Document and Entity Information
Document and Entity Information - USD ($) | Jun. 29, 2018 | Mar. 31, 2018 | Sep. 30, 2017 |
Details | |||
Registrant Name | Ultimate Products CORP | ||
Registrant CIK | 1,438,095 | ||
SEC Form | 10-K | ||
Period End date | Mar. 31, 2018 | ||
Fiscal Year End | --03-31 | ||
Trading Symbol | ulpc | ||
Number of common stock shares outstanding | 5,245,535 | ||
Public Float | $ 0 | ||
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 | FY | ||
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 | CA | ||
Entity Address, Postal Zip Code | 94,949 | ||
City Area Code | 415 | ||
Local Phone Number | 328-7207 | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Listing, Par Value Per Share | $ 0.001 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
ASSETS | ||
Total current assets | $ 0 | $ 0 |
Trademarks | 723 | 723 |
Total assets | 723 | 723 |
Current liabilities | ||
Accounts payable and accrued liabilities | 9,400 | 4,900 |
Related party payable | 80,979 | 74,914 |
Total current liabilities | 90,379 | 79,814 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $.001 par value; 5,000,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $.001 par value; 70,000,000 shares authorized; 5,245,535 issued and outstanding as of March 31, 2018 and March 31, 2017, respectively | 5,245 | 5,245 |
Additional paid-in capital | 17,323 | 17,323 |
Accumulated deficit | (112,224) | (101,659) |
Total stockholders' deficit | (89,656) | (79,091) |
Total liabilities and stockholders' deficit | $ 723 | $ 723 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2018 | 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
Statement of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Details | ||
Revenue | $ 0 | $ 0 |
Expenses | ||
General and administrative | 235 | 0 |
Professional fees | 10,330 | 7,410 |
Total expenses | 10,565 | 7,410 |
Net loss | $ (10,565) | $ (7,410) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Basic and diluted weighted-average common shares outstanding | 5,245,535 | 5,245,535 |
Statement of changes in Stockho
Statement of changes in Stockholders' Deficit - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2016 | $ 0 | $ 5,245 | $ 17,323 | $ (94,249) | $ (71,681) |
Shares, Outstanding, Beginning Balance at Mar. 31, 2016 | 0 | 5,245,535 | |||
Net loss | $ 0 | $ 0 | 0 | (7,410) | (7,410) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2017 | $ 0 | $ 5,245 | 17,323 | (101,659) | (79,091) |
Shares, Outstanding, Ending Balance at Mar. 31, 2017 | 0 | 5,245,535 | |||
Net loss | $ 0 | $ 0 | 0 | (10,565) | (10,565) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2018 | $ 0 | $ 5,245 | $ 17,323 | $ (112,224) | $ (89,656) |
Shares, Outstanding, Ending Balance at Mar. 31, 2018 | 0 | 5,245,535 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities | ||
Net loss | $ (10,565) | $ (7,410) |
Changes in operating liabilities: | ||
Accounts payable and accrued liabilities | 4,500 | (740) |
Net cash used in operating activities | (6,065) | (8,150) |
Cash flows from investing activities | 0 | 0 |
Cash flows from financing activities | ||
Proceeds from related party payables | 6,065 | 8,150 |
Net cash provided by financing activities | 6,065 | 8,150 |
Net decrease in cash | 0 | 0 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Nature of Business
Nature of Business | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Nature of Business | Note 1 Nature 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. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Significant Accounting Policies | Note 2 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 March 31, 2018 or 2017. Going concern The Companys financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company no material assets nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company is currently attempting to raise capital in order to initiate its business plan which will, if successful, mitigate these factors which raise substantial doubt about the Companys ability to continue as a going concern. The Company will be dependent upon the raising of this additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. 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 Companys 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. Share Based Expenses The Company complies with FASB ASC Topic 718 CompensationStock Compensation, Recent Accounting Pronouncements We evaluate recent accounting pronouncements as they are issued for applicability to the Companys accounting practices. The application of recently issued accounting pronouncements do not apply to the Companys current accounting policies. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Stockholders' Equity | Note 3 Stockholders Equity Net loss per common share Net loss per share is calculated in accordance with FASB ASC Topic 260, Earnings Per Share Basic net loss per common share is based on the weighted average number of shares of common stock outstanding during the periods presented. As of March 31, 2018 and 2017 and since inception, the Company had no dilutive potential common shares. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Income Taxes | Note 4 Income Taxes On December 22, 2017, the U.S. enacted new tax reform legislation which reduced the corporate tax rate to 21% effective for tax year beginning January 1, 2018. Under ASC 740, the effects of new tax legislation are recognized in the period which includes the enactment date. As a result, the deferred tax assets and liabilities existing on the enactment date must be revalued to reflect the rate at which these deferred balances will reverse. The corresponding adjustment would generally affect the Income Tax Expense (Benefit) shown on the financial statements. However, since the Company has a full valuation allowance applied against all of its deferred tax asset, there is no impact to the Income Tax Expense for the year ending March 31, 2018. When it is more likely than not that a tax asset will not be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period. Effective December 22, 2017 a new tax bill was signed into law that reduced the federal income tax rate for corporations from 35% to 21%. The SEC has issued guidance in Staff Accounting Bulletin No. 118 that allows for a measurement period of up to one year after the enactment date of the 2017 Tax Reform to finalize the recording of the related tax impacts. The Company currently anticipates finalizing and recording any resulting adjustments by the end of fiscal year 2019. The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the years ended March 31, 2018 or 2017 applicable under FASB ASC 740. We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of accumulated deficit on the balance sheet. All tax returns since inception for the Company remain open. