Folkup Development (FLDI) 10-Q 16 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Aug. 31, 2017shares
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Entity Registrant Name	FOLKUP DEVELOPMENT INC.
Entity Central Index Key	1,684,506
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	3,000,000
Entity Current Reporting Status	Yes

Balance sheet

Balance sheet - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Current Assets
Cash and cash equivalents	$ 10,215	$ 3,053
Total Current Assets	10,215	3,053
Equipment, net	1,080	0
Total Fixed Assets	1,080	0
Total Assets	11,295	3,053
Related Party Loans	9,715	895
Total Current Liabilities	9,715	895
Total Liabilities	$ 9,715	$ 895
Common stock, par value $0.001; 75,000,000 shares authorized, 3,000,000 shares issued and outstanding	3,000	3,000
Accumulated income (deficit)	$ (1,420)	$ (842)
Total Stockholder's Equity	1,580	2,158
Total Liabilities and Stockholder's Equity	$ 11,295	$ 3,053

Balance sheet (Parenthetical)

Balance sheet (Parenthetical) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
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	$ 3,000,000	$ 3,000,000
Common stock shares outstanding	3,000,000	3,000,000

Statement of operations

Statement of operations - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2017	Aug. 31, 2017
Income Statement [Abstract]
Revenues	$ 10,700	$ 19,700
Gross Profit	10,700	19,700
General and Administrative Expenses	10,669	20,278
TOTAL OPERATING EXPENSES	(10,669)	(20,278)
NET INCOME (LOSS) FROM OPERATIONS	31	(578)
NET INCOME (LOSS)	$ 31	$ (578)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	3,000,000	3,000,000

Statement of cash flows

Statement of cash flows	9 Months Ended
	Aug. 31, 2017USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (578)
Accumulated Depreciation	120
CASH FLOWS USED IN OPERATING ACTIVITIES	(458)
Purchase of equipment	(1,200)
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES	(1,200)
Related Party Loans	8,820
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	8,820
NET INCREASE IN CASH	7,162
Cash, beginning of period	3,053
Cash, end of period	10,215
Interest paid	0
Income taxes paid	$ 0

- ORGANIZATION AND NATURE OF BU

- ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Aug. 31, 2017
- ORGANIZATION AND NATURE OF BUSINESS [Abstract]
- ORGANIZATION AND NATURE OF BUSINESS	Note 1 - ORGANIZATION AND NATURE OF BUSINESS FOLKUP DEVELOPMENT INC. (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on July 5, 2016. We aim to deliver our services as follows, to lease to our customers certain items or means of what we refer to as eco-transport. These items are commonly known under the names: a segway, a gyro-scooter or a self-balanced two-wheeled scooter, a self-balanced mono-wheeled scooter and a two-wheeled hoverboard. We expect our services to be demanded by establishments or enterprises or events, for instance, conferences held in large facilities. The business location is in Beograd, Republic of Serbia.

- GOING CONCERN

- GOING CONCERN	9 Months Ended
	Aug. 31, 2017
- GOING CONCERN [Abstract]
- GOING CONCERN	Note 2 - GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had $19,700 revenues as of August 31, 2017. The Company currently has loses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. Management evaluates that lack of revenues can affect to the entity's ability to meet its obligations. The ability of the Company to mitigate the conditions or events that raise substantial doubt about the entity's ability to continue as a going concern is dependent on management's plans, which include further implementation of its business plan. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

- SUMMARY OF SIGNIFCANT ACCOUNT

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	9 Months Ended
	Aug. 31, 2017
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	Note 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's yearend is November 30. 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. Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h t h e ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $10,215 of cash as of August 31, 2017. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of sport equipment is five years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Accounts Payable Accounts Payable discloses a liability to a creditor, carried on open account, usually for purchases of goods and services. The Company had $0 in accounts payable as of August 31, 2017. 7 FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2017 Customer Deposits A customer deposit is an amount paid by a customer to a company prior to the company providing it with goods or services. The company receiving the money has an obligation to provide the goods or services to the customer or to return the money. As of August 31, 2017 the Company had $0 in customer deposits. Fair Value of Financial Instruments AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. 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. Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of August 31, 2017 were no differences between our comprehensive loss and net loss. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of August 31, 2017 there were no potentially dilutive debt or equity instruments issued or outstanding. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. As of August 31, 2017 the Company has generated $19,700 revenue. 8 FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2017 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 We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

