Folkup Development (FLDI) 10-Q 15 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2019	Oct. 15, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	FOLKUP DEVELOPMENT INC.
Entity Central Index Key	0001684506
Current Fiscal Year End Date	--11-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		3,800,000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Balance sheets (Unaudited)

Balance sheets (Unaudited) - USD ($)	Aug. 31, 2019	Nov. 30, 2018
Current Assets
Cash and cash equivalents	$ 14,142	$ 33,388
Accounts Receivable	0	2,415
Total Current Assets	14,142	35,803
Fixed Assets
Equipment, net	0	780
Total Fixed Assets	0	780
Total Assets	14,142	36,583
Current Liabilities
Accounts Payable	0	4,395
Related Party Loans	29,955	17,960
Total Current Liabilities	29,955	22,355
Total Liabilities	29,955	22,355
Commitments and Contingencies
Stockholders' Equity
Common stock, par value $0.001; 75,000,000 shares authorized, 3,800,000 and 3,800,000 shares issued and outstanding accordingly	3,800	3,800
Additional paid in capital	$ 23,200	$ 23,200
Accumulated deficit	(42,813)	(12,772)
Total Stockholders' Equity	(15,813)	14,228
Total Liabilities and Stockholders' Equity	$ 14,142	$ 36,583

Balance sheets (Unaudited) (Par

Balance sheets (Unaudited) (Parenthetical) - USD ($)	Aug. 31, 2019	Nov. 30, 2018
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 and outstanding	3,800,000	3,800,000

Statements of operations

Statements of operations - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
OPERATING EXPENSES
General and Administrative Expenses	$ 3,067	$ 3,005	$ 12,041	$ 9,934
Consulting Expenses	18,000	0	18,000	0
TOTAL OPERATING EXPENSES	(21,067)	(3,005)	(30,041)	(9,934)
NET LOSS FROM OPERATIONS	(21,067)	(3,005)	(30,041)	(9,934)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS	$ (21,067)	$ (3,005)	$ (30,041)	$ (9,934)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.01)	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	3,800,000	3,800,000	3,800,000	3,609,142

Statement of changes in stockho

Statement of changes in stockholders' equity - USD ($)	Total	Common Stock For the nine months ended August 31, 2019 and 2018	Additional Paid-in Capital For the nine months ended August 31, 2019 and 2018	Accumulated Deficit For the nine months ended August 31, 2019 and 2018
Balance at Nov. 30, 2017	$ 3,984	$ 3,085	$ 2,465	$ (1,566)
Balance (in shares) at Nov. 30, 2017		3,085,000
Shares issued		$ 715	20,735
Shares issued (in shares)		715,000
Balance at May. 31, 2018	18,505	$ 3,800	23,200	(8,495)
Balance (in shares) at May. 31, 2018		3,800,000
Balance at Nov. 30, 2017	3,984	$ 3,085	2,465	(1,566)
Balance (in shares) at Nov. 30, 2017		3,085,000
Balance at Aug. 31, 2018	15,500	$ 3,800	23,200	(11,500)
Balance (in shares) at Aug. 31, 2018		3,800,000
Net loss for the three months ended	(9,934)			(9,934)
Net loss for the three months ended August 31, 2018	(9,934)			(9,934)
Balance at May. 31, 2018	18,505	$ 3,800	23,200	(8,495)
Balance (in shares) at May. 31, 2018		3,800,000
Balance at Aug. 31, 2018	15,500	$ 3,800	23,200	(11,500)
Balance (in shares) at Aug. 31, 2018		3,800,000
Net loss for the three months ended	(3,005)			(3,005)
Net loss for the three months ended August 31, 2018	(3,005)			(3,005)
Balance at Nov. 30, 2018	14,228	$ 3,800	23,200	(12,772)
Balance (in shares) at Nov. 30, 2018		3,800,000
Balance at Aug. 31, 2019	$ (15,813)	$ 3,800	23,200	(42,813)
Balance (in shares) at Aug. 31, 2019	3,800,000	3,800,000
Net loss for the three months ended	$ (30,041)			(30,041)
Net loss for the three months ended August 31, 2018	(30,041)			(30,041)
Balance at May. 31, 2019	5,254	$ 3,800	23,200	(21,746)
Balance (in shares) at May. 31, 2019		3,800,000
Balance at Aug. 31, 2019	$ (15,813)	$ 3,800	$ 23,200	(42,813)
Balance (in shares) at Aug. 31, 2019	3,800,000	3,800,000
Net loss for the three months ended	$ (21,067)			(21,067)
Net loss for the three months ended August 31, 2018	$ (21,067)			$ (21,067)

Statements of cash flows

Statements of cash flows - USD ($)	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ (30,041)	$ (9,934)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Decrease in Accounts Receivable	2,415	0
Decrease in Accounts Payable	(4,395)	0
Retirement of Equipment	720	0
Depreciation Expense	60	180
CASH FLOWS USED IN OPERATING ACTIVITIES	(31,241)	(6,754)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Related Party Loans	11,995	7,045
Proceeds from sale of common stock	0	21,450
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES	11,995	28,495
NET DECREASE/INCREASE IN CASH	(19,246)	18,741
Cash, beginning of period	33,388	12,679
Cash, end of period	14,142	31,420
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

- ORGANIZATION AND NATURE OF BU

- ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Aug. 31, 2019
- 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 and sell 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, 2019
- 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. The Company generated no revenues for the nine months ended August 31, 2019. The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. 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, 2019
- 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 $14,142 of cash as of August 31, 2019 and $33,388 as of November 30, 2018. 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. 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. FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2019 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. 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, 2019 and November 30, 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. For the nine months ended August 31, 2019 the Company has generated no revenue. 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, 2019
- FIXED ASSETS [Abstract]
- FIXED ASSETS	Note 4 - FIXED ASSETS As of August 31, 2019 the Company purchased 2 monowheels for $1,200, which were retired and removed.

