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Folkup Development Inc. – ‘10-Q’ for 2/29/20 – ‘EX-101.INS’

On:  Wednesday, 4/1/20, at 3:42pm ET   ·   For:  2/29/20   ·   Accession #:  1684506-20-4   ·   File #:  333-216921

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  As Of               Filer                 Filing    For·On·As Docs:Size

 4/01/20  Folkup Development Inc.           10-Q        2/29/20   36:993K

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    117K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     21K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     15K 
19: R1          Document and Entity Information                     HTML     42K 
33: R2          Balance sheets (Unaudited)                          HTML     51K 
25: R3          Balance sheets (Unaudited) (Parenthetical)          HTML     19K 
13: R4          Statements of operations                            HTML     40K 
20: R5          Statements of changes in stockholder's equity       HTML     24K 
34: R6          Statements of cash flows                            HTML     42K 
26: R7          Organization and Nature of Business                 HTML     17K 
15: R8          Going Concern                                       HTML     17K 
17: R9          Summary of Signifcant Accounting Policies           HTML     47K 
28: R10         Loan From Director                                  HTML     16K 
30: R11         Common Stock                                        HTML     23K 
22: R12         Commitments and Contingencies                       HTML     16K 
11: R13         Income Taxes                                        HTML     36K 
29: R14         Subsequent Events                                   HTML     16K 
31: R15         Significant Accounting Policies (Policies)          HTML     48K 
23: R16         Summary of Signifcant Accounting Policies (Tables)  HTML     16K 
12: R17         Income Taxes (Tables)                               HTML     37K 
27: R18         Going Concern (Details Text)                        HTML     15K 
32: R19         Summary of Signifcant Accounting Policies (Details  HTML     16K 
                Text)                                                            
16: R20         Loan From Director (Details Text)                   HTML     14K 
14: R21         Common Stock (Details Text)                         HTML     14K 
24: R22         Income Taxes (Details 1)                            HTML     19K 
35: R23         Income Taxes (Details 2)                            HTML     17K 
18: R24         Income Taxes (Details Text)                         HTML     19K 
10: XML         IDEA XML File -- Filing Summary                      XML     57K 
36: EXCEL       IDEA Workbook of Financial Reports                  XLSX     26K 
 4: EX-101.INS  XBRL Instance -- none-20200229                       XML    218K 
 6: EX-101.CAL  XBRL Calculations -- none-20200229_cal               XML     14K 
 7: EX-101.DEF  XBRL Definitions -- none-20200229_def                XML     44K 
 8: EX-101.LAB  XBRL Labels -- none-20200229_lab                     XML    286K 
 9: EX-101.PRE  XBRL Presentations -- none-20200229_pre              XML    154K 
 5: EX-101.SCH  XBRL Schema -- none-20200229                         XSD     53K 
21: ZIP         XBRL Zipped Folder -- 0001684506-20-000004-xbrl      Zip     30K

‘EX-101.INS’   —   XBRL Instance — none-20200229

This Exhibit is an XBRL XML File.

