Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Aug. 31, 2013 | Nov. 26, 2013 | Feb. 28, 2013 | |
Document and Entity Information: | ' | ' | ' |
Entity Registrant Name | 'SCOOP MEDIA, INC. | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Aug-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001533615 | ' | ' |
Current Fiscal Year End Date | '--08-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 8,000,000 | ' |
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 | 'FY | ' | ' |
Entity Public Float | ' | ' | $0 |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Current Assets | ' | ' |
Cash | $3,519 | $12,313 |
Total Current Assets | 3,519 | 12,313 |
Current Liabilities | ' | ' |
Accrued liabilities | 19,044 | 7,500 |
Due to related parties | 380 | 380 |
Total Current Liabilities | 19,424 | 7,880 |
Stockholders' Equity (Deficit) | ' | ' |
Common stock Authorized: 200,000,000 shares, par value $0.001. 8,000,000 and 5,500,000 share issued and outstanding as of August 31, 2013 and 2012, respectively | 8,000 | 5,500 |
Additional paid-in capital | 72,000 | 49,500 |
Deficit accumulated during the development stage | -95,905 | -50,567 |
Total Stockholders' Equity (Deficit) | -15,905 | 4,433 |
Total Liabilities and Stockholders' Equity (Deficit) | $3,519 | $12,313 |
Balance_Sheets_Parentheticals
Balance Sheets Parentheticals (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Parentheticals | ' | ' |
Common Stock, par value | $0.00 | $0.00 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 8,000,000 | 5,500,000 |
Common Stock, shares outstanding | 8,000,000 | 5,500,000 |
Statements_of_Expenses
Statements of Expenses (USD $) | 12 Months Ended | 29 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Expenses | ' | ' | ' |
General and administrative | $45,338 | $50,108 | $95,905 |
Total Operating Expenses | 45,338 | 50,108 | 95,905 |
Net Loss | ($45,338) | ($50,108) | ($95,905) |
Net Loss Per Share - Basic and Diluted | $0.01 | $0.01 | ' |
Weighted Average Shares Outstanding | 7,828,767 | 5,500,000 | ' |
Statement_of_Stockholders_Equi
Statement of Stockholders' Equity (USD $) | Common Stock Shares | Common Stock Amount | Additional Paid-in Capital | Deficit Accumulated During the Development Stage | Total |
USD ($) | USD ($) | USD ($) | USD ($) | ||
Balance at Mar. 18, 2011 | 0 | 0 | 0 | 0 | 0 |
Common stock issued for cash | 5,500,000 | 5,500 | 49,500 | 0 | 55,000 |
Net loss. | ' | $0 | $0 | ($459) | ($459) |
Balance at Aug. 31, 2011 | 5,500,000 | 5,500 | 49,500 | -459 | 54,541 |
Net loss. | ' | 0 | 0 | -50,108 | -50,108 |
Balance at Aug. 31, 2012 | 5,500,000 | 5,500 | 49,500 | -50,567 | 4,433 |
Common stock issued for cash | 2,500,000 | 2,500 | 22,500 | 0 | 25,000 |
Net loss. | ' | $0 | $0 | ($45,338) | ($45,338) |
Balance at Aug. 31, 2013 | 8,000,000 | 8,000 | 72,000 | -95,905 | -15,905 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 29 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Operating Activities | ' | ' | ' |
Net loss | ($45,338) | ($50,108) | ($95,905) |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses | 0 | 7,500 | 0 |
Accrued liabilities | 11,544 | 7,500 | 19,044 |
Net Cash Used in Operating Activities | -33,794 | -35,108 | -76,861 |
Financing Activities | ' | ' | ' |
Proceeds from issuance of common stock | 25,000 | 0 | 80,000 |
Proceeds from related party debt | 0 | 0 | 380 |
Net Cash Provided by Financing Activities | 25,000 | 0 | 80,380 |
Net Increase in Cash | -8,794 | -35,108 | 3,519 |
Cash, Beginning of Period | 12,313 | 47,421 | 0 |
Cash, End of Period | 3,519 | 12,313 | 3,519 |
Supplemental Disclosures | ' | ' | ' |
Interest paid | 0 | 0 | 0 |
Income taxes paid | $0 | $0 | $0 |
Nature_of_Operations_Continuan
Nature of Operations, Continuance of Business, and Going Concern | 12 Months Ended |
Aug. 31, 2013 | |
Nature of Operations, Continuance of Business, and Going Concern | ' |
Nature of Operations, Continuance of Business, and Going Concern | ' |
1.Nature of Operations, Continuance of Business, and Going Concern | |
Scoop Media, Inc. (the “Company”) was incorporated in the state of Nevada on March 18, 2011. The Company has been in the development stage since its formation and has not commenced business operations. | |
