Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Nov. 30, 2013 | Jan. 09, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | SINO PAYMENTS, INC. | |
Entity Trading Symbol | SINO | |
Document Type | 10-Q | |
Document Period End Date | 30-Nov-13 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1417664 | |
Current Fiscal Year End Date | -23 | |
Entity Common Stock, Shares Outstanding | 26,566,930 | |
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 | 2014 | |
Document Fiscal Period Focus | Q1 |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Current Assets | ||
Prepaid expenses | $4,500 | $0 |
Total Assets | 4,500 | 0 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 122,387 | 181,079 |
Note payable | 4,876 | 4,876 |
Line of credit - related party | 33,338 | 28,890 |
Total Liabilities | 160,601 | 214,845 |
Stockholders' Deficit | ||
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; no shares issued and outstanding | 0 | 0 |
Common stock, 100,000,000 shares authorized, $0.00001 par value;14,566,930 and 13,566,930 shares issued and outstanding, respectively | 146 | 136 |
Additional paid-in capital | 1,483,476 | 1,273,486 |
Subscription receivable | -210,826 | -210,826 |
Accumulated deficit | -1,428,897 | -1,277,641 |
Total Stockholders' Deficit | -156,101 | -214,845 |
Total Liabilities and Stockholders' Deficit | $4,500 | $0 |
Balance_Sheets_ParentheticalsU
Balance Sheets Parentheticals(Unaudited) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Parentheticals | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common Stock, shares issued | 14,566,930 | 13,566,930 |
Common Stock, shares outstanding | 14,566,930 | 13,566,930 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Revenue | ||
Revenue | $0 | $0 |
Operating Expenses | ||
General and administrative | 25,744 | 8,278 |
Foreign exchange loss | 105 | |
Total Operating Expenses | 25,849 | 8,278 |
Operating loss | -25,849 | -8,278 |
Other Income (Expense) | ||
Interest expense | -745 | -985 |
Loss on settlement of accounts payable | -124,662 | 0 |
Write-off of accounts payable | 0 | 42,744 |
Net income (loss) | ($151,256) | $33,481 |
Net income (loss) per share, basic and diluted | ($0.01) | $0 |
Weighted average number of shares outstanding | 13,808,688 | 12,000,030 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | |
Operating Activities | ||
Net income (loss) | ($151,256) | $33,481 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on settlement of accounts payables | 124,662 | 0 |
Write-off of accounts payables | 0 | -42,744 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 22,146 | 9,263 |
Line of credit - related party | 4,448 | 0 |
Net cash used in operating activities | 0 | 0 |
Change in cash | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 0 | 0 |
Supplemental disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
Non-cash investing and financing activities: | ||
Shares issued for prepaid expenses and to settle accounts payable | $210,000 | $0 |
Nature_of_Operations_and_Conti
Nature of Operations and Continuance of Business | 3 Months Ended |
Nov. 30, 2013 | |
Nature of Operations and Continuance of Business | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business |
Sino Payments Inc. (the “Company”) was incorporated in the State of Nevada on June 26, 2007. The Company’s principal business is to provide credit and debit card processing services to multinational retailers in Asia. | |
Going Concern | |
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated significant revenues since inception and is unlikely to generate significant revenue or earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at November 30, 2013, the Company has not generated any revenues and has accumulated losses totaling $1,428,897 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2013 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
a) Basis of Presentation | |
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year end is August 31. | |
b) Use of Estimates | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
c) Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |
d) Interim Financial Statements | |
These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period | |
e) Financial Instruments | |
Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company’s financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |
f) Loss 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 computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
g) Revenue Recognition | |
The Company recognizes revenue from its processing services in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been provided, and collectability is reasonably assured. | |
h) Comprehensive Loss | |
ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at November 30 and August 31, 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. | |
i) Foreign Currency Translation | |
Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in income. Foreign currency transactions are primarily undertaken in Hong Kong dollars. | |
j) Stock-based Compensation | |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |
k) Recent Accounting Pronouncements | |
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard and will not report inception to date financial information. | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements. | |
Investment_in_Joint_Venture
Investment in Joint Venture | 3 Months Ended |
Nov. 30, 2013 | |
Investment in Joint Venture | |
Investment in Joint Venture | 3. Investment in Joint Venture |
On November 26, 2010, the Company entered into a joint venture agreement with TAP Investments Group Limited (TAP) and agreed to issue 1,000,000 common shares of the Company with a fair value of $10,000 in exchange for 51% interest of TAP. As at November 30, 2013, the Company’s interest in the joint venture was a net loss of $5,758 (2013 - $5,758), of which $10,000 was reflected against the investment in joint venture. |
Loan_Payablerelated_party
Loan Payable-related party | 3 Months Ended |
Nov. 30, 2013 | |
Loan Payable-related party | |
Loan Payable-related party | 4. Loan Payable-related party |
As at November 30, 2013, the Company owes $33,338 (August 31, 2013 - $28,890) to two related parties for payment of operating expenditures. The amount owing is unsecured, due interest at 8% per annum, and due on demand. Accrued interest of $6,842 (August 31, 2013 - $6,236) has been recorded in accounts payable and accrued liabilities. | |
Note_Payable
Note Payable | 3 Months Ended |
Nov. 30, 2013 | |
Note Payable | |
Note Payable | 5. Note Payable |
As at November 30, 2013, the Company owes $4,876 (August 31, 2013 - $4,876) to a third party (former director of the Company) for payment of general operating expenditures. The amounts owing are unsecured, due interest at 10% per annum, and due on demand. Accrued interest of $2,425 (2013 - $2,303) has been recorded in accrued liabilities. | |
