Skookum Safety Solutions (SKSK) 10-K 1 Dec 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Aug. 31, 2014	Nov. 25, 2014
Document And Entity Information	'	'
Entity Registrant Name	'SKOOKUM SAFETY SOLUTIONS CORP.	'
Entity Central Index Key	'0001537048	'
Document Type	'10-K	'
Document Period End Date	31-Aug-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--08-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Public Float	'	$0
Entity Common Stock, Shares Outstanding	'	2,300,000
Document Fiscal Period Focus	'FY	'
Document Fiscal Year Focus	'2014	'

Balance_Sheets

Balance Sheets (USD $)	Aug. 31, 2014	Aug. 31, 2013
Current Assets	'	'
Cash and equivalents	$17,505	$466
TOTAL ASSETS	17,505	466
Current Liabilities	'	'
Accrued expenses	7,950	14,989
Total Liabilities	7,950	14,989
Stockholders Equity (Deficit)	'	'
Common Stock, $.001 par value, 30,000,000 shares authorized, 2,300,000 shares issued and outstanding (2,300,000 August 31, 2013)	2,300	2,300
Additional paid-in capital	100,825	100,825
Accumulated deficit	-117,648	-117,648
Total Stockholders Equity (Deficit)	-14,523	9,555
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT)	$17,505	$466

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common Stock, Par Value	$0.00	$0.00
Common Stock, Shares Authorized	30,000,000	30,000,000
Common Stock, Issued and outstanding	2,300,000	2,300,000

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Income Statement [Abstract]	'	'
REVENUES	$0	$0
EXPENSES	'	'
Professional fees	19,661	23,593
Officer compensation	0	0
General and administrative	4,417	900
TOTAL EXPENSES	24,078	24,493
LOSS FROM OPERATIONS	-24,078	-24,493
PROVISION FOR INCOME TAXES	0	0
NET LOSS	($24,078)	($24,493)
NET LOSS PER SHARE: BASIC AND DILUTED	$0	$0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,300,000	2,300,000

Statement_of_Stockholders_Equi

Statement of Stockholders Equity (USD $)	Common Stock	Additional Paid-In Capital	Deficit Accumulated During the Development Stage	Total
Beginning balance, amount at Aug. 31, 2012	$2,300	$100,825	($69,077)	'
Beginning balance, shares at Aug. 31, 2012	2,300,000	'	'	'
Net loss	'	'	-24,493	-24,493
Ending balance, amount at Aug. 31, 2013	2,300	100,825	-93,570	9,555
Ending balance, shares at Aug. 31, 2013	2,300,000	'	'	'
Net loss	'	'	-24,078	-24,078
Ending balance, amount at Aug. 31, 2014	$2,300	$100,825	($117,648)	($14,523)
Ending balance, shares at Aug. 31, 2014	2,300,000	'	'	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net loss for the period	($24,078)	($24,493)
Adjustments to reconciled net loss to net cash used in operating activities:	'	'
(Increase) decrease in prepaid expenses	0	0
Increase (decrease) in accrued expenses	7,039	1,050
Increase (decrease) in due to officer	0	0
Net Cash Used in Operating Activities	-17,039	-23,443
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Proceeds from issuance of common stock	0	0
Capital contribution	0	0
Net Cash Provided by Financing Activities	0	0
NET INCREASE (DECREASE) IN CASH	-17,039	-23,443
Cash, beginning of period	17,505	40,948
Cash, end of period	466	17,505
SUPPLEMENTAL CASH FLOW INFORMATION:	'	'
Cash paid for interest	0	0
Cash paid for income taxes	$0	$0
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:	'	'
Forgiveness of accrued officer compensation	0	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2014
Accounting Policies [Abstract]	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	Nature of Business
	Skookum Safety Solutions Corp. (‘Skookum” or “the Company”) was incorporated under the laws of the State of Nevada, U.S. on October 19, 2010. Skookum is developing a line of baby products. Skookum is a development stage company and has not yet realized any revenues from its planned operations.
	Accounting Basis
	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted an August 31 fiscal year end.
	Cash and Cash Equivalents
	Skookum considers all highly liquid investments with maturities of three months or less to be cash equivalents. At August 31, 2014 and August 31, 2013, respectively, the Company had $466 and $17,505 of cash.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents, prepaid expenses, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
	Income Taxes
	Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
	Use of Estimates
	The preparation of financial statements in conformity with 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Revenue Recognition
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
	Foreign Currency
	Skookum maintains both U.S. Dollar and Canadian Dollar bank accounts. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Re-measurement gains and losses that arise from exchange rate fluctuations are included in income or loss from operations due to materiality. Monetary assets and liabilities denominated in Canadian Dollars are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Canadian Dollars are translated at the average exchange rate.
	Basic Income (Loss) Per Share
	Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of August 31, 2014.
	Stock-Based Compensation
	Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
	Recent Accounting Pronouncements
	Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements” (“ASU 2014-10”) issued in June 2014, ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company evaluated and adopted ASU 2014-10 for all the periods presented.
	Skookum does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