These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize it assets and discharge its liabilities in the normal course of business. During the period from March 18, 2011 (inception) to August 31, 2013, the Company has an accumulated deficit of $95,905. The Company intends to engage in the business of developing a website that will provide reviews and information on online dating sites. 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. 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 | 12 Months Ended |
Aug. 31, 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 notes are presented in accordance with accounting principles generally accepted in the United States. 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. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets, donated expenses and 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 a maturity of three months or less at the time of issuance to be cash equivalents. | |
d)Financial Instruments | |
The fair values of financial instruments which include cash and amounts due to related parties were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. | |
The Company’s operations and financing activities are conducted primarily in United States dollars, and as a result the Company is not subject to significant exposure to market risks from changes in foreign currency rates. Management has determined that the Company is not exposed to significant credit risk. | |
e)Loss per Share | |
The Company computes net loss per share in accordance with ASC 740 "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 income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, 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 common shares if their effect is anti-dilutive. | |
f)Income Taxes | |
The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized | |
g)Recent Accounting Pronouncements | |
We do not expect the adoption of recently issued to have a significant impact on our results of operations, financial position or cash flow. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
3.Related Party Transactions | |
As at August 31, 2013, the Company was indebted to the former President of the Company in the amount of $380, which is non-interest bearing, unsecured, and due on demand. |
Common_Stock
Common Stock | 12 Months Ended |
Aug. 31, 2013 | |
Common Stock | ' |
Common Stock | ' |
4.Common Stock | |
On September 25, 2012, the Company issued 2,500,000 shares of common stock at $0.01 per share for proceeds of $25,000. The shares were sold by the Company to 32 investors at $0.01 per share pursuant to the Company’s Registration Statement on Form S-1 declared effective by the Securities and Exchange Commission on February 22, 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Income Taxes: | ' | ||||||||
Income Taxes | ' | ||||||||
5 | |||||||||
Income Taxes | |||||||||
Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has incurred a net operating loss of approximately $96,000, which begins expiring in 2028. The Company has adopted ASC 740, “Accounting for Income Taxes”, as of its inception. Pursuant to ASC 740 the Company is required to compute tax asset benefits for non-capital losses carried forward. The potential benefit of the net operating loss has not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the loss carried forward in future years. | |||||||||
Significant components of the Company’s deferred tax assets and liabilities as at August 31, 2013 and 2012, after applying enacted corporate income tax rates, are as follows: | |||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Deferred income tax asset | |||||||||
Net operating loss carry forward | $ | 32,608 | $ | 17,193 | |||||
Valuation allowance | -32,608 | -17,193 | |||||||
Net deferred tax assets | $ | – | $ | – | |||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2013 | |
Subsequent Events: | ' |
Subsequent Event | ' |
6 | |
Subsequent Event | |
On September 30, 2013, Xpress Group, Ltd., a Hong Kong company (“Xpress”) purchased 5,500,000 shares (the “Shares”) of the Company’s common stock representing approximately 68.7% of its issued and outstanding common stock. The Shares were purchased from Yukon Industries, Inc. for $55,000.00 payable in cash at closing. | |
