Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jul. 31, 2018 | Nov. 16, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2018 | |
Trading Symbol | uifd | |
Entity Registrant Name | Unifunds Ltd | |
Entity Central Index Key | 1,353,633 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 95,306,667 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Jul. 31, 2018 | Jan. 31, 2018 |
CURRENT ASSETS | ||
Prepaid Expenses | $ 1,666 | $ 6,666 |
TOTAL ASSETS | 1,666 | 6,666 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 13,114 | 5,252 |
Due to related party | 378,110 | 362,100 |
TOTAL CURRENT LIABILITIES | 391,224 | 367,352 |
TOTAL LIABILITIES | 391,224 | 367,352 |
STOCKHOLDERS' DEFICIT | ||
Capital stock Authorized 225,000,000 common shares, $0.001 par value, Issued and outstanding 95,306,667 common shares (January 31, 2018 - 95,306,667) | 95,307 | 95,307 |
Additional paid-in-capital | 502,487 | 502,487 |
Accumulated deficit | (987,352) | (958,480) |
TOTAL STOCKHOLDERS' DEFICIT | (389,558) | (360,686) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 1,666 | $ 6,666 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2018 | Jan. 31, 2018 |
Common Stock, Shares Authorized | 225,000,000 | 225,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 95,306,667 | 95,306,667 |
Common Stock, Shares, Outstanding | 95,306,667 | 95,306,667 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Operating expenses | ||||
Professional fees | $ 13,102 | $ 11,871 | $ 17,402 | $ 13,735 |
General and administrative | 4,560 | 17,308 | 11,470 | 25,639 |
Total operating expenses | 17,662 | 29,179 | 28,872 | 39,374 |
Net loss | $ (17,662) | $ (29,179) | $ (28,872) | $ (39,374) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding - basic and diluted | 95,306,667 | 95,306,667 | 95,306,667 | 95,306,667 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2018 | Jul. 31, 2017 | Jul. 31, 2018 | Jul. 31, 2017 | |
Operating Activities | ||||
Net Loss | $ (17,662) | $ (29,179) | $ (28,872) | $ (39,374) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||||
Expenses paid by Company shareholder | 16,010 | 52,221 | ||
Changes in working capital: | ||||
Prepaid expense | 5,000 | 1,500 | ||
Accounts payable and accrued liabilities | 7,862 | (14,347) | ||
Net cash used in operating activities | 0 | 0 | ||
Net Changes in Cash | 0 | 0 | ||
Cash at Beginning of Period | 0 | 0 | ||
Cash at End of Period | $ 0 | $ 0 | 0 | 0 |
Cash Paid For: | ||||
Interest | 0 | 0 | ||
Income taxes | $ 0 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Jul. 31, 2018 | |
NATURE OF BUSINESS [Text Block] | 1. NATURE OF BUSINESS The Company was incorporated in the State of Nevada on February 2, 2005. The Company was previously in the business of developing fuel cell products in China. During fiscal 2008, the Company suspended the development of their fuel cell products due to the inability to raise sufficient additional financing. Management is currently focusing on identifying, evaluating and negotiating new business opportunities. On July 31, 2012, the Company through a merger with a wholly- owned subsidiary changed its name from Intervia Inc. to Blue Sky Petroleum Inc. Effective July 9, 2015, the Company through a merger with a wholly-owned subsidiary changed its name from Blue Sky Petroleum Inc. to Asian Development Frontier Inc. (the “Company”). On October 17, 2017, the board of directors approved an agreement and plan of merger to merge with a wholly-owned subsidiary Unifunds Limited (a Nevada corporation, incorporated on October 19, 2017), for the sole purpose of effecting a name change from Asian Development Frontier Inc. to Unifunds Limited. The company remained the surviving company. Completion of the merger and name change became effective on March 23, 2018 following approval of the Financial Industry Regulatory Authority. On March 23, 2018, the Company adopted the new trading symbol “UIFD”, and new CUSIP number 90775A101. The Company has not generated any revenues from operations. The Company will obtain additional funding by borrowing funds from its director and officer, or by private placement of common stock. There can be no assurance that the Company will be successful in its efforts to raise additional financing or if financing is available, that it will be on terms that are acceptable to the Company. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jul. 31, 2018 | |
GOING CONCERN [Text Block] | 2. GOING CONCERN The Company’s financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs, which raises substantial doubt regarding the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Management’s plan to support the Company in its operations and to maintain its business strategy is to raise funds through public offerings and to rely on officers and directors to perform essential functions with minimal compensation. If the Company does not raise all of the money it needs from public offerings, it will have to find alternative sources, such as a second public offering, a private placement of securities, or loans from its officers, directors or others. If the Company requires additional cash and is unable to raise it, it will either have to suspend operations until the cash is raised, or cease business entirely. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jul. 31, 2018 | |
BASIS OF PRESENTATION [Text Block] | 3. BASIS OF PRESENTATION Unaudited Interim Financial Statements The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the Securities and Exchange Commission. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the year ended January 31, 2018 included in the Company’s Form 10-K filed with the Securities and Exchange Commission. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and six months ended July 31, 2018 are not necessarily indicative of the results that may be expected for the year ending January 31, 2019. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jul. 31, 2018 | |
RELATED PARTY TRANSACTIONS [Text Block] | 4. RELATED PARTY TRANSACTIONS During the six months period ended July 31, 2018, the Company did not pay or accrue any management salaries (the year ended January 31 2017 - $Nil) to directors or former directors of the Company. At July 31, 2018, $378,110 (January 31, 2018 - $362,100) is owed to the Company’s president for compensation, advances and expenses paid by the president. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Jul. 31, 2018 | |
COMMON STOCK [Text Block] | 5. COMMON STOCK The Company is authorized to issue 225,000,000 shares of its $0.001 par value common stock. During the years ended January 31, 2018 and 2017, no shares of common stock were cancelled At July 31, 2018 and January 31, 2018, the Company had 95,306,667 shares issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jul. 31, 2018 | |
SUBSEQUENT EVENTS [Text Block] | 6. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date which the financial statements were issued, and no material recognizable subsequent events were identified. |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jan. 31, 2017 | Jul. 31, 2018 | Jan. 31, 2018 | |
President [Member] | |||
Due to Officers or Stockholders, Current | $ 378,110 | $ 362,100 | |
Former Director [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 0 |
COMMON STOCK (Narrative) (Detai
COMMON STOCK (Narrative) (Details) - $ / shares | Jul. 31, 2018 | Jan. 31, 2018 |
Common Stock, Shares Authorized | 225,000,000 | 225,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 95,306,667 | 95,306,667 |
Common Stock, Shares, Outstanding | 95,306,667 | 95,306,667 |