                                                                                                                                                                                
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<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 1 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">ORGANIZATION AND NATURE OF BUSINESS</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<none:GoingConcernTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 2 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">GOING CONCERN</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 three months ended February 29, 2020. 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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 3 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;text-decoration:none;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Basis of presentation </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The results for the three months ended February 29, 2020 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10K for the year ended January 31, 2020, filed with the Securities and Exchange Commission.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Use of Estimates</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0pt;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0pt;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Cash</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> and Cash </font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">E</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">q</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ui</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">v</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">a</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">lents</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">T</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">h</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">e</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.15pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">C</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">o</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;line-height:normal;">m</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">p</font><font color="windowtext" lang="EN-US" style="font-family:Times New 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Roman,serif;font-size:10.0pt;line-height:normal;">hs</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.2pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">or</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.2pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">les</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">s</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.1pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">to </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">be ca</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">s</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">h </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">e</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">q</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">u</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">i</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">v</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">a</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">le</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">n</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">t</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">s. The Company had $1,812 of cash as of February 29, 2020 and $5,101 as of November 30, 2019.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Depreciation, Amortization, and Capitalization </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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. </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FOLKUP DEVELOPMENT INC.</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Notes to the unaudited financial statements</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FEBRUARY 29, 2020</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Income Taxes</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Fair Value of Financial Instruments</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">These tiers include:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:534.000000pt;"> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 1:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as observable inputs such as quoted prices in active markets;</font></p> </td> </tr> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 2:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</font></p> </td> </tr> <tr style="height:20.55pt;"> <td valign="top" width="13%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 3:</font></p> </td> <td valign="top" width="87%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> </table></div> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;text-decoration:none;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Basic Income (Loss) Per Share</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 February 29, 2020 and November 30, 2019 there were no potentially dilutive debt or equity instruments issued or outstanding.  </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Revenue Recognition</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the three months ended February 29, 2020 the Company has generated no revenue.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Stock-Based Compensation</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Recent Accounting Pronouncements</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FOLKUP DEVELOPMENT INC.</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Notes to the unaudited financial statements</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FEBRUARY 29, 2020</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p>
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<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 4 - </font></b><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">LOAN FROM DIRECTOR                                          </font></i></b></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">For the three months ended February 29, 2020, our sole director has loaned to the Company $0. Loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $29,955 as of February 29, 2020.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<us-gaap:ScheduleOfStockByClassTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 5 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">COMMON STOCK</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Company has 75,000,000, $0.001 par value shares of common stock authorized.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">There were 3,800,000 shares of common stock issued and outstanding as of February 29, 2020.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 6 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">COMMITMENTS AND CONTINGENCIES</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 7 - </font></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">INCOME TAXES</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 February 29, 2020 the Company had net operating loss carry forwards of $62,143 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 February 29, 2020 was approximately $13,050. The net change in valuation allowance during the three months ended February 29, 2020 was $2,161. 