10-Q 1 univest1q43011_6142011.htm univest1q43011_6142011.htm
 
 
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   April 30, 2011

[] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 

 
Commission File No. 000-54171

UNIVEST TECH, INC.
 (Exact Name of Small Business Issuer as specified in its charter)
 
Colorado
26-1381565
(State or other jurisdiction
(IRS Employer File Number)
 
of incorporation)

   
11805 E. Fair Ave
 
Greenwood Village, Colorado
80111
(Address of principal executive offices)
(zip code)


 (970) 405-3105
 (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(Section 232.405 of this chapter) during the preceding 12 months(or such shorter period that the registrant was required to submit and post such files. Yes []  No [ ]

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

Large accelerated filer []
Accelerated filer []
Non-accelerated filer   [] (Do not check if a smaller reporting company)
Smaller reporting company  [X]

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

As of April 30, 2011, registrant had outstanding 23,044,500shares of the registrant's common stock.


 
 

 
 
 
FORM 10-Q
UNIVEST TECH, INC.
 
 
TABLE OF CONTENTS
 
 
 
PART I  FINANCIAL INFORMATION
 
   
 
Item 1. Financial Statements for the period ended April 30, 2011
   
 
         Balance Sheet (Unaudited)
5  
 
         Statements of Operations (Unaudited)
  6  
 
         Statements of Cash Flows (Unaudited)
  8  
 
         Statements of Shareholders' Equity
 9  
 
         Notes to Financial Statements
  10  
       
 
Item 2. Management’s Discussion and Analysis and Plan of Operation
  11  
       
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
  17  
       
 
Item 4. Controls and Procedures
  17  
       
 
Item 4T. Controls and Procedures
  17  
       
 
PART II  OTHER INFORMATION
   
       
 
  Item 1. Legal Proceedings
  17  
       
    Item 1A. Risk Factors  17  
       
 
  Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
  17  
       
 
  Item 3. Defaults Upon Senior Securities
  18  
       
 
  Item 4. Submission of Matters to a Vote of Security Holders
  18  
       
 
  Item 5. Other Information
  18  
       
 
  Item 6. Exhibits
  18  
       
 
Signatures
  19  
       
 
 
 
 

 
- 2 -

 

PART I FINANCIAL INFORMATION
 
References in this document to "us," "we," or "Company" refer to UNIVEST TECH, INC.
 
 
ITEM 1. FINANCIAL STATEMENTS
 
 
 


 
UNIVEST TECH, INC.
 
CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
Quarter Ended April 30, 2011
 
 
 



 
- 3 -

 

 
Univest Tech, Inc.
Financial Statements
 
 
 
TABLE OF CONTENTS
 
 
 
Page
   
FINANCIAL STATEMENTS    
 
   
Balance sheets
5
Statements of operations
6
Statements of cash flows
8
Statements of shareholders' equity  9
Notes to financial statements
10

 
 

 
- 4 -

 


Univest Tech, Inc.
  (A Development Stage Company)
 
Balance Sheets
 
 
ASSETS
           
   
Unaudited
       
   
April 30,
   
October 31,
 
   
2011
   
2010
 
             
Current Assets
           
             
   Cash
  $ 4,539     $ 9,130  
                 
     TOTAL ASSETS
  $ 4,539     $ 9,130  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
                 
LIABILITIES
               
                 
Current liabilities
               
   Accounts payable
  $ 3,000     $ 1,500  
    Interest payable
    6,966       5,966  
    Notes payable-related party
    25,000       25,000  
                 
TOTAL LIABILITIES
    34,966       32,466  
                 
SHAREHOLDERS' EQUITY
               
   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
    1,643       1,643  
                 
  Retained earnings (deficit)
    (55,115 )     (48,024 )
                 
     TOTAL SHAREHOLDERS' EQUITY
    (30,427 )     (23,336 )
                 
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
  $ 4,539     $ 9,130  
 
The accompanying notes are an integral part of the consolidated financial statements.


