| Focus Universal, Inc. Condensed Balance Sheet |
| |
|
June 30, 2016 |
|
|
December 31, 2015 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
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| |
|
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|
|
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|
| ASSETS |
|
|
|
|
|
|
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| 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 |
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
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| 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 |
|
| |
|
|
|
|
|
|
|
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| Commitments and Contingencies |
|
|
|
|
|
|
|
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| |
|
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|
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| 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. Condensed Statement of Operations |
| |
|
Three Months |
|
|
Three Months |
|
|
Six Months |
|
|
Six Months |
|
| |
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
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|
2015 |
|
| |
|
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| Revenue |
|
$ |
|
|
|
$ |
2,008 |
|
|
$ |
1,780 |
|
|
$ |
2,008 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Cost of Revenue |
|
|
|
|
|
|
2,025 |
|
|
|
2,025 |
|
|
|
3,725 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Loss |
|
|
|
|
|
|
(17 |
) |
|
|
(245 |
) |
|
|
(1,717 |
) |
| |
|
|
|
|
|
|
|
|
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|
|
| |
|
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| 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 |
) |
|