0001255294-13-000032.txt : 20130122 0001255294-13-000032.hdr.sgml : 20130121 20130122173019 ACCESSION NUMBER: 0001255294-13-000032 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20121130 FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SKOOKUM SAFETY SOLUTIONS CORP. CENTRAL INDEX KEY: 0001537048 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED TEXTILE PRODUCTS [2390] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-178464 FILM NUMBER: 13541105 BUSINESS ADDRESS: STREET 1: E09 CALLE JACARANDAS STREET 2: URBANIZACION LOS LAURELES, ESCAZU CITY: SAN JOSE STATE: G2 ZIP: XXXXX BUSINESS PHONE: 866-279-7880 MAIL ADDRESS: STREET 1: E09 CALLE JACARANDAS STREET 2: URBANIZACION LOS LAURELES, ESCAZU CITY: SAN JOSE STATE: G2 ZIP: XXXXX 10-Q 1 mainbody.htm MAINBODY

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended November 30, 2012
 
[ ] Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
 
For the transition period from to __________
 
Commission File Number: 333-178464

 

Skookum Safety Solutions Corp.

(Exact name of registrant as specified in its charter)

 

Nevada 05-0554762
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)

 

E09 Calle Jacarandas, Urbanizacion Los Laureles,

Escazu San Jose, Costa Rica

(Address of principal executive offices)

 

(866) 279-7880
(Registrant’s telephone number)
 
___________________________________
(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [ ] Yes [X] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [ ] Yes [X] No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

[ ] Large accelerated filer Accelerated filer [ ] Non-accelerated filer
[X] Smaller reporting company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [X] Yes [ ] No

 

State the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 2,300,000 common shares as of January 4, 2013.

1

 

TABLE OF CONTENTS

 

Page

 

PART I – FINANCIAL INFORMATION

 

Item 1: Financial Statements 3
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations 4
Item 3: Quantitative and Qualitative Disclosures About Market Risk 5
Item 4: Controls and Procedures 5

 

PART II – OTHER INFORMATION

 

Item 1: Legal Proceedings 6
Item 1A: Risk Factors 6
Item 2: Unregistered Sales of Equity Securities and Use of Proceeds 6
Item 3: Defaults Upon Senior Securities 6
Item 4: Mine Safety Disclosures 6
Item 5: Other Information 6
Item 6: Exhibits 7
2

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Our financial statements included in this Form 10-Q are as follows:

 

F-1 Balance Sheets as of November 30, 2012 and August 31, 2012 (unaudited);
F-2 Statements of Operations for the three months ended November 30, 2012 and 2011 and period from November 19, 2010 (Inception) to November 30, 2012 (unaudited);
F-3 Statements of Cash Flows for the three months ended November 30, 2012 and 2011 and period from November 19, 2010 (Inception) to November 30, 2012 (unaudited);
F-4 Notes to Financial Statements.

 

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended November 30, 2012 are not necessarily indicative of the results that can be expected for the full year.

3

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS (unaudited)

AS OF NOVEMBER 30, 2012 AND AUGUST 31, 2012

 

   November 30, 2012  August 31, 2012
ASSETS      
Current Assets      
Cash and equivalents  $34,232   $40,948 
           
TOTAL ASSETS  $34,232   $40,948 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Liabilities          
Current Liabilities          
Accrued expenses  $2,600   $6,900 
Total Liabilities   2,600    6,900 
           
Stockholders’ Equity          
Common Stock, $.001 par value, 30,000,000 shares authorized, 2,300,000 shares issued and outstanding (2,300,000 – August 31, 2012)   2,300    2,300 
Additional paid-in capital   100,825    100,825 
Deficit accumulated during the development stage   (71,493)   (69,077)
Total Stockholders’ Equity   31,632    34,048 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $34,232   $40,948 

 

See accompanying notes to financial statements.

