Company Quick10K Filing
Vortex Blockchain Technologies
Price-0.00 EPS-0
Shares21 P/E0
MCap-0 P/FCF0
Net Debt-0 EBIT-0
TEV-0 TEV/EBIT0
TTM 2018-06-30, in MM, except price, ratios
10-Q 2019-12-31 Filed 2020-03-11
10-Q 2019-09-30 Filed 2020-03-11
10-Q 2019-06-30 Filed 2020-03-11
10-K 2019-03-31 Filed 2020-03-10
10-Q 2018-12-31 Filed 2020-03-10
10-Q 2018-09-30 Filed 2019-02-06
10-Q 2018-06-30 Filed 2018-08-14
10-K 2018-03-31 Filed 2018-07-16
10-Q 2017-12-31 Filed 2018-02-21
10-Q 2017-09-30 Filed 2018-02-21
10-Q 2017-06-30 Filed 2017-08-21
10-K 2017-03-31 Filed 2017-07-13
10-Q 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-10-20
10-Q 2016-06-30 Filed 2016-08-29
10-K 2016-03-31 Filed 2016-07-22
10-Q 2015-12-31 Filed 2016-02-22
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-19
10-K 2015-03-31 Filed 2015-07-14
10-Q 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-11-13
10-Q 2014-06-30 Filed 2014-07-25
10-K 2014-03-31 Filed 2014-06-27
10-Q 2013-12-31 Filed 2014-02-12
10-Q 2013-09-30 Filed 2013-11-14
8-K 2020-06-19
8-K 2018-10-17
8-K 2018-05-31
8-K 2018-04-27
8-K 2018-03-27
8-K 2018-03-07
8-K 2018-02-08

VXBT 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Item 1.
Note 1 - Nature of Operations
Note 2 - Summary of Significant Accounting Policies
Note 3 -Income Taxes
Note 4 - Fair Value Measurements
Note 5 - Related Party Transactions
Note 6 - Common Stock
Note 7 - Subsequent Events
Item 2.
Item 3.
Item 4.
Part II
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
EX-31 exhibit31.htm
EX-32 exhibit32.htm

Vortex Blockchain Technologies Earnings 2015-09-30

Balance SheetIncome StatementCash Flow

10-Q 1 uagranite10qseptember2015.htm UAGRANITE 10-Q SEPT 2015 Converted by EDGARwiz

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ   Quarterly  report  pursuant  to  Section  13  or  15(d)  of  the  Securities  Exchange  Act  of  1934  for  the

quarterly period ended September 30, 2015.

   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the

transition period from

to

.

Commission file number: 333-189414

UA GRANITE CORPORATION

(Exact name of registrant as specified in its charter)

Nevada

80-0899451

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

10 Bogdan Khemlnitsky Street #13A

Kiev, Ukraine 01030

(Address of principal executive offices)    (Zip Code)

(380) 636419991

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 þ   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 during the preceding 12 months (or for such shorter period that the registrant was required

to submit and post such files). Yes ¨   No þ

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   the   definitions   of   “large   accelerated   filer,”

“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨Accelerated filer ¨Non-accelerated filer ¨ Smaller reporting company þ

Indicate  by  check  mark  whether  the  registrant  is  a  shell  company  (as  defined  in  Rule  12b-2  of  the

Exchange Act). Yes þ    No

Indicate  the  number  of  shares  outstanding  of  each  of  the  registrant’s  classes  of  common  stock,  as  of  the

latest  practicable  date. The  number  of  shares  outstanding  of  the  registrant’s  common  stock,  $0.00001  par

value (the only class of voting stock), at November 16, 2015, was 5,650,000.

1



TABLE OF CONTENTS

PART I    FINANCIAL INFORMATION

Item 1.      Financial Statements

3

Item 2.      Management’s Discussion and Analysis of Financial Condition and

Results of Operations

14

Item 3.      Quantitative and Qualitative Disclosure About Market Risk

18

Item 4.      Controls and Procedures

18

PART II  OTHER INFORMATION

Item 1.      Legal Proceedings

19

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

19

Item 3.      Defaults Upon Senior Securities

19

Item 4.      Mine Safety Disclosures

19

Item 5.      Other Information

19

Item 6.      Exhibits

19

Signatures

20

2



ITEM 1.

FINANCIAL STATEMENTS

As used herein, the terms “Company,” “we,” “our,” “us,” “it,” and “its” refer to UA Granite Corporation.,

a Nevada corporation, unless otherwise indicated.  In the opinion of management, the accompanying

unaudited condensed consolidated financial statements included in this Form 10-Q reflect all adjustments

(consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations

for the periods presented.  The results of operations for the periods presented are not necessarily

indicative of the results to be expected for the full year.