- LOAN FROM DIRECTOR

- LOAN FROM DIRECTOR	9 Months Ended
	Aug. 31, 2019
- LOAN FROM DIRECTOR [Abstract]
- LOAN FROM DIRECTOR	Note 5 - LOAN FROM DIRECTOR For the nine months ended August 31, 2019, our sole director has loaned to the Company $11,995. Loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $29,955 as of August 31, 2019.

- COMMON STOCK

- COMMON STOCK	9 Months Ended
	Aug. 31, 2019
- COMMON STOCK [Abstract]
- COMMON STOCK	Note 6 - COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. There were 3,800,000 shares of common stock issued and outstanding as of August 31, 2019. FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2019

- COMMITMENTS AND CONTINGENCIES

- COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Aug. 31, 2019
- 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, 2019
- 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, 2019 the Company had net operating loss carry forwards of $42,813 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, 2019 was approximately $8,991. The net change in valuation allowance during the nine months ended August 31, 2019 was $6,309. 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, 2019. All tax years since inception remains open for examination by taxing authorities. The provision for Federal income tax consists of the following: As of August 31, 2019 As of November 30, 2018 Non-current deferred tax assets: Net operating loss carry forward $ (8,991) (2,682) Valuation allowance $ 8,991 2,682 Net deferred tax assets $ - - The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended August 31, 2019 as follows: Nine months ended August 31, 2019 Nine months ended August 31, 2018 Computed “expected” tax expense (benefit) $ (6,309) (2,086) Change in valuation allowance $ 6,309 2,086 Actual tax expense (benefit) $ - -

- SUBSEQUENT EVENTS

- SUBSEQUENT EVENTS	9 Months Ended
	Aug. 31, 2019
- 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, 2019 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, 2019
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 $14,142 of cash as of August 31, 2019 and $33,388 as of November 30, 2018. 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. 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. FOLKUP DEVELOPMENT INC. Notes to the unaudited financial statements AUGUST 31, 2019 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. 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, 2019 and November 30, 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. For the nine months ended August 31, 2019 the Company has generated no revenue. 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 ACCOU_2

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Aug. 31, 2019
- 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, 2019
- INCOME TAXES (Tables) [Abstract]
The provision for Federal income tax consists of the following	The provision for Federal income tax consists of the following: As of August 31, 2019 As of November 30, 2018 Non-current deferred tax assets: Net operating loss carry forward $ (8,991) (2,682) Valuation allowance $ 8,991 2,682 Net deferred tax assets $ - -
The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended August 31, 2019	The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended August 31, 2019 as follows: Nine months ended August 31, 2019 Nine months ended August 31, 2018 Computed “expected” tax expense (benefit) $ (6,309) (2,086) Change in valuation allowance $ 6,309 2,086 Actual tax expense (benefit) $ - -

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text)	9 Months Ended
	Aug. 31, 2019USD ($)
Going Concern__ [Abstract]
The Company generated no revenues for the nine months ended August 31, 2019.	$ 0

- SUMMARY OF SIGNIFCANT ACCOU_3

- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text) - USD ($)	Aug. 31, 2019	Nov. 30, 2018
Summary Of Signifcant Accounting Policies Details_ [Abstract]
The Company had $14,142 of cash as of August 31, 2019 and $33,388 as of November 30, 2018.	$ 14,142	$ 33,388

- FIXED ASSETS (Details Text)

- FIXED ASSETS (Details Text)	Aug. 31, 2019USD ($)
Fixed Assets_ Details_ [Abstract]
As of August 31, 2019 the Company purchased 2 monowheels for $1,200, which were retired and removed.	$ 1,200

- LOAN FROM DIRECTOR (Details T

- LOAN FROM DIRECTOR (Details Text)	Aug. 31, 2019USD ($)
Loan From Director Details_ [Abstract]
For the nine months ended August 31, 2019, our sole director has loaned to the Company $11,995	$ 11,995
The balance due to the director was $29,955 as of August 31, 2019.	$ 29,955

- COMMON STOCK (Details Text)

- COMMON STOCK (Details Text)	Aug. 31, 2019shares
- COMMON STOCK [Abstract]
There were 3,800,000 shares of common stock issued and outstanding as of August 31, 2019.	3,800,000

- INCOME TAXES (Details 1)

- INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2019	Nov. 30, 2018
Income_ Taxes [Abstract]
Net operating loss carry forward	$ (8,991)	$ (2,682)
Valuation allowance	8,991	$ 2,682
Net deferred tax assets	$ 0

- INCOME TAXES (Details 2)

- INCOME TAXES (Details 2) - USD ($)	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Income Taxes_ Abstract_ [Abstract]
Computed "expected" tax expense (benefit)	$ (6,309)	$ (2,086)
Change in valuation allowance	6,309	$ 2,086
Actual tax expense (benefit)	$ 0

- INCOME TAXES (Details Text)

- INCOME TAXES (Details Text)	Aug. 31, 2019USD ($)
Income Taxes Abstract_ Details [Abstract]
As of August 31, 2019 the Company had net operating loss carry forwards of $42,813 that may be available to reduce future years' taxable income in varying amounts through 2031	$ 42,813
The valuation allowance at August 31, 2019 was approximately $8,991	8,991
The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended August 31, 2019 as follows:	$ 21