F-1

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS (unaudited)

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2012 AND 2011

FOR THE PERIOD FROM OCTOBER 19, 2010 (INCEPTION) TO NOVEMBER 30, 2012 

 

   Three months ended
November 30, 2012
  Three months ended
November 30, 2011
  Period from
October 19, 2010 (Inception) to
November 30, 2012
          
REVENUES  $0   $0   $0 
                
EXPENSES               
Professional fees   1,800    2,144    50,129 
Officer compensation   0    0    8,125 
General and administrative   616    4,468    13,239 
TOTAL EXPENSES   2,416    6,612    71,493 
                
LOSS FROM OPERATIONS   (2,416)   (6,612)   (71,493)
                
PROVISION FOR INCOME TAXES   0    0    0 
                
NET LOSS  $(2,416)  $(6,612)  $(71,493)
                
NET LOSS PER SHARE: BASIC AND DILUTED  $(0.00)  $(0.00)     
                
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED   2,300,000    2,000,000      

 

 

See accompanying notes to financial statements.

F-2

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS (unaudited)

FOR THE THREE MONTHS ENDED NOVEMBER 30, 2012 AND 2011

FOR THE PERIOD FROM OCTOBER 19, 2010 (INCEPTION) TO NOVEMBER 30, 2012

 

   Three months ended
November 30, 2012
  Three months ended
November 30, 2011
  Period from
October 19, 2010 (Inception) to
November 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES               
Net loss for the period  $(2,416)  $(6,612)  $(71,493)
Adjustments to reconciled net loss to net cash used in operating activities:               
Changes in assets and liabilities:               
(Increase) decrease in prepaid expenses   0    0    0 
Increase (decrease) in accrued expenses   (4,300)   (4,500)   2,600 
Increase (decrease) in due to officer   0    (99)   0 
Net Cash Used in Operating Activities   (6,716)   (11,211)   (68,893)
                
CASH FLOWS FROM FINANCING ACTIVITIES               
Proceeds from issuance of common stock   0    0    100,000 
Capital contribution   0    0    3,125 
Net Cash Provided by Financing Activities   0    0    103,125 
                
NET INCREASE (DECREASE) IN CASH   (6,716)   (11,211)   34,232 
                
Cash, beginning of period   40,948    54,895    0 
Cash, end of period  $34,232   $43,684   $34,232 
                
SUPPLEMENTAL CASH FLOW INFORMATION:               
Cash paid for interest  $0   $0   $0 
Cash paid for income taxes  $0   $0   $0 
                
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:               
Forgiveness of accrued officer compensation  $0   $0   $3,125 

 

See accompanying notes to financial statements.

F-3

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2012

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business

Skookum Safety Solutions Corp. (‘Skookum” or “the Company”) was incorporated under the laws of the State of Nevada, U.S. on October 19, 2010. Skookum is developing a line of baby products. Skookum is a development stage company and has not yet realized any revenues from its planned operations.

 

Development Stage Company

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.

 

Basis of Presentation

The accompanying unaudited interim financial statements of Skookum Safety Solutions Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2012 have been omitted.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted an August 31 fiscal year end.

 

Cash and Cash Equivalents

Skookum considers all highly liquid investments with maturities of three months or less to be cash equivalents. At November 30, 2012 and August 31, 2012, respectively, the Company had $34,232 and $40,948 of cash.

 

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, prepaid expenses, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

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.

F-4

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2012

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

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.

 

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

Foreign Currency

The operations of the Company are located in Canada. Skookum maintains both U.S. Dollar and Canadian Dollar bank accounts. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Re-measurement gains and losses that arise from exchange rate fluctuations are included in income or loss from operations due to materiality. Monetary assets and liabilities denominated in Canadian Dollars are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Canadian Dollars are translated at the average exchange rate.

 

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of November 30, 2012.

 

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

Skookum does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

 

NOTE 2 – ACCRUED EXPENSES

 

Accrued expenses at November 30, 2012 and August 31, 2012 consisted of amounts due to the Company’s accountant and outside independent auditors.

