Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | |
Mar. 31, 2014 | 15-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Univest Tech Inc. | ' |
Entity Central Index Key | '0001454510 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
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 Public Float | ' | $0 |
Entity Common Stock, Shares Outstanding | ' | 23,044,500 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash | $539 | $539 |
TOTAL ASSETS | 539 | 539 |
Current liabilities | ' | ' |
Accounts payable | 13,548 | 10,575 |
Derivative liability | 12,045 | 12,045 |
Interest payable | 19,668 | 18,271 |
Notes payable-related party | 84,000 | 84,000 |
TOTAL LIABILITIES | 129,261 | 124,891 |
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 | -202,410 | -198,040 |
TOTAL SHAREHOLDERS' DEFICIT | -128,722 | -124,352 |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $539 | $539 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
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 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | 77 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' |
Revenue | ' | ' | ' |
General and administrative expenses | ' | ' | ' |
Accounting | ' | ' | 32,445 |
Consulting | ' | ' | 51,030 |
Office | 2,806 | 1,420 | 17,408 |
Legal and professional fees | ' | ' | 4,591 |
Stock transfer fees | 167 | 297 | 11,223 |
Total expenses | 2,973 | 1,717 | 116,697 |
(Loss) from operations | -2,973 | -1,717 | -116,697 |
Other (expense) interest | ' | ' | ' |
Interest from beneficial conversion feature | ' | ' | -49,000 |
Increase in fair value of derivatives | ' | ' | -12,045 |
Interest | -1,397 | -1,369 | -24,668 |
Total other (expense) | -1,397 | -1,369 | -85,713 |
Net (loss) | ($4,370) | ($3,086) | ($202,410) |
Basic and Diluted (Loss) Per Share | ' | ' | ' |
Weighted Average Common Shares Outstanding - Basic and diluted | 23,044,500 | 23,044,500 | ' |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | 77 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net (Loss) | ($4,370) | ($3,086) | ($202,410) |
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 |
Acreted interest | ' | ' | 49,000 |
Compensatory note issuances | ' | ' | 32,512 |
Increase (Decrease) in accounts payable | 2,973 | 1,717 | 18,548 |
Increase in interest payable | 1,397 | 1,369 | 19,668 |
Cash used in operating activities | ' | ' | -47,699 |
Cash flows from financing activities: | ' | ' | ' |
Notes payable | ' | ' | 46,488 |
Issuance of common stock | ' | ' | 26,750 |
Deferred offering costs | ' | ' | -25,000 |
Net cash provided from financing activities | ' | ' | 48,238 |
Net increase in cash | ' | ' | 539 |
Cash at beginning of period | 539 | 1,539 | ' |
Cash at end of period | 539 | 1,539 | 539 |
Supplemental disclosure information: | ' | ' | ' |
Stock issued for services | ' | ' | 22,938 |
Notes issed for services | ' | ' | 32,512 |
Notes issued in satisfaction of accounts payable | ' | ' | $5,000 |
Unaudited_Financial_Informatio
Unaudited Financial Information | 3 Months Ended |
Mar. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | ' |
Unaudited Financial Information | ' |
Note 1 - Unaudited Financial Information | |
The accompanying unaudited condensed financial statements have been prepared by Univest Tech, Inc. without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the condensed consolidated financial statements. Interim results are not necessarily indicative of result for a full year. These condensed consolidated financial statements should be read in conjunction with the audited financial statements at December 31, 2013 included in the Company’s Form 10-K filed with the Commission on April 7, 2014. |
Derivative_Liability
Derivative Liability | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
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 March 31, 2014, 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 March 31, 2014: | |||||
Balance at January 1, 2014 | $ | (12,045 | ) | ||
Change in fair value | - | ||||
Estimated value at March 31, 2014 | $ | 12,045 | |||
Note_Payable
Note Payable | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Note Payable | ' |
Note 3 – Notes Payable | |
The Company at March 31, 2014 and December 31, 2013 had outstanding notes payable of $84,000 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 inception through March 31, 2014. Interest expense under the note for the periods ended March 31, 2014 and 2013 was $1,397 and $1,369 and for the period from inception through March 31, 2014 was $24,668, respectively. As of March 31, 2014 and December 31, 2013 accrued interest payable was $19,668 and $18,271 respectively. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 4 – Subsequent Events | |
On April 18, 2014 the Company had a major change of control and appointment of new officers and directors. Upon this change in control, the notes payable discussed in Note 3 were no longer deemed payable to related parties and instead are payable to unrelated third parties. All other terms of the notes remained the same, including conversion features. | |
On May 13, 2014, the Company filed Articles of Amendment to the Articles of Incorporation with the Secretary of State of Colorado to increase the authorized number of shares of Common Stock from fifty million (50,000,000) shares, par value $0.001, to two hundred fifty million (250,000,000) shares, par value $0.001. |
Derivative_Liability_Policies
Derivative Liability (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Derivative instruments and hedging | ' |
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. |
Derivative_Liability_Tables
Derivative Liability (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Notes to Financial Statements | ' | ||||
Embedded conversion features | ' | ||||
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 | ' | ||||
Balance at January 1, 2014 | $ | (12,045 | ) | ||
Change in fair value | - | ||||
Estimated value at March 31, 2014 | $ | 12,045 |
Note_Payable_Details
Note Payable (Details) (USD $) | 3 Months Ended | 77 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Note Payable Details | ' | ' | ' | ' |
Outstanding notes payable | $84,000 | ' | $84,000 | $84,000 |
Secured portion of note payable | 59,000 | ' | 59,000 | ' |
Unsecured portion of note payable | 25,000 | ' | 25,000 | ' |
Amount of note convertible at any time | 59,000 | ' | 59,000 | ' |
Interest rate | 8.00% | ' | 8.00% | ' |
Interest expense | 1,397 | 1,369 | 24,668 | ' |
Beneficial conversion feature - amount expensed | ' | ' | 49,000 | ' |
Accrued interest payable | $19,668 | ' | $19,668 | $18,271 |
Derivative_Liability_Embedded_
Derivative Liability - Embedded conversion features (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | |
Notes to Financial Statements | ' | ' |
Exercise price | ' | $0.00 |
Estimated stock price | ' | $0.00 |
Expected life in years | 0.25 | ' |
Risk-free interest rate | 0.04% | ' |
Expected volatility | 100.00% | ' |
Annual dividend yield | 0.00% | ' |
Derivative_Liability_Change_in
Derivative Liability - Change in fair value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Notes to Financial Statements | ' | ' |
Balance at January 1, 2014 | ' | ($12,045) |
Change in fair value | ' | 0 |
Estimated value at March 31, 2014 | $12,045 | $12,045 |
Derivative_Liability_Details_N
Derivative Liability (Details Narrative) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Notes to Financial Statements | ' | ' |
Fair value of embedded conversion features | $12,045 | $12,045 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 13-May-14 | Mar. 31, 2014 | Dec. 31, 2013 |
Subsequent Events [Abstract] | ' | ' | ' |
Original number of authorized shares of common stock | 50,000,000 | ' | ' |
Par value of all common shares | $0.00 | $0.00 | $0.00 |
Increase in the number of authorized shares common shares | 250,000,000 | ' | ' |