ACCRUED_EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Aug. 31, 2014
Payables and Accruals [Abstract]	'
ACCRUED EXPENSES	'
	Accrued expenses at August 31, 2014 and August 31, 2013 consisted of amounts due to the Company’s legal counsel, accountant and outside independent auditors.

COMMON_STOCK

COMMON STOCK	12 Months Ended
	Aug. 31, 2014
Equity [Abstract]	'
COMMON STOCK	'
	The Company has 30,000,000 shares of $0.001 par value common stock authorized.
	During the period ended August 31, 2011, the Company issued 1,500,000 shares of common stock at $0.02 per share to its founder for total cash proceeds of $30,000. Additionally, the Company issued 500,000 shares of common stock at $0.08 per share for total cash proceeds of $40,000.
	During the year ended August 31, 2012, the Company issued 300,000 shares of common stock at $0.10 per share for total cash proceeds of $30,000. On July 19, 2012, a shareholder forgave a balance due of $3,125. The amount was recorded as contributed capital.
	As of August 31, 2014 there were 2,300,000 shares of common stock issued and outstanding.

INCOME_TAXES

INCOME TAXES	12 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
INCOME TAXES	'
	As of August 31, 2014, the Company had net operating loss carry forwards of approximately $117,648 that may be available to reduce future years’ taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
	The provision for Federal income tax consists of the following for the nine month periods ended August 31, 2014 and 2013:
		31-Aug-14			31-Aug-13
	Federal income tax benefit attributable to:
	Current Operations	$	8,186		$	8,328
	Less: valuation allowance		(8,186	)		(8,328	)
	Net provision for Federal income taxes	$	0		$	0
	The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of August 31, 2014 and August 31, 2013:
		31-Aug-14			31-Aug-13
	Deferred tax asset attributable to:
	Net operating loss carryover	$	40,000		$	31,814
	Less: valuation allowance		(40,000	)		(31,814	)
	Net deferred tax asset	$	0		$	0
	Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $117,648 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.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Aug. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
COMMITMENTS AND CONTINGENCIES	'
	The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Aug. 31, 2014
Related Party Transactions [Abstract]	'
RELATED PARTY TRANSACTIONS	'
	During the year ended August 31, 2012, the Company entered into an agreement with an officer and shareholder for compensation in the amount of $10,000. The agreement was for the period from January 1, 2012 through August 31, 2012. The officer and shareholder was paid $5,000 on this agreement as of August 31, 2012. On July 19, 2012, the officer resigned and forgave the prorated balance due on the agreement of $3,125. The amount was recorded as contributed capital.

GOING_CONCERN

GOING CONCERN	12 Months Ended
	Aug. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
GOING CONCERN	'
	Skookum has a deficit accumulated during the development stage of $117,648 as of August 31, 2014. Skookum's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, Skookum has no current source of revenue and a limited amount of working capital. Without realization of additional capital, it would be unlikely for Skookum to continue as a going concern. Skookum's management plans on raising cash from public or private debt or equity financing, on an as needed basis and in the longer term, and, ultimately, upon achieving profitable operations through the development of business activities.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Aug. 31, 2014
Subsequent Events [Abstract]	'
SUBSEQUENT EVENTS	'
	In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to August 31, 2014 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 31, 2014
Accounting Policies [Abstract]	'
Nature of Business	'
	Skookum Safety Solutions Corp. (‘Skookum” or “the Company”) was incorporated under the laws of the State of Nevada, U.S. on October 19, 2010. Skookum is developing a line of baby products. Skookum is a development stage company and has not yet realized any revenues from its planned operations.
Accounting Basis	'
	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted an August 31 fiscal year end.
Cash and Cash Equivalents	'
	Skookum considers all highly liquid investments with maturities of three months or less to be cash equivalents. At August 31, 2014 and August 31, 2013, respectively, the Company had $466 and $17,505 of cash.
Fair Value of Financial Instruments	'
	The Company’s financial instruments consist of cash and cash equivalents, prepaid expenses, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
Income Taxes	'
	Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Use of Estimates	'
	The preparation of financial statements in conformity with 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	'
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
Foreign Currency	'
	Skookum maintains both U.S. Dollar and Canadian Dollar bank accounts. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Re-measurement gains and losses that arise from exchange rate fluctuations are included in income or loss from operations due to materiality. Monetary assets and liabilities denominated in Canadian Dollars are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Canadian Dollars are translated at the average exchange rate.
Basic Income (Loss) Per Share	'
	Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of August 31, 2014.
Stock-Based Compensation	'
	Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Recent Accounting Pronouncements	'
	Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements” (“ASU 2014-10”) issued in June 2014, ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders’ equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company evaluated and adopted ASU 2014-10 for all the periods presented.