F-5

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2012

 

NOTE 3 – COMMON STOCK

 

The Company has 30,000,000 shares of $0.001 par value common stock authorized.

 

During the period ended August 31, 2011, the Company issued 1,500,000 shares of common stock at $0.02 per share to its founder for total cash proceeds of $30,000.

 

Additionally, the Company issued 500,000 shares of common stock at $0.08 per share for total cash proceeds of $40,000.

 

During the year ended August 31, 2012, the Company issued 300,000 shares of common stock at $0.10 per share for total cash proceeds of $30,000.

 

On July 19, 2012, a shareholder forgave a balance due of $3,125. The amount was recorded as contributed capital.

 

As of November 30, 2012 there were 2,300,000 shares of common stock issued and outstanding.

 

NOTE 4 – INCOME TAXES

 

As of November 30, 2012, the Company had net operating loss carry forwards of approximately $71,493 that may be available to reduce future years’ taxable income through 2032. 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 provision for Federal income tax consists of the following for the periods ended November 30, 2012 and 2011:

 

   November 30, 2012  November 30, 2011
Federal income tax benefit attributable to:          
Current Operations  $820   $2,250 
Less: valuation allowance   (820)   (2,250)
Net provision for Federal income taxes  $0   $0 

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of November 30, 2012 and August 31, 2012:

 

   November 30, 2012  August 31, 2012
Deferred tax asset attributable to:          
Net operating loss carryover  $24,306   $23,486 
Less: valuation allowance   (24,306)   (23,486)
Net deferred tax asset  $0   $0 

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $71,493 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.

F-6

SKOOKUM SAFETY SOLUTIONS CORP.

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

NOVEMBER 30, 2012

 

NOTE 5 – COMMITMENTS AND CONTINGENCIES

 

The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

During the year ended August 31,2012, the Company entered into an agreement with an officer and shareholder for compensation in the amount of $10,000. The agreement was for the period from January 1, 2012 through August 31, 2012. The officer and shareholder was paid $5,000 on this agreement as of August 31, 2012. On July 19, 2012, the officer resigned and forgave the prorated balance due on the agreement of $3,125. The amount was recorded as contributed capital.

 

NOTE 7 – GOING CONCERN

 

Skookum has a deficit accumulated during the development stage of $71,493 as of November 30, 2012. Skookum's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, Skookum has no current source of revenue and a limited amount of working capital. Without realization of additional capital, it would be unlikely for Skookum to continue as a going concern. Skookum's management plans on raising cash from public or private debt or equity financing, on an as needed basis and in the longer term, and, ultimately, upon achieving profitable operations through the development of business activities.

 

NOTE 8 – SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to November 30, 2012 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.

F-7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Statements

 

Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words “believes,” “project,” “expects,” “anticipates,” “estimates,” “intends,” “strategy,” “plan,” “may,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to: changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.

 

Company Overview

 

We are engaged in the business of developing, manufacturing, and selling blocks designed to elevate the head of a bed or crib specifically for the treatment of symptoms associated with certain medical disorders in children and adults. These products will be marketed to the doctors who treat these disorders, as well as the patients (and the parents of minor patients) who are afflicted by them. We are currently in the process of developing our product design, seeking manufacturers, and planning marketing strategies. We have had discussions with product designers, manufacturers, and marketing consultants regarding these activities, but we have not, however, entered into any oral or written agreement concerning the designing, manufacturing, or marketing of our products as of the date of this report. When we are satisfied that our products will compete effectively in the Home Healthcare Industry, we will begin the manufacture and distribution of the products online initially, and eventually through conventional retailers.

 

Natalie M. Rydstrom is our president and sole director. Our offices are located at E09 Calle Jacarandas, Urbanizacion Los Laureles, Escazu San Jose, Costa Rica.