 
- 5 -

 


Univest Tech, Inc.
Unaudited Statement Of Operations
 
Statement of Operations
 
   
3 Months
   
3 Months
 
   
Ended
   
Ended
 
   
April
   
April
 
     30, 2011      30, 2010  
                 
Revenue:
  $ -     $ -  
                 
General & Administrative Expenses
               
                 
Accounting
    2,250       3,250  
Office
    1,341       -  
                 
Total G & A
    3,591       3,250  
                 
 (Loss) before other expenses
    (3,591 )     (3,250 )
                 
Other (expenses)
               
  Interest
    (500 )     (500 )
                 
  Total other expenses
    (500 )     (500 )
                 
     Net (Loss)
  $ (4,091 )   $ (3,750 )
                 
Basic (Loss) Per Share
  $ (0.00 )   $ (0.00 )
                 
Weighted Average Common Shares
               
 Outstanding
    23,044,500       23,044,500  
 
The accompanying notes are an integral part of the consolidated financial statements.


 
- 6 -

 
 
 
Univest Tech, Inc.
 (A Development Stage Company)
Statements of Operations
 
               
Unaudited
 
   
Unaudited
   
Unaudited
   
November 6,
 
   
Six Month
   
Six Month
   
2007 (inception)
 
   
Period Ended
   
Period Ended
   
thorugh
 
   
April 30,
   
April 30,
   
April 30,
 
   
2011
   
2010
   
2011
 
                   
                   
                   
Revenue
  $ -     $ -     $ -  
                         
General and administrative expenses
                       
                         
   Accounting
    4,750       4,930       14,945  
   Consulting
    -       -       22,518  
    Office
    1,341       737       5,908  
    Legal and professional fess
    -       -       603  
    Stock transfer fees
    -       -       4,175  
                         
            Total expenses
    6,091       5,667       48,149  
                         
(Loss) from operations
    (6,091 )     (5,667 )     (48,149 )
                         
Other (expense) interest
    (1,000 )     (1,000 )     (6,966 )
                         
     Net (loss)
  $ (7,091 )   $ (6,667 )   $ (55,115 )
                         
Basic (Loss) Per Share
  $ -     $ -     $ -  
                         
Weighted Average Common Shares
                       
 Outstanding
    23,044,500       23,044,500       23,044,500  
 
The accompanying notes are an integral part of the consolidated financial statements.


 
- 7 -

 
Univest Tech, Inc.
(A Development Stage Company)
 
Statements of Shareholders' Equity


                               
   
Number Of
         
Capital Paid
   
Retained
       
   
Common
   
Common
   
in Excess
   
Earnings
       
   
Shares Issued
   
Stock
   
of Par Value
   
(Deficit)
   
Total
 
                                         
Balance at November 6, 2007 (Inception)
    -     $ -     $ -     $ -     $ -  
                                         
November 7, 2007 issued 22,937,500
                                       
  shares of par value $.001 common stock
                                       
  for services valued at or $.001 per share
    22,937,500       22,938       -               22,938  
                                         
August 8, 2008 issued 107,000
                                       
  shares of par value $.001 common stock
                                       
  for cash of $26,750 or $.25 per share
                                       
  (less deferred offering costs of $25,000)
                                       
  as part of a private offering
    107,000       107       1,643               1,750  
                                         
Net (Loss)
    -       -       -       (25,476 )     (25,476 )
                                         
Balance at October 31, 2008
    23,044,500     $ 23,045     $ 1,643     $ (25,476 )   $ (788 )
                                         
Net (Loss)
    -       -       -       (12,030 )     (12,030 )
                                         
Balance at October 31, 2009
    23,044,500     $ 23,045     $ 1,643     $ (37,506 )   $ (12,818 )
                                         
Net (Loss)
    -       -       -       (10,518 )     (10,518 )
                                         
Balance at October 31, 2010
    23,044,500     $ 23,045     $ 1,643     $ (48,024 )   $ (23,336 )
                                         
Net (Loss)
    -       -       -       (5,591 )     (5,591 )
                                         
Balance at April 30, 2011 (Unaudited)
    23,044,500     $ 23,045     $ 1,643     $ (53,615 )   $ (28,927 )

 
The accompanying notes are an integral part of the consolidated financial statements.
 
