Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 28, 2013 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Univest Tech Inc. | ' |
Entity Central Index Key | '0001454510 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 23,044,500 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2013 | ' |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $539 | $1,539 |
TOTAL ASSETS | 539 | 1,539 |
Current liabilities | ' | ' |
Accounts payable | 10,278 | 7,557 |
Derivative liability | 12,045 | ' |
Interest payable | 16,852 | 12,665 |
Notes payable-related party | 84,000 | 74,000 |
TOTAL LIABILITIES | 123,175 | 94,222 |
SHAREHOLDERS' EQUITY (DEFICIT) | ' | ' |
Preferred stock, par value $.10 per share; Authorized 1,000,000 shares; issued and outstanding -0- shares. | ' | ' |
Common Stock, par value $.001 per share; Authorized 50,000,000 shares; issued and outstanding 23,044,500 shares. | 23,045 | 23,045 |
Capital paid in excess of par value | 50,643 | 50,643 |
Deficit accumulated during development stage | -196,324 | -166,371 |
TOTAL SHAREHOLDERS' (DEFICIT) | -122,636 | -92,683 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $539 | $1,539 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Stockholders equity: | ' | ' |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, authorized shares | 1,000,000 | 1,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized shares | 50,000,000 | 50,000,000 |
Common stock, issued shares | 23,044,500 | 23,044,500 |
Common stock, outstanding shares | 23,044,500 | 23,044,500 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 71 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' |
General and administrative expenses | ' | ' | ' | ' | ' |
Accounting | 500 | 1,500 | 3,500 | 9,500 | 32,445 |
Consulting | ' | ' | 1,000 | ' | 51,030 |
Office | 560 | 1,120 | 3,330 | 3,814 | 14,602 |
Legal and professional fess | ' | ' | ' | 9,500 | 4,591 |
Stock transfer fees | 297 | 495 | 891 | 10,495 | 10,759 |
Total expenses | 1,357 | 3,115 | 8,721 | 33,309 | 113,427 |
(Loss) from operations | -1,357 | -3,115 | -8,721 | -33,309 | -113,427 |
Other expenses | ' | ' | ' | ' | ' |
Increase in the fair value of derivatives | -790 | ' | ' | ' | -49,000 |
Interest from beneficial conversion feature | ' | ' | -12,045 | ' | -12,045 |
Interest | -2,411 | -4,097 | -9,187 | -7,497 | -21,852 |
Total other (expense) | -3,201 | -4,097 | -21,232 | -7,497 | -82,897 |
Net (loss) | ($4,558) | ($7,212) | ($29,953) | ($40,806) | ($196,324) |
Basic and Diluted (Loss) Per Share | $0 | $0 | $0 | $0 | ($0.01) |
Weighted Average Common Shares Outstanding | 23,044,500 | 23,044,500 | 23,044,500 | 23,044,500 | 23,044,500 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | 71 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net (Loss) | ($29,953) | ($40,806) | ($196,324) |
Adjustments to reconcile decrease in net assets to net cash provided by operating activities: | ' | ' | ' |
Stock issued for services | ' | ' | 22,938 |
Change in fair value of derivative liability | 12,045 | ' | 12,045 |
Accreted interest | ' | 4,500 | 49,000 |
Compensatory note issuances | ' | ' | 27,512 |
Increase in accounts payable | 2,721 | 1,309 | 10,278 |
Increase in interest payable | 4,187 | 2,997 | 16,852 |
Cash used in operating activities | -11,000 | -32,000 | -57,699 |
Cash flows from financing activities: | ' | ' | ' |
Notes payable | 10,000 | 32,000 | 56,488 |
Issuance of common stock | ' | ' | 26,750 |
Deferred offering costs | ' | ' | -25,000 |
Net cash provided from financing activities | 10,000 | 32,000 | 58,238 |
Net (decrease) increase in cash | -1,000 | ' | 539 |
Cash at beginning of period | 1,539 | 1,539 | ' |
Cash at end of period | 539 | 1,539 | 539 |
Supplemental disclosure information: | ' | ' | ' |
Stock issued for services | ' | ' | 22,938 |
Notes issued for services | ' | ' | $27,512 |
Unaudited_Financial_Informatio
Unaudited Financial Information | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Unaudited Financial Information | ' |
Note 1 - Unaudited Financial Information | |
The interim unaudited condensed financial statements as of and for the three and nine month periods ended September 30, 2013 have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information on the same basis as the annual financial statements and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for a full year or for any future period. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these condensed financial statements should be read in conjunction with the Company's audited financial statements and notes thereto for the year ended December 31, 2012. |
Derivative_Liability
Derivative Liability | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Derivative Liability | ' | ||||
Note 2 – Derivative Liability | |||||