INCOME_TAXES_Tables

INCOME TAXES (Tables)	12 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
Federal Income Tax	'
		31-Aug-14			31-Aug-13
	Federal income tax benefit attributable to:
	Current Operations	$	8,186		$	8,328
	Less: valuation allowance		(8,186	)		(8,328	)
	Net provision for Federal income taxes	$	0		$	0
Deferred Tax Asset	'
		31-Aug-14			31-Aug-13
	Deferred tax asset attributable to:
	Net operating loss carryover	$	40,000		$	31,814
	Less: valuation allowance		(40,000	)		(31,814	)
	Net deferred tax asset	$	0		$	0

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013	Aug. 31, 2012
Accounting Policies [Abstract]	'	'	'
Date of Incorporation	19-Oct-10	'	'
Fiscal Year End	'--08-31	'	'
Cash	$466	$17,505	$40,948

COMMON_STOCK_Details_Narrative

COMMON STOCK (Details Narrative) (USD $)	10 Months Ended	12 Months Ended
	Aug. 31, 2011	Aug. 31, 2014	Aug. 31, 2012	Aug. 31, 2013
Common Stock Shares Authorized	'	30,000,000	'	30,000,000
Common Stock, Par Value	'	$0.00	'	$0.00
Founder Shares Issued For Cash, Shares	1,500,000	'	'	'
Founder Shares Issued For Cash, Par Value	$0.02	'	'	'
Shares Issued For Cash, Shares	'	'	300,000	'
Shares Issued For Cash, Par Value	'	'	$0.10	'
Shares Issued For Cash, Value	$30,000	'	$30,000	'
Forgiveness Of Accrued Officer Compensation	'	0	'	'
Common Stock Shares Issued	'	2,300,000	'	2,300,000
Forgiveness of debt	'	'	3,125	'
Founder	'	'	'	'
Shares Issued For Cash, Shares	500,000	'	'	'
Shares Issued For Cash, Par Value	$0.08	'	'	'
Shares Issued For Cash, Value	$40,000	'	'	'

INCOME_TAXES_Federal_Income_Ta

INCOME TAXES - Federal Income Tax (Details) (USD $)	12 Months Ended
	Aug. 31, 2014	Aug. 31, 2013
Federal income tax benefit attributable to:	'	'
Current Operations	$8,186	$8,328
Less: valuation allowance	-8,186	-8,328
Net provision for Federal income taxes	$0	$0

INCOME_TAXES_Deferred_Tax_Asse

INCOME TAXES - Deferred Tax Asset (Details) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Deferred tax asset attributable to:	'	'
Net operating loss carryover	$40,000	$31,814
Less: valuation allowance	-40,000	-31,814
Net deferred tax asset	$0	$0

INCOME_TAXES_Details_Narrative

INCOME TAXES (Details Narrative) (USD $)	12 Months Ended
	Aug. 31, 2014
Income Tax Disclosure [Abstract]	'
Operating Loss Carryforwards	$117,648
Carryforward Expiration Date	31-Jan-32
Effective Income Tax Rate	34.00%

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)	12 Months Ended
	Aug. 31, 2012
Related Party Transactions [Abstract]	'
Share Based Compensation	$10,000
Share Based Compensation, payments	5,000
Forgiveness of debt	$3,125

GOING_CONCERN_Details_Narrativ

GOING CONCERN (Details Narrative) (USD $)	Aug. 31, 2014	Aug. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'	'
Accumulated deficit	($117,648)	($117,648)