Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Feb. 28, 2017 | Apr. 10, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Sirrus Corp. | |
Entity Central Index Key | 1,622,767 | |
Trading Symbol | srup | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 35,763,339 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Feb. 28, 2017 | Aug. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 27,375 | $ 139 |
Total Current Assets | 27,375 | 139 |
TOTAL ASSETS | 27,375 | 139 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 28,984 | 9,404 |
Due to related parties | 54,750 | |
Due to previous shareholder | 17,319 | |
Short term notes | 81,810 | |
Total Current Liabilities | 165,544 | 26,723 |
STOCKHOLDERS' DEFICIT | ||
Preferred stock, par value $0.00001 per share, 100,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, par value $0.00001 per share, 200,000,000 shares authorized, 35,763,339 shares issued and outstanding | 358 | 358 |
Additional paid-in capital | 74,252 | 56,932 |
Accumulated deficit | (212,779) | (83,874) |
Total stockholders' deficit | (138,169) | (26,584) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 27,375 | $ 139 |
Balance Sheets Unaudited (Paren
Balance Sheets Unaudited (Parenthetical) - $ / shares | Feb. 28, 2017 | Aug. 31, 2016 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
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 | 35,763,339 |
Common stock, shares outstanding | 35,763,339 | 35,763,339 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
OPERATING EXPENSES | ||||
General and administrative | $ 106,454 | $ 6,892 | $ 127,631 | $ 13,455 |
OPERATING LOSS | (106,454) | (6,892) | (127,631) | (13,455) |
Interest expense | (1,001) | (1,274) | ||
Foreign exchange gain (loss) | (12) | (3) | ||
NET LOSS | $ (107,455) | $ (6,904) | $ (128,905) | $ (13,458) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 35,763,339 | 35,763,339 | 35,763,339 | 35,763,339 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Feb. 28, 2017 | Feb. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (128,905) | $ (13,458) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (475) | |
Accounts payable and accrued liabilities | 19,581 | (4,597) |
Accrued interest | 54,750 | |
Net cash used in operating activities | (54,574) | (18,530) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party advances | 8,019 | |
Repayments of related party advances | (386) | |
Issuance of short term notes | 81,810 | |
Net cash provided by financing activities | 81,810 | 7,633 |
Net increase (decrease) in cash and cash equivalents | 27,236 | (10,897) |
Cash and cash equivalents - beginning of period | 139 | 12,452 |
Cash and cash equivalents - end of period | 27,375 | 1,555 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Non-cash financing transactions | ||
Debt assumed by related party | $ 17,319 |
NATURE OF BUSINESS AND CONTINUA
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
NOTE 1. NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS | Sirrus Corp. (the Company) was formed on May 7, 2014 in Nevada. The Company was originally engaged in the business of designing, marketing and distributing electronic cigarettes (e-cigarette) in East Africa. As of October 14, 2016, a change of control of the Company occurred, the Company now focuses on cyber security. 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 February 28, 2017, the Company has incurred losses totaling $212,779 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 Companys ability to continue as a going concern. The Companys 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | a) Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC) with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These interim unaudited financial statements should be read in conjunction with the financial statements of the Company for the year ended August 31, 2016 and notes thereto contained elsewhere in the Annual Report on Form 10-K filed with the SEC on December 14, 2016. b) 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 Companys 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 maturity of three months or less at the time of issuance to be cash equivalents. d) 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. e) 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 February 28, 2017, the Company had no potentially dilutive securities outstanding. f) 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 for the six months ended February 28, 2017. g) 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 carry forwards. 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. h) Subsequent Events The Company has evaluated all transactions through the financial statement issuance date for subsequent disclosure consideration. i) New Accounting Pronouncements In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern. The Update provides U.S. GAAP guidance on managements responsibility in evaluating whether there is substantial doubt about a companys ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a companys ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company adopted this pronouncement effective for the period ended February 28, 2017. The adoption did not have a material impact to the financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