3



UA Granite Corporation

Balance Sheets

(unaudited)

September 30, 2015

March 31, 2015

ASSETS

Current Assets

Cash

$

-

$

3,118

Total Assets

$

-

$

3,118

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current Liabilities

Bank indebtedness

$

78

$

-

Accounts Payable and Accrued Liabilities

16,676

4,949

Due to Directors

13,603

11,883

Total Liabilities

$

30,357

$

16,832

Stockholders’ Equity (Deficit)

Common Stock (75,000,000 shares authorized, par value $0.00001,

5,650,000 and 5,650,000 shares issued and outstanding) at

September 30, 2015 and March 31, 2015, respectively

57

57

Additional Paid in Capital

27,398

26,927

Accumulated Deficit

(57,812)

(40,698)

Total Stockholders’ Equity (Deficit)

(30,357)

(13,714)

Total Liabilities and Stockholders’ Equity (Deficit)

$

-

$

3,118

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

4



UA Granite Corporation

Statements of Operations

For the Three and Six Months Ended September 30, 2015 and 2014

(Unaudited)

Three Month

Six Month

Three Month

Six Month

Period Ended

Period Ended

Period Ended

Period Ended

September 30,

September 30,

September 30,

September 30,

2015

2015

2014

2014

Operating Expenses

Legal and accounting

$

1,160      $

2,660

$

1,000

$

3,250

Consulting

6,794

13,863

-

-

General and administrative

120

120

-

-

Total Operating Expenses

8,074

16,643

1,000

3,250

Other Expense

Imputed interest expense

237

471

102

203

Net Loss

$

(8,311)      $

(17,114)

$

(1,102)

$

(3,453)

Net Loss Per Common Share –

Basic and Diluted

$

(0.00)

$

(0.00)

$

(0.00)

$

(0.00)

Weighted Average Number of

Common Shares Outstanding

5,650,000

5,650,000

5,650,000

5,650,000

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

5



UA Granite Corporation

Condensed Statements of Cash Flows

(Unaudited)

Six Month Period

Six Month Period

Ended September 30,

Ended September 30,

2015

2014

Operating Activities

Net loss

$

(17,114)

$

(3,453)

Adjustment to reconcile net loss to net cash used by

operating activities:

Imputed interest

471

203

Changes in operating assets and liabilities:

Accounts payable and accrued liabilities

11,805

(12,500)

Net Cash Used in Operating Activities

$

(4,838)

(15,750)

Financing Activities

Proceeds from directors

1,720

-

Net Cash Provided by Financing Activities

1,720

-

Increase (Decrease) in Cash

(3,118)

(15,750)

Cash - Beginning of Period

3,118

19,971

[uagranite10qseptember2015002.gif]

[uagranite10qseptember2015004.gif]

Cash - End of Period

$

-

$

4,221

There were no non-cash investing and financing transactions for the six month periods ended September

30, 2015 and 2014.

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

6



UA Granite Corporation

Statement of Changes in Stockholders’ Deficit

From March 31, 2014 to September 30, 2015

(unaudited)

Common Stock

Additional   Accumulated

Paid

Deficit

Shares

Amount

in Capital

Total

Balances at  March 31, 2014

5,650,000   $      57

$

26,397  $     (26,106)    $

348

Imputed interest

-

-

530

-

530

Net loss

-

-

-

(14,592)

(14,592)

Balances at  March 31, 2015

5,650,000   $      57

$

26,927  $     (40,698)   $ (13,714)

Imputed interest

-

-

471

-

471

Net loss

-

-

-

(17,114)

(17,114)

Balances at  September 30, 2015

5,650,000   $      57

$

27,398  $     (57,812)   $   (30,357)

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

7



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 1 – NATURE OF OPERATIONS

DESCRIPTION OF BUSINESS AND HISTORY

UA Granite Corporation (the “Company”) was incorporated on February 14, 2013 in the State of Nevada.

The  Company  does  not   have  any  revenues  and  has   incurred  losses  since  inception.  Currently,   the

Company  has  no  operations,  has  been  issued  a  going  concern  opinion  and  relies  upon  the  sale  of  our

securities and loans from its sole officer and director to fund operations.

