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)
6 Months Ended
Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Focus Universal, Inc. Condensed 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. 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     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 )