- FIXED ASSETS

- FIXED ASSETS	9 Months Ended
	Aug. 31, 2017
- FIXED ASSETS [Abstract]
- FIXED ASSETS	Note 4 - FIXED ASSETS As of August 31, 2017 the Company purchased 2 monowheels for $1,200.

- LOAN FROM DIRECTOR

- LOAN FROM DIRECTOR	9 Months Ended
	Aug. 31, 2017
- LOAN FROM DIRECTOR [Abstract]
- LOAN FROM DIRECTOR	Note 5 - LOAN FROM DIRECTOR As of August 31, 2017, our sole director has loaned to the Company $9,715. This loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $9,715 as of August 31, 2017.

- COMMON STOCK

- COMMON STOCK	9 Months Ended
	Aug. 31, 2017
- COMMON STOCK [Abstract]
- COMMON STOCK	Note 6 - COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On November 15, 2016 the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share. There were 3,000,000 shares of common stock issued and outstanding as of August 31, 2017.

- COMMITMENTS AND CONTINGENCIES

- COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Aug. 31, 2017
- COMMITMENTS AND CONTINGENCIES [Abstract]
- COMMITMENTS AND CONTINGENCIES	Note 7 - COMMITMENTS AND CONTINGENCIES Milena Topolac Tomovic, our sole officer and director, has agreed to provide the premises under the office needs for free use. Office location is Mileve Maric Ajnstajn 72, 11070 Novi Beograd, Republic of Serbia.

- INCOME TAXES

- INCOME TAXES	9 Months Ended
	Aug. 31, 2017
- INCOME TAXES [Abstract]
- INCOME TAXES	Note 8 - INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. As of August 31, 2017 the Company had net operating loss carry forwards of approximately $1,420 that may be available to reduce future years' taxable income in varying amounts through 2031. 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 valuation allowance at August 31, 2017 was approximately $483. The net change in valuation allowance during the nine months ended August 31, 2017 was $197. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of August 31, 2017. All tax years since inception remains open for examination by taxing authorities. 9 FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2017 The provision for Federal income tax consists of the following: As of August 31, 2017 As of November 30, 2016 Non-current deferred tax assets: Net operating loss carry forward $ (483 ) (286 ) Valuation allowance $ 483 286 Net deferred tax assets $ - - The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the nine months ended August 31, 2017 as follows: Nine months ended August 31, 2017 As of November 30, 2016 Computed “expected” tax expense (benefit) $ (197 ) (286 ) Change in valuation allowance $ 197 286 Actual tax expense (benefit) $ - -

- SUBSEQUENT EVENTS

- SUBSEQUENT EVENTS	9 Months Ended
	Aug. 31, 2017
- SUBSEQUENT EVENTS [Abstract]
- SUBSEQUENT EVENTS	Note 9 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to August 31, 2017 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.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Aug. 31, 2017
Significant Accounting Policies (Policies) [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's yearend is November 30. 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. Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h t h e ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $10,215 of cash as of August 31, 2017. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of sport equipment is five years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Accounts Payable Accounts Payable discloses a liability to a creditor, carried on open account, usually for purchases of goods and services. The Company had $0 in accounts payable as of August 31, 2017. 7 FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2017
Customer Deposits	Customer Deposits A customer deposit is an amount paid by a customer to a company prior to the company providing it with goods or services. The company receiving the money has an obligation to provide the goods or services to the customer or to return the money. As of August 31, 2017 the Company had $0 in customer deposits. Fair Value of Financial Instruments AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. 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. Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of August 31, 2017 were no differences between our comprehensive loss and net loss. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of August 31, 2017 there were no potentially dilutive debt or equity instruments issued or outstanding. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. As of August 31, 2017 the Company has generated $19,700 revenue. 8 FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2017 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 We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

