0001078782-18-000899.txt : 20180820 0001078782-18-000899.hdr.sgml : 20180820 20180820101945 ACCESSION NUMBER: 0001078782-18-000899 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 33 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180820 DATE AS OF CHANGE: 20180820 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ultimate Products CORP CENTRAL INDEX KEY: 0001438095 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-LUMBER, PLYWOOD, MILLWORK & WOOD PANELS [5031] IRS NUMBER: 770713267 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54069 FILM NUMBER: 181027427 BUSINESS ADDRESS: STREET 1: 9450 SW GEMINI DR. #73268 CITY: BEAVERTON STATE: OR ZIP: 97008-7105 BUSINESS PHONE: (415) 608-7992 MAIL ADDRESS: STREET 1: 9450 SW GEMINI DR. #73268 CITY: BEAVERTON STATE: OR ZIP: 97008-7105 10-Q 1 f10q063018_10q.htm FORM 10Q QUARTERLY REPORT Form 10Q Quarterly Report

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarterly Period Ended June 30, 2018

 

Commission File Number 333-152011

 

ULTIMATE PRODUCTS CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada

 

77-0713267

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

118 Del Oro Lagoon

Novato, California 94949

 

(415) 328-7207

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [   ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

[   ]

Accelerated filer

[   ]

Non-accelerated filer

[   ] (Do not check if a smaller reporting company)

Smaller reporting company

[X]

 

 

Emerging Growth Company

[X]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell Company (as defined in Rule 12b-2 of the Exchange Act). Yes [X] No [  ]

 

5,245,535 shares of Common Stock, par value $0.001, were outstanding on June 30, 2018.

 

 


1


 

 

ULTIMATE PRODUCTS CORPORATION

 

INDEX

 

 

Page

 

 

Number

Part I.

FINANCIAL INFORMATION

3

 

 

 

Item 1.

Financial Statements – Unaudited

3

 

 

 

 

Balance Sheets

3

 

 

 

 

Statements of Operations

4

 

 

 

 

Statements of Cash Flows

5

 

 

 

 

Notes to the Financial Statements

6

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

8

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

9

 

 

 

Item 4.

Controls and Procedures

9

 

 

 

PART II.

OTHER INFORMATION

9

 

 

 

Item 1.

Legal Proceedings

10

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

10

 

 

 

Item 3.

Defaults Upon Senior Securities

10

 

 

 

Item 4.

Mine Safety Disclosures

10

 

 

 

Item 5.

Other Information

10

 

 

 

Item 6.

Exhibits and Reports on Form 8-K

10

 

 

 

SIGNATURES

10

 

 

 

 


2


 

 

ULTIMATE PRODUCTS CORPORATION

Balance Sheets

 

 

 

 

 

 

 

 

 

 

 

June 30,

2018

 

March 31,

2018

 

 

 

(Unaudited)

 

 

 

ASSETS

 

 

Total current assets

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

Trademarks

 

 

723

 

 

723

 

 

 

 

 

 

 

 

Total assets

 

$

723

 

$

723

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

5,700

 

$

9,400

 

Related party payable

 

 

87,504

 

 

80,979

Total current liabilities

 

 

93,204

 

 

90,379

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

-

 

 

-

 

 

 

 

 

 

 

 

Stockholders' deficit

 

 

 

 

 

 

 

Preferred stock, $.001 par value; 5,000,000 shares authorized, no shares issued or outstanding

 

 

-

 

 

-

 

Common stock, $.001 par value; 70,000,000 shares authorized; 5,245,535 issued and outstanding as of June 30, 2018 and March 31, 2018, respectively

 

 

5,245

 

 

5,245

 

Additional paid-in capital

 

 

17,323

 

 

17,323

 

Accumulated deficit

 

 

(115,049)

 

 

(112,224)

Total stockholders' deficit

 

 

(92,481)

 

 

(89,656)

 

 

 

 

 

 

 

 

Total liabilities and stockholders' deficit

 

$

723

 

$

723

 

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements.


