Note 4 - Basic Earnings Per Share
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 4 - Basic Earnings Per Share | NOTE 4 - BASIC EARNINGS PER SHARE
ASC No. 260, Earnings Per Share, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260.
Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. |
Note 3 - Recent Accounting Pronouncements
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 3 - Recent Accounting Pronouncements | NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS
The company has evaluated the recent accounting pronouncements issued through the issuance of these financial statements, and the Company does not expect that the effectiveness of any of these changes will have a material impact on the Companys financial position, or statements. |
SOPAC CELLULAR SOLUTIONS INC. - (A Development Stage Company) - Balance Sheet (USD $)
|
Nov. 30, 2012
|
Aug. 31, 2012
|
---|---|---|
Current assets | ||
Cash | $ 11,564 | $ 1,578 |
Total Current Assets | 11,564 | 1,578 |
Total Assets | 11,564 | 1,578 |
Current Liabilities | ||
Accounts Payable | 5,282 | 2,570 |
Accounts Payable - related party | 3,300 | 3,000 |
Loan Payable - related party | 61,965 | 46,965 |
Total current liabilities | 70,547 | 52,535 |
Liabilities | 70,547 | 52,535 |
Stockholders' Equity (Deficit) | ||
Common Stock | 42,500 | 1,700 |
Additional Paid in Capital | (2,500) | 38,300 |
Deficit Accumulated during development stage | (98,983) | (90,957) |
Total Stockholders' Equity (deficit) | (58,983) | (50,957) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 11,564 | $ 1,578 |
Note 1 - Condensed Financial Statements
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 1 - Condensed Financial Statements | NOTE 1 - CONDENSED FINANCIAL STATEMENTS
The accompanying financial statements have been prepared by iTalk Inc. (Formerly: SOPAC Cellular Solutions Inc.) (the Company) without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2012, and for all periods presented herein, have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's August 31, 2012 audited financial statements. The results of operations for the period ended November 30, 2012 is not necessarily indicative of the operating results for the full year. |
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Note 2 - Going Concern
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 2 - Going Concern | NOTE 2 - GOING CONCERN
The Company's financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
SOPAC CELLULAR SOLUTIONS INC. - (A Development Stage Company) - Statement of Financial Position - Parenthetical (USD $)
|
Nov. 30, 2012
|
Aug. 31, 2011
|
---|---|---|
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 1,875,000,000 | 1,875,000,000 |
Common Stock, Shares Issued | 42,500,000 | 42,500,000 |
Common Stock, Shares Outstanding | 42,500,000 | 42,500,000 |
Document and Entity Information (USD $)
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Document and Entity Information: | |
Entity Registrant Name | iTALK Inc. |
Document Type | 10-Q |
Document Period End Date | Nov. 30, 2012 |
Amendment Flag | false |
Entity Central Index Key | 0001373444 |
Current Fiscal Year End Date | --08-31 |
Entity Common Stock, Shares Outstanding | 42,500,000 |
Entity Public Float | $ 0 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q1 |
SOPAC CELLULAR SOLUTIONS INC. - (A Development Stage Company) - Statements of Operations (USD $)
|
15 Months Ended | 77 Months Ended | |
---|---|---|---|
Nov. 30, 2012
|
Nov. 30, 2011
|
Nov. 30, 2012
|
|
Revenues | |||
Revenues | $ 0 | $ 0 | $ 0 |
Total Revenues | 0 | 0 | 0 |
Professional Fees | 6,142 | 3,500 | 51,392 |
General and Administrative Expense | 1,584 | 865 | 40,491 |
General and Administrative Expense - Related Party | 300 | 300 | 7,100 |
Total General and Administrative Expenses | 8,026 | 4,665 | 98,983 |
Net Income (loss) | $ (8,026) | $ (4,665) | $ (98,983) |
Basic earning (loss) per share | $ 0 | $ 0.00 | |
Weighted average number of common shares outstanding | 42,500,000 | 4,200,000 |
Note 5 - Related Party Transactions (Details) (USD $)
|
Nov. 30, 2012
|
Aug. 31, 2012
|
---|---|---|
Accounts Payable - related party | $ 3,300 | $ 3,000 |
Loan Payable - related party | $ 61,965 | $ 46,965 |
Note 6 - Subsequent Events
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 6 - Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS
Effective December 21, 2012, the Company affected a 25 for one forward stock split of its issued and outstanding common stock. As a result, its authorized capital increased to 1,875,000,000 shares of common stock with a par value of $0.001 and it's issued and outstanding shares increased from 1,700,000 shares of common stock to 42,500,000 shares of common stock.
Also, effective December 21, 2012, the Company has changed its name from "SOPAC Cellular Solutions Inc." to "iTalk Inc." |
Note 6 - Subsequent Events (Details) (USD $)
|
Nov. 30, 2012
|
Aug. 31, 2011
|
---|---|---|
Common Stock, Shares Authorized | 1,875,000,000 | 1,875,000,000 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Issued | 42,500,000 | 42,500,000 |
Common Stock, Shares Outstanding | 42,500,000 | 42,500,000 |
Note 5 - Related Party Transactions
|
3 Months Ended |
---|---|
Nov. 30, 2012
|
|
Notes | |
Note 5 - Related Party Transactions | NOTE 5 - RELATED PARTY TRANSACTIONS
From January 1, 2007 to present the Company paid its sole officer and director, Ezra E. Ezra, $100 per month for use of office space and services. As of November 30, 2012 there was an account payable related party of $3,300 reflecting unpaid rent of $300 for the last three months and $1,200, $1,200 and $600 from fiscal years 2011, 2010 and 2009 respectively.
As of November 30, 2012, there was a loan payable due to Ezra E. Ezra for $46,965, which is non interest bearing with no specific repayment terms and a loan payable due to David F. Levy for $15,000 which is non interest bearing with no specific repayment terms. |