- SUMMARY OF SIGNIFCANT ACCOU16

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Aug. 31, 2017
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) [Abstract]
These tiers include:	These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

- INCOME TAXES (Tables)

- INCOME TAXES (Tables)	9 Months Ended
	Aug. 31, 2017
- INCOME TAXES (Tables) [Abstract]
The provision for Federal income	The provision for Federal income tax consists of the following: As of August 31, 2017 As of November 30, 2016 Non-current deferred tax assets: Net operating loss carry forward $ (483 ) (286 ) Valuation allowance $ 483 286 Net deferred tax assets $ - -
The actual tax benefit at	The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the nine months ended August 31, 2017 as follows: Nine months ended August 31, 2017 As of November 30, 2016 Computed “expected” tax expense (benefit) $ (197 ) (286 ) Change in valuation allowance $ 197 286 Actual tax expense (benefit) $ - -

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text)	Aug. 31, 2017USD ($)
Going Concern_ [Abstract]
However, the Company had $19,700 revenues as of August 31, 2017	$ 19,700
These factors raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued	$ 1

- SUMMARY OF SIGNIFCANT ACCOU19

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text)	Aug. 31, 2017USD ($)
Summary_ Of Signifcant_ Accounting Policies_ [Abstract]
The Company had $10,215 of cash as of August 31, 2017.	$ 10,215
We estimate that the useful life of sport equipment is five years	5
The Company had $0 in accounts payable as of August 31, 2017.	0
As of August 31, 2017 the Company had $0 in customer deposits.	0
As of August 31, 2017 the Company has generated $19,700 revenue.	$ 19,700

- FIXED ASSETS (Details Text)

- FIXED ASSETS (Details Text)	Aug. 31, 2017USD ($)
Fixed Assets_ Abstract_ [Abstract]
As of August 31, 2017 the Company purchased 2 monowheels for $1,200.	$ 1,200

- LOAN FROM DIRECTOR (Details T

- LOAN FROM DIRECTOR (Details Text)	Aug. 31, 2017USD ($)
Loan From Director__ [Abstract]
As of August 31, 2017, our sole director has loaned to the Company $9,715	$ 9,715
The balance due to the director was $9,715 as of August 31, 2017.	$ 9,715

- COMMON STOCK (Details Text)

- COMMON STOCK (Details Text) - USD ($)	Aug. 31, 2017	Nov. 15, 2016
Common Stock__ [Abstract]
The Company has 75,000,000, $0.001 par value shares of common stock authorized.		$ 0.001
On November 15, 2016 the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share.		$ 3,000
There were 3,000,000 shares of common stock issued and outstanding as of August 31, 2017.	$ 3,000,000

- INCOME TAXES (Details 1)

- INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2017	Nov. 30, 2016
Income Taxes_ Abstract_ [Abstract]
Net operating loss carry forward	$ (483)	$ (286)
Valuation allowance	$ 483	$ 286

- INCOME TAXES (Details 2)

- INCOME TAXES (Details 2) - USD ($)	2 Months Ended	9 Months Ended
	Nov. 30, 2016	Aug. 31, 2017
Income__ Taxes Abstract__ [Abstract]
Computed "expected" tax expense (benefit)	$ (286)	$ (197)
Change in valuation allowance	$ 286	$ 197

- INCOME TAXES (Details Text)

- INCOME TAXES (Details Text)	Aug. 31, 2017USD ($)
Income Taxes__ [Abstract]
As of August 31, 2017 the Company had net operating loss carry forwards of approximately $1,420 that may be available to reduce future years' taxable income in varying amounts through 2031	$ 1,420
The valuation allowance at August 31, 2017 was approximately $483	483
The net change in valuation allowance during the nine months ended August 31, 2017 was $197	197
The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the nine months ended August 31, 2017 as follows:	$ 34