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows: March 31, 2018 March 31, 2017 Income tax provision (benefit) at the federal statutory rate (3,698) (2,594) Effect of rate changes on deferred tax assets and valuation allowance 15,081 - Change in valuation allowance (11,383) 2,594 $ - $ - Net deferred tax assets consist of the following: March 31, 2018 March 31, 2017 Net operating loss carry forward 112,224 101,659 Deferred tax assets 39,279 35,581 Change in enacted tax rates (15,081) - Valuation allowance (24,198) (35,581) Net deferred tax asset $ - $ - The Company did not pay any income taxes during the years ended March 31, 2018 or 2017. These losses are available for future years and expire through 2033. Utilization of these losses may be severely or completely limited if the Company undergoes an ownership change pursuant to Internal Revenue Code Section 382. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Related Party Transactions | Note 5 Related Party Transactions The Company neither owns nor leases any real or personal property. An officer or resident agent of the corporation provides office services without charge. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. Through March 31, 2018, the Company has received advances from shareholders in the amount of $80,979. These advances were used to pay for incorporation of Ultimate Products Corporation, the costs associated with the filing to register the Trademark, Ultimate Building Board and operating costs incurred resulting in a related party payable of $80,979 and $74,914 as of March 31, 2018 and 2017, respectively. These advances are non-interest bearing and due on demand and as such are reflected as current liabilities on the balance sheet. Interest has not been imputed due to the immaterial impact this would have on the financial statements as a whole. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2018 | |
Notes | |
Subsequent Events | Note 6 Subsequent Events The Company has evaluated all subsequent events through the date of the financial statements were issued and determined there are none to disclose. |
Significant Accounting Polici13
Significant Accounting Policies: Estimates (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
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. |
Significant Accounting Polici14
Significant Accounting Policies: Cash (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 or 2017. |
Significant Accounting Polici15
Significant Accounting Policies: Going Concern (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Policies | |
Going Concern | Going concern The Companys financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company no material assets nor does it have operations or a source of revenue sufficient to cover its operation costs and allow it to continue as a going concern. The Company is currently attempting to raise capital in order to initiate its business plan which will, if successful, mitigate these factors which raise substantial doubt about the Companys ability to continue as a going concern. The Company will be dependent upon the raising of this additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. |
Significant Accounting Polici16
Significant Accounting Policies: Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
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 Companys 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. |
Significant Accounting Polici17
Significant Accounting Policies: Share-based Expenses (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Policies | |
Share-based Expenses | Share Based Expenses The Company complies with FASB ASC Topic 718 CompensationStock Compensation, |
Significant Accounting Polici18
Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Mar. 31, 2018 | |
Policies | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We evaluate recent accounting pronouncements as they are issued for applicability to the Companys accounting practices. The application of recently issued accounting pronouncements do not apply to the Companys current accounting policies. |
Income Taxes_ Schedule of Effec
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | March 31, 2018 March 31, 2017 Income tax provision (benefit) at the federal statutory rate (3,698) (2,594) Effect of rate changes on deferred tax assets and valuation allowance 15,081 - Change in valuation allowance (11,383) 2,594 $ - $ - |
Income Taxes_ Schedule of Defer
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | March 31, 2018 March 31, 2017 Net operating loss carry forward 112,224 101,659 Deferred tax assets 39,279 35,581 Change in enacted tax rates (15,081) - Valuation allowance (24,198) (35,581) Net deferred tax asset $ - $ - |
Nature of Business (Details)
Nature of Business (Details) | 12 Months Ended |
Mar. 31, 2018 | |
Details | |
Entity Incorporation, Date of Incorporation | Feb. 15, 2008 |
Entity Incorporation, State Country Name | Nevada |
Significant Accounting Polici22
Significant Accounting Policies: Cash (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Details | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - shares | Mar. 31, 2018 | Mar. 31, 2017 |
Details | ||
Weighted Average Number of Shares Outstanding, Diluted | 0 | 0 |
Income Taxes_ Schedule of Eff24
Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Details | ||
Income tax provision (benefit) at the federal statutory rate | $ (3,698) | $ (2,594) |
Effect of rate changes on deferred tax assets and valuation allowance | 15,081 | 0 |
Change in valuation allowance | (11,383) | 2,594 |
Income Tax Expense (Benefit) | $ 0 | $ 0 |
Income Taxes_ Schedule of Def25
Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Details | ||
Net operating loss carry forward | $ 112,224 | $ 101,659 |
Deferred tax assets | 39,279 | 35,581 |
Change in enacted tax rates | (15,081) | 0 |
Valuation allowance | (24,198) | (35,581) |
Net deferred tax asset | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 31, 2018 | Mar. 31, 2017 |
Details | ||
Related party payable | $ 80,979 | $ 74,914 |