10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

Mark One

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

For the quarterly period ended October 31, 2018

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

For the transition period from ______ to _______

Commission file # 333-219148

VIVIC CORP.

 (Exact name of registrant as specified in its charter)

Nevada	7999	98-1353606
State or Other Jurisdiction of Incorporation or Organization)	(Primary Standard Industrial Classification Number)	(IRS Employer Identification Number)

Vivic Corp. 

800 N Rainbow Blvd, Suite 208-29

Las Vegas, NV 89107

(702) 984-3984

(Address and telephone number of registrant's executive office)     

Indicate by checkmark whether the issuer: (1) has 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 is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [  ]

Accelerated filer [   ]

Non-accelerated filer [X]

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:

Class	Outstanding as of November 30, 2018
Common Stock, $0.001	5,340,000

1 | Page

	VIVIC CORP.
	PART I    FINANCIAL INFORMATION
ITEM 1	Financial Statements (Unaudited)	3
ITEM 2	Management’s Discussion And Analysis Of Financial Condition And Results Of Operations	9
ITEM 3	Quantitative And Qualitative Disclosures About Market Risk	11
ITEM 4	Controls And Procedures	11
	PART II OTHER INFORMATION
ITEM 1	Legal Proceedings	12
ITEM 2	Unregistered Sales Of Equity Securities And Use Of Proceeds	12
ITEM 3	Defaults Upon Senior Securities	12
ITEM 4	Mine Safety Disclosures	12
ITEM 5	Other Information	12
ITEM 6	Exhibits	12
	Signatures	12

2 | Page

VIVIC CORP. BALANCE SHEETS
		OCTOBER 31, 2018 (Unaudited)	APRIL 30, 2018 (Audited)
ASSETS
Current Assets
	Cash	$    4,822	$      14,006
	Prepaid expenses	399	200
	Total current assets	5,221	14,206
	Equipment, net of depreciation	3,678	4,704
Total Assets		$    8,899	$      18,910
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current  Liabilities
	Loan from related parties	$    12,103	$      10,078
	Total current liabilities	12,103	10,078
Total Liabilities		12,103	10,078
Commitments and Contingencies		-	-
Stockholders’ Equity (Deficit)
	Common stock, $0.001 par value, 75,000,000 shares authorized;
	5,340,000 shares issued and outstanding	5,340	5,340
	Additional Paid-In-Capital	24,360	24,360
	Accumulated Deficit	(32,904)	(20,868)
Total Stockholders’ equity (deficit)		(3,204)	8,832
Total Liabilities and Stockholders’ equity (deficit)		$    8,899	$      18,910

The accompanying notes are an integral part of these financial statements.

3 | Page

VIVIC CORP. STATEMENTS OF OPERATIONS (Unaudited)
	For the Three months ended October 31, 2018	For the Three months ended October 31, 2017	For the Six months ended October 31, 2018	For the Six months ended October 31, 2017
Revenues	$     -	$     5,000	$     -	$      11,300
Cost of sales	-	2,800	-	6,600
Gross profit	-	2,200	-	4,700
Operating expenses
General and administrative expenses	4,145	6,443	12,036	11,118
Net income (loss) from operations	(4,145)	(4,243)	(12,036)	(6,418)
Income (Loss) before provision for income taxes	(4,145)	(4,243)	(12,036)	(6,418)
Provision for income taxes	-	-	-	-
Net income (loss)	$(4,145)	$   (4,243)	$  (12,036)	$    (6,418)
Income (loss) per common share:  Basic and Diluted	$    (0.00)	$    (0.00)	$    (0.00)	$       (0.00)
Weighted Average Number of Common Shares  Outstanding: Basic and Diluted	5,340,000	4,553,152	5,340,000	4,526,576

The accompanying notes are an integral part of these financial statements.

4 | Page

VIVIC CORP. STATEMENTS OF CASH FLOWS (Unaudited)
		For the Six months ended October 31, 2018	For the Six months ended October 31, 2017
Cash flows from Operating Activities
	Net loss	$      (12,036)	$        (6,418)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation	1,026	420
	Deferred revenue		5,000
	Prepaid expenses	(199)	-
	Net cash used in operating activities	(11,209)	(998)
Cash flows from Investing Activities
Purchase of fixed assets		-	(6,150)
Net cash used in investing activities		-	(6,150)
Cash flows from Financing Activities
	Proceeds of loan from shareholder	2,025	6,675
	Proceeds from issuance of common stock	-	5,250
	Net cash provided by financing activities	2,025	11,925
Net increase (decrease)in cash and equivalents		(9,184)	4,777
Cash and equivalents at beginning of the period		14,006	4,570
Cash and equivalents at end of the period		$     4,822	$          9,347
	Supplemental cash flow information:
	Cash paid for:
	Interest	$         -	$             -
	Taxes	$         -	$             -

The accompanying notes are an integral part of these financial statements.

