Quarterly report pursuant to Section 13 or 15(d)

8. Condensed Financial Information of Focus (Tables)

v3.5.0.2
8. Condensed Financial Information of Focus (Tables)
9 Months Ended
Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Focus Universal, Inc. Condensed Balance Sheet

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. Condensed Statement of Operations

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 )