condensed Statement of Cash Flows

(Unaudited)

	Six Months Ended August 31, 2021			Six Months Ended August 31, 2020
	Nine Months Ended November 30, 2021			Nine Months Ended November 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(3034,~~870~~972	)	$	(35,~~435~~649	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Prepaid expenses		32,~~465~~327			~~1,165~~764
Accounts payable		~~550~~-			~~600~~950
Net Cash Used in Operating Activities		(2632,~~855~~645	)		(13,~~670~~935	)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties		30,000			15,000
Net Cash Provided by Financing Activities		30,000			15,000
Net Change in Cash		3(2,~~145~~645	)		13(11,~~330~~065	)
Cash, beginning of period		11,175			2,830
Cash, end of period	$	148,~~320~~530		$	1613,~~160~~895
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	-		$	-
Income taxes paid	$	-		$	-

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

TOUCAN INTERACTIVE CORP.

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

~~August~~November 3130, 2021

(Unaudited)

NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS

Toucan Interactive Corp. was incorporated under the laws of the State of Nevada on January 28, 2014. It was initially set up as a company in the business of providing credit information options on all major banks located in Costa Rica, Canada, United States and other countries located in North, Central and South America. On April 22, 2016, the Company experienced a change in control and ceased operations as a provider of credit option services. The Company currently serves as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation.

NOTE 2 – BASIS OF PRESENTATION AND GOING CONCERN

BASIS OF ACCOUNTING

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. Accordingly, these financial statements do not include all information and footnote disclosures required for an annual set of financial statements prepared under United States generally accepted accounting principles. In the opinion of our management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the financial position, results of operations and cash flows as of ~~August~~November 3130, 2021 and for all interim periods presented herein have been reflected in these financial statements and the notes thereto. Interim results for the ~~six~~Nine ~~month~~Month period ended ~~August~~November 3130, 2021 are not necessarily indicative of the results to be expected for the fiscal year as a whole. These financial statements should be read in conjunction with the audited financial statements and accompanying notes as included in the Form 10-K for the year ended February 28, 2021.

GOING CONCERN

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses resulting in an accumulated deficit of $~~151~~155,~~573~~675 as of ~~August~~November 3130, 2021 and further losses are anticipated in the development of its business raising substantial ~~doubt~~ doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In May 2021, the controlling stockholder, through a related entity, advanced $30,000 to the Company to demonstrate its continued support to finance the Company’s ongoing operation. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and ~~classifications~~ classifications of liabilities that might result from this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

NOTE 3 – ADVANCES FROM RELATED PARTIES

Advances from related parties for the periods ended ~~August~~November 3130, 2021 and 2020 were $121,738 and $91,738, respectively.

NOTE 4 – COMMON STOCK

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

On February 6, 2014, the Company issued 4,000,000 shares of common stock for cash proceeds of $4,000 at $0.001 per share.

From October 3, 2014 to November 24, 2014 the company issued 1,100,000 shares of common stock for cash proceeds of $22,000 at $0.02 per share.

On April 22, 2016, the Company issued 6,000,000 shares of common stock for cash proceeds of $243,605 at $0.04 per share.

On April 22, 2016, the Company repurchased 4,000,000 shares of common stock for cash payments of $240,605 at $0.06 per share.

There were 7,100,000 shares of common stock issued and outstanding as of ~~August~~November 3130, 2021.

NOTE 5 – COMMITMENTS AND CONTINGENCIES

The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

NOTE 6 – SUBSEQUENT EVENTS

In accordance with SFAS 165 (ASC 855-10), the Company has analyzed its operations subsequent to ~~August~~November 3130, ~~2021~~2020 to the date these financial statements were available to be issued as of ~~October~~January 177, ~~2021~~2022, and has determined that it does not have any material subsequent events to disclose in these financial statements.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part II, Item 1A of this Form 10-Q under the heading “Risk Factors,” which are incorporated herein by reference. The following discussion should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended February 28, 2021 (the “2021 Form 10-K”) filed with the U.S. Securities and Exchange Commission (the “SEC”) and the condensed financial statements and notes thereto included in Part I, Item 1 of this Form 10-Q. All information presented herein is based on the Company’s fiscal calendar. Unless otherwise stated, references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in February and the associated quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Toucan” as used herein refers collectively to Toucan Interactive Corp., unless otherwise stated. The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

GENERAL

Toucan Interactive Corp. was incorporated in the state of Nevada on January 24, 2014 and maintained its official business address at Sabanilla de Montes de Oca, Urbanizacion Carmiol, Casa 254, San Jose, Costa Rica.