5 | Page

VIVIC CORP.

Notes to Financial Statements

(Unaudited)

NOTE 1 – ORGANIZATION AND BUSINESS

VIVIC CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on February 16, 2017.  Vivic Corp. is in the tourism business.

The Company has adopted an April 30 fiscal year end.

NOTE 2 – GOING CONCERN

The Company’s financial statements as of October 31, 2018 been prepared using generally accepted accounting principles 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. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 16, 2017) to October 31, 2018 of $32,904. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.  

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The results for the six months ended October 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2018, filed with the Securities and Exchange Commission. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at October 31, 2018 and for the related periods presented.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

6 | Page

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At October 31, 2018 the Company's bank deposits did not exceed the insured amounts.

Stock-Based Compensation

As of October 31, 2018, the Company has not issued any stock-based compensation to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition

The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. The tourism business is seasonal. We expect that our results of operations will be subject to quarterly fluctuations caused primarily by the seasonal variations in the travel industry and weather conditions and other factors beyond our control.

Property and Equipment and Depreciation Policy

Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. As of October 31, 2018, total equipment net of depreciation was $3,678. For the six month period ended October 31, 2018 depreciation expenses were $1,026.

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

7 | Page

New Accounting Pronouncements

The Company plans to adopt ASC 606, “Revenue From Contracts With Customers“ (“Topic 606”). The results of applying Topic 606 using the modified retrospective approach are expected to be insignificant and are not anticipated to have a material impact on our consolidated financial condition, results of operations, cash flows, business process, controls or systems.

This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP.

The Company is deferring adoption for one year as an emerging growth company.

The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Company’s financial statements.

NOTE 4 – CAPITAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

As of October 31, 2018, the Company had 5,340,000 shares issued and outstanding.

NOTE 5 – RELATED PARTY TRANSACTIONS

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.  

Since February 16, 2017 (Inception) through October 31, 2018, the Company’s sole officer and director loaned the Company $12,103 to pay for incorporation costs and operating expenses.  As of October 31, 2018, the amount outstanding was $12,103. The loan is non-interest bearing, due upon demand and unsecured.

NOTE 6. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from October 31, 2018 to November 30, 2018 the date the financial statements were available to be issued and has determined that there are no items to disclose.

8 | Page

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

General

We were incorporated on February 16, 2017 in the State of Nevada. We are a start-up company which is in the tourism business. Vivic Corp. is a travel agency that organizes individual and group tours in the Dominican Republic, such as cultural, recreational, sport, business, ecotours and other travel tours. Services and products provided by our company include custom packages according to the client’s specifications. We develop and offer our own tours in the Dominican Republic as well as third-party suppliers.

RESULTS OF OPERATIONS

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

During three months ended October 31, 2018, we did not generate any revenue as we did not have any customers.

Our net loss for the three months ended October 31, 2018 was $4,145.

During three months ended October 31, 2017, we generated $5,000 in revenue and cost of sales was $2,800. During the three months ended October 31, 2017, we incurred expenses of $6,443.

Our net loss for the three months ended October 31, 2017 was $4,243.

The decrease in revenue for the three months ended October 31, 2018 was because we did not have any customers. The decrease in expenses for the three months ended October 31, 2018 was due to decrease in general and administrative expenses.

During six months ended October 31, 2018, we did not generate any revenue as we did not have any customers.

Our net loss for the six months ended October 31, 2018 was $12,036.

During six months ended October 31, 2017, we generated $11,300 in revenue and cost of sales was $6,600. During the six months ended October 31, 2017, we incurred expenses of $11,118.

Our net loss for the six months ended October 31, 2017 was $6,418.

LIQUIDITY AND CAPITAL RESOURCES

As of October 31, 2018 our total assets were $8,899 compared to $18,910 in total assets at April 30, 2018. As of October 31, 2018, our total liabilities were $12,103 compared to $10,078 in total liabilities at April 30, 2018. The decrease in total assets was due increase in expenses.

