Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Aug. 31, 2013 | Oct. 15, 2013 | |
Document and Entity Information: | ||
Entity Registrant Name | Sipup Corporation | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1563227 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 4,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Incorporation, Date of Incorporation | 31-Oct-12 | |
Entity Incorporation, State Country Name | State of Nevada |
Condensed_Balance_Sheets_Augus
Condensed Balance Sheets (August 31, 2013 unaudited) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | ||
Assets, Current | ||||
Cash | $2 | $2,993 | ||
Assets, Current, Total | 2 | 2,993 | ||
Assets, Total | 2 | 2,993 | ||
Liabilities, Current | ||||
Accounts Payable and Accrued Expenses | 11,035 | 535 | ||
Loan Payable - stockholders | 2,330 | 5,322 | ||
Liabilities, Current, Total | 13,365 | 5,857 | ||
Stockholders' Equity (Deficit) | ||||
Common Stock, Value | 4,000 | [1] | 3,000 | [2] |
Additional paid in capital | 49,000 | |||
Deficit accumulated during development stage | -66,363 | -5,864 | ||
Stockholders' Equity (Deficit), Total | -13,363 | -2,864 | ||
Liabilities and Equity, Total | $2 | $2,993 | ||
[1] | Common stock, $0.001 par value; 75,000,000 shares authorized, 4,000,000 shares issued and outstanding | |||
[2] | Common stock, $0.001 par value; 75,000,000 shares authorized, 3,000,000 shares issued and outstanding |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets - Parenthetical (August 31, 2013 unaudited) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
Statement of Financial Position | ||
Common Stock, Par Value | $0.00 | $0.00 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 4,000,000 | 3,000,000 |
Common Stock, Shares Outstanding | 4,000,000 | 3,000,000 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 10 Months Ended |
Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | |
Operating Expenses | |||
Officer's compensation | $14,360 | $47,000 | $47,000 |
Computers and internet | 89 | 89 | |
Professional Fees | 2,640 | 12,703 | 17,713 |
Other Cost and Expense, Operating | 268 | 707 | 1,561 |
Operating Costs and Expenses | 17,268 | 60,499 | 66,363 |
Net loss before other income and expenses | -17,268 | -60,499 | -66,363 |
Net Income (Loss) | ($17,268) | ($60,499) | ($66,363) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | ($0.01) | ($0.02) | ($0.02) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,250,000 | 3,412,116 | 3,373,507 |
Condensed_Statement_of_Shareho
Condensed Statement of Shareholders' Equity (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Oct. 31, 2012 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | |||
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Deficit During Development Stages | Accumulated Deficit During Development Stages | Lot 1 | Lot 1 | Lot 2 | ||||
Lot 1 | Lot 1 | Lot 2 | Lot 1 | Lot 2 | |||||||||||||
Stockholders' Equity Balance, Value | $4,000 | $3,000 | $0 | $49,000 | ($5,864) | ||||||||||||
Stockholders' Equity Balance, Shares | 4,000,000 | 3,000,000 | 0 | ||||||||||||||
Stock Issued During Period, Shares and Amount New Issues, Value | 3,000 | [1] | 90 | [2] | 910 | [2] | 4,410 | 44,590 | 3,000 | 4,500 | 45,500 | ||||||
Stock Issued During Period, Shares and Amount New Issues, Shares | 3,000,000 | [1] | 90,000 | [2] | 910,000 | [2] | |||||||||||
Net Income (Loss) | -5,864 | -60,499 | |||||||||||||||
Stockholders' Equity Balance, Value | $4,000 | $3,000 | $0 | $49,000 | ($5,864) | ($66,363) | |||||||||||
Stockholders' Equity Balance, Shares | 4,000,000 | 3,000,000 | 0 | ||||||||||||||
[1] | Issuance of common shares for cash at $0.001 per share | ||||||||||||||||
[2] | Issuance of common shares for cash at $0.05 per share |
Condensed_Statement_of_Stockho
Condensed Statement of Stockholders' Equity - Parenthetical (USD $) | 1 Months Ended | 9 Months Ended |
Nov. 30, 2012 | Aug. 31, 2013 | |
Statement of Stockholders' Equity | ||
Common Stock, Par Value | $0.00 | $0.05 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 1 Months Ended | 9 Months Ended | 10 Months Ended |
Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | |
Cash flows from operating activities: | |||
Net Income (Loss) | ($5,864) | ($60,499) | ($66,363) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | |||
Increase (Decrease) in Accounts Payable and Accrued Expenses | 10,500 | 11,035 | |
Net Cash Provided by (Used in) Operating Activities | -49,999 | -55,328 | |
Net Cash Provided by (Used in) Financing Activities | |||
Proceeds from Issuance of Common Stock | 50,000 | 53,000 | |
Proceeds from Stockholder's Loan | -2,992 | 2,330 | |
Net Cash Provided by (Used in) Financing Activities | 47,008 | 55,330 | |
