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Sipup (SPUP) 10-Q1 Jun 172016 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Feb. 29, 2016	Jun. 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Sipup Corp
Entity Central Index Key	1,563,227
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Document Type	10-Q
Document Period End Date	Feb. 29, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Trading Symbol	spup
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,500,000

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Feb. 29, 2016	Nov. 30, 2015
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Accounts payable and accrued expenses	$ 43,018	$ 39,718
Loan from stockholder	10,055	7,055
Total liabilities	53,073	46,773
Stockholders' deficiency:
Common stock, $0.001 par value; 75,000,000 shares authorized; 4,000,000 shares issued and outstanding at February 29, 2016 and November 30, 2015	4,000	4,000
Additional paid-in capital	61,068	61,068
Accumulated deficit	(118,141)	(111,841)
Total stockholders' deficiency	(53,073)	(46,773)
Total liabilities and stockholders' deficiency

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Feb. 29, 2016	Nov. 30, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	4,000,000	4,000,000
Common stock, shares outstanding	4,000,000	4,000,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
Statements of Operations (Unaudited) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Income Statement [Abstract]
Revenues
Costs and operating expenses:
Cost of revenues
Professional fees	2,000	2,500
Filing fess	300	701
Payroll and related expenses	4,000
Total costs and operating expenses	6,300	3,201
Net loss	$ (6,300)	$ (3,201)
Net loss per share - basic and diluted attributable to common stockholders	$ 0	$ 0
Basic and diluted weighted average number of shares outstanding	4,000,000	4,000,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Feb. 29, 2016	Feb. 28, 2015
Cash flows from operating activities:
Net loss for the period	$ (6,300)	$ (3,201)
Changes in operating assets and liabilities:
Increase (decrease) in accounts payable and accrued expenses	3,300	3,201
Net cash provided by (used in) operating activities	(3,000)
Cash flows from financing activities:
Proceeds from shareholders	3,000
Net cash provided by (used in) operating activities	3,000
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

Basis of Presentation

Basis of Presentation	3 Months Ended
Basis of Presentation	Feb. 29, 2016
Basis of Presentation [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION Financial Statement Preparation The unaudited financial statements of Sipup Corporation Inc. (referred to in this Quarterly Report on Form 10-Q as the “Company”, “we”, “us”, or “our”), of which these notes are a part, have been prepared in accordance with generally accepted accounting principles for interim financial information and pursuant to the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for annual financial statements. In the opinion of our management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation of the financial information as of and for the periods presented have been included. The results for the interim periods presented are not necessarily indicative of the results that may be expected for any future period. The unaudited financial statements should be read in conjunction with the audited financial statements and notes for the year ended November 30, 2015, included in our Annual Report on Form 10-K filed with the SEC on December 23, 2016, and all of our other periodic filings, including Current Reports on Form 8-K, filed with the SEC after the end of our 2015 fiscal year and through the date of this Report Sipup Corporation (the "Company") is a Nevada Corporation incorporated on October 31, 2012. The Company plans enter emerging technology businesses and real estate industry. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These financial statements are presented in US dollars. Fiscal Year End The Corporation has adopted a fiscal year end of November 30. Going concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As at February 29, 2016, the Company has an accumulated deficit of $118,141 from operations and working capital deficit of $53,073 has earned no revenues to cover its operating costs. The Company intends to fund future operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending November 30, 2016. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Unaudited Interim Financial Statements The interim financial statements of the Company as of February 29, 2016, and for the periods then ended, are unaudited. However, in the opinion of management, the interim financial statements include all adjustments, consisting of only normal recurring adjustments, necessary to present fairly the Company’s financial position as of February 29, 2016, and the results of its operations and its cash flows for the periods ended February 29, 2016. These results are not necessarily indicative of the results expected for the calendar year ending November 30, 2016. The accompanying financial statements and notes thereto do not reflect all disclosures required under accounting principles generally accepted in the United States. Refer to the Company’s audited financial statements as of November 30, 2016, for additional information, including significant accounting policies. Lease Commitments The Company does not own any property. We currently lease a virtual office at 30 Wall St. 8 th Legal proceedings The Company is not party to any legal proceedings, nor is there any known legal proceedings contemplated against the Company.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Feb. 29, 2016
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies are set out below, these policies have been consistently applied to the period presented, unless otherwise stated: Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 or revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash and equivalents include investments with initial maturities of three months or less. The Company maintains its cash balances at credit-worthy financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of February 29, 2016 and November 30, 2015 the company has no cash. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services. Earnings 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 calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As February 29, 2016, the Company had no potentially dilutive shares. Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. Currently, the Company does not have stock incentive plan Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: - Level 1: Quoted prices in active markets for identical instruments; - Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); - Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments). Recently Adopted Accounting Pronouncements During the year ended November 30, 2015, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. We do not believe that the adoption of any other recently issued accounting pronouncements in 2014 had a significant impact on our financial position, results of operations, or cash flow.

