Skookum Safety Solutions (SKSK) 10-Q 13 Jul 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May. 31, 2015	Jul. 06, 2015
Document And Entity Information
Entity Registrant Name	SKOOKUM SAFETY SOLUTIONS CORP.
Entity Central Index Key	1,537,048
Document Type	10-Q
Document Period End Date	May 31, 2015
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 Common Stock, Shares Outstanding		2,300,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	May. 31, 2015	Aug. 31, 2014
Current Assets
Cash and equivalents	$ 110	$ 466
TOTAL ASSETS	110	466
Current Liabilities
Accrued expenses	23,637	14,989
Due to officer	2,500	0
Total Liabilities	26,137	14,989
Stockholders Equity
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
Deficit accumulated	(129,152)	(117,648)
Total Stockholders Equity	(26,027)	(14,523)
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 110	$ 466

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	May. 31, 2015	Aug. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ .001	$ .001
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 ($)	3 Months Ended		9 Months Ended
	May. 31, 2015	May. 31, 2014	May. 31, 2015	May. 31, 2014
Income Statement [Abstract]
REVENUES
EXPENSES
Professional fees	$ 3,115	$ 4,235	$ 10,443	$ 8,609
General and administrative	93	126	1,061	994
TOTAL EXPENSES	3,208	4,361	11,504	9,603
LOSS FROM OPERATIONS	$ (3,208)	$ (4,361)	$ (11,504)	$ (9,603)
PROVISION FOR INCOME TAXES
NET LOSS	$ (3,208)	$ (4,361)	$ (11,504)	$ (9,603)
NET LOSS PER SHARE BASIC AND DILUTED	$ 0	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC AND DILUTED	2,300,000	2,300,000	2,300,000	2,300,000

Statements of Cash Flows

Statements of Cash Flows - USD ($) None in scaling factor is -9223372036854775296	9 Months Ended
	May. 31, 2015	May. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (11,504)	$ (9,603)
Changes in assets and liabilities:
(Increase) decrease in prepaid expenses
Increase (decrease) in accrued expenses	$ 8,648	$ 2,159
Increase (decrease) in due to officer	2,500	0
Net Cash Used in Operating Activities	$ (356)	$ (7,444)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock
Capital contribution
Net Cash Provided by Financing Activities
NET INCREASE (DECREASE) IN CASH	$ (356)	$ (7,444)
Cash, beginning of period	466	17,505
Cash, end of period	$ 110	$ 10,061
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest
Cash paid for income taxes
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:
Forgiveness of accrued officer compensation

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	May. 31, 2015
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 has not yet realized any revenues from its planned operations. Basis of Presentation The accompanying unaudited interim financial statements of Skookum Safety Solutions Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2014 have been omitted. 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 May 31, 2015 and August 31, 2014, respectively, the Company had $110 and $466 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 May 31, 2015. 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.

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	May. 31, 2015
Payables and Accruals [Abstract]
ACCRUED EXPENSES	Accrued expenses at May 31, 2015 and August 31, 2014 consisted of amounts due to the Company’s legal counsel, accountant and outside independent auditors.

COMMON STOCK

COMMON STOCK	3 Months Ended
	May. 31, 2015
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 May 31, 2015 there were 2,300,000 shares of common stock issued and outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	May. 31, 2015
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	3 Months Ended
	May. 31, 2015
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	3 Months Ended
	May. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	Skookum has an accumulated deficit of $129,152 as of May 31, 2015. 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	3 Months Ended
	May. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to May 31, 2015 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 ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	May. 31, 2015
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 has not yet realized any revenues from its planned operations.
Basis of Presentation	The accompanying unaudited interim financial statements of Skookum Safety Solutions Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2014 have been omitted.
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 May 31, 2015 and August 31, 2014, respectively, the Company had $110 and $466 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 May 31, 2015.
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.

SUMMARY OF SIGNIFICANT ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	May. 31, 2015	May. 31, 2015	Aug. 31, 2014
Accounting Policies [Abstract]
Date of Incorporation	Oct. 19, 2010
Fiscal Year End		--08-31
Cash and equivalents	$ 110	$ 110	$ 466

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2012	Aug. 31, 2011	May. 31, 2015	Aug. 31, 2014
Common Stock Shares Authorized			30,000,000	30,000,000
Common Stock, Par Value			$ .001	$ .001
Common Stock Shares Issued			2,300,000	2,300,000
Officer
Debt Instrument Forgiveness	$ 3,125
Founder
Common Stock, Par Value		$ 0.02
Shares Issued for Cash		1,500,000
Shares Issued for Cash, proceeds		$ 30,000
Private Placement
Common Stock, Par Value	$ 0.10	$ 0.08
Shares Issued for Cash	300,000	500,000
Shares Issued for Cash, proceeds	$ 30,000	$ 40,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended		12 Months Ended
	May. 31, 2015	May. 31, 2014	Aug. 31, 2012
Due to officer	$ 2,500	$ 0
Officer
Officer Compensation			$ 10,000
Officer Compensation, paid			5,000
Debt Instrument Forgiveness			$ 3,125

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	May. 31, 2015	Aug. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deficit Accumulated During Development Stage	$ (129,152)	$ (117,648)

Uncategorized Items - sksk-2015

Label	Element	Value
Net loss for the period	us-gaap_NetIncomeLoss	$ (3,208)
Net loss for the period	us-gaap_NetIncomeLoss	$ (4,361)