Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May. 31, 2015 | Jul. 15, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Sirrus Corp. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 35,763,339 | |
Amendment Flag | false | |
Entity Central Index Key | 1,622,767 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | May 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Sirrus Corp. - Balance Sheets
Sirrus Corp. - Balance Sheets - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 33,711 | $ 19,883 |
Inventory | 1,840 | |
Total current assets | 35,551 | 19,883 |
Deposit | 300 | |
Total assets | 35,551 | 20,183 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 6,133 | 370 |
Due to related party | 4,004 | 1,532 |
Total Liabilities | 10,137 | 1,902 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.00001 par value, 200,000,000 shares authorized, 35,763,339 shares and 25,000,000 shares issued and outstanding, respectively | 358 | 250 |
Additional paid-in capital | 56,932 | 24,750 |
Accumulated deficit | (31,876) | (6,719) |
TOTAL STOCKHOLDERS’ EQUITY | 25,414 | 18,281 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 35,551 | $ 20,183 |
Sirrus Corp. - Balance Sheets (
Sirrus Corp. - Balance Sheets (Parentheticals) - $ / shares | May. 31, 2015 | Aug. 31, 2014 |
Preferred stock par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 35,763,339 | 25,000,000 |
Common stock, shares outstanding | 35,763,339 | 25,000,000 |
Sirrus Corp. - Statements of Op
Sirrus Corp. - Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 15 Months Ended | |
May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | |
Operating expenses | ||||
General and administrative | $ 1,546 | $ 25,147 | $ 1,546 | $ 7,998 |
Total operating loss | (1,546) | (25,147) | (1,546) | (7,998) |
Other expenses | ||||
Foreign exchange loss | (10) | (16) | ||
Total other expenses | (10) | (16) | ||
Net loss | $ (1,546) | $ (25,157) | $ (1,546) | $ (8,014) |
Net Loss Per Common Share – Basic and Diluted (in Dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding - Basic and Diluted (in Shares) | 25,000,000 | 25,394,262 | 25,000,000 | 26,157,348 |
Sirrus Corp. - Statement of Cas
Sirrus Corp. - Statement of Cash Flows (Unuadited) - USD ($) | 9 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Cash Flows From Operating Activities | ||
Net loss | $ 25,157 | $ 1,546 |
Changes in operating assets and liabilities: | ||
Inventory | (1,840) | |
Deposit | 300 | |
Accounts payable and accrued liabilities | 5,763 | 1,196 |
Cash used in operating activities | (20,934) | (350) |
Cash Flows From Financing Activities | ||
Proceeds from sale of common stock for cash | 32,290 | 25,000 |
Proceeds from related party advances | 2,472 | 300 |
Cash provided by financing activities | 34,762 | 25,300 |
Net change in cash | 13,828 | 24,950 |
Cash and cash equivalents, Beginning of Period | 19,883 | |
Cash and cash equivalents, End of Period | $ 33,711 | $ 24,950 |
NOTE 1. NATURE OF BUSINESS AND
NOTE 1. NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
May. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS Sirrus Corp. (“we”, “us”, “our” or the “Company”) was formed on May 7, 2014 in Nevada. The Company is engaged in the business of designing, marketing and distributing electronic cigarettes (“e-cigarette”) in East Africa. The Company’s products and services are all in the startup stage. These financial statements have been prepared on a going concern basis which assumes the Company will continue to realize it assets and discharge its liabilities in the normal course of business. As of May 31, 2015, the Company has incurred losses totaling $31,876 since inception, has not yet generated revenue from operations, and will require additional funds to maintain our operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months through continued financial support from its shareholders and private placements of common stock. 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. |
NOTE 2. SUMMARY OF SIGNIFICANT
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
May. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of Presentation These financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s year end is August 31. b) The accompanying unaudited interim financial statements of the Company 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 registration statement filed with the SEC on Form S-1. 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 ended August 31, 2014 have been omitted. c) Estimates and Assumptions The preparation of financial statements in conformity with United States 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 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. d) 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. e) Foreign Currency Transactions The Company’s planned operations are outside of the United States, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations. f) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company computes tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. g) Inventory Inventory is recorded at lower of cost or market; cost is computed on a first-in first-out basis. The inventory consists of e-cigarettes. h) Revenue Recognition Revenue from the sale of goods is recognized when the following conditions are satisfied: · The Company has transferred to the buyer the significant risks and rewards of ownership of the goods; · The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; · The amount of revenue can be measured reliably; · It is probable that the economic benefits associated with the transaction will flow to the entity; and · The costs incurred or to be incurred in respect of the transaction can be measured reliably. i) Earnings (Loss) Per Common Share (“EPS”) Basic EPS is computed by dividing net income (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. At May 31, 2015, the Company has no potentially dilutive securities outstanding. j) Stock-Based Compensation Compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period. We did not grant any stock options during the nine months ended May 31, 2015. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) k) Income Taxes The Company accounts for income taxes using the asset and liability method. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. l) Subsequent Events The Company has evaluated all transactions through the financial statement issuance date for subsequent disclosure consideration. m) New Accounting Pronouncements In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. 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 the reporting period ended November 30, 2014. |
NOTE 3. STOCKHOLDERS' EQUITY
NOTE 3. STOCKHOLDERS' EQUITY | 9 Months Ended |
May. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 3. STOCKHOLDERS’ EQUITY a) The Company’s authorized capital consists of 100,000,000 shares of common stock with a par value of $0.00001 and 100,000,000 shares of preferred stock with a par value of $0.00001. b) At inception on May 7, 2014, 25,000,000 shares of common stock were issued to the sole director of the Company at $0.001 per share for cash proceeds of $25,000. c) On May 22, 2015, the Company issued a total of 10,763,339 shares of common shares at $0.003 per share for total cash proceeds of $32,290. |
NOTE 4. COMMITMENTS
NOTE 4. COMMITMENTS | 9 Months Ended |
May. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 4. COMMITMENTS On September 17, 2014, the Company entered into an exclusive distribution agreement with Shenzhen Kangxin Technology Co., Ltd to distribute e-cigarettes on behalf of the Company for the next five years. This is an exclusive distribution agreement for the territories of Kenya, Uganda, Tanzania, Rwanda, Ethiopia, Burundi, and the Southern Sudan. The Company is required to purchase a total of 100 devices as an initial order and an additional 100 devices in the first year of the agreement in order for the agreement to be extended. The devices carry a manufacturer’s warranty of one year. As of May 31, 2015, the Company fulfilled its requirement to purchase a total of 100 devices with the manufacturer’s warranty for five years. |
NOTE 5. RELATED PARTY TRANSACTI
NOTE 5. RELATED PARTY TRANSACTIONS | 9 Months Ended |
May. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 5. RELATED PARTY TRANSACTIONS As of May 31, 2015, the Company owed $4,004 to its president and director, Ahmed Guled, for incorporation fees, product purchases, and travel expenses that he paid on the Company’s behalf. The total amount is unsecured, non-interest bearing, and has no specific terms for repayment. |