Loan from Stockholder

Loan from Stockholder	3 Months Ended
Loan from Stockholder	Feb. 29, 2016
Loan from Stockholder [Abstract]
LOAN FROM STOCKHOLDER	NOTE 3 – LOAN FROM STOCKHOLDER For the three months ended, February 29, 2016 November 30, 2015 Loan from related party* in dollars $ 10,055 $ 7,055 * The above loan is unsecured, bears no interest and has no repayment term. This loan is repayable on demand

Stockholders' Deficit

Stockholders' Deficit	3 Months Ended
Stockholders' Deficit	Feb. 29, 2016
Stockholders' Deficit [Abstract]
STOCKHOLDERS' DEFICIT	NOTE 4 – STOCKHOLDERS’ DEFICIT Common stock In October 2012, the Company issued 3,000,000 shares of common stock at a price of $ 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.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Feb. 29, 2016
Income Taxes [Abstract]
INCOME TAXES	NOTE 5 – INCOME TAXES a. Provision for income taxes No provision for income taxes was required for the three months ended February 29, 2016 and November 30, 2015 due to net losses in these periods. b. In accordance with ASC 740-10, the components of deferred income taxes are as follows: For the three months ended February 29, 2016 November 30, 2015 Net operating losses carryforwards $ 17,721 $ 16,776 Less valuation allowance (17,721 ) (16,776 ) Net deferred tax assets $ - $ - The Company provided a valuation allowance equal to the deferred income tax assets for period ended February 29, 2016 because it is not presently known whether future taxable income will be sufficient to utilize the loss carryforwards . As of February 29, 2016 the Company had approximately $118,141 in tax loss carryforwards that can be utilized future periods to reduce taxable income, and expire by the year 2035. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed .

Related Party Transaction

Related Party Transaction	3 Months Ended
Related Party Transaction	Feb. 29, 2016
Related Party Transaction [Abstract]
RELATED PARTY TRANSACTION	NOTE 6 – RELATED PARTY TRANSACTION Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial and operating decisions. A related party transaction is considered to be a transfer of resources or obligations between related parties, regardless of whether or not a price is charged. The stockholders who gave the loan to the company are not considered as a related party because they have less than 10% of the stock.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Feb. 29, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855-10, Company management reviewed all material events through the date of this report During December 2016, the Company and Rosario Capital Ltd. (“Rosario”) having their principal places of business at Tel Aviv, Israel have entered into service agreement, pursuant to which. Rosario is providing to the Company certain critical advisory and other services. In consideration of any and all Rosario's Services, the Company has issued to Rosario 500,000 restricted shares of common stock.

