Document and Entity Information
Document and Entity Information | 12 Months Ended |
Nov. 30, 2017USD ($)shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Nov. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
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 Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 3,085,000 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Balance sheet
Balance sheet - USD ($) | Nov. 30, 2017 | Nov. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 12,679 | $ 3,053 |
Total Current Assets | 12,679 | 3,053 |
Equipment, net | 1,020 | 0 |
Total Fixed Assets | 1,020 | 0 |
Total Assets | 13,699 | 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, 3,085,000 and 3,000,000 shares issued and outstanding accordingly | 3,085 | 3,000 |
Additional paid in capital | $ 2,465 | $ 0 |
Accumulated income (deficit) | (1,566) | (842) |
Total Stockholder's Equity | 3,984 | 2,158 |
Total Liabilities and Stockholder's Equity | $ 13,699 | $ 3,053 |
Balance sheet (Parenthetical)
Balance sheet (Parenthetical) - USD ($) | Nov. 30, 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 outstanding | 3,085,000 | 3,000,000 |
Statement of operations
Statement of operations - USD ($) | 12 Months Ended | |
Nov. 30, 2017 | Nov. 30, 2016 | |
Income Statement [Abstract] | ||
Revenues | $ 19,700 | $ 0 |
Gross Profit | 19,700 | 0 |
General and Administrative Expenses | 20,424 | 842 |
TOTAL OPERATING EXPENSES | (20,424) | (842) |
NET INCOME (LOSS) FROM OPERATIONS | (724) | (842) |
NET INCOME (LOSS) | $ (724) | $ (842) |
DILUTED | $ 0 | $ (0.01) |
OUTSTANDING: BASIC AND DILUTED | 3,008,151 | 123,288 |
Statement of changes in stockho
Statement of changes in stockholder's equity - USD ($) | Total | Common Stock Shares | Amount | Additional Paid-in Capital | Deficit Accumulated during the Development Stage |
Balance, November 30, 2016 | $ 2,158 | $ 3,000 | $ (842) | ||
Balance, November 30, 2016 (in shares) | $ 3,000,000 | ||||
Net loss for the period ended November 30, 2016 | (724) | ||||
Balance, November 30, 2017 | $ 3,984 | $ 3,085 | $ 2,465 | $ (1,566) | |
Balance, November 30, 2017 (in shares) | $ 3,085,000 |
Statement of changes in stockh6
Statement of changes in stockholder's equity (Parenthetical) | 17 Months Ended |
Nov. 30, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Shares issued for cash at $0.001 per share for the period ended | $ 0.001 |
Statement of cash flows
Statement of cash flows | 12 Months Ended |
Nov. 30, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss for the period | $ (724) |
Accumulated Depreciation | 180 |
CASH FLOWS USED IN OPERATING ACTIVITIES | (544) |
Purchase of equipment | (1,200) |
CASH FLOWS PROVIDED BY INVESTING ACTIVITIES | (1,200) |
Related Party Loans | 8,820 |
Capital Stock | 2,550 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 11,370 |
NET INCREASE IN CASH | 9,626 |
Cash, beginning of period | 3,053 |
Cash, end of period | 12,679 |
Interest paid | 0 |
Income taxes paid | $ 0 |
- ORGANIZATION AND NATURE OF BU
- ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Nov. 30, 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 | 12 Months Ended |
Nov. 30, 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 for the year ended November 30, 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 | 12 Months Ended |
Nov. 30, 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 Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $12,679 of cash as of November 30, 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 November 30, 2017. 15 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 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 November 30, 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: Level 2: Level 3: defined as observable inputs such as quoted prices in active markets; defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 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 November 30, 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 November 30, 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. For the year ended November 30, 2017 the Company has generated $19,700 revenue. 16 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 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 | 12 Months Ended |
Nov. 30, 2017 | |
- FIXED ASSETS [Abstract] | |
- FIXED ASSETS | Note 4 - FIXED ASSETS As of November 30, 2017 the Company purchased 2 monowheels for $1,200. |
- LOAN FROM DIRECTOR
- LOAN FROM DIRECTOR | 12 Months Ended |
Nov. 30, 2017 | |
- LOAN FROM DIRECTOR [Abstract] | |
- LOAN FROM DIRECTOR | Note 5 - LOAN FROM DIRECTOR As of November 30, 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 November 30, 2017. |
- COMMON STOCK
- COMMON STOCK | 12 Months Ended |
Nov. 30, 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. During October 2017, the Company issued 85,000 shares of common stock for cash proceeds of $2,550 at $0.03 per share. There were 3,085,000 shares of common stock issued and outstanding as of November 30, 2017. |
- COMMITMENTS AND CONTINGENCIES
- COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Nov. 30, 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 | 12 Months Ended |