 
 
- 8 -

 
 
 
Univest Tech, Inc.
 (A Development Stage Company)
 
Statements of Cash Flows
 
               
Unaudited
 
   
Unaudited
   
Unaudited
   
November 6,
 
   
Six Month
   
Six Month
   
2007 (inception)
 
   
Period Ended
   
Period Ended
   
thorugh
 
   
April 30,
   
April 30,
   
April 30,
 
   
2011
   
2010
   
2011
 
                   
                   
                   
Net (Loss)
  $ (7,091 )   $ (6,667 )   $ (55,115 )
Adjustments to reconcile decrease in net assets to net cash
                       
 provided by operating activities:
                       
                         
Stock issued for services
    -       -       22,938  
                         
  Increase in accounts payable
    -       2,229       1,500  
  Increase in interest payable
    1,000       1,000       6,966  
                         
Cash used in operating activities
    (6,091 )     (3,438 )     (23,711 )
                         
Cash flows from investing activities:
                       
      -       -       -  
                         
 Net cash (used) in investing activities
    -       -       -  
                         
Cash flows from financing activities:
                       
   Notes payable
    -       -       25,000  
   Issuance of common stock
    -       -       26,750  
   Deferred offering costs
    -       -       (25,000 )
                         
 Net cash provided from financing activities
    -       -       26,750  
                         
Net increase in cash
    (6,091 )     (3,438 )     3,039  
Cash at beginning of period
    9,130       18,669       -  
Cash at end of period
  $ 3,039     $ 15,231     $ 3,039  
                         
Supplemental disclosure information:
                       
Stock issued for services
  $ -     $ -     $ 22,938  
 
The accompanying notes are an integral part of the consolidated financial statements.


 
- 9 -

 


Univest Tech, Inc.
Notes To the Unaudited Financial Statements
For The Six Month Period Ended April 30, 2011
 

Note 1 - Unaudited Financial Information

The unaudited financial information included for the three month interim period ended April 30, 2011 was taken from the books and records without audit. However, such information reflects all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to reflect properly the results of the interim periods presented. The results of operations for the three month period ended April 30, 2011 are not necessarily indicative of the results expected for the fiscal year ended October 31, 2011.

Note 2 - Financial Statements

For a complete set of footnotes, reference is made to the Company’s Report on Form 10-K for the year ended October 31, 2010 as filed with the Securities and Exchange Commission and the audited financial statements included therein.


 
- 10 -

 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION

The following discussion of our financial condition and results of operations should be read in conjunction with, and is qualified in its entirety by, the consolidated financial statements and notes thereto included in, Item 1 in this Quarterly Report on Form 10-Q. This item contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those indicated in such forward-looking statements.

Forward-Looking Statements

This Quarterly Report on Form 10-Q and the documents incorporated herein by reference contain forward-looking. Such forward-looking statements are based on current expectations, estimates, and projections about our industry, management beliefs, and certain assumptions made by our management. Words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", variations of such words, and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict; therefore, actual results may differ materially from those expressed or forecasted in any such forward-looking statements. Unless required by law, we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. However, readers should carefully review the risk factors set forth herein and in other reports and documents that we file from time to time with the Securities and Exchange Commission, particularly the Report on Form 10-K, Form 10-Q and any Current Reports on Form 8-K.

Overview and History

Our business is to develop and market music to individual consumers using the most current technology available, initially exclusively over the Internet. We plan to offer exclusive artist music from recognized artists, who are talent with a substantial fan base, as well as an active Internet domain.  We also plan to eventually offer other products, such as musical equipment, although we have no definitive plans at this point to do so.

We plan to target specific demographics, initially men and women between the ages of 18-35 years old and to initially exclusively rely upon the Internet for the worldwide distribution of our content. We plan to use the music as a marketing tool for future sales. With the content we plan to develop and market on our channel, which will be a website we plan to develop. We plan to eventually have a captured market in which we can then provide live performance festivals worldwide.

   The live festivals will act as a promotional vehicle as well as a significant revenue machine. With the live festivals, we plan to develop revenue with ticket sales, product sales, sponsorship and advertising.
 

 
- 11 -

 


           The current business plans include:

 
·
Technology for delivery of music product using standard available engineered systems
 
·
Music product and artists
 
·
Equipment sales
 
·
Live festival marketing events

We will first start by developing the artists and music products. We will then use this talent to deliver the products through product sales. We will also use festival marketing events to promote our products.