Stockholders’ equity decreased from $8,832 as of April 30, 2018 to deficit of $3,204 as of October 31, 2018 due to loss during the six month period ended October 31, 2018.

Cash Flows from Operating Activities

For the six month period ended October 31, 2018, net cash flows used in operating activities was $11,209, consisted of $12,036 loss, depreciation expenses of $1,026 and increase in prepaid expenses of $199.

For the six month period ended October 31, 2017, net cash flows used in operating activities was $998, consisted of $6,418 loss, depreciation expenses of $420 and deferred revenue of $5,000.

Cash Flows from Investing Activities

We have not used any cash in investing activities for the six-month period ended October 31, 2018. We used $6,150 in investing activities for the six-month period ended October 31, 2017.

Cash Flows from Financing Activities

For the six-month period ended October 31, 2018, net cash flows from financing activities was $2,025 consisted of $2,025 from loans from shareholder.

For the six-month period ended October 31, 2017, net cash flows from financing activities was $11,925 consisted of $6,675 from loans from shareholder and $5,250 from issuance of common stock.

PLAN OF OPERATIONS AND FUNDING

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

9 | Page

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

GOING CONCERN

The independent auditors' report accompanying our April 30, 2018 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

As a "smaller  reporting  company" as defined by Item 10 of Regulation  S-K, the Company is not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Our disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Our principal executive officer and principal financial and accounting officer have reviewed the effectiveness of our “disclosure controls and procedures” (as defined in the Securities Exchange Act of 1934 Rules 13(a)-15(e) and 15(d)-15(e)) within the end of the period covered by this Quarterly Report on Form 10-Q and have concluded that the disclosure controls and procedures were not effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner.

Changes in Internal Controls over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

10 | Page

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

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

No equity securities were sold during the six-month period ended October 31, 2018.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No senior securities were issued and outstanding during the six-month period ended October 31, 2018.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable to our Company.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibits:

31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002

101.INS  XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VIVIC CORP.
Dated: November 30, 2018	By: /s/Yoel Rosario Duran
	Yoel Rosario Duran, President and Chief Executive Officer and Chief Financial Officer

11 | Page

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Yoel Rosario Duran, President and Chief Executive Officer and Chief Financial Officer of VIVIC CORP., certify that:

1.   I have reviewed this Quarterly Report on Form 10-Q of VIVIC CORP.;

2.   Based on my knowledge, this report does not contain any untrue statement of 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 quarterly 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   control  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;

     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.

Date: November 30, 2018

/s/ Yoel Rosario Duran

____________________________

Yoel Rosario Duran, President,

Chief Executive Officer and Chief Financial Officer

EX-32.1

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 VIVIC CORP. (the "Company")  on Form 10-Q for the period  ended  October 31, 2018 as filed with the Securities  and  Exchange  Commission  on the date  hereof (the  "Report"),  the undersigned,  in the  capacities  and  on  the  dates  indicated  below,  hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

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

Date: November 30, 2018

/s/ Yoel Rosario Duran

Yoel Rosario DuranPresident,

Chief Executive Officer and

Chief Financial Officer

XML

Document and Entity Information	6 Months Ended
	Oct. 31, 2018 shares
Document and Entity Information:
Entity Registrant Name	VIVIC CORP.
Document Type	10-Q
Document Period End Date	Oct. 31, 2018
Trading Symbol	vivic
Amendment Flag	false
Entity Central Index Key	0001703073
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding	5,340,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

XML

Statement of Financial Position - USD ($)	Oct. 31, 2018	Apr. 30, 2018
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 4,822	$ 14,006
Prepaid Expense, Current	399	200
Assets, Noncurrent
Property, Plant and Equipment, Gross	3,678	4,704
Assets	8,899	18,910
Liabilities, Noncurrent
Due to Related Parties, Noncurrent	12,103	10,078
Liabilities	12,103	10,078
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
Common Stock, Value, Issued	5,340	5,340
Additional Paid in Capital, Common Stock	24,360	24,360
Retained Earnings (Accumulated Deficit)	(32,904)	(20,868)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (3,204)	$ 8,832
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	5,340,000	5,340,000
Common Stock, Shares Outstanding	5,340,000	5,340,000
Liabilities and Equity	$ 8,899	$ 18,910