Significant Accounting Polici13

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Feb. 29, 2016
Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 or revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents Cash and equivalents include investments with initial maturities of three months or less. The Company maintains its cash balances at credit-worthy financial institutions that are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. As of February 29, 2016 and November 30, 2015 the company has no cash.
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses are carried at amortized cost and represent liabilities for goods and services provided to the Company prior to the end of the financial year that are unpaid and arise when the Company becomes obliged to make future payments in respect of the purchase of these goods and services.
Earnings per Share	Earnings 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 calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all potential dilutive common shares, which comprise options granted to employees. As February 29, 2016, the Company had no potentially dilutive shares.
Income Taxes	Income Taxes Income taxes are accounted for in accordance with ASC Topic 740, “Income Taxes.” Under the asset and liability method, deferred tax assets and liabilities are recognized for the future consequences of differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (temporary differences). Deferred tax assets and liabilities are measured using tax rates expected to apply to taxable income in the years in which those temporary differences are recovered or settled. Valuation allowances for deferred tax assets are established when it is more likely than not that some portion or all of the deferred tax assets will not be realized.
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. Currently, the Company does not have stock incentive plan
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques, are assigned a hierarchical level. The following are the hierarchical levels of inputs to measure fair value: - Level 1: Quoted prices in active markets for identical instruments; - Level 2: Other significant observable inputs (including quoted prices in active markets for similar instruments); - Level 3: Significant unobservable inputs (including assumptions in determining the fair value of certain investments).
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements During the year ended November 30, 2015, the Company has elected to early adopt Accounting Standards Update (“ASU”) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the Company to remove the inception to date information and all references to development stage. We do not believe that the adoption of any other recently issued accounting pronouncements in 2014 had a significant impact on our financial position, results of operations, or cash flow.

Loan from Stockholder (Tables)

Loan from Stockholder (Tables)	3 Months Ended
Loan from Stockholder (Tables)	Feb. 29, 2016
Loan from Stockholder [Abstract]
Schedule of loan from stockholder	For the three months ended, February 29, 2016 November 30, 2015 Loan from related party* in dollars $ 10,055 $ 7,055 * The above loan is unsecured, bears no interest and has no repayment term. This loan is repayable on demand

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
Income Taxes (Tables)	Feb. 29, 2016
Income Taxes [Abstract]
Schedule of deferred tax assets	For the three months ended February 29, 2016 November 30, 2015 Net operating losses carryforwards $ 17,721 $ 16,776 Less valuation allowance (17,721 ) (16,776 ) Net deferred tax assets $ - $ -

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	Feb. 29, 2016	Nov. 30, 2015
Basis of Presentation (Textual)
Accumulated deficit	$ (118,141)	$ (111,841)
Working capital deficit	$ 53,073

Significant Accounting Polici17

Significant Accounting Policies (Details)	Feb. 29, 2016USD ($)
Significant Accounting Policies (Textual)
Federal deposit insurance corporation amount	$ 250,000

Loan from Stockholder (Details)

Loan from Stockholder (Details) - USD ($)		Feb. 29, 2016	Nov. 30, 2015
Loan from Stockholder [Abstract]
Loan from related party	[1]	$ 10,055	$ 7,055

[1]	The above loan is unsecured, bears no interest and has no repayment term. This loan is repayable on demand

Stockholders' Deficit (Details)

Stockholders' Deficit (Details) - $ / shares	Feb. 29, 2016	Nov. 30, 2015	May 31, 2013	Apr. 30, 2013	Oct. 31, 2012
Stockholders' Deficit (Textual)
Common stock, shares issued	4,000,000	4,000,000	910,000	90,000	3,000,000
Common stock, par value	$ 0.001	$ 0.001	$ 0.05	$ 0.05	$ 0.001

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Feb. 29, 2016	Nov. 30, 2015
Income Taxes [Abstract]
Net operating losses carryforwards	$ 17,721	$ 16,776
Less valuation allowance	(17,721)	(16,776)
Net deferred tax assets

Income Taxes (Details Textual)

Income Taxes (Details Textual)	3 Months Ended
Income Taxes (Details Textual)	Feb. 29, 2016USD ($)
Income Taxes (Textual)
Operating loss carryforwards	$ 118,141
Operating loss carryforwards, expiration date	Dec. 31, 2035

Related Party Transaction (Deta

Related Party Transaction (Details)	Feb. 29, 2016
Related Party Transaction (Textual)
Percentage of stock	10.00%

Subsequent Events (Details)

Subsequent Events (Details)	Dec. 31, 2016shares
Subsequent Events [Member]
Subsequent Events (Textual)
Restricted shares of common stock to Rosario	500,000

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