We were incorporated on November 6, 2007. Our original location is in the Denver, Colorado metropolitan area, but we plan to operate on a world wide basis.  We plan to sell our services to the general public. We expect approximately $25,000 in operating costs over the next twelve months. At the present time, we have no plans to raise any additional funds within the next twelve months, other than those raised in our recent Offering. Any working capital will be expected to be generated from funds which may be loaned to us by Mr. Womack, our President. In the event that we need additional capital, Mr. Womack has orally agreed to loan such funds as may be necessary through October 31, 2011 for working capital purposes, although he has no obligation to do so. However, we reserve the right to examine possible additional sources of funds, including, but not limited to, equity or debt offerings, borrowings, or joint ventures. No market surveys have ever been conducted to determine demand for our services. Therefore, there can be no assurance that any of our objectives will be achieved.
 
In August, 2008, we completed a private placement of our common shares under an exemption from the federal securities laws. We raised a total of $26,750 in this offering and sold a total of 107,000 shares.

We have not been subject to any bankruptcy, receivership or similar proceeding.
 
Our address is 11805 E. Fair Ave, Greenwood Village, Colorado 80111. Our telephone number is (970) 405-3105.

Results of Operations

From our inception on November 6, 2007 throughApril 30, 2011, we have generated no revenue and have no operations. As a result we have no operating history upon which to evaluate our intended business. In addition, we have a history of losses. We had a net loss of $55,115 for this period.
 
As of our fiscal year end, October 31, 2010, our accountants have expressed doubt about our ability to continue as a going concern as a result of our history of net loss. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to successfully develop and market our software and our ability to generate revenues.
 
Operating expenses, which consisted solely of general and administrative expenses for the three month period ended April 30, 2011 were $3,591. This compares with operating expenses for the three month period ended April 30, 2010 of $3,250. The major components of general and administrative expenses include accounting fees, consulting fees, legal and professional fees and stock transfer fees.
 
 
- 12 -

 
 

As a result of the foregoing, we had a net loss of $4,091 for the three month period ended April 30, 2011. This compares with a net loss for the three month period ended April 30, 2010 of $3,750.

Operating expenses, which consisted solely of general and administrative expenses for the six month period ended April 30, 2011 were $6,091. This compares with operating expenses for the six month period ended April 30, 2010 of $5,667. Operating expenses from November 6, 2007 through April 30, 2011 were $46,649. The major components of general and administrative expenses include accounting fees, consulting fees, legal and professional fees and stock transfer fees.

As a result of the foregoing, we had a net loss of $7,091 for the six month period ended April 30, 2011. This compares with a net loss for the six month period ended April 30, 2010 of $6,667. For the period from November 6, 2007 through April 30, 2011 our net loss was $53,615.
Because we do not pay salaries, and our major professional fees have been paid for the year, operating expenses are expected to remain fairly constant through the end of our fiscal year.

To try to operate at a break-even level based upon our current level of proposed business activity, we believe that we must generate approximately $25,000 in revenue per year. Each dollar of revenue is not directly tied to increasing costs. We believe that we can become profitable without incurring additional costs under our current operating cost structure. However, if our forecasts are inaccurate, we will need to raise additional funds. In the event that we need additional capital, Mr. Womack has orally agreed to loan such funds as may be necessary through October 31, 2011 for working capital purposes, although he has no obligation to do so.

On the other hand, if we decide that we cannot operate at a profit in our current configuration, we may choose to scale back our operations to operate at break-even with a smaller level of business activity, while adjusting our overhead to meet the revenue from current operations. In such event, we will probably not be profitable. In addition, we expect that we will need to raise additional funds if we decide to pursue more rapid expansion, the development of new or enhanced services or products, appropriate responses to competitive pressures, or the acquisition of complementary businesses or technologies, or if we must respond to unanticipated events that require us to make additional investments. We cannot assure that additional financing will be available when needed on favorable terms, or at all.

We expect to incur operating losses in future periods because we will be incurring expenses and not generating sufficient revenues. We expect approximately $25,000 in operating costs over the next twelve months. We cannot guarantee that we will be successful in generating sufficient revenues or other funds in the future to cover these operating costs. Failure to generate sufficient revenues or additional financing when needed could cause us to go out of business.

Liquidity and Capital Resources.

As of April 30, 2011, we had cash or cash equivalents of $3,039. As of April 30, 2010, we had cash or cash equivalents of $15,231.

Net cash used for operating activities was $6,091 for the six month period ended April 30, 2011. This compares to net cash used for operating activities of $3,438 for the six month period ended April 30, 2010. For the period from November 6, 2007 through April 30, 2011 they were $22,211.
 
