Ultimate Products (ULPC) 10-Q 14 Feb 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - $ / shares	Feb. 14, 2018	Dec. 31, 2017
Details
Registrant Name		Ultimate Products CORP
Registrant CIK		1,438,095
SEC Form		10-Q
Period End date		Dec. 31, 2201
Fiscal Year End		--03-31
Trading Symbol		ulpc
Tax Identification Number (TIN)		770,713,267
Number of common stock shares outstanding	5,245,535
Filer Category		Smaller Reporting Company
Current with reporting		Yes
Voluntary filer		No
Well-known Seasoned Issuer		No
Amendment Flag		false
Document Fiscal Year Focus		2,018
Document Fiscal Period Focus		Q3
Contained File Information, File Number		333-152011
Entity Incorporation, State Country Name		Nevada
Entity Address, Address Line One		118 Del Oro Lagoon
Entity Address, City or Town		Novato
Entity Address, State or Province		California
Entity Address, Postal Zip Code		94,949
City Area Code		415
Local Phone Number		328-7207
Entity Listing, Par Value Per Share	$ 0.001

Balance Sheets (December 31, 20

Balance Sheets (December 31, 2017 Unaudited) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
ASSETS
Total current assets	$ 0	$ 0
Trademarks	723	723
Total assets	723	723
Current liabilities
Accounts payable and accrued liabilities	11,200	4,900
Related party payable	77,979	74,914
Total current liabilities	89,179	79,814
Stockholders' deficit
Preferred stock, $.001 par value; 5,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock, Value	5,245	5,245
Additional paid-in capital	17,323	17,323
Accumulated deficit	(111,024)	(101,659)
Total stockholders' deficit	(88,456)	(79,091)
Total liabilities and stockholders' deficit	723	723
Commitments and contingencies	$ 0	$ 0

Balance Sheets (December 31, 23

Balance Sheets (December 31, 2017 Unaudited) - Parenthetical - $ / shares	Dec. 31, 2017	Mar. 31, 2017
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,000,000	5,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	70,000,000	70,000,000
Common Stock, Shares, Issued	5,245,535	5,245,535
Common Stock, Shares, Outstanding	5,245,535	5,245,535

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Details
Revenue $	$ 0	$ 0	$ 0	$ 0
Expenses
General and administrative	0	0	235	0
Professional fees	2,815	1,530	9,130	6,210
Total expenses	2,815	1,530	9,365	6,210
Net loss $	$ (2,815)	$ (1,530)	$ (9,365)	$ (6,210)
Basic and diluted net loss per common share	$ 0	$ 0	$ 0	$ 0
Basic and diluted weighted-average common shares outstanding	5,245,535	5,245,535	5,245,535	5,245,535

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities
Net loss	$ (9,365)	$ (6,210)
Changes in operating liabilities:
Accounts payable and accrued liabilities	6,300	(940)
Net cash used in operating activities	(3,065)	(7,150)
Cash flows from investing activities	0	0
Cash flows from financing activities
Proceeds from related party payables	3,065	7,150
Net cash provided by financing activities	3,065	7,150
Net decrease in cash	0	0
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	0	0
Cash and Cash Equivalents, at Carrying Value, Ending Balance	0	0
Supplemental Cash Flow Information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Note 1 - Description of Busines

Note 1 - Description of Business	9 Months Ended
	Dec. 31, 2017
Notes
Note 1 - Description of Business	NOTE 1 – DESCRIPTION OF BUSINESS Ultimate Products Corporation (“the Company”) was organized February 15, 2008 under the laws of the State of Nevada for the purpose developing, producing and distributing a magnesium oxide building board called “Ultimate Building Board’ for use in a number of applications including wall and ceiling applications.

Note 2 - Condensed Financial St

Note 2 - Condensed Financial Statements	9 Months Ended
	Dec. 31, 2017
Notes
Note 2 - Condensed Financial Statements	NOTE 2 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) as of December 31, 2017 and for all periods presented have been made. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company's March 31, 2017 audited financial statements as reported in Form 10-K. The results of operations for the periods ended December 31, 2017 are not necessarily indicative of the operating results for the full year ended March 31, 2018.