From inception until April 2016, the Company’s principal business consisted of developing a website, www.NEEDforCREDIT.com, to provide credit option services to users primarily in Costa Rica, Canada, the United States and South and Central America and to market context advertising services to banks and financial institutions in these countries and regions.

In April 2016, pursuant to the transactions described in the Current Report on Form 8-K filed on April 22, 2016, the Company experienced a change in control (the “Change of Control”) and ceased operations as a provider of credit option services. The Company also changed the address of its principal executive offices to 25 E. Foothill Blvd., Arcadia, California 91006.

The Company currently serves as a vehicle to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. Management does not intend to undertake any efforts to cause a market to develop in our securities, either debt or equity, until we have successfully concluded a business combination. The Company will not restrict its potential candidate target companies to any industry, specific business or geographical location and, thus, may acquire any type of business.

The Company does not currently engage in any business activities that generate cash flow. During the next twelve months we anticipate incurring costs related to:

(a)	filing Exchange Act reports, and
(b)	investigating, analyzing and consummating a business combination.

We believe we will be able to meet these costs through use of funds in our treasury and additional amounts, as necessary, to be loaned to or invested in us by our controlling stockholder, management or other investors. As of the date of the period covered by this report, the Company has $148,~~320~~530 in its bank account. There are no assurances that the Company will be able to secure any additional funding as needed.

As of the date of this Quarterly Report, the Company has not entered into any definitive agreement with any party, nor have there been any specific discussions with any potential business combination candidate regarding business opportunities for the Company. The Company has unrestricted flexibility in seeking, analyzing and participating in potential business opportunities. The analysis of new business opportunities will be undertaken by or under the supervision of the Company’s officers and directors. In its efforts to analyze potential acquisition targets, the Company will consider the following factors:

(a)	Potential for growth, indicated by new technology, anticipated market expansion or new products;
(b)	Competitive position as compared to other firms of similar size and experience within the industry segment as well as within the industry as a whole;
(c)	Strength and diversity of management, either in place or scheduled for recruitment;
(d)	Capital requirements and anticipated availability of required funds, to be provided by the Company or from operations, through the sale of additional securities, through joint ventures or similar arrangements or from other sources;
(e)	The cost of participation by the Company as compared to the perceived tangible and intangible values and potentials to be acquired;
(f)	The extent to which the business opportunity can be advanced.

In applying the foregoing criteria, no one of which will be controlling, management will attempt to analyze all factors and circumstances and make a determination based upon reasonable investigative measures and available data. In evaluating a prospective business combination, the Company will conduct as extensive a due diligence review of potential targets as reasonably possible.

We anticipate that the selection of a business combination will be complex and extremely risky. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities difficult and complex. We cannot assure investors that our choice of a business combination will result in profitable operations.

CRITICAL ACCOUNTING POLICIES

There have been no significant changes during the three and ~~six~~nine month periods ended ~~August~~November 3130, 2021 to the critical accounting policies ~~disclosed~~ disclosed in our audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2021.

RESULTS OF OPERATIONS

We are a development stage company and have generated minimal revenue since its inception. We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, loans from our controlling stockholder and the sale of equity or debt securities. We have no committed source of financing and we cannot guarantee that we will be able to raise funds as and when we need them.

Three and ~~Six~~Nine Month Periods Ended ~~August~~November 3130, 2021 Compared to Three and ~~Six~~Nine Month Periods Ended ~~August~~November 3130, 2020.

We earned no revenue during the three and ~~six~~nine month periods ended ~~August~~November 3130, 2021 and 2020. We have earned minimal revenue since the ~~date~~ date of inception.