 
- 13 -

 
 

Cash flows from investing activities were $-0- from our inception on November 6, 2007 through April 30, 2011.

Cash flows provided by financing activities were $-0- for the six month period ended April 30,2011 and April 30, 2010. For the period from November 6, 2007 through April 30,2011 they were $26,750. These cash flows were all related to sales of stock, issuance of notes and deferred offering costs.

Over the next twelve months we do not expect any material capital costs to develop operations. We plan to buy office equipment to be used in our operations, which is included in our $25,000 operating costs. Our operating costs of $25,000 will be used for operations, but none will be used to pay salaries.
 
Our principal source of liquidity will be our operations. We expect variation in revenues to account for the difference between a profit and a loss. Also business activity is closely tied to the U.S. economy. Our ability to achieve and maintain profitability and positive cash flow is dependent upon our ability to successfully develop a music business and our ability to generate revenues.
 
 In any case, we try to operate with minimal overhead. Our primary activity will be to seek to develop clients for our services and, consequently, our sales. If we succeed in developing clients for our services and generating sufficient sales, we will become profitable. We cannot guarantee that this will ever occur. Our plan is to build our company in any manner which will be successful.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements with any party.

Plan of Operation.

Our plan for the twelve months beginning November 1, 2010 is to operate at a profit or at break even. Our plan is to attract sufficient additional product sales and services within our present organizational structure and resources to become profitable in our operations.

Our intended business will be to develop and market music based on technology solutions. We plan to offer exclusive artist music from established artists, direct for targeted demographics, on a global basis through the Internet. We plan to use the music as a marketing tool for future sales in a captured market via live performance festivals worldwide. The live festivals will act as a promotional vehicle as well as a significant revenue machine.

The current business plans include:

 
·
Technology for delivery of music product using standard available engineered systems
 
·
Music product and artists
 
·
Equipment sales
 
·
Live festival marketing events


 
- 14 -

 

 

Each component is planned to be developed as simultaneously as possible. We will first start by developing the artists and music products. We will then use this talent to deliver the products through wireless technologies and product sales. We will also use festival marketing events to promote our products.

From our inception on November 6, 2007 throughApril 30, 2011, we have generated no revenue and no operations. We  have only one location in the Denver Metropolitan area. We currently have no plans to expand into other locations or areas, although we eventually plan to operate on a global basis through the Internet. The timing of the completion of the milestones needed to become profitable is not directly dependent on anything except our ability to develop sufficient revenues. We believe that we can achieve profitability as we are presently organized with sufficient business.Our principal cost will be marketing our product. At this point, we do not know the scope of our potential marketing costs but will use our existing resources to market our product. Our resources consist of our available cash and advances from Mr. Womack, who has orally agreed to loan such funds as may be necessary through December 31, 2011 for working capital purposes, although he has no obligation to do so.
 
If we are not successful in our operations we will be faced with several options:

1.   
Cease operations and go out of business (which would mean closing the company and having the shareholders lose all or most of their investment);

2.   
Continue to seek alternative and acceptable sources of capital (Mr. Womack is currently our only source of financing. We would look to alternative sources, if available);

3.   
Bring in additional capital that may result in a change of control(if we seek additional sources of capital, all shareholders, including Mr. Womack, would potentially be diluted, perhaps to the point of a change of control); or
 
4.   
Identify a candidate for acquisition that seeks access to the public marketplace and its financing sources(we might explore potential acquisition candidates, although we have no such candidates at this time)
 
     Currently, we believe that we have sufficient capital to implement our proposed business operations or to sustain them through October 31, 2011. If we can become profitable, we could operate at our present level indefinitely. To date, we have never had any discussions with any possible acquisition candidate nor have we any intention of doing so.

Proposed Milestones to Implement Business Operations
 
At the present time, we plan to operate from one location in the Denver Metropolitan area. Our plan is to make our operation profitable by December 31, 2011. We estimate that we must generate approximately $25,000 in sales per year to be profitable. Our plan is to attract sufficient product sales and services within our present organizational structure and resources to become profitable in our operations.