Net increase (decrease) in cash | -2,991 | 2 | |
Cash at beginning of period | 2,993 | ||
Cash at end of period | $2,993 | $2 | $2 |
Note_1_Summary_of_Significant_
Note 1. Summary of Significant Accounting Policies | 9 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 1. Summary of Significant Accounting Policies | Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Organization | |
Sipup Corporation ("Sipup" or the "Company") was incorporated on October 31, 2012, under the laws of the State of Nevada. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities”. The Company intends to produce, pack and sell flavored yogurts. | |
Basis of Presentation | |
These interim unaudited condensed financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnote disclosures required by GAAP for complete financial statements. Management believes that these financial statements include all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the interim period ended August 31, 2013 are not necessarily indicative of the results that may be expected for the year ending November 30, 2013. Accordingly, these financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended November 30, 2012 included in the Company’s Registration Statement on Form S-1 covering such period. | |
Revenue Recognition | |
In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. | |
Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company's historical return experience. Revenue will be presented net of returns. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Segment Information | |
The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations. | |
Net Loss Per Common Share | |
Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at August 31, 2013. | |
Income Taxes | |
Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. | |
ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. | |
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. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. There were no cash equivalents at August 31, 2013. | |
Recent Pronouncements | |
There are no recent accounting pronouncements that apply to the Company. |
Note_2_Loan_Payable_Stockholde
Note 2. Loan Payable - Stockholder | 9 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 2. Loan Payable - Stockholder | Note 2. LOAN PAYABLE - STOCKHOLDER |
During the nine month period ended August 31, 2013 a stockholder advanced the Company $2,330 to pay expenses. The loan bears no interest and is payable on demand. |
Note_3_Stockholders_Deficit
Note 3. Stockholder's Deficit | 9 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 3. Stockholder's Deficit | Note 3. STOCKHOLDERS' DEFICIT |
In October 2012, the Company issued 3,000,000 shares of common stock at $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. |
Note_4_Income_Taxes
Note 4. Income Taxes | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Notes | |||||||
Note 4. Income Taxes | Note 4. INCOME TAXES | ||||||
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows: | |||||||
Income tax provision at the federal | |||||||
statutory rate | 15% | ||||||
Effect of operating losses | (15)% | ||||||
0% | |||||||
As of August 31, 2013, the Company has a net operating loss carryforward of approximately $66,400. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2032. The deferred tax asset relating to the operating loss carryforward has been fully reserved at August 31, 2013 due to the uncertainty of its recognition. |
Note_5_Basis_of_Reporting
Note 5. Basis of Reporting | 9 Months Ended |
Aug. 31, 2013 | |
Notes | |
Note 5. Basis of Reporting | Note 5. BASIS OF REPORTING |
The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. | |
The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from October 31, 2012 (inception) to August 31, 2013, the Company incurred a net loss of approximately $66,400. In addition, the Company has no significant assets or revenue generating operations. | |
The Company currently does not have sufficient cash to sustain itself for the next 12 months, and will require additional funding in order to execute its plan of operations and to continue as a going concern. To meet its cash needs, management expects to raise capital through a private placement offering. | |
The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Note_1_Summary_of_Significant_1
Note 1. Summary of Significant Accounting Policies: Organization (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Organization | Organization |
Sipup Corporation ("Sipup" or the "Company") was incorporated on October 31, 2012, under the laws of the State of Nevada. The Company is in the development stage as defined under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 915, “Development Stage Entities”. The Company intends to produce, pack and sell flavored yogurts. |