3


 

 

ULTIMATE PRODUCTS CORPORATION

Statements of Operations (Unaudited)

 

 

 

 

 

 

 

 

 

Three months ended

June 30,

 

 

2018

 

2017

Revenue

$

-

 

$

-

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

General and administrative

 

-

 

 

235

 

Professional fees

 

2,825

 

 

3,615

Total expenses

 

2,825

 

 

3,850

 

 

 

 

 

 

 

Net loss

$

(2,825)

 

$

(3,850)

 

 

 

 

 

 

 

Net loss per weighted share, basic and fully diluted

$

(0.00)

 

$

(0.00)

 

 

 

 

 

 

 

Weighted average shares outstanding

 

5,245,535

 

 

5,245,535

 

 

 

 

 

 

 


4


 

 

ULTIMATE PRODUCTS CORPORATION

Statements of Cash Flows (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three months ended

June 30,

 

 

 

2018

 

2017

Cash flows from operating activities

 

 

 

 

 

 

Net loss

$

(2,825)

 

$

(3,850)

 

Changes in operating liabilities:

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

(3,700)

 

 

2,800

Net cash used in operating activities

 

(6,525)

 

 

(1,050)

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

-

 

 

-

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Proceeds from related party payables

 

6,525

 

 

1,050

Net cash provided by financing activities

 

6,525

 

 

1,050

 

 

 

 

 

 

 

 

 

 

Net decrease in cash

 

-

 

 

-

 

 

Cash at beginning of period

 

-

 

 

-

 

 

Cash at end of period

$

-

 

$

-

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

Cash paid for interest

$

-

 

$

-

 

Cash paid for income taxes

$

-

 

$

-

 

 

 

 

 

 

 

 

See accompanying notes to unaudited financial statements.


5


 

 

ULTIMATE PRODUCTS CORPORATION

Notes to the Unaudited Financial Statements

June 30, 2018

 

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 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 June 30, 2018 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, 2018 audited financial statements as reported in Form 10-K. The results of operations for the periods ended June 30, 2018 are not necessarily indicative of the operating results for the full year ended March 31, 2019.

 

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 June 30, 2018 or March 31, 2018.

 

Share Based Expenses

 

The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred.

 

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.


6


 

 

ULTIMATE PRODUCTS CORPORATION

Notes to the Unaudited Financial Statements

June 30, 2018

 

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 June 30, 2018 the Company has a working capital deficit of $93,204 and accumulated deficit of $115,049 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 TRANSACTIONS

 

The Company received advances from related parties totaling $6,525 and $1,050 during the three months ended June 30, 2018 and 2017, respectively. The advances are non-interest bearing and due on demand. There was $87,504 and $80,979 due to related parties as of June 30, 2018 and March 31, 2018.

 

NOTE 6 – SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events through the date of this filing and determined there are no events to disclose.


7


 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operations.

 

FORWARD LOOKING STATEMENTS

 

This report contains forward-looking statements that involve risk and uncertainties. We use words such as "anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this filing and actual results may differ materially from historical results or our predictions of future results.

 

General

 

Ultimate Products Corporation (hereinafter referred to as “UPC” or the “Company”) a Nevada corporation, has the business objective of developing, producing and distributing, a magnesium oxide board called “Ultimate Building Board ™” for use in a number of applications

 

The Company was incorporated on February 15, 2008, in the state of Nevada. The Company has never declared bankruptcy, it has never been in receivership, and it has never been involved in any legal action or proceedings. Since becoming incorporated, Ultimate Products has not made any significant purchase or sale of assets, nor has it been involved in any mergers, acquisitions or consolidations and the Company owns no subsidiaries. The fiscal year end is March 31. The Company has not had revenues from operations since its inception and/or any interim period in the current fiscal year.

 

Results of Operations

 

The Company did not generate revenues during the three months ended June 30, 2018 or 2017. The timing of the Company launching revenue generating activities is uncertain.

 

Operating expenses during the three months ended June 30, 2018 and 2017 were $2,825 and $3,850, respectively. Operating expenses during each period represent the costs associated with fulfilling our filing requirements with the Securities and Exchange Commission and as such we expect costs to remain generally flat quarter over quarter.

 

Plan of Operation

 

As of June 30 2018, we have $0 of cash available and no current assets. We have $93,204 of current liabilities creating a working capital deficit of $93,204. From the date of inception (February 15, 2008) to June 30, 2018, the Company has recorded net losses of $115,049 which were expenses relating to the initial development of the Company, filing its Registration Statement on Form S-1, and expenses relating to maintaining Reporting Company status with the SEC. In order to continue as a going concern, the Company will require additional capital investments or borrowed funds to meet cash flow projections and carry forward our business objectives. There can be no guarantee or assurance that we can raise adequate capital from outside sources to fund the proposed business. Failure to secure additional financing would result in business failure and a complete loss of any investment made into the Company.