On September 30, 2013 the Company’s board of directors appointed Conn Flanigan as its Chief Executive Officer, Chief Financial Officer and a director to hold office until the next annual meeting of shareholders and until his successor is duly elected and qualified or until his resignation or removal. Following the appointment of Mr. Flanigan as an officer and director of the Company, Awais Khan resigned his positions as our Chief Executive Officer, Chief Financial Officer and Director effective as of October 1, 2013. Richard Lee also resigned his positions as Vice President and Director effective October 1, 2013. The resignations of Messrs. Khan and Lee was not a result of any disagreements relating to the Company’s operations, policies or practices. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2013 | |
ACCOUNTING POLICIES | ' |
Basis of Presentation | ' |
a)Basis of Presentation | |
These financial statements and notes are presented in accordance with accounting principles generally accepted in the United States. 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. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets, donated expenses and 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 Policies | ' |
c)Cash and Cash Equivalents | |
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | |
Financial Instruments | ' |
d)Financial Instruments | |
The fair values of financial instruments which include cash and amounts due to related parties were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. | |
The Company’s operations and financing activities are conducted primarily in United States dollars, and as a result the Company is not subject to significant exposure to market risks from changes in foreign currency rates. Management has determined that the Company is not exposed to significant credit risk. | |
Loss per Share | ' |
e)Loss per Share | |
The Company computes net loss per share in accordance with ASC 740 "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 income (loss) available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, 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 common shares if their effect is anti-dilutive. | |
Income Taxes Policy | ' |
f) | |
Income Taxes | |
The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized | |
Recent Accounting Pronouncements | ' |
g) | |
Recent Accounting Pronouncements | |
We do not expect the adoption of recently issued to have a significant impact on our results of operations, financial position or cash flow. |
Significant_components_of_defe
Significant components of deferred tax assets and liabilities (Tables) | 12 Months Ended | ||||||||
Aug. 31, 2013 | |||||||||
Significant components of deferred tax assets and liabilities | ' | ||||||||
Significant components of deferred tax assets and liabilities | ' | ||||||||
Significant components of the Company’s deferred tax assets and liabilities as at August 31, 2013 and 2012, after applying enacted corporate income tax rates, are as follows: | |||||||||
August 31, | August 31, | ||||||||
2013 | 2012 | ||||||||
Deferred income tax asset | |||||||||
Net operating loss carry forward | $ | 32,608 | $ | 17,193 | |||||
Valuation allowance | -32,608 | -17,193 | |||||||
Net deferred tax assets | $ | – | $ | – | |||||
GOING_CONCERN_Details
GOING CONCERN (Details) (USD $) | Aug. 31, 2013 |
GOING CONCERN: | ' |
Accumulated deficit | $95,905 |
RELATED_PARTY_TRANSACTION_CONS
RELATED PARTY TRANSACTION CONSISTS OF (Details) (USD $) | Aug. 31, 2013 |
RELATED PARTY TRANSACTION CONSISTS OF: | ' |
Related Party Payables | $380 |
Common_Stock_Transactions_Deta
Common Stock Transactions (Details) (USD $) | Aug. 31, 2013 |
Common Stock Transactions: | ' |
Issued common shares | 2,500,000 |
Common stock shares par value | $0.01 |
Common shares for proceeds | $25,000 |
Components_of_deferred_tax_ass
Components of deferred tax assets and liabilities (Details) (USD $) | Aug. 31, 2013 | Aug. 31, 2012 |
Deferred income tax asset: | ' | ' |
Net operating loss carry forward | $32,608 | $17,193 |
Valuation allowance | -32,608 | -17,193 |
Net deferred tax assets | $0 | $0 |
Subsequent_Events_Transactions
Subsequent Events Transactions (Details) (USD $) | Sep. 30, 2013 |
Subsequent Events Transactions: | ' |
Purchased shares | 5,500,000 |
Percent representing approximately of issued and outstanding common stock | 68.70% |
Shares purchased payable in cash at closing | $55,000 |