Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Nov. 30, 2014 | Mar. 22, 2016 | May. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Sipup Corp | ||
Entity Central Index Key | 1,563,227 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --11-30 | ||
Document Type | 10-K | ||
Document Period End Date | Nov. 30, 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 400,000 | ||
Entity Common Stock, Shares Outstanding | 4,000,000 |
Balance Sheet
Balance Sheet - USD ($) | Nov. 30, 2014 | Nov. 30, 2013 |
Current liabilities: | ||
Accounts payable and accrued expenses | $ 26,087 | $ 2,980 |
Loan from stockholders | 4,555 | 1,755 |
Total Liabilities | 30,642 | 4,735 |
Stockholders' Equity | ||
Common stock, $0.001 par value; 75,000,000 shares authorized; 4,000,000 shares issued and outstanding at November 30, 2014 and 2013, respectively | 4,000 | 4,000 |
Additional paid-in capital | 61,068 | 61,068 |
Accumulated deficit | (95,710) | (69,803) |
Total Stockholders' Deficit | $ (30,642) | $ (4,735) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Nov. 30, 2014 | Nov. 30, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 4,000,000 | 4,000,000 |
Common stock, shares outstanding | 4,000,000 | 4,000,000 |
Statement of Operations
Statement of Operations - USD ($) | 12 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Income Statement [Abstract] | ||
Revenue | ||
General and administrative: | ||
Officer's compensation | $ 47,000 | |
Professional fees | $ 24,817 | $ 16,240 |
Filing fees | $ 1,090 | |
Advertising | $ 89 | |
Other costs | 610 | |
Total operating expenses | $ (25,907) | (63,939) |
Net loss | $ (25,907) | $ (63,939) |
Net loss per common share - basic and diluted: | ||
Net loss per share attributable to common stockholders | $ (0.02) | |
Weighted-average number of common shares outstanding | 4,000,000 | 3,590,833 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Deficit - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Nov. 30, 2012 | $ (2,864) | $ 3,000 | $ (5,864) | |
Beginning balance, Shares at Nov. 30, 2012 | 3,000,000 | |||
Issuance of common stock at April | 4,500 | $ 90 | $ 4,410 | |
Issuance of common stock at April, Shares | 90,000 | |||
Issuance of common stock at May | 45,500 | $ 910 | 44,590 | |
Issuance of common stock at May, Shares | 910,000 | |||
Contribution to additional paid in capital | 9,740 | 9,740 | ||
Contribution to additional paid in capital | 2,328 | $ 2,328 | ||
Loss for the period/ year | (63,939) | $ (63,939) | ||
Ending balance at Nov. 30, 2013 | (4,735) | $ 4,000 | $ 61,068 | (69,803) |
Ending balance, Shares at Nov. 30, 2013 | 4,000,000 | |||
Loss for the period/ year | (25,907) | (25,907) | ||
Ending balance at Nov. 30, 2014 | $ (30,642) | $ 4,000 | $ 61,068 | $ (95,710) |
Ending balance, Shares at Nov. 30, 2014 | 4,000,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Cash Flows from Operating Activities | ||
Net loss | $ (25,907) | $ (63,939) |
Changes in operating assets and liabilities: | ||
Increase in accounts payable and accrued expenses | 23,107 | 2,445 |
Net cash used in operating activities | $ (2,800) | (61,494) |
Cash Flows from Financing Activities | ||
Proceeds from issuance of common stock | 50,000 | |
Stockholder contribution | 12,068 | |
Proceeds from loan from stockholders | $ 2,800 | (3,567) |
Net cash provided by financing activities | $ 2,800 | 58,501 |
Decrease in cash and cash equivalents | (2,993) | |
Cash and cash equivalents at beginning of the period | $ 2,993 | |
Cash and cash equivalents at end of the period |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 12 Months Ended |
Nov. 30, 2014 | |
Nature of Business and Basis of Presentation [Abstract] | |
NATURE OF BUSINESS AND BASIS OF PRESENTATION | NOTE 1 – NATURE OF BUSINESS AND BASIS OF PRESENTATION Sipup Corporation (the "Company") is a Nevada Corporation incorporated on October 31, 2012. The Company plans to establish itself as a properties development business. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These financial statements are presented in US dollars. Fiscal Year End The Corporation has adopted a fiscal year end of November 30. Going concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at November 30, 2014, the Company has an accumulated deficit of $95,710 from operations and has earned no revenues to cover its operating costs. The Company intends to fund future operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending November 30, 2014. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Nov. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies are set out below, these policies have been consistently applied to the period presented, unless otherwise stated: Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash and equivalents include investments with initial maturities of three months or less. The Company maintains its cash balances at credit-worthy financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Earnings per Share The Company computes net loss per share in accordance with ASC 260, "Earnings Per Share" ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As November 30, 2014, the Company had no potentially dilutive shares. Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Stock based compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: - Level 1: Quoted prices in active markets for identical instruments; - Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); - Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments). Recently Adopted Accounting Pronouncements During the year ended November 30, 2014, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. We do not believe that the adoption of any other recently issued accounting pronouncements in 2014 had a significant impact on our financial position, results of operations, or cash flow. |
Loan from Stockholder
Loan from Stockholder | 12 Months Ended |
Nov. 30, 2014 | |
Loan from Stockholder [Abstract] | |
LOAN FROM STOCKHOLDER | NOTE 3 – LOAN FROM STOCKHOLDER November 30, 2014 2013 $ $ Loan from related party* 4,555 1,755 *The above loan is unsecured, bears no interest and has no repayment term. This loan is repayable on demand. |
Stockholder's Deficit
Stockholder's Deficit | 12 Months Ended |
Nov. 30, 2014 | |
Stockholders' Deficit [Abstract] | |