 

Results of operations for the three months ended November 30, 2012 and 2011 and for the period from Inception (November 19, 2010) to November 30, 2012

 

We have not earned any revenues since our inception on November 19, 2010. We do not anticipate earning revenues until such time that we have fully developed and are able to market our products.

 

We incurred operating expenses in the amount of $2,416 for the three months ended November 30, 2012, as compared with $6,612 for the three months ended November 30, 2011. We incurred operating expenses in the amount of $71,493 for the period from November 19, 2010 (Inception) to November 30, 2012. For all periods mentioned, our operating expenses consisted of general and administrative expenses and professional fees.

 

We incurred a net loss in the amount of $2,416 for the three months ended November 30, 2012, as compared with $6,612 for the three months ended November 30, 2011. We incurred a net loss of $71,493 for the period from November 19, 2010 (Inception) to November 30, 2012. Our losses for each period are attributable to operating expenses together with a lack of any revenues.

4

Liquidity and Capital Resources

 

As of November 30, 2012, we had $34,232 in current assets. Our total current liabilities as of November 30, 2012 were $2,600. As a result, we have working capital of $31,632 as of November 30, 2012.

 

Operating activities used $68,893 in cash for the period from inception (November 19, 2010) to November 30, 2012. Our net loss of $71,493 for this period was the main component of our negative operating cash flow. We primarily relied on cash from the sale of our common stock to fund our operations for the period from inception (November 19, 2010) to November 30, 2012.

 

The success of our business plan beyond the next 12 months is contingent upon us obtaining additional financing. We intend to fund operations through debt and/or equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital, or other cash requirements. We do not have any formal commitments or arrangements for the sales of stock or the advancement or loan of funds at this time. There can be no assurance that such additional financing will be available to us on acceptable terms, or at all.

 

Off Balance Sheet Arrangements

 

As of November 30, 2012, there were no off balance sheet arrangements.

 

Going Concern

 

We have a deficit accumulated during the development stage of $71,493 as of November 30, 2012. Our financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, we have no current source of revenue. Without realization of additional capital, it would be unlikely for us to continue as a going concern. Our management plans on raising cash from public or private debt or equity financing, on an as needed basis and in the longer term, and, ultimately, upon achieving profitable operations through the development of business activities.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

A smaller reporting company is not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

We carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of November 30, 2012. This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of November 30, 2012, our disclosure controls and procedures were not effective due to the presence of material weaknesses in internal control over financial reporting.

 

A material weakness is a deficiency, or a 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. Management has identified the following material weaknesses which have caused management to conclude that, as of November 30, 2012, our disclosure controls and procedures were not effective: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both US GAAP and SEC guidelines.

5

Remediation Plan to Address the Material Weaknesses in Internal Control over Financial Reporting

 

Our company plans to take steps to enhance and improve the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending August 31, 2013: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

 

We are unable to remedy our controls related to the inadequate segregation of duties and ineffective risk management until we receive financing to hire additional employees.

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the three months ended November 30, 2012 that have materially affected, or are reasonable likely to materially affect, our internal control over financial reporting.

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We are not a party to any pending legal proceeding. We are not aware of any pending legal proceeding to which any of our officers, directors, or any beneficial holders of 5% or more of our voting securities are adverse to us or have a material interest adverse to us.

 

Item 1A: Risk Factors

 

A smaller reporting company is not required to provide the information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None

 

Item 3. Defaults upon Senior Securities

 

None

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None

6

Item 6. Exhibits

 

Exhibit Number Description of Exhibit
31.1 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101** The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended November 30, 2012 formatted in Extensible Business Reporting Language (XBRL).

**Provided herewith

 

7

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

Skookum Safety Solutions Corp.
 
