| Condensed Financial Information of Focus |
The following
table sets forth condensed financial information of Focus Universal only as of March 31, 2016 and December 31, 2015, and for three
months ended March 31, 2016 and 2015:
FOCUS UNIVERSAL
INC.
CONDENSED BALANCE
SHEETS
| |
|
March 31, |
|
|
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
|
| |
|
|
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
$ |
8,957 |
|
|
$ |
5,681 |
|
| Prepaid
expenses |
|
|
11,866 |
|
|
|
14,961 |
|
| Total
Current Assets |
|
|
20,823 |
|
|
|
20,642 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
1,326 |
|
|
|
1,408 |
|
| |
|
|
|
|
|
|
|
|
| Other Assets: |
|
|
|
|
|
|
|
|
| Investment in Perfecular Inc. |
|
|
606,268 |
|
|
|
669,433 |
|
| Deposits |
|
|
24,726 |
|
|
|
24,726 |
|
| Total Assets |
|
$ |
653,143 |
|
|
$ |
716,209 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable
and accrued liabilities |
|
$ |
3,941 |
|
|
$ |
5,745 |
|
| Due to Perfecular
Inc. |
|
|
232,749 |
|
|
|
177,749 |
|
| Income
taxes payable |
|
|
|
|
|
|
800 |
|
| Total
Current Liabilities |
|
|
236,690 |
|
|
|
184,294 |
|
| |
|
|
|
|
|
|
|
|
| Noncurrent Liabilities: |
|
|
|
|
|
|
|
|
| Deferred
rent |
|
|
1,253 |
|
|
|
911 |
|
| Total Liabilities |
|
|
237,943 |
|
|
|
185,205 |
|
| |
|
|
|
|
|
|
|
|
| Stockholders' Equity: |
|
|
|
|
|
|
|
|
| Common stock, par value $0.001 per share, |
|
|
|
|
|
|
|
|
| 75,000,000 shares
authorized; 34,574,706 |
|
|
|
|
|
|
|
|
| and
shares issued and outstanding |
|
|
|
|
|
|
|
|
| as of December 31,
2015 |
|
|
34,575 |
|
|
|
34,575 |
|
| Additional paid-in
capital |
|
|
713,239 |
|
|
|
713,239 |
|
| Accumulated
deficit |
|
|
(332,614 |
) |
|
|
(216,810 |
) |
| Total
stockholders' equity |
|
|
415,200 |
|
|
|
531,004 |
|
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity: |
|
$ |
653,143 |
|
|
$ |
716,209 |
|
FOCUS
UNIVERSAL INC.
CONDENSED STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
|
Three Months |
|
|
Three Months |
|
| |
|
Ended |
|
|
Ended |
|
| |
|
March 31 |
|
|
March 31 |
|
| |
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
1,780 |
|
|
$ |
|
|
| |
|
|
|
|
|
|
|
|
| Cost of Revenue |
|
|
2,025 |
|
|
|
1,700 |
|
| |
|
|
|
|
|
|
|
|
| Gross Profit |
|
|
(245 |
) |
|
|
(1,700 |
) |
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Operation Expenses: |
|
|
|
|
|
|
|
|
| General and administrative |
|
|
17,078 |
|
|
|
6,086 |
|
| Professional
fees |
|
|
35,066 |
|
|
|
27,785 |
|
| Total
Operating Expenses |
|
|
52,144 |
|
|
|
33,871 |
|
| |
|
|
|
|
|
|
|
|
| Loss from Operations |
|
|
(52,389 |
) |
|
|
(35,571 |
) |
| |
|
|
|
|
|
|
|
|
| Other Income(Expense): |
|
|
|
|
|
|
|
|
| Interest expense, net |
|
|
|
|
|
|
|
|
| Loss from investment in
Perfecular Inc. |
|
|
(63,165 |
) |
|
|
|
|
| Other
expense |
|
|
(250 |
) |
|
|
|
|
| Total
Other (Expense) Income |
|
|
(63,415 |
) |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
|
(115,804 |
) |
|
|
(35,571 |
) |
| |
|
|
|
|
|
|
|
|
| Income tax provision |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(115,804 |
)) |
|
$ |
(35,571 |
) |
|