Nov. 30, 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 November 30, 2017 the Company had net operating loss carry forwards of approximately $1,566 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 November 30, 2017 was approximately $532. The net change in valuation allowance during the nine months ended November 30, 2017 was $246. 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 November 30, 2017. All tax years since inception remains open for examination by taxing authorities. 17 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 2017 The provision for Federal income tax consists of the following: As of November 30, 2017 As of November 30, 2016 Non-current deferred tax assets: Net operating loss carry forward $ (532 ) (286 ) Valuation allowance $ 532 286 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 November 30, 2017 as follows: Year ended November 30, 2017 As of November 30, 2016 Computed “expected” tax expense (benefit) $ (246 ) (286 ) Change in valuation allowance $ 246 286 Actual tax expense (benefit) $ - - |
- SUBSEQUENT EVENTS
- SUBSEQUENT EVENTS | 12 Months Ended |
Nov. 30, 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 November 30, 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. Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure None Item 9A(T) Controls and Procedures Management's Report on Internal Controls over Financial Disclosure Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of November 30, 2017 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of November 30, 2017, the Company determined that there were control deficiencies that constituted material weaknesses, as described below. 18 1. We do not have an Audit Committee - While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities. 2. We did not maintain appropriate cash controls - As of November 30, 2017, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company's bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts. 3. We did not implement appropriate information technology controls - As at November 30, 2017, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company's internal controls. As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of November 30, 2017 based on criteria established in Internal Control-Integrated Framework issued by COSO. System of Internal Control over Financial Reporting Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2017. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Changes in Internal Control over Financial Reporting There was no change in the Company's internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Item 9B. Other Information. None. 19 PART III Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company DIRECTORS, EXECUTIVE OFFICERS, PROMOTER AND CONTROL PERSONS The name, age and titles of our executive officer and director are as follows: Name and Address of Executive Age Position Officer and/or Director President, Treasurer, Secretary and Milena Topolac Tomovic Director Mileve Maric Ajnstajn 72, Novi Beograd, Republic (Principal Executive, Financial and of Serbia 11070 60 Accounting Officer) Milena Topolac Tomovic has acted as our President, Treasurer, Secretary and sole Director since we incorporated on July 5, 2016. Ms. Topolac Tomovic owns 100% of the outstanding shares of our common stock. As such, it was unilaterally decided that Ms. Topolac Tomovic was going to be our sole President, Chief Executive Officer, Treasurer, and Chief Financial Officer, Chief Accounting Officer, Secretary and sole member of our board of directors. Our sole officer and director, Ms. Tomovic, has more than 20 years of business management experience. She graduated from University of Belgrade in 1980. Since 1980 untill 1995 she worked in “BelStroy Industry” construction company. She started her career in “BelStroy Industry” as a specialist at project management department and finished as a head of department. Since 1995 till 2005, Ms. Tomovic was a sole proprietor of construction company in Belgrade. Since 2005 till 2016, she was a business owner of “Tom Gradevinske Mashine”. The company operated in the business of small-sized construction vehicle sales and leasing. We believe that Ms. Topolac Tomovic's specific experience, qualifications and skills will enable to develop our business. During the past ten years, Ms. Topolac Tomovic has not been the subject to any of the following events: 1. Any bankruptcy petition filed by or against any business of which Ms. Topolac Tomovic was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time. 2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding. 3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Ms. Topolac Tomovic's involvement in any type of business, securities or banking activities. 4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. 5. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity; 6. Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; 7. Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: i. Any Federal or State securities or commodities law or regulation; or ii. Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or 20 iii. Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or 8. Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self- regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. TERM OF OFFICE Our Director is appointed to hold office until the next annual meeting of our stockholders or until her respective successor is elected and qualified, or until she resigns or is removed in accordance with the provisions of the Nevada Revised Statues. Our officers are appointed by our Board of Directors and hold office until removed by the Board or until their resignation. DIRECTOR INDEPENDENCE Our Board of Directors is currently composed of one member, Milena Topolac Tomovic, who does not qualify as an independent director. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Had our Board of Directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director's business and personal activities and relationships as they may relate to us and our management. COMMITTEES OF THE BOARD OF DIRECTORS Our Board of Directors has no committees. We do not have a standing nominating, compensation or audit committee. Item 11. Executive Compensation MANAGEMENT COMPENSATION The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer as of November 30, 2017: Summary Compensation Table Name and Period Salary Bonus Stock Option Non-Equity All Other All Other Total Principal ($) ($) Awards Awards Incentive Plan Compens Compens ($) Position ($) ($) Compensation ation ation ($) ($) ($) Milena July 5, Topolac 2016 to -0- -0- -0- -0- -0- -0- -0- -0- Tomovic, November President, 30, 2017 Secretary and Treasurer There are no current employment agreements between the Company and its Officer. Ms. Topolac Tomovic currently devotes approximately twenty hours per week to manage the affairs of the Company. She has agreed to work with no remuneration until such time as the Company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be. 21 There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the Company or any of its subsidiaries, if any. Director Compensation The following table sets forth director compensation as of November 30, 2017: Fees Non-Equity Nonqualified Stock Option All Other Earned Incentive Plan Deferred Total Name Awards Awards Compensation or Paid Compensation Compensation ($) ($) ($) ($) in Cash ($) ($) Earnings Milena Topolac -0- -0- -0- -0- -0- -0- -0- Tomovic Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of November 30, 2017 by: each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, our director, and or our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown. Title of Class Name and Address of Amount and Nature of Percent of Beneficial Owner Beneficial Ownership class Common Stock Milena Topolac Tomovic 3,000,000 shares of common stock 97 % Mileve Maric Ajnstajn 72, Novi (direct) Beograd, Republic of Serbia 11070 A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: voting power, which includes the power to vote, or to direct the voting of shares; and investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As of November 30, 2017, there were 3,085,000 shares of our common stock issued and outstanding. Item 13. Certain Relationships and Related Transactions Milena Topolac Tomovic will not be paid for any underwriting services that she performs on our behalf with respect to this offering. Other than Ms. Topolac Tomovic' purchase of founders shares from the Company as stated below, there is nothing of value (including money, property, contracts, options or rights of any kind), received or to be received, by Ms. Topolac Tomovic, directly or indirectly, from the Company. On November 15, 2016, we issued a total of 3,000,000 shares of restricted common stock to Milena Topolac Tomovic, our sole officer and director in consideration of $3,000. Further, Ms. Topolac Tomovic has advanced funds to us. As of November 30, 2017, Ms. Topolac Tomovic has advanced to us $9,715. Ms. Topolac Tomovic will not be repaid from the proceeds of this offering. There is no due date for the repayment of the funds advanced by Ms. Topolac Tomovic. Ms. Topolac Tomovic will be repaid from revenues of operations if and when we generate revenues to pay the obligation. There is no assurance that we will ever generate sufficient revenues from our operations. The obligation to Ms. Topolac Tomovic does not bear interest. There is 22 no written agreement evidencing the advancement of funds by Ms. Topolac Tomovic or the repayment of the funds to Ms. Topolac Tomovic. The entire transaction was oral. We have a verbal agreement with Ms. Topolac Tomovic that, if necessary, she will loan the Company funds to complete the registration process. Item 14. Principal Accountant Fees and Services During fiscal year ended November 30, 2017, we incurred approximately $5,400 in fees to our principal independent accountants for professional services rendered in connection with the audit of our November 30, 2016 financial statements and for the reviews of our financial statements for the quarters ended February 28, 2017, May 31, 2017, and August 31, 2017. PART IV Item 15. Exhibits The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Belgrad, Republic of Serbia, on March _, 2018. FOLKUP DEVELOPMENT INC. By: /s/ Milena Topolac Tomovic Name: Milena Topolac Tomovic Title: President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer) 23 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 13 Months Ended |