The Company evaluates the embedded conversion features within convertible debt to determine if embedded financial instruments qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, Derivative Instruments and Hedging: Contracts in Entity’s Own Equity. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. In the event that the fair value is recorded as a liability, the change in fair value is recorded in the statement of operations as other income or other expense. Upon conversion or exercise of a derivative instrument, the instrument is marked to fair value at the conversion date and then that fair value is reclassified to equity. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. | |||||
As of September 30, 2013, the Company determined that all of the embedded conversion features are derivative liabilities due to an insufficient number of authorized shares of common stock to settle outstanding contracts. The Company estimated the fair value of these embedded conversion features as $12,045 using Black-Scholes with the following assumptions: | |||||
Exercise price | $ | 0.001 | |||
Estimated stock price | $ | 0.001 | |||
Expected life in years | 0.25 | ||||
Risk-free interest rate | 0.04 | % | |||
Expected volatility | 100 | % | |||
Annual dividend yield | 0 | % | |||
The table below presents the change in fair value for three months ended September 30, 2013: | |||||
Balance at July 1, 2013 | $ | 11,255 | |||
Change in fair value | 790 | ||||
Estimated value at September 30, 2013 | $ | 12,045 | |||
The table below presents the change in fair value for nine months ended September 30, 2013: | |||||
Balance at January 1, 2013 | $ | - | |||
Change in fair value | 12,045 | ||||
Estimated value at September 30, 2013 | $ | 12,045 |
Notes_Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Notes to Financial Statements | ' |
Note Payable | ' |
Note 3 – Notes Payable | |
The Company at September 30, 2013 and December 31, 2012 had outstanding notes payable of $84,000 and $74,000 to companies related by common control, with $25,000 unsecured and $59,000 secured, bearing an interest rate at 8% and 2% per annum and due on demand. $59,000 of the notes is convertible anytime at the holders’ discretion into common stock at $.001 per share (59,000,000 shares). In regards to the convertible notes $49,000 was expensed as a beneficial conversion feature from inceptions through September 30, 2013, $0 for the three and nine month periods ended September 30, 2013 and 2012. Interest expense under the notes for the nine months ended September 30, 2013 and 2012 was $9,187 and $7,497 respectively. Interest expense under the notes fo the three months ended September 30, 2013 and 2012 was $2,411 and $4,097, respectively. As of September 30, 2013 and December 31, 2012 accrued interest payable was $ 16,852 and $12,665 respectively. |
Derivative_Liability_Tables
Derivative Liability (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Notes to Financial Statements | ' | ||||
Valuation of derivative | ' | ||||
Exercise price | $ | 0.001 | |||
Estimated stock price | $ | 0.001 | |||
Expected life in years | 0.25 | ||||
Risk-free interest rate | 0.04 | % | |||
Expected volatility | 100 | % | |||
Annual dividend yield | 0 | % | |||
Change in fair value for three months | ' | ||||
Balance at July 1, 2013 | $ | 11,255 | |||
Change in fair value | 790 | ||||
Estimated value at September 30, 2013 | $ | 12,045 | |||
Change in fair value for nine months | ' | ||||
Balance at January 1, 2013 | $ | - | |||
Change in fair value | 12,045 | ||||
Estimated value at September 30, 2013 | $ | 12,045 |
Notes_Payable_Details
Notes Payable (Details) (USD $) | 3 Months Ended | 9 Months Ended | 71 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | |
Notes Payable Details | ' | ' | ' | ' | ' | ' |
Outstanding notes payable | $84,000 | ' | $84,000 | ' | $84,000 | $74,000 |
Interest rate | 8.00% | ' | 8.00% | ' | 8.00% | 2.00% |
Secured portion of note payable expensed as a beneficial conversion feature | 59,000 | ' | 59,000 | ' | 59,000 | 59,000 |
Unsecured portion of note payable | 25,000 | ' | 25,000 | ' | 25,000 | 25,000 |
Number of notes convertible to common stock at anytime | 59,000,000 | ' | 59,000,000 | ' | 59,000,000 | ' |
Per share value | $0.00 | ' | ' | ' | ' | ' |
Total value of notes convertible to common stock at anytime | 59,000 | ' | 59,000 | ' | 59,000 | ' |
Increase in the fair value of derivatives | 0 | ' | 0 | 0 | 49,000 | ' |
Interest expense | 2,411 | 4,097 | 9,187 | 7,497 | ' | ' |
Accrued Interest | $16,852 | ' | $16,852 | ' | $16,852 | $12,665 |
Derivative_Liability_Details_N
Derivative Liability (Details Narrative) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Balance at January 1, 2013 | ' |
Change in fair value | 12,045 |
Estimated value at September 30, 2013 | $12,045 |