Stockholder's Deficit | NOTE 4 – STOCKHOLDERS’ DEFICIT Common stock In October 2012, the Company issued 3,000,000 shares of common stock at a price of $ 0.001 per share. In April 2013, pursuant to the terms of an offering registered with the SEC, the Company issued 90,000 shares of common stock at $0.05 per share. In May 2013, pursuant to the terms of an offering registered with the SEC, the Company issued 910,000 shares of common stock at $0.05 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 30, 2014 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES The provision (benefit) for income taxes for the periods ended November 30, 2014 and 2013 was as follows (assuming a 15% effective tax rate): November 30, 2014 2013 $ $ Current Tax Provision Federal- Taxable income Total current tax provision - - - - Deferred Tax Provision Federal- Loss carry forwards 14,357 10,470 Change in valuation allowance (14,357 ) (10,470 ) Total deferred tax provision - - The Company had deferred income tax assets as of November 30, 2014 and 2013 as follows: Loss carry forwards 14,357 10,470 Less - Valuation allowance (14,357 ) (10,470 ) - - The Company provided a valuation allowance equal to the deferred income tax assets for period ended November 30, 2014 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards. As of November 30, the Company had approximately $ 95,710 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2034. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed. |
Related Party Tranaction
Related Party Tranaction | 12 Months Ended |
Nov. 30, 2014 | |
Related Party Transaction [Abstract] | |
RELATED PARTY TRANSACTION | NOTE 6 – RELATED PARTY TRANSACTION Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial and operating decisions. A related party transaction is considered to be a transfer of resources or obligations between related parties, regardless of whether or not a price is charged. The stockholders who gave the loan to the company are not considered as a related party because they have less than 10% of the stocks. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Nov. 30, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no additional material subsequent events to report. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 30, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts or revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents Cash and equivalents include investments with initial maturities of three months or less. The Company maintains its cash balances at credit-worthy financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. |
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. |
Earnings per Share | Earnings per Share The Company computes net loss per share in accordance with ASC 260, "Earnings Per Share" ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As November 30, 2014, the Company had no potentially dilutive shares. |
Income Taxes | Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. |
Stock based compensation | Stock based compensation The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates. Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: - Level 1: Quoted prices in active markets for identical instruments; - Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); - Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments). |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements During the year ended November 30, 2014, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. We do not believe that the adoption of any other recently issued accounting pronouncements in 2014 had a significant impact on our financial position, results of operations, or cash flow. |
Loan from Stockholder (Tables)
Loan from Stockholder (Tables) | 12 Months Ended |
Nov. 30, 2014 | |
Loan from Stockholder [Abstract] | |
Schedule of loan from stockholder | November 30, 2014 2013 $ $ Loan from related party* 4,555 1,755 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 30, 2014 | |
Income Taxes [Abstract] | |
Schedule of components of provision (benefit) for income taxes | November 30, 2014 2013 $ $ Current Tax Provision Federal- Taxable income Total current tax provision - - - - Deferred Tax Provision Federal- Loss carry forwards 14,357 10,470 Change in valuation allowance (14,357 ) (10,470 ) Total deferred tax provision - - |
Schedule of deferred tax assets | Loss carry forwards 14,357 10,470 Less - Valuation allowance (14,357 ) (10,470 ) - - |
Nature of Business and Basis 17
Nature of Business and Basis of Presentation (Details) - USD ($) | Nov. 30, 2014 | Nov. 30, 2013 |
Nature of Business and Basis of Presentation (Textual) | ||
Accumulated deficit | $ (95,710) | $ (69,803) |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Details) | Nov. 30, 2014USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
Federal Deposit Insurance Corporation amount | $ 250,000 |
Loan from Stockholder (Details)
Loan from Stockholder (Details) - USD ($) | Nov. 30, 2014 | Nov. 30, 2013 | |
Loan from Stockholder [Abstract] | |||
Loan from related party | [1] | $ 4,555 | $ 1,755 |
[1] | The above loan is unsecured, bears no interest and has no repayment term. |
Stockholder's Deficit (Details)
Stockholder's Deficit (Details) - $ / shares | Nov. 30, 2014 | Nov. 30, 2013 | May. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 |
Stockholder's Deficit (Textual) | |||||
Common stock shares issued | 4,000,000 | 4,000,000 | 910,000 | 90,000 | 3,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.05 | $ 0.05 | $ 0.001 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Nov. 30, 2014 | Nov. 30, 2013 | |
Current Tax Provision Federal- | ||
Taxable income | ||
Total current tax provision | ||
Deferred Tax Provision Federal- | ||
Loss carry forwards | $ 14,357 | $ 10,470 |
Change in valuation allowance | $ (14,357) | $ (10,470) |
Total deferred tax provision |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Nov. 30, 2014 | Nov. 30, 2013 |
Income Taxes [Abstract] | ||
Loss carry forwards | $ 14,357 | $ 10,470 |
Less - Valuation allowance | $ (14,357) | $ (10,470) |
Total deferred tax provision |
Income Taxes (Details Textual)
Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Nov. 30, 2014USD ($) | |
Income Taxes (Textual) | |
Operating loss carryforwards | $ 95,710 |
Operating loss carryforwards, expiration date | Nov. 30, 2034 |
Effective income tax rate | 15.00% |
Related Party Tranaction (Detai
Related Party Tranaction (Details) | Nov. 30, 2014 |
Related Party Transactions (Textual) | |
Percentage of stocks | 10.00% |