Nov. 30, 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 Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $12,679 of cash as of November 30, 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 November 30, 2017. 15 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 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 November 30, 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: Level 2: Level 3: defined as observable inputs such as quoted prices in active markets; defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 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 November 30, 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 November 30, 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. For the year ended November 30, 2017 the Company has generated $19,700 revenue. 16 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 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 ACCOU18
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) [Abstract] | |
These tiers include: | These tiers include: Level 1: Level 2: Level 3: defined as observable inputs such as quoted prices in active markets; defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and 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) | 12 Months Ended |
Nov. 30, 2017 | |
- INCOME TAXES (Tables) [Abstract] | |
The provision for Federal income tax consists of the following | 17 FOLKUP DEVELOPMENT INC. Notes to the audited financial statements NOVEMBER 30, 2017 The provision for Federal income tax consists of the following: As of November 30, 2017 As of November 30, 2016 Non-current deferred tax assets: Net operating loss carry forward $ (532 ) (286 ) Valuation allowance $ 532 286 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 November 30, 2017 as follows: Year ended November 30, 2017 As of November 30, 2016 Computed “expected” tax expense (benefit) $ (246 ) (286 ) Change in valuation allowance $ 246 286 Actual tax expense (benefit) $ - - |
- SUBSEQUENT EVENTS (Tables)
- SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Nov. 30, 2017 | |
- SUBSEQUENT EVENTS (Tables) [Abstract] | |
The name, age and titles of our executive officer and director are | The name, age and titles of our executive officer and director are as follows: Name and Address of Executive Age Position Officer and/or Director President, Treasurer, Secretary and Milena Topolac Tomovic Director Mileve Maric Ajnstajn 72, Novi Beograd, Republic (Principal Executive, Financial and of Serbia 11070 60 Accounting Officer) |
During the past ten years, Ms. Topolac Tomovic has not been the subject to any of the following events | During the past ten years, Ms. Topolac Tomovic has not been the subject to any of the following events: 1. Any bankruptcy petition filed by or against any business of which Ms. Topolac Tomovic was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time. 2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding. 3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Ms. Topolac Tomovic's involvement in any type of business, securities or banking activities. 4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. 5. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity; 6. Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; 7. Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: i. Any Federal or State securities or commodities law or regulation; or ii. Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or |
Summary Compensation Table | Summary Compensation Table Name and Period Salary Bonus Stock Option Non-Equity All Other All Other Total Principal ($) ($) Awards Awards Incentive Plan Compens Compens ($) Position ($) ($) Compensation ation ation ($) ($) ($) Milena July 5, Topolac 2016 to -0- -0- -0- -0- -0- -0- -0- -0- Tomovic, November President, 30, 2017 Secretary and Treasurer |
The following table sets forth | The following table sets forth director compensation as of November 30, 2017: Fees Non-Equity Nonqualified Stock Option All Other Earned Incentive Plan Deferred Total Name Awards Awards Compensation or Paid Compensation Compensation ($) ($) ($) ($) in Cash ($) ($) Earnings Milena Topolac -0- -0- -0- -0- -0- -0- -0- Tomovic |
The following table sets forth certain information concerning the number of shares of our common stock owned | The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of November 30, 2017 by: each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, our director, and or our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown. Title of Class Name and Address of Amount and Nature of Percent of Beneficial Owner Beneficial Ownership class Common Stock Milena Topolac Tomovic 3,000,000 shares of common stock 97 % Mileve Maric Ajnstajn 72, Novi (direct) Beograd, Republic of Serbia 11070 |
The following exhibits are included | The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
Signature | FOLKUP DEVELOPMENT INC. By: /s/ Milena Topolac Tomovic Name: Milena Topolac Tomovic Title: President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer) |
- GOING CONCERN (Details Text)