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. </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The provision for Federal income tax consists of the following: </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="90%" style="border-collapse:collapse;margin-left:6.75pt;margin-right:6.75pt;width:453.999969pt;"> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"></td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><b><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> </td> <td valign="bottom" width="27%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As of </font><font color="windowtext" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"> </font><font color="windowtext" style="font-family:Calibri,sans-serif;font-size:11.0pt;line-height:normal;"> </font><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 29, 2020</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As of November  30, 2019</font></p> </td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-current deferred tax assets:</font></p> </td> <td valign="top" width="3%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="bottom" width="27%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="bottom" width="31%" style="height:12.55pt;padding:0in 0in 0in 0in;"></td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Net operating loss carry forward</font></p> </td> <td valign="top" width="3%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(13,050)</font></p> </td> <td valign="bottom" width="31%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(10,889)</font></p> </td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:13.0pt;"> <td valign="bottom" width="38%" style="height:13.0pt;padding:0in 0in 1.5pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Valuation allowance</font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">13,050</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">10,889</font></p> </td> <td valign="top" width="1%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:13.0pt;"> <td valign="bottom" width="38%" style="height:13.0pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Net deferred tax assets</font></p> </td> <td valign="top" width="3%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="top" width="1%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> </table></div> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"><br /> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the three months ended February 29, 2020 and 2019 as follows:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" width="94%" style="border-collapse:collapse;margin-left:42.55pt;"> <tr style="height:19.5pt;"> <td valign="bottom" width="46%" style="height:19.5pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> </td> <td valign="bottom" width="23%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Three months ended</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 29, 2020</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 1.5pt 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Three months ended</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 28, 2019</font></p> </td> </tr> <tr style="height:26.1pt;"> <td valign="bottom" width="46%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Computed “expected” tax expense (benefit) </font></p> </td> <td valign="top" width="3%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(2,161)</font></p> </td> <td valign="bottom" width="28%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(75)</font></p> </td> </tr> <tr style="height:10.1pt;"> <td valign="bottom" width="46%" style="height:10.1pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Change in valuation allowance</font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">2,161</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">75</font></p> </td> </tr> <tr style="height:6.45pt;"> <td valign="bottom" width="46%" style="height:6.45pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Actual tax expense (benefit)</font></p> </td> <td valign="top" width="3%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> </tr> </table></div> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FOLKUP DEVELOPMENT INC.</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Notes to the unaudited financial statements</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FEBRUARY 29, 2020</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="RU" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p>
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<us-gaap:ScheduleOfSubsequentEventsTextBlock contextRef="Context1">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Note 8 - </font></b><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">SUBSEQUENT EVENTS</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to February 29, 2020 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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p>
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<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;text-decoration:none;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Basis of presentation </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The results for the three months ended February 29, 2020 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10K for the year ended January 31, 2020, filed with the Securities and Exchange Commission.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Use of Estimates</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0pt;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0pt;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">Cash</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> and Cash </font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">E</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">q</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">ui</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">v</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">a</font></i></b><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">lents</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">T</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">h</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">e</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:.15pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">C</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">o</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.2pt;line-height:normal;">m</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">p</font><font color="windowtext" lang="EN-US" style="font-family:Times New 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Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">to </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">be ca</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">s</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">h </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">e</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">q</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">u</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">i</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">v</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.15pt;line-height:normal;">a</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">le</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">n</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;letter-spacing:-.1pt;line-height:normal;">t</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">s. The Company had $1,812 of cash as of February 29, 2020 and $5,101 as of November 30, 2019.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Depreciation, Amortization, and Capitalization </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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. </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FOLKUP DEVELOPMENT INC.</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Notes to the unaudited financial statements</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FEBRUARY 29, 2020</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Income Taxes</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Fair Value of Financial Instruments</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">These tiers include:</font></p> <div align="left"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:534.000000pt;"> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 1:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as observable inputs such as quoted prices in active markets;</font></p> </td> </tr> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 2:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</font></p> </td> </tr> <tr style="height:20.55pt;"> <td valign="top" width="13%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 3:</font></p> </td> <td valign="top" width="87%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> </table></div> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;text-decoration:none;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Basic Income (Loss) Per Share</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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 February 29, 2020 and November 30, 2019 there were no potentially dilutive debt or equity instruments issued or outstanding.  </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Revenue Recognition</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the three months ended February 29, 2020 the Company has generated no revenue.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Stock-Based Compensation</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"> </font><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Recent Accounting Pronouncements</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">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.</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FOLKUP DEVELOPMENT INC.</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Notes to the unaudited financial statements</font></i></b></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><i><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">FEBRUARY 29, 2020</font></i></b></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p>