XML

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017	Oct. 31, 2018	Oct. 31, 2017
Revenues
Sales Revenue, Services, Net		$ 5,000		$ 11,300
Revenues	$ 0	5,000	$ 0	11,300
Cost of Revenue
Cost of Services		2,800		6,600
Cost of Revenue	0	2,800	0	6,600
Gross Profit	0	2,200	0	4,700
Amortization of Deferred Charges
Administrative Expense	4,145	6,443	12,036	11,118
Total Operating Expenses	4,145	6,443	12,036	11,118
Net loss from operations	(4,145)	(4,243)	(12,036)	(6,418)
Interest and Debt Expense
Net Income (Loss)	$ (4,145)	$ (4,243)	$ (12,036)	$ (6,418)
Earnings Per Share
Weighted Average Number of Shares Outstanding, Basic	5,340,000	4,553,152	5,340,000	4,526,576
Earnings Per Share, Basic and Diluted	$ 0	$ 0	$ 0	$ 0

XML

Statement of Cash Flows - USD ($)	6 Months Ended
	Oct. 31, 2018	Oct. 31, 2017
Net Cash Provided by (Used in) Operating Activities
Net loss for the period	$ (12,036)	$ (6,418)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation	1,026	420
Increase (Decrease) in Operating Assets
Increase (Decrease) in Prepaid Expense and Other Assets	(199)
Increase (Decrease) in Operating Liabilities
Increase (Decrease) in Deferred Revenue and Customer Advances and Deposits		5,000
Net Cash Provided by (Used in) Operating Activities	(11,209)	(998)
Net Cash Provided by (Used in) Investing Activities
Payments to Acquire Property, Plant, and Equipment		(6,150)
Net Cash Provided by (Used in) Investing Activities	0	(6,150)
Net Cash Provided by (Used in) Financing Activities
Proceeds from Issuance of Common Stock		5,250
Proceeds from director loans	2,025	6,675
Net Cash Provided by (Used in) Financing Activities	2,025	11,925
Cash and Cash Equivalents, Period Increase (Decrease)	(9,184)	4,777
Cash and Cash Equivalents, at Carrying Value	14,006	4,570
Cash and Cash Equivalents, at Carrying Value	$ 4,822	$ 9,347

XML

Organization, Consolidation and Presentation of Financial Statements

6 Months Ended

Oct. 31, 2018

Organization, Consolidation and Presentation of Financial Statements:

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

NOTE 1 – ORGANIZATION AND BUSINESS

VIVIC CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on February 16, 2017.  Vivic Corp. is in the tourism business.

The Company has adopted an April 30 fiscal year end.

NOTE 2 – GOING CONCERN

The Company’s financial statements as of October 31, 2018 been prepared using generally accepted accounting principles 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. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 16, 2017) to October 31, 2018 of $32,904. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The results for the six months ended October 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended April 30, 2018, filed with the Securities and Exchange Commission. In the opinion of management, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at October 31, 2018 and for the related periods presented.

Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At October 31, 2018 the Company's bank deposits did not exceed the insured amounts.

Stock-Based Compensation

As of October 31, 2018, the Company has not issued any stock-based compensation to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition

The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. The tourism business is seasonal. We expect that our results of operations will be subject to quarterly fluctuations caused primarily by the seasonal variations in the travel industry and weather conditions and other factors beyond our control.

Property and Equipment and Depreciation Policy

Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. As of October 31, 2018, total equipment net of depreciation was $3,678. For the six month period ended October 31, 2018 depreciation expenses were $1,026.

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

New Accounting Pronouncements

The Company plans to adopt ASC 606, “Revenue From Contracts With Customers“ (“Topic 606”). The results of applying Topic 606 using the modified retrospective approach are expected to be insignificant and are not anticipated to have a material impact on our consolidated financial condition, results of operations, cash flows, business process, controls or systems.

This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP.

The Company is deferring adoption for one year as an emerging growth company.

The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Company’s financial statements.

NOTE 4 – CAPITAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

As of October 31, 2018, the Company had 5,340,000 shares issued and outstanding.

NOTE 5 – RELATED PARTY TRANSACTIONS

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. 

Since February 16, 2017 (Inception) through October 31, 2018, the Company’s sole officer and director loaned the Company $12,103 to pay for incorporation costs and operating expenses.  As of October 31, 2018, the amount outstanding was $12,103. The loan is non-interest bearing, due upon demand and unsecured.

NOTE 6. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from October 31, 2018 to November 30, 2018 the date the financial statements were available to be issued and has determined that there are no items to disclose.