GOING CONCERN

These financial statements have been prepared on a going concern basis, which implies the Company will

continue to meet its obligations and continue its operations for the next fiscal year.  Realization value may

be substantially different from carrying values as shown and these financial statements do not include any

adjustments  to   the   recoverability  and   classification  of  recorded   asset   amounts   and  classification  of

liabilities  that  might  be  necessary  should  the  Company  be  unable  to  continue  as  a  going  concern.  As  at

September  30,  2015,  the  Company  has  a  working  capital  deficiency,  has  not  generated  revenues  and  has

accumulated  losses  of  $57,812  since  inception.  The  continuation  of  the  Company  as  a  going  concern  is

dependent  upon  the  continued  financial  support  from  its  shareholders,  the  ability  of  the  Company  to

obtain    necessary    equity    financing    to    continue    operations,    and    the    attainment    of    profitable

operations.  These  factors  raise  substantial  doubt  regarding  the  Company’s  ability  to  continue  as  a  going

concern.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

These  financial  statements  and  related  notes  are  presented  in  accordance  with  accounting  principles

generally accepted in the United States, and are expressed in U.S. dollars. The Company’s  fiscal  year-end

is March 31.

USE OF ESTIMATES

The  preparation  of  financial  statements  in  accordance  with  U.S.  generally accepted  accounting  principles

requires  management  to  make  estimates  and  assumptions  that  affect  the  reported  amounts  of  assets  and

liabilities  at  the  date  of  the  financial  statements  and  the  reported  amounts  of  net  revenue  and  expenses  in

the  reporting  period.  We  regularly  evaluate  our  estimates  and  assumptions  related  to  the  useful  life  and

recoverability  of  long-lived  assets,  stock-based  compensation  and  deferred  income  tax  asset  valuation

allowances.  We  base  our  estimates  and  assumptions  on  current  facts,  historical  experience  and  various

other factors that we believe to be reasonable under the circumstances, the results of which form the basis

for  making  judgments  about  the  carrying  values  of  assets  and  liabilities  and  the  accrual  of  costs  and

expenses that are not readily apparent from other sources. The actual results experienced by us July differ

materially  and  adversely  from  our  estimates.  To  the  extent  there  are  material  differences  between  our

estimates and the actual results, our future results of operations will be affected.

8



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

CASH AND CASH EQUIVALENTS

The  Company  considers  all  highly  liquid  instruments  with  original  maturities  of  three  months  or  less

when  acquired,  to  be  cash  equivalents.  We  had  no  cash  equivalents  at  September  30,  2015  or  March  31,

2015.

INCOME TAXES

The  Company  accounts  for  income  taxes  under  the  provisions  issued  by  the  FASB  which  requires

recognition  of  deferred  tax  liabilities  and  assets  for  the  expected  future  tax  consequences  of  events  that

have  been  included  in  the  financial  statements  or  tax  returns.  Under  this  method,  deferred  tax  liabilities

and  assets  are  determined  based  on  the  difference  between  the  financial  statement and  tax bases  of  assets

and  liabilities  using  enacted  tax  rates  in  effect  for  the  year  in  which  the  differences  are  expected  to

reverse.  The  Company computes tax asset  benefits  for  net  operating losses  carried forward.  The  potential

benefit of net operating losses has not been recognized in these financial statements because the Company

cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future

years.

LOSS PER COMMON SHARE

The  Company  reports  net  loss  per  share  in  accordance  with  provisions  of  the  FASB.  The  provisions

require  dual  presentation  of basic  and  diluted  loss  per  share.  Basic  net  loss  per  share  excludes  the  impact

of common  stock equivalents.  Diluted  net  loss  per  share  utilizes  the  average  market  price  per  share  when

applying the  treasury stock method  in  determining  common  stock equivalents.  As  of  September  30,  2015

and March 31, 2015, there were no common stock equivalents outstanding.

FAIR VALUE OF FINANCIAL INSTRUMENTS

Pursuant  to  ASC  No.  820,  “Fair  Value  Measurements  and  Disclosures”,  the  Company  is  required  to

estimate the fair value of all financial instruments included on its balance sheet as of September 30, 2015.

The Company’s financial instruments consist of cash.  The Company considers the carrying value of such

amounts  in  the  financial  statements  to  approximate  their  fair  value  due  to  the  short-term  nature  of  these

financial instruments.

RECENTLY ISSUED ACCOUNTING STANDARDS

In  April  2015,  the  Financial  Accounting  Standards  Board  (FASB)  issued  Accounting  Standards  Updates

(ASU)  2015-03  which  requires  that  debt  issuance  costs  be  reported  in  the  balance  sheet  as  a  direct

deduction from the  face amount  of the related liability, consistent  with the presentation of debt  discounts.