Our net loss for the three month period ended ~~August~~November 3130, 2021 was $244,~~565~~102 compared to a net loss of $12,~~715~~214 for the three month period ended ~~August~~November 3130, 2020. Our net loss for the ~~six~~nine month period ended ~~August~~November 3130, 2021 was $3034,~~870~~972 compared to a net loss of $35,~~435~~649 for the ~~six~~ nine month period ended ~~August~~November 3130, 2020.

During the three month period ended ~~August~~November 3130, 2021, we incurred general and administrative expenses of $244,~~565~~102 as compared to $12,~~715~~214 incurred for the three month period ended ~~August~~November 3130, 2020. During the ~~six~~nine month period ended ~~August~~November 3130, 2021, we incurred general and administrative expenses of $3034,~~870~~972 as compared to $35,~~435~~649 incurred for the ~~six~~nine month period ended ~~August~~November 3130, 2020. General and administrative expenses incurred during the three and ~~six~~nine month periods ended ~~August~~November 3130, 2021 and 2020 were generally related to corporate overhead and administrative contracted services.

LIQUIDITY AND CAPITAL RESOURCES

~~Six~~Nine Month Period Ended ~~August~~November 3130, 2021

As of ~~August~~November 3130, 2021, we had cash of $148,~~320~~530, prepaid expenses of $12,~~273~~411, liabilities of $~~122~~121,~~488~~938, and aan ~~working~~accumulated ~~capital~~ deficit of $~~106~~115,~~895~~675. As of February 28, 2021, we had cash of $11,175, prepaid expenses of $4,738, liabilities of $91,938, and an accumulated deficit of $76120,~~025~~703. We expect to incur continued losses until we acquire a company with operations and those operations are profitable.

Cash Flows from Operating Activities

For the ~~six~~nine month periods ended ~~August~~November 3130, 2021 and 2020, net cash used in operating activities amounted to $2632,~~855~~645 and $13,~~670~~935, respectively.

Cash Flows from Investing Activities

For the ~~six~~nine month periods ended ~~August~~November 3130, 2021 and 2020, the Company has not generated any cash flows from investing activities.

Cash Flows from Financing Activities

We have financed our operations primarily from either loans or the issuance of equity. For the ~~six~~nine month periods ended ~~August~~November 3130, 2021 ~~and~~ and 2020, net cash provided by financing activities amounted to $30,000 and $15,000, respectively.

We have generated minimal revenues from operations to date. It is not likely that we will generate any further revenues until a business combination has been consummated. Even following a business combination, there is no guarantee that any revenues will be generated, that any revenues will be sufficient to meet our expenses or that we will ever become profitable. We may consider a business combination with a target company which itself has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop one or more new products or services, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital.

Moreover, any target business that is selected may be financially unstable or in the early stages of development or growth, including businesses without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with a target company in an industry characterized by a high level of risk, and although our management will endeavor to evaluate the risks inherent in a particular target company, there can be no assurance that we will properly ascertain or assess all significant risks.

The foregoing considerations raise substantial doubt about our ability to continue as a going concern. We are currently planning on devoting the vast majority of our efforts to identifying, investigating and conducting due diligence on target companies; and negotiating, structuring, documenting and consummating a business combination. Our long-term ability to continue as a going concern is dependent upon our ability to complete a business combination and, thereafter, achieve profitable operations.

We believe that we will be able to meet these costs through cash on hand and additional amounts, as may be necessary, to be loaned by or invested in us by our controlling stockholder, management and/or others. Currently, however, our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Our ability to continue as a going concern is also dependent on our ability to find a suitable target company and enter into a business combination. Management’s plan includes obtaining additional funds through a combination of sales of our equity securities before, contemporaneously with, or following, the consummation of a business combination and borrowings, although we do not believe that we will be eligible to borrow funds from a bank until at least a business combination is consummated. However, there is no assurance that any additional funding will be available on terms that are favorable to us or at all.

On April 22, 2016, all the loans made by the Company’s then sole director were repaid in full. Since the Change of Control in April 2016, we rely on loans from our controlling stockholder to meet our expenses. There is no guarantee that our controlling stockholder will continue to lend us funds to meet our expense in the future. Currently, we do not have any other arrangements for financing. During the three month period ended ~~August~~November 3130, 2021, the controlling stockholder did not lend any funds to the Company for working capital. During the ~~six~~nine month period ended ~~August~~November 3130, 2021, the controlling stockholder, through a related entity, advanced $30,000 to the ~~Company~~ Company for working capital.