Date: January 22, 2013
 

 

 

By:

/s/ Natalie M. Rydstrom

Natalie M. Rydstrom

Title: Chief Executive Officer and Director

 

8

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

CERTIFICATIONS

 

I, Natalie M. Rydstrom, certify that;

 

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended November 30, 2012 of Skookum Safety Solutions Corp (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2013

 

/s/ Natalie M. Rydstrom

By: Natalie M. Rydstrom

Title: Chief Executive Officer

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

CERTIFICATIONS

 

I, Natalie M. Rydstrom, certify that;

 

1. I have reviewed this quarterly report on Form 10-Q for the quarter ended November 30, 2012 of Skookum Safety Solutions Corp (the “registrant”);

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: January 22, 2013

 

/s/ Natalie M. Rydstrom

By: Natalie M. Rydstrom

Title: Chief Financial Officer

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly Report of Skookum Safety Solutions Corp (the “Company”) on Form 10-Q for the quarter ended November 30, 2012 filed with the Securities and Exchange Commission (the “Report”), I, Natalie M. Rydstrom, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.The Report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2.The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and the consolidated result of operations of the Company for the periods presented.

 

By: /s/ Natalie M. Rydstrom
Name: Natalie M. Rydstrom
Title: Principal Executive Officer, Principal Financial Officer and Director
Date: January 22, 2013

 

 

 

 

 

 

This certification has been furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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INCOME TAXES
3 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
INCOME TAXES

 

As of November 30, 2012, the Company had net operating loss carry forwards of approximately $71,493 that may be available to reduce future years’ taxable income through 2032. 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 provision for Federal income tax consists of the following for the periods ended November 30, 2012 and 2011:

 

    November 30, 2012   November 30, 2011
Federal income tax benefit attributable to:                
Current Operations   $ 820     $ 2,250  
Less: valuation allowance     (820 )     (2,250 )
Net provision for Federal income taxes   $ 0     $ 0  

 

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows as of November 30, 2012 and August 31, 2012:

 

    November 30, 2012   August 31, 2012
Deferred tax asset attributable to:                
Net operating loss carryover   $ 24,306     $ 23,486  
Less: valuation allowance     (24,306 )     (23,486 )
Net deferred tax asset   $ 0     $ 0  

 

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $71,493 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.

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COMMON STOCK
3 Months Ended
Nov. 30, 2012
Equity [Abstract]  
COMMON STOCK

 

The Company has 30,000,000 shares of $0.001 par value common stock authorized.

 

During the period ended August 31, 2011, the Company issued 1,500,000 shares of common stock at $0.02 per share to its founder for total cash proceeds of $30,000.

 

Additionally, the Company issued 500,000 shares of common stock at $0.08 per share for total cash proceeds of $40,000.

 

During the year ended August 31, 2012, the Company issued 300,000 shares of common stock at $0.10 per share for total cash proceeds of $30,000.

 

On July 19, 2012, a shareholder forgave a balance due of $3,125. The amount was recorded as contributed capital.

 

As of November 30, 2012 there were 2,300,000 shares of common stock issued and outstanding.

 

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (USD $)
Nov. 30, 2012
Aug. 31, 2012
Current Assets    
Cash and equivalents $ 34,232 $ 40,948
TOTAL ASSETS 34,232 40,948
Current Liabilities    
Accrued expenses 2,600 6,900
Total Liabilities 2,600 6,900
Stockholders Equity    
Common Stock, $.001 par value, 30,000,000 shares authorized, 2,300,000 shares issued and outstanding (2,300,000 - August 31, 2012) 2,300 2,300
Additional paid-in capital 100,825 100,825
Deficit accumulated during the development stage (71,493) (69,077)
Total Stockholders Equity 31,632 34,048
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY $ 34,232 $ 40,948
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Nov. 30, 2012
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business

Skookum Safety Solutions Corp. (‘Skookum” or “the Company”) was incorporated under the laws of the State of Nevada, U.S. on October 19, 2010. Skookum is developing a line of baby products. Skookum is a development stage company and has not yet realized any revenues from its planned operations.

 

Development Stage Company

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.

 

Basis of Presentation

The accompanying unaudited interim financial statements of Skookum Safety Solutions Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2012 have been omitted.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end.