Prior  to  the  amendments,  debt  issuance  costs  were  presented  as  a  deferred  charge  (i.e.,  an  asset)  on  the

balance sheet. The ASU provides  examples illustrating the  balance sheet presentation of notes  net of their

related  discounts  and  debt  issuance  costs.  Further,  the  amendments  require  the  amortization  of  debt

issuance  costs  to  be  reported  as  interest  expense.  Similarly,  debt  issuance  costs  and  any  discount  or

premium  are  considered  in  the  aggregate  when  determining  the  effective  interest  rate  on  the  debt.  The

amendments  to  (ASU)  2015-03  are  effective  for  the  annual  period  ending  after  December  15,  2015,  and

for  annual periods and interim periods  thereafter. The amendments must  be applied retrospectively. Early

application is permitted.

9



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

RECENTLY ISSUED ACCOUNTING STANDARDS - Continued

On  November  2014,  The  Financial  Accounting  Standards  Board  (FASB)  issued  Accounting  Standard

Update No. 2014-16 – Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a

Hybrid Finance Instrument Issued in the  Form of a Share is  More Akin to Debt  or to Equity (a consensus

of  the  FASB  Emerging  Issues  Task  Force).   The  amendments  in  this  Update  do  not  change  the  current

criteria  in  GAAP  for  determining  when  separation  of  certain  embedded  derivative  features  in  a  hybrid

financial  instrument  is  required.    That  is,  an  entity  will  continue  to  evaluate  whether  the  economic

characteristics  and  risks  of  the  embedded  derivative  feature  are  clearly and  closely related  to  those  of  the

host  contract,  among  other  relevant  criteria.    The  amendments  clarify  how  current  GAAP  should  be

interpreted  in  evaluating  the  economic  characteristics  and  risks  of  a  host  contract  in  a  hybrid  financial

instrument  that  is  issued  in  the  form  of  a  share.   The  effects  of  initially  adopting  the  amendments  in  this

Update should be applied on a modified retrospective basis to existing hybrid financial instruments issued

in  the  form  of  a  share  as  of  the  beginning  of  the  fiscal  year  for  which  the  amendments  are  effective.

Retrospective application is permitted to all relevant prior periods.

On  November  2014,  the  Financial  Accounting  Standards  Board  (FASB)  issued  Accounting  Standard

Update  No.  2014-17    Business  Combinations  (Topic  805):  Pushdown  Accounting  (a  consensus  of  the

FASB  Emerging  Issues  Task  Force).   The  amendments  in  this  Update  provide  an  acquired  entity with  an

option  to  apply  pushdown  accounting  in  its  separate  financial  statements  upon  occurrence  of  an  event  in

which an acquirer  obtains control of the acquired entity.   The amendments in this Update are  effective on

November  18,  2014.    After  the  effective  date,  an  acquired  entity  can  make  an  election  to  apply  the

guidance to future change-in-control events or to its most recent change-in-control event.  However, if the

financial  statements  for  the  period  in  which  the  most  recent  change-in-control  event  occurred  already

have  been  issued  or  made  available  to  be  issued,  the  application  of  this  guidance  would  be  a  change  in

accounting principle.

In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates

(ASU)  2014-15  requiring  an  entity’s  management  to  evaluate  whether  there  are  conditions  or  events,

considered  in  aggregate,  that  raise  substantial  doubt  about  entity’s  ability  to  continue  as  a  going  concern

within one year after the date that the financial statements are issued (or within one year after the date that

the  financial  statements  are  available  to  be  issued  when  applicable).  The  amendments  to  (ASU)  2014-15

are  effective  for  the  annual  period  ending  after  December  15,  2016,  and  for  annual  periods  and  interim

periods  thereafter.  Early  application  is  permitted.  The  Company  is  in  the  process  of  evaluating  the

prospective impact of (ASU) 2014-15 will have on its balance sheet.

In  June  2014,  the  FASB Accounting Standards Update  2014-10,  Income Taxes  Topic 915: Elimination  of

Certain   Financial   Reporting   Requirements,   Including   an   Amendment   to   Variable   Interest   Entities

Guidance  in  Topic  810,  Consolidation.    The  amendments  in  this  update  eliminated  the  concept  of  a

development   stage   entity   (“DSE”)   from   US   GAAP.      This   change   rescinds   financial   reporting

requirements  that  have  historically  applied  to  DSEs  such  as  labeling  financial  statements  as  those  of  a

DSE,  providing  inception-to-date  information  in  the  statements  of  income,  cash-flows  and  shareholder

equity  and  certain  specific  disclosures.   This  ASU  has  been  early  adopted  by  the  Company  as  of  March

31,  2015  and  therefore  for  the  period  ended  September  30,  2015.    Early  adoption  is  permitted  for  all

financial statements that have not been issued or made available for issuance.