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<!-- ELement Id none_TheseTiersIncludeTextBlock -->
<none:TheseTiersIncludeTextBlock contextRef="Context34">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">These tiers include:</font></p> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:534.000000pt;"> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 1:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as observable inputs such as quoted prices in active markets;</font></p> </td> </tr> <tr> <td valign="top" width="13%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 2:</font></p> </td> <td valign="top" width="87%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and</font></p> </td> </tr> <tr style="height:20.55pt;"> <td valign="top" width="13%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Level 3:</font></p> </td> <td valign="top" width="87%" style="height:20.55pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.</font></p> <p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> </table>
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<us-gaap:FederalIncomeTaxNoteTextBlock contextRef="Context35">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The provision for Federal income tax consists of the following: </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <table border="0" cellpadding="0" cellspacing="0" width="90%" style="border-collapse:collapse;margin-left:6.75pt;margin-right:6.75pt;width:453.999969pt;"> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"></td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><b><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> </td> <td valign="bottom" width="27%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As of </font><font color="windowtext" style="font-family:Times New Roman,serif;font-size:12.0pt;line-height:normal;"> </font><font color="windowtext" style="font-family:Calibri,sans-serif;font-size:11.0pt;line-height:normal;"> </font><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 29, 2020</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">As of November  30, 2019</font></p> </td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Non-current deferred tax assets:</font></p> </td> <td valign="top" width="3%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="bottom" width="27%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="bottom" width="31%" style="height:12.55pt;padding:0in 0in 0in 0in;"></td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:12.55pt;"> <td valign="bottom" width="38%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Net operating loss carry forward</font></p> </td> <td valign="top" width="3%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(13,050)</font></p> </td> <td valign="bottom" width="31%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(10,889)</font></p> </td> <td valign="top" width="1%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:13.0pt;"> <td valign="bottom" width="38%" style="height:13.0pt;padding:0in 0in 1.5pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Valuation allowance</font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">13,050</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">10,889</font></p> </td> <td valign="top" width="1%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> <tr style="height:13.0pt;"> <td valign="bottom" width="38%" style="height:13.0pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Net deferred tax assets</font></p> </td> <td valign="top" width="3%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="27%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="bottom" width="31%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="top" width="1%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0pt;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> </tr> </table>
</us-gaap:FederalIncomeTaxNoteTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context35">
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the three months ended February 29, 2020 and 2019 as follows:</font></p> <table border="0" cellpadding="0" cellspacing="0" width="94%" style="border-collapse:collapse;margin-left:42.55pt;"> <tr style="height:19.5pt;"> <td valign="bottom" width="46%" style="height:19.5pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></b></p> </td> <td valign="bottom" width="23%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Three months ended</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 29, 2020</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:solid windowtext 1.0pt;height:19.5pt;padding:0in 0in 1.5pt 0in;"> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Three months ended</font></p> <p align="center" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">February 28, 2019</font></p> </td> </tr> <tr style="height:26.1pt;"> <td valign="bottom" width="46%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Computed “expected” tax expense (benefit) </font></p> </td> <td valign="top" width="3%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;"> </font></p> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(2,161)</font></p> </td> <td valign="bottom" width="28%" style="height:26.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">(75)</font></p> </td> </tr> <tr style="height:10.1pt;"> <td valign="bottom" width="46%" style="height:10.1pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Change in valuation allowance</font></p> </td> <td valign="top" width="3%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">2,161</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:solid windowtext 1.0pt;height:10.1pt;padding:0in 0in 4.0pt 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">75</font></p> </td> </tr> <tr style="height:6.45pt;"> <td valign="bottom" width="46%" style="height:6.45pt;padding:0in 0in 4.0pt 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">Actual tax expense (benefit)</font></p> </td> <td valign="top" width="3%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="left" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">$</font></p> </td> <td valign="bottom" width="23%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> <td valign="bottom" width="28%" style="border-bottom:double windowtext 2pt;height:6.45pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color="windowtext" style="font-family:Times New Roman,serif;font-size:10.0pt;line-height:normal;">-</font></p> </td> </tr> </table>
</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:Revenues contextRef="Context36" unitRef="Unit2" decimals="0"> 0 </us-gaap:Revenues>
<us-gaap:CashCashEquivalentsAndShortTermInvestments contextRef="Context2" unitRef="Unit2" decimals="0"> 1812 </us-gaap:CashCashEquivalentsAndShortTermInvestments>
<us-gaap:LoansPayableFairValueDisclosure contextRef="Context2" unitRef="Unit2" decimals="0"> 29955 </us-gaap:LoansPayableFairValueDisclosure>
<us-gaap:CommonStockValueOutstanding contextRef="Context2" unitRef="Unit2" decimals="0"> 3800000 </us-gaap:CommonStockValueOutstanding>
<us-gaap:OperatingLossCarryforwards contextRef="Context2" unitRef="Unit2" decimals="0"> -13050 </us-gaap:OperatingLossCarryforwards>
<us-gaap:OperatingLossCarryforwards contextRef="Context3" unitRef="Unit2" decimals="0"> -10889 </us-gaap:OperatingLossCarryforwards>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context2" unitRef="Unit2" decimals="0"> 13050 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsValuationAllowance contextRef="Context3" unitRef="Unit2" decimals="0"> 10889 </us-gaap:DeferredTaxAssetsValuationAllowance>
<us-gaap:DeferredTaxAssetsNet contextRef="Context2" unitRef="Unit2" decimals="0"> 0 </us-gaap:DeferredTaxAssetsNet>
<!-- ELement Id us-gaap_BenefitsLossesAndExpenses -->
<us-gaap:BenefitsLossesAndExpenses contextRef="Context37" unitRef="Unit2" decimals="0"> -2161 </us-gaap:BenefitsLossesAndExpenses>
<us-gaap:BenefitsLossesAndExpenses contextRef="Context38" unitRef="Unit2" decimals="0"> -75 </us-gaap:BenefitsLossesAndExpenses>
<us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount contextRef="Context37" unitRef="Unit2" decimals="0"> 2161 </us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount>
<us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount contextRef="Context38" unitRef="Unit2" decimals="0"> 75 </us-gaap:ValuationAllowanceDeferredTaxAssetChangeInAmount>
<us-gaap:OperatingLossCarryforwardsValuationAllowance contextRef="Context2" unitRef="Unit2" decimals="0"> 62143 </us-gaap:OperatingLossCarryforwardsValuationAllowance>
<us-gaap:ValuationAllowancesAndReservesBalance contextRef="Context2" unitRef="Unit2" decimals="0"> 13050 </us-gaap:ValuationAllowancesAndReservesBalance>
<none:TheNetChangeInValuationAllowance contextRef="Context2" unitRef="Unit2" decimals="0"> 2161 </none:TheNetChangeInValuationAllowance>
</xbrl>

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