Common_Shares
Common Shares | 3 Months Ended |
Nov. 30, 2013 | |
Common Shares | |
Common Shares | 6. Common Shares |
On November 8, 2013, the Company issued 1,000,000 common shares at $0.21 per share with a fair value of $210,000 for the settlement of professional fees totaling $85,338. The settlement resulted in the recognition of a loss on settlement of debt of $124,662. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Nov. 30, 2013 | |
Subsequent Events | |
Subsequent Events | |
7. Subsequent Events | |
a) On November 24, 2011 and December 1, 2013, the Company entered into a share exchange agreement and a supplementary agreement with TIG Investments Group Limited (“TIG”), a Hong Kong limited company and the Majority Shareholders of TIG whereby the Company acquired 100% of TIG issued and outstanding shares in exchange for the issue of 12 million shares representing 50% of issued and outstanding common shares to the Majority Shareholders of TIG. The agreements were formally signed and closed on January 1, 2014. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2013 | |
ACCOUNTING POLICIES | |
Basis of Presentation | a) Basis of Presentation |
These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company’s fiscal year end is August 31. | |
Use of Estimates | b) Use of Estimates |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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 of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |
Cash and Cash Equivalents, Policy | c) Cash and Cash Equivalents |
The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |
Interim Financial Statements, Policy | d) Interim Financial Statements |
These interim unaudited financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s consolidated financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period | |
Financial Instruments | e) Financial Instruments |
Pursuant to ASC 820, Fair Value Measurements and Disclosures, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |
Level 1 | |
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |
Level 2 | |
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |
Level 3 | |
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |
The Company’s financial instruments consist principally of cash, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |
Loss per Share Policy | f) Loss 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 computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. | |
Revenue Recognition | g) Revenue Recognition |
The Company recognizes revenue from its processing services in accordance with ASC 605, Revenue Recognition. Revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, the service has been provided, and collectability is reasonably assured. | |
Comprehensive Loss Policy | h) Comprehensive Loss |
ASC 220, Comprehensive Income, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at November 30 and August 31, 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. | |
Foreign Currency Translation Policy | i) Foreign Currency Translation |
Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into United States dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in income. Foreign currency transactions are primarily undertaken in Hong Kong dollars. | |
Stock-based Compensation Policy | j) Stock-based Compensation |
The Company records stock-based compensation in accordance with ASC 718, Compensation – Stock Compensation using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable. Equity instruments issued to employees and the cost of the services received as consideration are measured and recognized based on the fair value of the equity instruments issued. | |
Recent Accounting Pronouncements | k) Recent Accounting Pronouncements |
In June 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-10, which eliminated certain financial reporting requirements of companies previously identified as “Development Stage Entities” (Topic 915). The amendments in this ASU simplify accounting guidance by removing all incremental financial reporting requirements for development stage entities. The amendments also reduce data maintenance and, for those entities subject to audit, audit costs by eliminating the requirement for development stage entities to present inception-to-date information in the statements of income, cash flows, and shareholder equity. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entity’s financial statements have not yet been issued (public business entities) or made available for issuance (other entities). Upon adoption, entities will no longer present or disclose any information required by Topic 915. The Company has adopted this standard and will not report inception to date financial information. | |
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its consolidated financial statements. | |
Going_Concern_Details
Going Concern (Details) (USD $) | Nov. 30, 2013 |
Going Concern: | |
Accumulated losses totaling | $1,428,897 |
Investment_in_Joint_Venture_As
Investment in Joint Venture As Follows (Details) (USD $) | Nov. 30, 2013 | Nov. 26, 2010 |
Investment in Joint Venture As Follows: | ||
Entered into a joint venture agreement, agreed to issue common shares | 1,000,000 | |
Common shares with a fair value | $10,000 | |
Common shares with a fair value in exchange for interest | 51.00% | |
Interest in the joint venture was a net loss | 5,758 | |
Reflected against the investment in joint venture | $10,000 |
Loan_Payablerelated_party_As_F
Loan Payable-related party As Follows (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Loan Payable-related party As Follows: | ||
Owes to a related party for payment of operating expenditures | $33,338 | $28,890 |
Due interest rate at per annum | 8.00% | 8.00% |
Accrued interest recorded in accrued liabilities | $6,842 | $6,236 |
Note_Payable_As_Follows_Detail
Note Payable As Follows (Details) (USD $) | Nov. 30, 2013 | Aug. 31, 2013 |
Note Payable As Follows: | ||
Owes to a to a third party | $4,876 | $4,876 |
Amounts owing are unsecured, due interest rate per annum | 10.00% | 10.00% |
Accrued interest recorded in accrued liabilities. | $2,425 | $2,303 |
Company_share_Details
Company share (Details) (USD $) | Nov. 08, 2013 |
Common Shares Transactions | |
Common shares issued by the company | 1,000,000 |
Common shares per share with a fair value | $210,000 |
On November 8th per share value of common share | $0.21 |
Settlement of professional fees totaling | 85,338 |
The settlement resulted in the recognition of a loss on settlement of debt | $124,662 |
Subsequent_Events_Details
Subsequent Events (Details) | Dec. 01, 2013 |
Subsequent Events Transactions: | |
TIG issued and outstanding shares in exchange for the issue of shares in million | 12,000,000 |
Hong Kong limited company and the Majority Shareholders of TIG whereby the Company acquired | 100.00% |
Issued and outstanding common shares to the Majority Shareholders of TIG. | 50.00% |