10



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 3 -INCOME TAXES

Deferred  income   taxes   arise   from  temporary  differences   resulting   from   income   and   expense   items

reported  for  financial  accounting  and  tax  purposes  in  different  periods.  Deferred  taxes  are  classified  as

current  or  non-current,  depending  on  the  classification  of  assets  and  liabilities  to  which  they  relate.

Deferred taxes arising from temporary differences that are not related to an asset  or liability are classified

as  current  or  non-current  depending  on  the  periods  in  which  the  temporary  differences  are  expected  to

reverse.   The company does not have any uncertain tax positions.

The Company currently has net operating loss carryforwards aggregating $57,812 (2015: $40,698), which

expire through 2030. The deferred tax asset related to the carryforwards has been fully reserved.

The Company has deferred income tax assets, which have been fully reserved, as follows:

September 30,

March 31,

2015

2015

Deferred tax assets

$

19,656    $

13,837

Valuation allowance for deferred tax assets

(19,656)

(13,837)

Net deferred tax assets

$

-    $

-

11



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 4 – FAIR VALUE MEASUREMENTS

The  Company  adopted  ASC  No.  820-10  (ASC  820-10),  Fair  Value  Measurements.  ASC  820-10  relates

to financial assets and financial liabilities.

ASC  820-10 defines  fair  value,  establishes a  framework for  measuring fair  value  in  accounting principles

generally  accepted  in  the  United  States  of  America  (GAAP),  and  expands  disclosures  about  fair  value

measurements.  The  provisions  of  this  standard  apply to  other  accounting  pronouncements  that  require  or

permit fair value measurements and are to be applied prospectively with limited exceptions.

ASC  820-10  defines  fair  value  as  the  price  that  would  be  received  to  sell  an  asset  or  paid  to  transfer  a

liability  in  an  orderly  transaction  between  market  participants  at  the  measurement  date.  This  standard  is

now the single source in GAAP for the definition of fair value, except for the fair value of leased property

as   defined  in   SFAS   13.  ASC   820-10  establishes  a  fair   value   hierarchy  that  distinguishes   between

(1) market  participant  assumptions  developed  based  on  market  data  obtained  from  independent  sources

(observable  inputs)  and  (2) an  entity’s  own  assumptions,  about  market  participant  assumptions,  that  are

developed  based  on  the  best  information  available  in  the  circumstances  (unobservable  inputs).  The  fair

value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices

in active markets  for  identical  assets  or  liabilities (Level  1) and the lowest priority to unobservable inputs

(Level 3). The three levels of the fair value hierarchy under ASC 820-10 are described below:

Level 1      Unadjusted quoted prices in active markets that are accessible at the measurement date

for identical, unrestricted assets or liabilities.

Level 2      Inputs  other  than  quoted  prices  included  within  Level  1  that  are  observable  for  the  asset

or  liability,  either  directly  or  indirectly,  including  quoted  prices  for  similar  assets  or

liabilities  in  active  markets;  quoted  prices  for  identical  or  similar  assets  or  liabilities  in

markets  that  are  not  active;  inputs  other  than  quoted  prices  that  are  observable  for  the

asset  or  liability  (e.g.,  interest  rates);  and  inputs  that  are  derived  principally  from  or

corroborated by observable market data by correlation or other means.

Level 3

Inputs  that  are  both  significant  to  the  fair  value  measurement  and   unobservable.  These

inputs   rely   on   management's   own   assumptions   about   the   assumptions   that   market

participants  would  use  in  pricing  the  asset  or  liability.  (The  unobservable  inputs  are

developed  based  on  the  best  information  available  in  the  circumstances  and  include  the

Company's own data.)

The  following presents the Company's fair value hierarchy for those assets  and liabilities  measured at fair

value on a non-recurring basis as of September 30, 2015 and March 31, 2015:

Level 1: None

Level 2: None

Level 3: None

Total Gain (Losses): None

12



UA Granite Corporation

Notes to Financial Statements

September 30, 2015

(Unaudited)

NOTE 5 - RELATED PARTY TRANSACTIONS

A director has advanced funds to us for our legal, audit, filing fees, general office administration and cash

needs. As of September 30, 2015, the director has advanced a total of $13,603. The advances do not bear

interest and are without specific terms of repayment. Imputed interest of $237 and $102 was charged to

additional paid in capital during the three month periods ended September 30, 2015 and September 30,

2014, respectively. Imputed interest of $471 and $203 was charged to additional paid in capital during the

six month periods ended September 30, 2015 and September 30, 2014, respectively.

