| Condensed Financial Information of Focus |
The following
table sets forth financial information of Focus Universal only as of June 30, 2016 and December 31, 2015, and for three and six
months ended June 30, 2016 and 2015.
FOCUS
UNIVERSAL INC.
BALANCE
SHEET
| |
|
June 30, 2016 |
|
|
December 31, 2015 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
|
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
18,419 |
|
|
$ |
5,681 |
|
| Prepaid expenses |
|
|
4,283 |
|
|
|
14,961 |
|
| Total Current Assets |
|
|
22,702 |
|
|
|
20,642 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
1,244 |
|
|
|
1,408 |
|
| |
|
|
|
|
|
|
|
|
| Other Assets: |
|
|
|
|
|
|
|
|
| Investment in Perfecular Inc. |
|
|
548,047 |
|
|
|
669,433 |
|
| Deposits |
|
|
24,726 |
|
|
|
24,726 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
596,719 |
|
|
|
716,209 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable and accrued liabilities |
|
$ |
6,174 |
|
|
|
5,745 |
|
| Due to Perfecular Inc. |
|
|
267,749 |
|
|
|
177,749 |
|
| Income taxes payable |
|
|
|
|
|
|
800 |
|
| Total Current Liabilities |
|
|
273,923 |
|
|
|
184,294 |
|
| |
|
|
|
|
|
|
|
|
| Noncurrent Liabilities: |
|
|
|
|
|
|
|
|
| Deferred rent |
|
|
1,171 |
|
|
|
911 |
|
| Total Liabilities |
|
|
275,094 |
|
|
|
185,205 |
|
| |
|
|
|
|
|
|
|
|
| Commitments and Contingencies |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| 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 June 30, 2016 and December 31, 2015 |
|
|
34,575 |
|
|
|
34,575 |
|
| Additional paid-in capital |
|
|
713,239 |
|
|
|
713,239 |
|
| Accumulated deficit |
|
|
(426,189 |
) |
|
|
(216,810 |
) |
| Total stockholders' equity |
|
|
321,625 |
|
|
|
531,004 |
|
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$ |
596,719 |
|
|
$ |
716,209 |
|
FOCUS
UNIVERSAL INC.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
|
Three Months |
|
|
Three Months |
|
|
Six Months |
|
|
Six Months |
|
| |
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
$ |
|
|
|
$ |
2,008 |
|
|
$ |
1,780 |
|
|
$ |
2,008 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Revenue |
|
|
|
|
|
|
2,025 |
|
|
|
2,025 |
|
|
|
3,725 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Loss |
|
|
|
|
|
|
(17 |
) |
|
|
(245 |
) |
|
|
(1,717 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operation Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative |
|
|
16,590 |
|
|
|
21,639 |
|
|
|
33,668 |
|
|
|
27,725 |
|
| Professional fees |
|
|
18,764 |
|
|
|
13,048 |
|
|
|
53,830 |
|
|
|
40,833 |
|
| Total Operating Expenses |
|
|
35,354 |
|
|
|
34,687 |
|
|
|
87,498 |
|
|
|
68,558 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Operations |
|
|
(35,354 |
) |
|
|
(34,704 |
) |
|
|
(87,743 |
) |
|
|
(70,275 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from investment in Perfecular Inc. |
|
|
(58,221 |
) |
|
|
|
|
|
|
(121,386 |
) |
|
|
|
|
| Other income |
|
|
|
|
|
|
10,000 |
|
|
|
|
|
|
|
10,000 |
|
| Interest expense |
|
|
|
|
|
|
(1,473 |
) |
|
|
|
|
|
|
(1,473 |
) |
| Other expense |
|
|
|
|
|
|
|
|
|
|
(250 |
) |
|
|
|
|
| Total Other Income (Expense) |
|
|
(58,221 |
) |
|
|
8,527 |
|
|
|
(123,636 |
) |
|
|
8,527 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
|
(93,575 |
) |
|
|
(26,177 |
) |
|
|
(209,379 |
) |
|
|
(61,748 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax provision |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(93,575 |
) |
|
$ |
(26,177 |
) |
|
$ |
(209,379 |
) |
|
$ |
(61,748 |
) |
|