 

Cash and Cash Equivalents

Skookum considers all highly liquid investments with maturities of three months or less to be cash equivalents. At November 30, 2012 and August 31, 2012, respectively, the Company had $34,232 and $40,948 of cash.

 

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, prepaid expenses, accrued expenses and an amount due to an officer. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

 

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.

 

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.

 

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

Foreign Currency

The operations of the Company are located in Canada. Skookum maintains both U.S. Dollar and Canadian Dollar bank accounts. The functional currency is the U.S. Dollar. Transactions in foreign currencies other than the functional currency, if any, are re-measured into the functional currency at the rate in effect at the time of the transaction. Re-measurement gains and losses that arise from exchange rate fluctuations are included in income or loss from operations due to materiality. Monetary assets and liabilities denominated in Canadian Dollars are translated into U.S. Dollars at the rate in effect at the balance sheet date. Revenue and expenses denominated in Canadian Dollars are translated at the average exchange rate.

 

Basic Income (Loss) Per Share

Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of November 30, 2012.

 

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

Skookum does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

 

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XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
ACCRUED EXPENSES
3 Months Ended
Nov. 30, 2012
Payables and Accruals [Abstract]  
ACCRUED EXPENSES

 

Accrued expenses at November 30, 2012 and August 31, 2012 consisted of amounts due to the Company’s accountant and outside independent auditors.

XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Nov. 30, 2012
Aug. 31, 2012
Statement of Financial Position [Abstract]    
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 30,000,000 30,000,000
Common Stock, Issued and outstanding 2,300,000 2,300,000
XML 20 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES - FEDERAL INCOME TAX (Details) (USD $)
3 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Federal income tax benefit attributable to:    
Current Operations $ 820 $ 2,250
Less: valuation allowance (820) (2,250)
Net provision for Federal income taxes $ 0 $ 0
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Nov. 30, 2012
Jan. 21, 2013
Document And Entity Information    
Entity Registrant Name SKOOKUM SAFETY SOLUTIONS CORP.  
Entity Central Index Key 0001537048  
Document Type 10-Q  
Document Period End Date Nov. 30, 2012  
Amendment Flag false  
Current Fiscal Year End Date --08-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   2,300,000
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2012  
XML 22 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES - DEFERRED TAX ASSET (Details) (USD $)
Nov. 30, 2012
Aug. 31, 2012
Deferred tax asset attributable to:    
Net operating loss carryover $ 24,306 $ 23,486
Less: valuation allowance (24,306) (23,486)
Net deferred tax asset $ 0 $ 0
XML 23 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (USD $)
3 Months Ended 25 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Income Statement [Abstract]      
REVENUES $ 0 $ 0 $ 0
EXPENSES      
Professional fees 1,800 2,144 50,129
Officer compensation 0 0 8,125
General and administrative 616 4,468 13,239
TOTAL EXPENSES 2,416 6,612 71,493
LOSS FROM OPERATIONS (2,416) (6,612) (71,493)
PROVISION FOR INCOME TAXES 0 0 0
NET LOSS $ (2,416) $ (6,612) $ (71,493)
NET LOSS PER SHARE: BASIC AND DILUTED $ 0.00 $ 0.00  
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 2,300,000 2,000,000  
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GOING CONCERN
3 Months Ended
Nov. 30, 2012
Notes to Financial Statements  
GOING CONCERN

 

Skookum has a deficit accumulated during the development stage of $71,493 as of November 30, 2012. Skookum's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, Skookum has no current source of revenue and a limited amount of working capital. Without realization of additional capital, it would be unlikely for Skookum to continue as a going concern. Skookum's management plans on raising cash from public or private debt or equity financing, on an as needed basis and in the longer term, and, ultimately, upon achieving profitable operations through the development of business activities.