NOTE 6 - COMMON STOCK

On February 14, 2013, the Company issued 5,000,000  common  shares  to  Myroslav  Tsapaliuk,  the

founder of the Company, purchased for $0.00001 a share for total proceeds of $50.

On December 12, 2013, the Company issued 650,000 common shares in a registered offering to

subscribers for total proceeds of $26,001.

As of September 30, 2015, the Company has issued 5,650,000 common shares.

NOTE 7 – SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through the date the financial

statements were issued and has determined that there are no events to disclose.

.

13



Item 2.

Management's Discussion and Analysis of Financial Condition and Results of

Operations.

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

parts of this quarterly report contain forward-looking statements that involve risks and uncertainties.

Forward-looking statements can also be identified by words such as “anticipates,” “expects,” “believes,”

“plans,” “predicts,” and similar terms. Forward-looking statements are not guarantees of future

performance and our actual results may differ significantly from the results discussed in the forward-

looking statements. Factors that might cause such differences include but are not limited to those

discussed in the subsection entitled Forward-Looking Statements and Factors That May Affect Future

Results and Financial Condition below. The following discussion should be read in conjunction with our

financial statements and notes thereto included in this report. Our fiscal year end is March 31. All

information presented herein is based on the three and six months ended September 30, 2015 and

September 30, 2014.

Overview

The Company is currently in the process of evaluating business opportunities and has minimal operating

levels. We can provide no assurance that we will be successful in identifying suitable business

opportunities, or if we are able to identify suitable business opportunities, that we will be able to find an

adequate source of financing to acquire any business or business assets, and commence operations, or that

those operations, if commenced, will be successful in generating profits.

Our Plan of Operation

The Company’s plan of operation over the next twelve months is to identify and acquire a suitable

business opportunity. However, we will not be able to pursue any new business opportunities that we

might identify without additional financing to provide for ongoing operations. Management is actively

seeking new financing to this end while we evaluate potential businesses.

We anticipate that in order to maintain operations while we evaluate new businesses the Company will

need debt or equity funding of at least $50,000 over the next twelve months. Should we be successful in

identifying a new business opportunity the Company will require additional funding to evaluate and

prospectively acquire any given opportunity. The amount of such additional funding will depend on the

business and is not determinable at this time.

Other than shareholder loans, we do not believe that debt financing will be an attractive means of funding

our business development as we do not have tangible assets to secure debt financing. Rather, we

anticipate that future funding will be in the form of shareholder loans and equity financing from the sale

of our common stock. However, we do not currently have any financing arrangements in place and cannot

provide prospective investors with any assurance that we will be able to procure sufficient funding to fund

our plan of operation. Accordingly, we will require continued financial support from our shareholders and

creditors until we are able to generate sufficient net cash flow from active operations on a sustained basis.

Results of Operations

During the three and six months ended September 30, 2015, the Company (i) sought out prospective

business opportunities; and (ii) satisfied continuous public disclosure requirements.

14



Our operations for the three and six months ended September 30, 2015 and 2014 are summarized below.

 

 

Three months

Six months

Three months

Six months

ended

ended

ended

ended

September 30,

September 30,

September 30,

September 30,

2015

2015

2014

2014

Expenses:

Legal and accounting

$

1,160   $

2,660   $

1,000   $

3,250

Consulting

6,794

13,863

-

-

Administrative

120

120

-

-

Imputed interest

237

471

102

203

Net income (loss) and

comprehensive income

(loss) for the period

$

(8,311)   $

(17,114)

(1,102)

(3,453)

Net Loss

Net loss for the three months ended September 30, 2015 was $8,311 as compared to net loss of $1,102 for

the three months ended September 30, 2014. The recognition of net loss over the comparable three month

periods ended September 30, 2015, and September 30, 2014, can be attributed to changes in professional

fees, consulting expenses, administrative costs and imputed interest.

Net loss for the six months ended September 30, 2015 was $17,114 as compared to net loss of $3,453 for

the six months ended September 30, 2014. The recognition of net loss over the comparable six month

periods ended September 30, 2015, and September 30, 2014, can be attributed to professional fees,

consulting expenses, administrative costs and imputed interest.

