| Condensed Financial Information of Focus |
The following
table sets forth financial information of Focus Universal only as of September 30, 2016 and December 31, 2015, and for three and
nine months ended September 30, 2016 and 2015.
FOCUS UNIVERSAL
INC.
BALANCE
SHEET
| |
|
September 30, 2016 |
|
|
December 31, 2015 |
|
| |
|
(Unaudited) |
|
|
(Audited) |
|
| |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
|
|
| Cash and cash
equivalents |
|
$ |
17,942 |
|
|
$ |
5,681 |
|
| Prepaid expenses |
|
|
9,896 |
|
|
|
14,961 |
|
| Total Current Assets |
|
|
27,838 |
|
|
|
20,642 |
|
| |
|
|
|
|
|
|
|
|
| Property and equipment, net |
|
|
1,162 |
|
|
|
1,408 |
|
| |
|
|
|
|
|
|
|
|
| Other Assets: |
|
|
|
|
|
|
|
|
| Investment in Perfecular
Inc. |
|
|
469,485 |
|
|
|
669,433 |
|
| Deposits |
|
|
24,726 |
|
|
|
24,726 |
|
| |
|
|
|
|
|
|
|
|
| Total Assets |
|
$ |
523,211 |
|
|
|
716,209 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable and accrued
liabilities |
|
$ |
21,861 |
|
|
|
5,745 |
|
| Due to Perfecular Inc. |
|
|
273,663 |
|
|
|
177,749 |
|
| Income taxes payable |
|
|
800 |
|
|
|
800 |
|
| Other current liabilities |
|
|
4,400 |
|
|
|
– |
|
| Total
Current Liabilities |
|
|
300,724 |
|
|
|
184,294 |
|
| |
|
|
|
|
|
|
|
|
| Noncurrent Liabilities: |
|
|
|
|
|
|
|
|
| Deferred rent |
|
|
819 |
|
|
|
911 |
|
| Total Liabilities |
|
|
301,543 |
|
|
|
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 September 30, 2016
and December 31, 2015 |
|
|
34,575 |
|
|
|
34,575 |
|
| Additional paid-in capital |
|
|
713,239 |
|
|
|
713,239 |
|
| Accumulated deficit |
|
|
(526,146 |
) |
|
|
(216,810 |
) |
| Total
stockholders' equity |
|
|
221,668 |
|
|
|
531,004 |
|
| |
|
|
|
|
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$ |
523,211 |
|
|
$ |
716,209 |
|
FOCUS
UNIVERSAL INC.
STATEMENTS
OF OPERATIONS
(UNAUDITED)
| |
|
Three Months |
|
|
Three Months |
|
|
Nine Months |
|
|
Nine Months |
|
| |
|
Ended |
|
|
Ended |
|
|
Ended |
|
|
Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
|
September 30, |
|
| |
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
| Revenue |
|
$ |
– |
|
|
$ |
9,630 |
|
|
$ |
1,780 |
|
|
$ |
11,638 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cost of Revenue |
|
|
– |
|
|
|
2,025 |
|
|
|
2,700 |
|
|
|
5,750 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Loss |
|
|
– |
|
|
|
7,605 |
|
|
|
(920 |
) |
|
|
5,888 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operation Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| General and administrative |
|
|
6,461 |
|
|
|
16,050 |
|
|
|
39,455 |
|
|
|
43,775 |
|
| Professional fees |
|
|
18,896 |
|
|
|
28,370 |
|
|
|
72,726 |
|
|
|
69,203 |
|
| Total Operating Expenses |
|
|
25,357 |
|
|
|
44,420 |
|
|
|
112,181 |
|
|
|
112,978 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from Operations |
|
|
(25,357 |
) |
|
|
(36,815 |
) |
|
|
(113,101 |
) |
|
|
(107,090 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from investment in
Perfecular Inc. |
|
|
(78,562 |
) |
|
|
– |
|
|
|
(199,948 |
) |
|
|
– |
|
| Other income |
|
|
4,763 |
|
|
|
– |
|
|
|
4,763 |
|
|
|
10,000 |
|
| Other expense |
|
|
– |
|
|
|
(1,878 |
) |
|
|
(250 |
) |
|
|
(3,351 |
) |
| Total Other Income (Expense) |
|
|
(73,799 |
) |
|
|
1,878 |
|
|
|
(195,435 |
) |
|
|
6,649 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss before income taxes |
|
|
(99,156 |
) |
|
|
(38,693 |
) |
|
|
(308,536 |
) |
|
|
(100,441 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax provision |
|
|
800 |
|
|
|
800 |
|
|
|
800 |
|
|
|
800 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Loss |
|
$ |
(99,956 |
) |
|
$ |
(39,493 |
) |
|
$ |
(309,336 |
) |
|
$ |
(101,241 |
) |
|