 

The Company filed a registration statement on Form S-1 on June 30, 2008, which was deemed effective on July 7, 2008. Since this time the Company has sold 158,000 shares of common stock to the public with total proceeds raised of $15,800. These proceeds have been utilized by the Company to fund its initial development including administrative costs associated with maintaining its status as a Reporting Company as defined by the Securities and Exchange Commission (“SEC”) under the Exchange Act of 1934 as amended. The Company plans to continue to focus efforts on to continue to fund its initial development and fund the expenses associated with maintaining a reporting company status.

 

The Company has filed a 15 (c) 211 with FINRA and management intends to focus efforts on obtaining a quotation for its common stock on the Over the Counter Bulletin Board (“OTCBB”). Management believes having its common stock quoted on the OTCBB will provide it increased opportunity to raise additional capital for its proposed business development. However, there can be no guarantee or assurance the Company will be successful in filing a Form 211 application and obtaining a quotation. To date there is no public market for the Company’s common stock. There can be no guarantee or assurance that a public market will ever exist for the common stock. Failure to create a market for the Company’s common stock would result in business failure and a complete loss of any investment made into the Company.

 

Product Research and Development

 

The Company does not anticipate any costs or expenses to be incurred for product research and development within the next twelve months.


8


 

 

Employees

 

There are no employees of the Company, excluding the current President and Director, Mr. Vogelei. The Company does not anticipate hiring any additional employees within the next twelve months.

 

Off-Balance Sheet Arrangements

 

As of the date of this Quarterly Report, the Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term "off-balance sheet arrangement" generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Not Applicable

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. We conducted an evaluation (the “Evaluation”), under the supervision and with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the design and operation of our disclosure controls and procedures (“Disclosure Controls”) as of the end of the period covered by this report pursuant to Rule 13a-15 of the Exchange Act. Based on this Evaluation, our CEO and CFO concluded that our Disclosure Controls were not effective as of the end of the period covered by this report.

 

CEO and CFO Certifications

 

Appearing immediately following the Signatures section of this report there are Certifications of the CEO and the CFO. The Certifications are required in accordance with Section 302 of the Sarbanes-Oxley Act of 2002 (the Section 302 Certifications). This Item of this report, which you are currently reading is the information concerning the Evaluation referred to in the Section 302 Certifications and this information should be read in conjunction with the Section 302 Certifications for a more complete understanding of the topics presented.

 

Changes in Internal Controls

 

There were no changes in our internal control over financial reporting during the period ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


9


 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company is not a party to any pending legal proceedings, and no such proceedings are known to be contemplated.

 

No director, officer, or affiliate of the Company and no owner of record or beneficial owner of more than 5.0% of the securities of the Company, or any associate of any such director, officer or security holder is a party adverse to the Company or has a material interest adverse to the Company in reference to pending litigation.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

(a)

Exhibits furnished as Exhibits hereto:

 

Exhibit No.

 

Description

31.1

 

Certification of George Vogelei pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

 

Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Ultimate Products Corporation

(Registrant)

 

 

Date: Date: August 17, 2018

 

By: /s/ George Vogelei

 

 

George Vogelei

Chief Financial Officer

Director

 

 

 

 

 

 

 

 

 

Date: Date: August 17, 2018

 

By: /s/George Vogelei

 

 

George Vogelei

 

 

President and Chief Executive Officer

Director, Treasurer


10

EX-31.1 2 f10q063018_ex31z1.htm EXHIBIT 31.1 SECTION 302 CERTIFICATION Exhibit 31.1 Section 302 Certification

 

Exhibit 31.1

 

CERTIFICATION OF

PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302(a) OF THE SARBANES-OXLEY ACT OF 2002

 

I, George Vogelei, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 of Ultimate Products Corporation;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

ULTIMATE PRODUCTS CORPORATION

 

 

 

Date: August 17, 2018

By:

/s/ George Vogelei

 

Name:

George Vogelei

 

Title:

Chief Executive Officer and Director

(Principal Executive Officer)

 

 

 

EX-32.1 3 f10q063018_ex32z1.htm EXHIBIT 32.1 SECTION 906 CERTIFICATION Exhibit 32.1 Section 906 Certification

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. Section 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Ultimate Products Corporation (the "Company") on Form 10-Q for the quarter ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the "report"), I, George Vogelei, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1)

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

 

(2)

The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated this 17th day of August, 2018.