We did not generate revenue during this period and expect to continue to incur losses over the next twelve

months at a rate comparable to the current quarterly period presented here or until such time as we are

able to conclude the acquisition or development of a new business opportunity that produces net income.

Capital Expenditures

The Company expended no amounts on capital expenditures for the six month periods ended September

30, 2015 and 2014.

Income Tax Expense (Benefit)

The Company has a prospective income tax benefit resulting from a net operating loss carry-forward and

start up costs that will offset any future operating profit.

Impact of Inflation

The Company believes that inflation has had a negligible effect on operations over the past three years.

Liquidity and Capital Resources

Since inception, the Company has experienced significant changes in liquidity, capital resources, and

stockholders’ deficiency.

15



The Company had current and total assets of $0 and a working capital deficit of $30,357, as of September

30, 2015, as compared to current and total assets of $3,118, consisting solely of cash and a working

capital deficit of $13,714 as of March 31, 2015. Accumulated deficit was $57,812 at September 30, 2015,

as compared to an accumulated deficit of $40,698 at March 31, 2015.

Cash Used in Operating Activities

Net cash flow used in operating activities for the six month period ended September 30, 2015 was $4,838

as compared to $15,750 for the six month period ended September 30, 2014, which differences reflect the

comparative changes in working capital in the current period. Net cash flow used in operating activities in

the prior period can also be primarily attributed to changes in working capital and accounts payable.

Operating activities include but are not limited to, personnel costs, accounting fees and consulting

expenses while changes in working capital include accounts payable and accrued liabilities.

We expect to continue to use net cash flow in operating activities over the next twelve months or until

such time as the Company can generate revenue to offset expenses in order to transition to providing net

cash flow from operations.

Cash Used in Investing Activities

We do expect to use net cash flow in investing activities in connection with the development or

acquisition of a suitable business opportunity in a future period. However, until such time as such

unidentified opportunity is concluded, we do not expect to use net cash flows in investing activities.

Cash Flows from Financing Activities

Cash flow provided by financing activities for the six months ended September 30, 2015, were $1,720 as

compared to $0 for the six months ended September 30, 2014. The increase in cash flow provided from

financing activities over the comparative six month periods can be attributed to the increase in unsecured

loan amounts procured from our sole director.

We expect to continue to use cash flows provided by financing activities to procure sufficient funds to

maintain operations in order to seek out suitable business opportunities.

The Company’s current assets are insufficient to conduct its plan of operation over the next twelve (12)

months. We will have to seek at least $50,000 in debt or equity financing over the next twelve months to

maintain operations.  The Company has no current commitments or arrangements with respect to, or

immediate sources of this funding. Further, no assurances can be given that funding is available. The

Company’s shareholders are the most likely source of new funding in the form of loans or equity

placements though none have made any commitment for future investment and the Company has no

agreement formal or otherwise. The Company’s inability to obtain sufficient funding to maintain

operations will have a material adverse affect on its ability to fulfill its current plan of operation.

The Company does not intend to pay cash dividends in the foreseeable future.

The Company had no lines of credit or other bank financing arrangements as of September 30, 2015.

The Company had no commitments for future capital expenditures that were material at September 30,

2015.

The Company has no defined benefit plan or contractual commitment with any of its officers or directors.

16



The Company has no current plans for the purchase or sale of any plant or equipment.

The Company has no current plans to make any changes in the number of employees.

Off-Balance Sheet Arrangements

As of September 30, 2015, we have no significant 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 stockholders.

Future Financings

We anticipate continuing to rely on debt or equity sales of our shares of common stock in order to

continue to fund our business operations. There is no assurance that we will achieve any additional sales

of our equity securities or arrange for debt or other financing to fund our plan of operations.

Critical Accounting Policies

In Note 2 to the audited financial statements for the years ended March 31, 2015 and 2014, included in

our Form 10-K, the Company discusses those accounting policies that are considered to be significant in

determining the results of operations and its financial position.  The Company believes that the

accounting principles utilized by it conform to US GAAP.

The preparation of financial statements requires Company management to make significant estimates and

judgments that affect the reported amounts of assets, liabilities, revenues and expenses. By their nature,

these judgments are subject to an inherent degree of uncertainty. On an on-going basis, the Company

evaluates estimates. The Company bases its estimates on historical experience and other facts and

circumstances that are believed to be reasonable, and the results form the basis for making judgments

about the carrying value of assets and liabilities.  The actual results may differ from these estimates under

different assumptions or conditions.