We have no assurance that future financing will be available to us on acceptable terms, or at all. If financing is not available to us on satisfactory terms or at all, we may be unable to develop operations or meet our expenses. Additionally, any equity financing in which we might engage would result in dilution to our existing stockholders.

GOING CONCERN

The independent auditors’ audit report accompanying our financial statements dated February 28, 2021 contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. In May 2021, the controlling stockholder, through a related entity, advanced $30,000 ~~respectively~~ to the Company to demonstrate its continued support to finance the Company’s ongoing operation. The financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report, 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 are material to investors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Based on an evaluation by the Company’s s management, the principal executive officer and principal financial officer have concluded that the Company’s s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of ~~August~~November 3130, 2021 to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in the Company’s s internal control over financial reporting during the ~~second~~third quarter of ~~2022~~2021, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We are not currently a party to any lawsuit or proceeding which, in the opinion of management, is likely to have a material adverse effect on us or our business.

ITEM 1A. RISK FACTORS

An investment in our common stock involves a number of very significant risks.

Any investment in our common stock involves a high degree of risk. Some, but not all, of the risks that affect an investment in our Company include:

●	We have little operating history and minimal revenue and there is no guarantee that we can establish a profitable operation in the foreseeable future;
●	We have incurred recurring net losses in the past and unless we receive additional financing, we may be forced to cease all operations and liquidate our Company;
●	We face intense competition for business combination opportunities and because of our limited resources, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination with suitable growth potential;
●	We may be unable to obtain additional financing that may be needed to fund the operations and/or growth of the target business;
●	We have no full-time employees and are substantially dependent on the efforts of part-time management and members of the board of directors, working for per-diem or no cash compensation, none of whom are bound by term employment agreements and;
●	Our controlling stockholder and executive officers and directors currently are able to influence matters requiring stockholder approval and their interests may conflict with those of other stockholders.

We do not have any targets for a business combination or other transaction and we have no minimum standards for a business combination.

We have no arrangement, agreement, or understanding with respect to acquiring a business opportunity or engaging in a business combination with any private entity. There can be no assurance that we will successfully identify and evaluate suitable business opportunities or conclude a business combination. We have not established a specific length of operating history or a specified level of earnings, assets, net worth or other criteria which we will require a target business opportunity to have achieved. Accordingly, we may enter into a business combination with a business opportunity having no significant operating history, losses, limited or no potential for earnings, limited assets, negative net worth or other negative characteristics.

Our stockholders may face significant restrictions on the resale of our common stock.

The following factors (there can be others) may significantly affect our stockholders’ ability to resell our common stock:

●	There is currently no established public trading market for our common stock, which makes it difficult for our stockholders to resell their shares;
●	As we are currently a “shell company” as defined under Rule 144, stockholders who receive our restricted securities will not be able to sell our shares without registration until one year after we have satisfied the applicable conditions under Rule 144;
●	Our common stock may be subject to significant restriction on resale due to federal penny stock restrictions.

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.

ITEM 6. EXHIBITS

Exhibits required by Item 601 of Regulation S-K (§ 229.601 of this chapter).

Exhibit Number		Exhibit Description
31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).^*
31.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).^*
32.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.^**
32.2		Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.^**
101.INS		Inline XBRL Instance Document^*
101.SCH		Inline XBRL Taxonomy Extension Schema Document^*
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document^*
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document^*
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document^*
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document^*
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

^*	Filed herewith.
^**	Furnished herewith.

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.

	Toucan Interactive Corp.
	(Registrant)
Date: October 20, 2021	By:	/s/ Gang Ding
Date: January 13, 2022	By:	/s/ Gang Ding
	Name:	Gang Ding
	Title:	Chief Executive Officer
		(Principal Executive Officer)
Date: October 20, 2021	By:	/s/ William Chu
Date: January 13, 2022	By:	/s/ William Chu
	Name:	William Chu
	Title:	Chief Financial Officer
		(Principal Financial Officer)

Filing Compare · TOUCAN INTERACTIVE CORP