 
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We believe that we can be profitable or at break even by the end of the current fiscal year, assuming sufficient sales. Based upon our current plans, we have adjusted our operating expenses so that cash generated from operations and from working capital financing is expected to be sufficient for the foreseeable future to fund our operations at our currently forecasted levels. To try to operate at a break-even level based upon our current level of anticipated business activity, we believe that we must generate approximately $25,000 in revenue per year. However, if our forecasts are inaccurate, we may need to raise additional funds. Our resources consist of our available cash and advances from Mr. Womack, who has orally agreed to loan such funds as may be necessary through October 31, 2011 for working capital purposes, although he has no obligation to do so.  On the other hand, we may choose to scale back our operations to operate at break-even with a smaller level of business activity, while adjusting our overhead to meet the revenue from current operations. In addition, we expect that we will need to raise additional funds if we decide to pursue more rapid expansion, the development of new or enhanced services and products, appropriate responses to competitive pressures, or the acquisition of complementary businesses or technologies, or if we must respond to unanticipated events that require us to make additional investments. We cannot assure that additional financing will be available when needed on favorable terms, or at all.

We expect to incur operating losses in future periods because we will be incurring expenses and not generating sufficient revenues. We expect approximately $25,000 in operating costs over the next twelve months. We cannot guarantee that we will be successful in generating sufficient revenues or other funds in the future to cover these operating costs. Failure to generate sufficient revenues or additional financing when needed could cause us to go out of business
 
Other than advances from Mr. Womack, who has orally agreed to loan such funds as may be necessary through December 31, 2011 for working capital purposes, although he has no obligation to do so, there is no assurance that additional funds will be made available to us on terms that will be acceptable, or at all, if and when needed. We expect to generate and increase sales, but there can be no assurance we will generate sales sufficient to continue operations or to expand.
 
            We also are planning to rely on the possibility of referrals from clients and will strive to satisfy our clients. We believe that referrals will be an effective form of advertising because of the quality of service that we bring to clients. We believe that satisfied clients will bring more and repeat clients.

In the next 12 months, we do not intend to spend any material funds on research and development and do not intend to purchase any large equipment.

Recently Issued Accounting Pronouncements.

We do not expect the adoption of any recently issued accounting pronouncements to have a significant impact on our net results of operations, financial position, or cash flows.

Seasonality.

We do not expect our revenues to be impacted by seasonal demands for our services.


 
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ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

None.
 

ITEM 4. CONTROLS AND PROCEDURES

Not applicable.

 
ITEM 4T. CONTROLS AND PROCEDURES

As of the end of the period covered by this report, based on an evaluation of our disclosure controls and procedures (as defined in Rules 13a -15(e) and 15(d)-15(e) under the Exchange Act), our Chief Executive Officer and the Chief Financial Officer has concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the applicable time periods specified by the SEC’s rules and forms.

There were no changes in our internal controls over financial reporting that occurred during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

This report does not include an attestation report of the company’s registered public accounting firm regarding internal control over financial reporting. Identified in connection with the evaluation required by paragraph (d) of Rule 240.13a-15 or Rule 240.15d-15 of this chapter that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
 
PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no legal proceedings, to which we are a party, which could have a material adverse effect on our business, financial condition or operating results.
 

ITEM 1A. RISK FACTORS

There have been no changes to our Risk Factors included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 14, 2011.  
 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None.


 
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ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.
 

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.
 

ITEM 5.  OTHER INFORMATION

None.
 

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

Exhibits
The following financial information is filed as part of this report:

(a)               (1) FINANCIAL STATEMENTS

(2) SCHEDULES

(3) EXHIBITS. The following exhibits required by Item 601 to be filed herewith are incorporated by reference to previously filed documents:


 
Exhibit
Number
 
 
                       Description                                                                                              
 
     
3.1*
Articles of Incorporation
 
3.2*
Bylaws
 
10.1*
Form of Subscription Agreement
 
31.1
Certification of CEO/CFO pursuant to Sec. 302
 
32.1
Certification of CEO/CFO pursuant to Sec. 906
 

            * Previously filed with Form S-1 Registration Statement, May 18, 2009.          
 

 
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SIGNATURES

In accordance with Section 12 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 on June 16, 2011.


 
UNIVEST TECH, INC.
 
       
 
By:    
/s/ Patrick Womack
 
 
Patrick Womack
 
 
Chief Executive Officer and President
(principal executive officer and principal financial and accounting officer)
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the Registrant and in the capacity and on the date indicated.

       
Date: June 16, 2011
By:    
/s/ Patrick Womack
 
 
Patrick Womack
 
 
Director
 
 
 
 

 
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