 

 

 

/s/ George Vogelei

 

George Vogelei

 

Chief Executive Officer and Chief Financial Officer

 

EX-101.CAL 4 ulpc-20180630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 ulpc-20180630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.INS 6 ulpc-20180630.xml XBRL INSTANCE DOCUMENT Ultimate Products CORP 0001438095 --03-31 ulpc Yes No No false 2019 Q1 10-Q 2018-06-30 333-152011 770713267 118 Del Oro Lagoon Novato California 94949 415 328-7207 Smaller Reporting Company 5245535 0.001 0 0 723 723 723 723 5700 9400 93204 90379 0 0 0.001 0.001 5000000 5000000 0 0 0 0 0 0 0.001 0.001 70000000 70000000 5245535 5245535 5245535 5245535 5245 5245 17323 17323 -112224 -92481 -89656 723 723 0 0 0 235 2825 3615 2825 3850 -2825 -3850 -0.00 -0.00 5245535 5245535 -2825 -3850 -3700 2800 -6525 -1050 0 0 6525 1050 6525 1050 0 0 0 0 0 0 0 0 0 0 <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>NOTE 1 &#150; DESCRIPTION OF BUSINESS</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>Ultimate Products Corporation (&#147;the Company&#148;) 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 &#147;Ultimate Building Board&#146; for use in a number of applications including wall and ceiling applications.</p> 2008-02-15 Nevada <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>NOTE 2 - CONDENSED FINANCIAL STATEMENTS</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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 June 30, 2018 and for all periods presented have been made.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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, 2018 audited financial statements as reported in Form 10-K. The results of operations for the periods ended June 30, 2018 are not necessarily indicative of the operating results for the full year ended March 31, 2019.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>NOTE 3 &#150; SIGNIFICANT ACCOUNTING POLICIES</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Estimates</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Cash</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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 June 30, 2018 or March 31, 2018.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Share Based Expenses</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>The Company complies with FASB ASC Topic 718 <i>Compensation&#151;Stock Compensation, </i>which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity&#146;s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Income taxes</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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&#146;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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Recent Accounting Pronouncements</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>We evaluate recent accounting pronouncements as they are issued for applicability to the Company&#146;s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company&#146;s current accounting policies.</p> <p align="center" style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:center;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Estimates</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Cash</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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 June 30, 2018 or March 31, 2018.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Share Based Expenses</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>The Company complies with FASB ASC Topic 718 <i>Compensation&#151;Stock Compensation, </i>which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity&#146;s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Income taxes</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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&#146;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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'><u>Recent Accounting Pronouncements</u></p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&#160;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>We evaluate recent accounting pronouncements as they are issued for applicability to the Company&#146;s accounting practices. The application of recently issued accounting pronouncements do not apply to the Company&#146;s current accounting policies.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>NOTE 4 - GOING CONCERN</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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 June 30,2018 the Company has a working capital deficit of $93,204 and accumulated deficit of $115,049 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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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.</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>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.</p> 93204 -115049 <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>NOTE 5 &#150; RELATED PARTY TRANSACTIONS</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;line-height:normal'>&nbsp;</p> <p style='margin-top:0in;margin-right:0in;margin-bottom:10.0pt;margin-left:0in;line-height:115%;margin-bottom:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;line-height:normal'>The Company received advances from related parties totaling $6,525 and $1,050 during the three months ended June 30, 2018 and 2017, respectively. The advances are non-interest bearing and due on demand. 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Document and Entity Information
3 Months Ended
Jun. 30, 2018
$ / shares
shares
Jun. 30, 2018
shares
Details    
Registrant Name   Ultimate Products CORP
Registrant CIK   0001438095
SEC Form   10-Q
Period End date   Jun. 30, 2018
Fiscal Year End   --03-31
Trading Symbol   ulpc
Tax Identification Number (TIN)   770713267
Number of common stock shares outstanding | shares 5,245,535 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   2019
Document Fiscal Period Focus   Q1
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   94949
City Area Code   415
Local Phone Number   328-7207
Entity Listing, Par Value Per Share | $ / shares $ 0.001  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Balance Sheets (June 30, 2018 Unaudited) - USD ($)
Jun. 30, 2018
Mar. 31, 2018
ASSETS    
Total current assets $ 0 $ 0
Trademarks 723 723
Total assets 723 723
Current liabilities    
Accounts payable and accrued liabilities 5,700 9,400
Related party payable 87,504 80,979
Total current liabilities 93,204 90,379
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 (115,049) (112,224)
Total stockholders' deficit (92,481) (89,656)
Total liabilities and stockholders' deficit 723 723
Commitments and contingencies $ 0 $ 0
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Balance Sheets (June 30, 2018 Unaudited) - Parenthetical - $ / shares
Jun. 30, 2018
Mar. 31, 2018
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
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Statement of Operations (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Details    
Revenue $ 0 $ 0
Expenses    
General and administrative 0 235
Professional fees 2,825 3,615
Total expenses 2,825 3,850
Net loss $ (2,825) $ (3,850)
Basic and diluted net loss per common share $ (0.00) $ (0.00)
Basic and diluted weighted-average common shares outstanding 5,245,535 5,245,535
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net loss $ (2,825) $ (3,850)
Changes in operating liabilities:    
Accounts payable and accrued liabilities (3,700) 2,800
Net cash used in operating activities (6,525) (1,050)
Cash flows from investing activities 0 0
Cash flows from financing activities    
Proceeds from related party payables 6,525 1,050
Net cash provided by financing activities 6,525 1,050
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
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Description of Business
3 Months Ended
Jun. 30, 2018
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.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Condensed Financial Statements
3 Months Ended
Jun. 30, 2018
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 June 30, 2018 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, 2018 audited financial statements as reported in Form 10-K. The results of operations for the periods ended June 30, 2018 are not necessarily indicative of the operating results for the full year ended March 31, 2019.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies
3 Months Ended
Jun. 30, 2018
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 June 30, 2018 or March 31, 2018.

