Document and Entity Information
Document and Entity Information | 6 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information: | |
Entity Registrant Name | Uvic Inc. |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Trading Symbol | uvic |
Amendment Flag | false |
Entity Central Index Key | 1,635,748 |
Current Fiscal Year End Date | --03-31 |
Entity Common Stock, Shares Outstanding | 9,670,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Sep. 30, 2015 | Mar. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 28,078 | $ 3,507 |
Prepaid Expense, Current | 500 | 500 |
Deposits Assets, Current | 250 | 250 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 1,523 | 1,900 |
Assets | 30,351 | 6,157 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 4,621 | 751 |
Liabilities | 4,621 | 751 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 9,670 | 7,000 |
Additional Paid in Capital, Common Stock | 24,030 | |
Retained Earnings (Accumulated Deficit) | (7,970) | (1,594) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 25,730 | $ 5,406 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 9,670,000 | 7,000,000 |
Common Stock, Shares Outstanding | 9,670,000 | 7,000,000 |
Liabilities and Equity | $ 30,351 | $ 6,157 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 25 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | |
Revenues | |||||
Sales Revenue, Goods, Net | $ 1,300 | $ 3,907 | $ 5,214 | ||
Revenues | 1,300 | $ 0 | 3,907 | $ 0 | 5,214 |
Cost of Revenue | |||||
Cost of Revenue | 0 | 0 | 0 | 0 | 0 |
Gross Profit | 1,300 | 0 | 3,907 | 0 | 5,214 |
Amortization of Deferred Charges | |||||
Administrative Expense | 4,210 | 10,283 | 13,184 | ||
Total Operating Expenses | 4,210 | 0 | 10,283 | 0 | 13,184 |
Net loss from operations | (2,910) | 0 | (6,376) | 0 | (7,970) |
Interest and Debt Expense | |||||
Net Income (Loss) | $ (2,910) | $ 0 | $ (6,376) | $ 0 | $ (7,970) |
Earnings Per Share | |||||
Weighted Average Number of Shares Outstanding, Basic | 8,153,913 | 7,580,109 | |||
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Shares issued beginning balance at Mar. 31, 2014 | 0 | 0 | ||
Stockholders' equity beginning balance at Mar. 31, 2014 | $ 0 | $ 0 | $ (206) | $ (206) |
Shares issued during period | 7,000,000 | 7,000,000 | ||
Net Income (Loss) | (1,388) | $ (1,388) | ||
Shares issued ending balance at Mar. 31, 2015 | 7,000,000 | 7,000,000 | ||
Stockholders' equity ending balance at Mar. 31, 2015 | $ 7,000 | (1,594) | $ 5,406 | |
Shares issued during period | 2,670,000 | 2,670,000 | ||
Net Income (Loss) | (6,376) | $ (6,376) | ||
Adjustment to additional paid-in-capital | $ 0 | 24,030 | $ 24,030 | |
Shares issued ending balance at Sep. 30, 2015 | 9,670,000 | 9,670,000 | ||
Stockholders' equity ending balance at Sep. 30, 2015 | $ 9,670 | $ 24,030 | $ (7,970) | $ 25,730 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 6 Months Ended | 25 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (6,376) | $ (7,970) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 377 | 377 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Prepaid Expense and Other Assets | (250) | |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (5,999) | (8,343) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (1,900) | |
Net Cash Provided by (Used in) Investing Activities | 0 | (1,900) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 26,700 | 33,700 |
Proceeds from director loans | 3,870 | 4,621 |
Net Cash Provided by (Used in) Financing Activities | 30,570 | 38,321 |
Cash and Cash Equivalents, Period Increase (Decrease) | 24,571 | 28,078 |
Cash and Cash Equivalents, at Carrying Value | 3,507 | 0 |
Cash and Cash Equivalents, at Carrying Value | $ 28,078 | $ 28,078 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business UVIC, INC. (the Company, we or us) was incorporated under the laws of the State of Nevada on August 21, 2013 (Inception) and has adopted March 31 fiscal year end. The Company is in the development stage as defined under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 " Development-Stage Entities NOTE 2 GOING CONCERN The Company has incurred a loss since Inception (August 21, 2013) resulting in an accumulated deficit of $7,970 as of September 30, 2015 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. Management believes that the Companys capital requirements will depend on many factors including the success of the Companys development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working capital purposes. There is no assurance that such financing will be available in the future. The conditions described above raise substantial doubt about our ability to continue as a going concern. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and, or, the private placement of common stock. NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Companys year -end is March 31. Revenue Recognition The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectibility is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectibility of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Accounts Receivable Accounts receivable is reported at the customers outstanding balances, less any allowance for doubtful accounts. Interest is not accrued on overdue accounts receivable. Allowance for Doubtful Accounts An allowance for doubtful accounts on accounts receivable is charged to operations in amounts sufficient to maintain the allowance for uncollectible accounts at a level management believes is adequate to cover any probable losses. Management determines the adequacy of the allowance based on historical write-off percentages and information collected from individual customers. Accounts receivable are charged off against the allowance when collectability is determined to be permanently impaired Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At September 30, 2015 the Company's bank deposits did not exceed the insured amounts. Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the three months periods ended September 30, 2015 and 2014 there were no potentially dilutive debt or equity instruments issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses in these years. Fair Value of Financial Instruments ASC 820 " Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Companys loan from shareholder approximates its fair value due to their short-term maturity. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740 Income Taxes Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. ASC 740 also provides criteria for the recognition, measurement, presentation and disclosure of uncertain tax positions. Under ASC 740, the impact of an uncertain tax position on the income tax return may only be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. At September 30, 2015, there were no unrecognized tax benefits. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during three months periods ended September 30, 2015 and 2014. Business segments ASC 280, Segment Reporting management approach Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Companys financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Companys financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation As of September 30, 2015, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Fixed Asset Policy: Depreciation Policy Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. For accounting and interim financial reporting purposes, depreciation expense is recorded on a monthly basis. NOTE 4 COMMON STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $ 0.001 per share. On November 28, 2014, the Company issued 7,000,000 shares of its common stock at $0.001 per share for total proceeds of $7,000. In August and September 2015, the Company issued 2,670,000 shares of its common stock at $0.01 per share for total proceeds of $26,700. As at September 30, 2015, 9,670,000 shares of common stock were issued and outstanding. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Sep. 30, 2015 | |
Commitment and Contingencies: | |
Commitments and Contingencies Disclosure | NOTE 7 - COMMITMENTS AND CONTINGENCIES Commitments: The Company currently has no long term commitments as of our balance sheet date. Contingencies: None as of our balance sheet date. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2015 | |
Income Taxes: | |
Income Tax Disclosure | NOTE 5 INCOME TAXES As of September 30, 2015 the Company had net operating loss carry forwards of $7,970 that may be available to reduce future years taxable income through 2035. However, the Companys ability to use the carryover net operating loss may be substantially limited or eliminated pursuant to Internal Revenue Code Section 382. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
Related Party Disclosures
Related Party Disclosures | 6 Months Ended |
Sep. 30, 2015 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 6 LOAN FROM SHAREHOLDER In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since August 21, 2013 (I director to pay for incorporation costs and operating expenses September 30, 2015 4,621 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2015 | |
Subsequent Events: | |
Subsequent Events | NOTE 8 SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2015 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Uncategorized Items - uvic-2015
Label | Element | Value |
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 0 |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 0 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (206) |