- GOING CONCERN (Details Text) | Nov. 30, 2017USD ($) |
Going Concern__ [Abstract] | |
However, the Company had $19,700 revenues for the year ended November 30, 2017 | $ 19,700 |
- SUMMARY OF SIGNIFCANT ACCOU22
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text) | Nov. 30, 2017USD ($) |
Summary Of Signifcant Accounting Policies__ [Abstract] | |
The Company had $12,679 of cash as of November 30, 2017. | $ 12,679 |
We estimate that the useful life of sport equipment is five years | 5 |
As of November 30, 2017 the Company had $0 in customer deposits. | 0 |
For the year ended November 30, 2017 the Company has generated $19,700 revenue. | $ 19,700 |
- FIXED ASSETS (Details Text)
- FIXED ASSETS (Details Text) | Nov. 30, 2017USD ($) |
Fixed Assets__ [Abstract] | |
As of November 30, 2017 the Company purchased 2 monowheels for $1,200. | $ 1,200 |
- LOAN FROM DIRECTOR (Details T
- LOAN FROM DIRECTOR (Details Text) | Nov. 30, 2017USD ($) |
Loan From Director__ [Abstract] | |
As of November 30, 2017, our sole director has loaned to the Company $9,715 | $ 9,715 |
The balance due to the director was $9,715 as of November 30, 2017. | $ 9,715 |
- COMMON STOCK (Details Text)
- COMMON STOCK (Details Text) - USD ($) | Nov. 30, 2017 | Oct. 31, 2017 | Nov. 15, 2016 |
- COMMON STOCK [Abstract] | |||
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 | ||
During October 2017, the Company issued 85,000 shares of common stock for cash proceeds of $2,550 at $0.03 per share. | $ 2,550 | ||
There were 3,085,000 shares of common stock issued and outstanding as of November 30, 2017. | $ 3,085,000 |
- INCOME TAXES (Details 1)
- INCOME TAXES (Details 1) - USD ($) | Nov. 30, 2017 | Nov. 30, 2016 |
- INCOME TAXES [Abstract] | ||
Net operating loss carry forward | $ (532) | $ (286) |
Valuation allowance | $ 532 | $ 286 |
- INCOME TAXES (Details 2)
- INCOME TAXES (Details 2) - USD ($) | Nov. 30, 2017 | Nov. 30, 2016 |
Income Taxes Abstract__ [Abstract] | ||
Computed "expected" tax expense (benefit) | $ (246) | $ (286) |
Change in valuation allowance | $ 246 | $ 286 |
- INCOME TAXES (Details Text)
- INCOME TAXES (Details Text) | Nov. 30, 2017USD ($) |
Income__ Taxes__ [Abstract] | |
As of November 30, 2017 the Company had net operating loss carry forwards of approximately $1,566 that may be available to reduce future years' taxable income in varying amounts through 2031 | $ 1,566 |
The valuation allowance at November 30, 2017 was approximately $532 | 532 |
The net change in valuation allowance during the nine months ended November 30, 2017 was $246 | 246 |
The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the nine months ended November 30, 2017 as follows: | $ 34 |
- SUBSEQUENT EVENTS (Details 1)
- SUBSEQUENT EVENTS (Details 1) | Nov. 30, 2017USD ($) |
Subsequent__ Events__ Abstract__ [Abstract] | |
the Company has analyzed its operations subsequent to November 30, 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. | $ 0 |
- SUBSEQUENT EVENTS (Details Te
- SUBSEQUENT EVENTS (Details Text) - USD ($) | Nov. 30, 2017 | Nov. 15, 2016 |
Subsequent__ Events [Abstract] | ||
Topolac Tomovic owns 100% of the outstanding shares of our common stock | $ 100 | |
The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of November 30, 2017 by: each person (including any group) known to us to own more than five percent (5%) of any class of our voting securities, our director, and or our officer | 5 | |
As of November 30, 2017, there were 3,085,000 shares of our common stock issued and outstanding. | 3,085,000 | |
On November 15, 2016, we issued a total of 3,000,000 shares of restricted common stock to Milena Topolac Tomovic, our sole officer and director in consideration of $3,000 | $ 3,000 | |
Topolac Tomovic has advanced to us $9,715 | 9,715 | |
During fiscal year ended November 30, 2017, we incurred approximately $5,400 in fees to our principal independent accountants for professional services rendered in connection with the audit of our November 30, 2016 financial statements and for the reviews of our financial statements for the quarters ended February 28, 2017, May 31, 2017, and August 31, 2017. | $ 5,400 |
Uncategorized Items - none-2017
Label | Element | Value |
Shares__ Issued | none_Shares__Issued | $ 2,550 |
Net Loss For The Period_ Ended November_ 2017 | none_NetLossForThePeriod_EndedNovember_2017 | (724) |
Shares Issued For Cash_ At Per Share For The Period Ended November 2016 | none_SharesIssuedForCash_AtPerShareForThePeriodEndedNovember2016 | 3,000 |
Additional Paid-in Capital [Member] | ||
Shares__ Issued | none_Shares__Issued | 2,465 |
Amount [Member] | ||
Shares__ Issued | none_Shares__Issued | 85 |
Shares Issued For Cash_ At Per Share For The Period Ended November 2016 | none_SharesIssuedForCash_AtPerShareForThePeriodEndedNovember2016 | 3,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (842) |
Net Loss For The Period_ Ended November_ 2017 | none_NetLossForThePeriod_EndedNovember_2017 | (724) |
Common Stock [Member] | ||
Shares__ Issued_ In Shares | none_Shares__Issued_InShares | 85,000 |
Shares Issued For Cash At Per Share For The Period_ Ended November 2016 _ In Shares | none_SharesIssuedForCashAtPerShareForThePeriod_EndedNovember2016_InShares | $ 3,000,000 |