 

Share Based Expenses

 

The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred.

 

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.

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Going Concern
3 Months Ended
Jun. 30, 2018
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 June 30,2018 the Company has a working capital deficit of $93,204 and accumulated deficit of $115,049 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.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Related Party Transactions
3 Months Ended
Jun. 30, 2018
Notes  
Note 5 - Related Party Transactions

NOTE 5 – RELATED PARTY TRANSACTIONS

 

The Company received advances from related parties totaling $6,525 and $1,050 during the three months ended June 30, 2018 and 2017, respectively. The advances are non-interest bearing and due on demand. There was $87,504 and $80,979 due to related parties as of June 30, 2018 and March 31, 2018.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Subsequent Events
3 Months Ended
Jun. 30, 2018
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.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies: Estimates (Policies)
3 Months Ended
Jun. 30, 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.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies: Cash (Policies)
3 Months Ended
Jun. 30, 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 June 30, 2018 or March 31, 2018.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies: Share Based Expenses (Policies)
3 Months Ended
Jun. 30, 2018
Policies  
Share Based Expenses

Share Based Expenses

 

The Company complies with FASB ASC Topic 718 Compensation—Stock Compensation, which establishes standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services. It also addresses transactions in which an entity incurs liabilities in exchange for goods or services that based on the fair value of the entity’s equity instruments or that may be settled by the issuance of those equity instruments. FASB ASC Topic 718 primarily focuses on accounting for transactions in which an entity obtains employee services in share-based payment transactions. This statement requires a public entity to expense the cost of employee services received in exchange for an award of equity instruments. This statement also provides guidance on valuing and expensing these awards, as well as disclosure requirements of these equity arrangements. The Company adopted FASB ASC Topic 718 upon formation of the Company and expenses share based costs in the period incurred.

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies: Income taxes (Policies)
3 Months Ended
Jun. 30, 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 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.

XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Significant Accounting Policies: Recent Accounting Pronouncements (Policies)
3 Months Ended
Jun. 30, 2018
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.

XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Description of Business (Details)
3 Months Ended
Jun. 30, 2018
Details  
Entity Incorporation, Date of Incorporation Feb. 15, 2008
Entity Incorporation, State Country Name Nevada
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Going Concern (Details) - USD ($)
Jun. 30, 2018
Mar. 31, 2018
Details    
Liabilities $ 93,204  
Accumulated deficit $ (115,049) $ (112,224)
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Related Party Transactions (Details) - USD ($)
Jun. 30, 2018
Mar. 31, 2018
Details    
Related party payable $ 87,504 $ 80,979
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