Note_1_Summary_of_Significant_2
Note 1. Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Basis of Presentation | Basis of Presentation |
These interim unaudited condensed financial statements were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnote disclosures required by GAAP for complete financial statements. Management believes that these financial statements include all normal recurring adjustments necessary for a fair statement of the results for the interim period. Operating results for the interim period ended August 31, 2013 are not necessarily indicative of the results that may be expected for the year ending November 30, 2013. Accordingly, these financial statements should be read in conjunction with the audited financial statements and related notes for the fiscal year ended November 30, 2012 included in the Company’s Registration Statement on Form S-1 covering such period. |
Note_1_Summary_of_Significant_3
Note 1. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Revenue Recognition | Revenue Recognition |
In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. | |
Revenue will be recognized at the time the product is delivered or services are performed. Provision for sales returns will be estimated based on the Company's historical return experience. Revenue will be presented net of returns. |
Note_1_Summary_of_Significant_4
Note 1. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Note_1_Summary_of_Significant_5
Note 1. Summary of Significant Accounting Policies: Segment Information (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Segment Information | Segment Information |
The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations. |
Note_1_Summary_of_Significant_6
Note 1. Summary of Significant Accounting Policies: Net Loss Per Common Share (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Net Loss Per Common Share | Net Loss Per Common Share |
Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at August 31, 2013. |
Note_1_Summary_of_Significant_7
Note 1. Summary of Significant Accounting Policies: Income Taxes (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Income Taxes | Income Taxes |
Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities. | |
ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority. |
Note_1_Summary_of_Significant_8
Note 1. Summary of Significant Accounting Policies: Stock-based Compensation (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
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. |
Note_1_Summary_of_Significant_9
Note 1. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. There were no cash equivalents at August 31, 2013. |
Recovered_Sheet1
Note 1. Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Policies | |
Recent Pronouncements | Recent Pronouncements |
There are no recent accounting pronouncements that apply to the Company. |
Note_4_Income_Taxes_Schedule_o
Note 4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 9 Months Ended | ||||||
Aug. 31, 2013 | |||||||
Tables/Schedules | |||||||
Schedule of Effective Income Tax Rate Reconciliation | |||||||
Income tax provision at the federal | |||||||
statutory rate | 15% | ||||||
Effect of operating losses | (15)% | ||||||
0% | |||||||
Recovered_Sheet2
Note 1. Summary of Significant Accounting Policies: Organization (Details) | 9 Months Ended |
Aug. 31, 2013 | |
Details | |
Entity Incorporation, Date of Incorporation | 31-Oct-12 |
Entity Incorporation, State Country Name | State of Nevada |
Note_2_Loan_Payable_Stockholde1
Note 2. Loan Payable - Stockholder (Details) (USD $) | 9 Months Ended |
Aug. 31, 2013 | |
Details | |
Short-term Debt, Description | stockholder advanced the Company |
Short-term Debt, Lender | stockholder |
Short-term Debt | $2,330 |
Short-term Debt, Terms | The loan bears no interest and is payable on demand |
Note_3_Stockholders_Deficit_De
Note 3. Stockholder's Deficit (Details) (USD $) | 1 Months Ended | |
31-May-13 | Apr. 30, 2013 | |
Details | ||
Stock Issued During Period, Shares and Amount New Issues, Shares | 910,000 | 90,000 |
Common Stock Issuance, Par Value | $0.05 | $0.05 |
Note_4_Income_Taxes_Schedule_o1
Note 4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 9 Months Ended |
Aug. 31, 2013 | |
Details | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 15.00% |
Effect of Operating Losses | -15.00% |
Effective Income Tax Rate Reconciliation, Percent | 0.00% |
Note_4_Income_Taxes_Details
Note 4. Income Taxes (Details) (USD $) | Aug. 31, 2013 |
Details | |
Operating Loss Carryforwards | $66,400 |