Note 3 - Significant Accounting

Note 3 - Significant Accounting Policies	9 Months Ended
	Dec. 31, 2017
Notes
Note 3 - Significant Accounting Policies	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2017 or March 31, 2017. Share Based Expenses The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, Income taxes The Company accounts for income taxes under the provisions of FASB ASC Topic 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. Recent Accounting Pronouncements We evaluate recent accounting pronouncements as they are issued for applicability to the Company’s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company’s current accounting policies.

Note 4 - Going Concern

Note 4 - Going Concern	9 Months Ended
	Dec. 31, 2017
Notes
Note 4 - Going Concern	NOTE 4 - GOING CONCERN The Company's financial statements are prepared using accounting principles generally accepted 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. As of December 31, 2017 the Company has a working capital deficit of $89,179 and accumulated deficit of $111,024 and has not yet established an ongoing source of revenues sufficient to cover its operating costs which raises substantial doubt about its 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. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plans to obtain such resources for the Company include (1) obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses, and (2) as a last resort, seeking out and completing a merger with an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. 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.

Note 5 - Related Party Transact

Note 5 - Related Party Transactions	9 Months Ended
	Dec. 31, 2017
Notes
Note 5 - Related Party Transactions	NOTE 5 – RELATED PARTY TRANSACTIONS The Company received advances from related parties totaling $3,065and $7,150 during the nine months ended December 31, 2017 and 2016, respectively. The advances are non-interest bearing and due on demand. There was $77,979 and $74,914 due to related parties as of December 31, 2017 and March 31, 2017.

Note 6 - Subsequent Events

Note 6 - Subsequent Events	9 Months Ended
	Dec. 31, 2017
Notes
Note 6 - Subsequent Events	NOTE 6 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date of this filing and determined there are no events to disclose.

Note 3 - Significant Accounti12

Note 3 - Significant Accounting Policies: Estimates (Policies)	9 Months Ended
	Dec. 31, 2017
Policies
Estimates	Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 3 - Significant Accounti13

Note 3 - Significant Accounting Policies: Cash (Policies)	9 Months Ended
	Dec. 31, 2017
Policies
Cash	Cash For the Statements of Cash Flows, all highly liquid investments with maturity of three months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2017 or March 31, 2017.

Note 3 - Significant Accounti14

Note 3 - Significant Accounting Policies: Share Based Expenses (Policies)	9 Months Ended
	Dec. 31, 2017
Policies
Share Based Expenses	Share Based Expenses The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation,

Note 3 - Significant Accounti15

Note 3 - Significant Accounting Policies: Income taxes (Policies)	9 Months Ended
	Dec. 31, 2017
Policies
Income taxes	Income taxes The Company accounts for income taxes under the provisions of FASB ASC Topic 740, Income Taxes, which requires the Company to recognize deferred tax liabilities and assets for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns using the liability method. Under this method, deferred tax liabilities and assets are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The effect on deferred income tax assets and liabilities of a change in income tax rates is included in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized.

Note 3 - Significant Accounti16

Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	9 Months Ended
	Dec. 31, 2017
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements We evaluate recent accounting pronouncements as they are issued for applicability to the Company’s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company’s current accounting policies.

Note 1 - Description of Busin17

Note 1 - Description of Business (Details)	9 Months Ended
	Dec. 31, 2017
Details
Entity Incorporation, Date of Incorporation	Feb. 15, 2008
Entity Incorporation, State Country Name	Nevada

Note 4 - Going Concern (Details

Note 4 - Going Concern (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Details
Liabilities	$ 89,179
Accumulated deficit	$ (111,024)	$ (101,659)

Note 5 - Related Party Transa19

Note 5 - Related Party Transactions (Details) - USD ($)	Dec. 31, 2017	Mar. 31, 2017
Details
Related party payable	$ 77,979	$ 74,914