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RELATED PARTY TRANSACTIONS
3 Months Ended
Nov. 30, 2012
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

During the year ended August 31,2012, the Company entered into an agreement with an officer and shareholder for compensation in the amount of $10,000. The agreement was for the period from January 1, 2012 through August 31, 2012. The officer and shareholder was paid $5,000 on this agreement as of August 31, 2012. On July 19, 2012, the officer resigned and forgave the prorated balance due on the agreement of $3,125. The amount was recorded as contributed capital.

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INCOME TAXES (Details Narrative) (USD $)
3 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
Operating Loss Carryforwards $ 71,493
Carryforward Expiration Date Jan. 01, 2032
Effective Income Tax Rate 34.00%
XML 27 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)
3 Months Ended
Nov. 30, 2012
Aug. 31, 2012
Accounting Policies [Abstract]    
Date of Incorporation Oct. 19, 2010  
Current Fiscal Year End Date --08-31  
Cash $ 34,232 $ 40,948
XML 28 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
3 Months Ended
Nov. 30, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

 

In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to November 30, 2012 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.

XML 29 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
INCOME TAXES (Tables)
3 Months Ended
Nov. 30, 2012
Income Tax Disclosure [Abstract]  
Federal Income Tax
    November 30, 2012   November 30, 2011
Federal income tax benefit attributable to:                
Current Operations   $ 820     $ 2,250  
Less: valuation allowance     (820 )     (2,250 )
Net provision for Federal income taxes   $ 0     $ 0  
Deferred Tax Asset
    November 30, 2012   August 31, 2012
Deferred tax asset attributable to:                
Net operating loss carryover   $ 24,306     $ 23,486  
Less: valuation allowance     (24,306 )     (23,486 )
Net deferred tax asset   $ 0     $ 0  
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COMMON STOCK (Details Narrative) (USD $)
10 Months Ended 12 Months Ended
Aug. 31, 2011
Aug. 31, 2012
Nov. 30, 2012
Equity [Abstract]      
Common Stock Shares Authorized   30,000,000 30,000,000
Common Stock Par Value Per Share   $ 0.001 $ 0.001
Founder Shares Issued For Cash, Shares 1,500,000    
Founder Shares Issued For Cash, ParValue $ 0.02    
Founder Shares Issued For Cash, Value $ 30,000    
Shares Issued For Cash, Shares 500,000 300,000  
Shares Issued For Cash Par Value $ 0.08 $ 0.10  
Shares Issued For Cash, Value 40,000 30,000  
Forgiveness Of Accrued Officer Compensation   $ 3,125  
Common Stock Shares Issued   2,300,000 2,300,000
XML 31 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN (Details Narrative) (USD $)
Nov. 30, 2012
Aug. 31, 2012
Notes to Financial Statements    
Deficit Accumulated During Development Stage $ 71,493 $ 69,077
XML 32 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (USD $)
3 Months Ended 25 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss for the period $ (2,416) $ (6,612) $ (71,493)
Changes in assets and liabilities:      
(Increase) decrease in prepaid expenses 0 0 0
Increase (decrease) in accrued expenses (4,300) (4,500) 2,600
Increase (decrease) in due to officer 0 (99) 0
Net Cash Used in Operating Activities (6,716) (11,211) (68,893)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock 0 0 100,000
Capital contribution 0 0 3,125
Net Cash Provided by Financing Activities 0 0 103,125
NET INCREASE (DECREASE) IN CASH (6,716) (11,211) 34,232
Cash, beginning of period   54,895 0
Cash, end of period   43,684  
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid for interest 0 0 0
Cash paid for income taxes 0 0 0
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION:      
Forgiveness of accrued officer compensation $ 0 $ 0 $ 3,125
XML 33 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Nov. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

 

The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

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RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)
12 Months Ended
Aug. 31, 2012
Related Party Transactions [Abstract]  
Officer and shareholder compensation owed $ 10,000
Payments to officer and shareholder for compensation 5,000
Forgiveness Of Accrued Officer Compensation $ 3,125