Going Concern

The Company’s auditors have expressed an opinion as to the Company’s ability to continue as a going

concern as a result of an accumulated deficit of $57,812 since inception and negative cash flows from

operating activities during the period ended September 30, 2015.  The Company’s ability to continue as a

going concern is subject to the ability of the Company to obtain funding.  Management’s plan to address

the Company’s ability to continue as a going concern includes obtaining funding from the private

placement of equity or through debt financing.  Management believes that it will be able to obtain funding

to allow the Company to remain a going concern through the methods discussed above, though there can

be no assurances that such methods will prove successful.

Forward-Looking Statements and Factors That May Affect Future Results and Financial Condition

The statements contained in the section titled Management’s Discussion and Analysis of Financial

Condition and Results of Operations and elsewhere in this current report, with the exception of historical

facts, are forward-looking statements. Forward-looking statements reflect our current expectations and

beliefs regarding our future results of operations, performance, and achievements. These statements are

subject to risks and uncertainties and are based upon assumptions and beliefs that may or may not

materialize. These statements include, but are not limited to, statements concerning:

17



our anticipated financial performance and business plan;

§     the sufficiency of existing capital resources;

§     our ability to raise capital to fund cash requirements for future operations;

§     uncertainties related to the Company’s future business prospects;

§     the volatility of the stock market and;

§     general economic conditions.

We wish to caution readers that our operating results are subject to various risks and uncertainties that

could cause our actual results to differ materially from those discussed or anticipated. We also wish to

advise readers not to place any undue reliance on the forward-looking statements contained in this report,

which reflect our beliefs and expectations only as of the date of this report. We assume no obligation to

update or revise these forward-looking statements to reflect new events or circumstances or any changes

in our beliefs or expectations, other than as required by law.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4.

Controls and Procedures

Disclosure Controls and Procedures

In connection with the preparation of this quarterly report, an evaluation was carried out by the

Company’s management, with the participation of the chief executive officer and the acting chief

financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in

Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (“Exchange Act”)) as of

September 30, 2015. Disclosure controls and procedures are designed to ensure that information required

to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized,

and reported within the time periods specified in the Commission’s rules and forms, and that such

information is accumulated and communicated to management, including the chief executive officer and

the chief financial officer, to allow timely decisions regarding required disclosures.

Based on that evaluation, the Company’s management concluded, as of the end of the period covered by

this report, that the Company’s disclosure controls and procedures were ineffective in recording,

processing, summarizing, and reporting information required to be disclosed, within the time periods

specified in the Commission’s rules and forms, and such information was not accumulated and

communicated to management, including the chief executive officer and the chief financial officer, to

allow timely decisions regarding required disclosures.

Changes in Internal Control over Financial Reporting

There have been no changes in internal control over financial reporting (as defined in Rule 13a-15(f) of

the Exchange Act) during the quarter ended September 30, 2015, that materially affected, or are

reasonably likely to materially affect, the Company’s internal control over financial reporting.

18



PART II

Item 1.

Legal Proceedings.

None.

Item 1A.

Risk Factors

Not required.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3.

Defaults Upon Senior Securities

None.

Item 4.

Mine Safety Disclosures

Not applicable.

Item 5.

Other Information

None.

Item 6.

Exhibits

Exhibits required to be attached by Item 601 of Regulation S-K are listed in the Index to Exhibits on page

21 of this Form 10-Q, and are incorporated herein by this reference.

19



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.

UA GRANITE CORP.

By:     /s/ Myroslav Tsapaliuk

Myroslav Tsapaliuk, Chief Executive Officer,

Chief Financial Officer and Principal

Accounting Officer

Date:  November 16, 2015

20



INDEX TO EXHIBITS

Exhibit

Description

3.1.*

Articles of Incorporation (incorporated by reference to the Company’s Form S-1 filed

with the Commission on June 18, 2013).

3.2*

Bylaws (incorporated by reference to the Company’s Form S-1 filed with the

Commission on June 18, 2013).

31

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule

13a-14 of the Securities and Exchange Act of 1934, as amended, as adopted pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002.

32

Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 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. PRE

XBRL Taxonomy Extension Presentation Linkbase

101. LAB

XBRL Taxonomy Extension Label Linkbase

101. DEF

XBRL Taxonomy Extension Label Linkbase

101. CAL

XBRL Taxonomy Extension Label Linkbase

101. SCH

XBRL Taxonomy Extension Schema

*

Incorporated by reference to previous filings of the Company.

Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed

“furnished” and not “filed” or part of a registration statement or prospectus for purposes

of Section 11 or 12 of the Securities Act of 1933, or deemed “furnished” and not “filed”

for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise is

not subject to liability under these sections.

21