NOTE 3. RELATED PARTY TRANSACTIONS | As of February 28, 2017, and August, 2016, the Company owed $0 and $17,319, respectively, to its former president and director for incorporation fees, product purchases, transfer agent fees, and travel expenses that were paid on the Companys behalf. The total amount was unsecured, non-interest bearing, and has no specific terms for repayment. On October 18, 2016, the total amounts owing to the former president and director of $17,319 were assumed by a related party. During the six months ended February 28, 2017, the Company incurred expenses with two related parties for $54,750. As of February 28, 2017, amounts owing to these related parties were $54,750. |
PROMISSORY NOTES
PROMISSORY NOTES | 6 Months Ended |
Feb. 28, 2017 | |
Notes to Financial Statements | |
NOTE 4. PROMISSORY NOTES | On October 14, 2016, the Company entered into a promissory note agreement for $25,000. The promissory note bears interest at 8%, and matures one year after issuance. As of February 28, 2017, an amount of $751 of interest has been accrued. On November 7, 2016, the Company entered into a promissory note agreement for $3,000. The promissory note bears interest at 8%, and matures one year after issuance. As of February 28, 2017, an amount of $74 of interest has been accrued. On December 9, 2016, the Company entered into a promissory note agreement for $3,810. The promissory note is non-interest bearing and matures in April 2017. On January 18, 2017, the Company entered into a promissory note agreement for $50,000. The promissory note bears interest at 8%, and matures one year after issuance. As of February 28, 2017, an amount of $449 of interest has been accrued. |
SUMMARY OF SIGNIFICANT ACCOUN10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Feb. 28, 2017 | |
Summary Of Significant Accounting Policies Policies | |
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 Companys year-end is August 31. |
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 Companys 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 | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
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. |
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 February 28, 2017, the Company had no potentially dilutive securities outstanding. |
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 for the six months ended February 28, 2017. |
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 carry forwards. 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. |
Subsequent Events | The Company has evaluated all transactions through the financial statement issuance date for subsequent disclosure consideration. |
New Accounting Pronouncements | In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements - Going Concern. The Update provides U.S. GAAP guidance on managements responsibility in evaluating whether there is substantial doubt about a companys ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a companys ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company adopted this pronouncement effective for the period ended February 28, 2017. The adoption did not have a material impact to the financial statements. |
NATURE OF BUSINESS AND CONTIN11
NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS (Details Narrative ) - USD ($) | 6 Months Ended | |
Feb. 28, 2017 | Aug. 31, 2016 | |
Nature Of Business And Continuance Of Operations Details Narrative | ||
State Country Name | Nevada | |
Date of Incorporation | May 7, 2014 | |
Accumulated deficit | $ (212,779) | $ (83,874) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Oct. 18, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | Aug. 31, 2016 | |
Due to previous shareholder | $ 17,319 | |||
Debt forgiven by previous related party | 17,319 | |||
Due to two related parities | 54,750 | |||
Related parties, expenses | 54,750 | |||
President And Director [Member] | ||||
Due to previous shareholder | $ 0 | $ 17,319 | ||
Debt forgiven by previous related party | $ 17,319 |
PROMISSORY NOTES (Details Narra
PROMISSORY NOTES (Details Narrative) - USD ($) | Dec. 09, 2016 | Nov. 07, 2016 | Oct. 14, 2016 | Jan. 18, 2017 | Feb. 28, 2017 |
Promissory note 1 [Member] | |||||
Promissory note, Amount | $ 25,000 | ||||
Interest rate | 8.00% | ||||
Maturity period | 1 year | ||||
Accrued interest | $ 751 | ||||
Promissory note 2 [Member] | |||||
Promissory note, Amount | $ 3,000 | ||||
Interest rate | 8.00% | ||||
Maturity period | 1 year | ||||
Accrued interest | 74 | ||||
Promissory note 3 [Member] | |||||
Promissory note, Amount | $ 3,810 | ||||
Maturity date | Apr. 30, 2017 | ||||
Promissory note 4 [Member] | |||||
Promissory note, Amount | $ 50,000 | ||||
Interest rate | 8.00% | ||||
Maturity period | 1 year | ||||
Accrued interest | $ 449 |