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 2016-06-30

Balance SheetIncome StatementCash Flow

10-Q 1 uagranite10qjune2016.htm UA GRANITE 10-Q JUNE 2016 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 June 30, 2016.

¨   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 August 23, 2016, 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

15

Item 3.      Quantitative and Qualitative Disclosure About Market Risk

19

Item 4.      Controls and Procedures

19

PART II  OTHER INFORMATION

Item 1.      Legal Proceedings

20

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

20

Item 3.      Defaults Upon Senior Securities

20

Item 4.      Mine Safety Disclosures

20

Item 5.      Other Information

20

Item 6.      Exhibits

20

Signatures

21

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)

June 30, 2016

March 31, 2016

ASSETS

Current Assets

Cash

$

210     $

95

Total Assets

$

210     $

95

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current Liabilities

Accounts Payable and Accrued Liabilities

$

1,086     $

1,460

Accounts Payable  - Related Party

27,569

21,500

Due to Directors

13,703

13,703

Total Liabilities

42,358

36,663

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 June 30,

2016 and March 31, 2016 respectively

57

57

Additional Paid in Capital

29,237

28,470

Accumulated deficit

(71,442)

(65,095)

Total Stockholders’ Equity (Deficit)

(42,148)

(36,568)

Total Liabilities and Stockholders’ Equity (Deficit)

$

210     $

95

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

4



UA Granite Corporation

Statements of Operations

(Unaudited)

Three Month Period

Three Month Period

Ended

Ended

June 30, 2016

June 30, 2015

Operating Expenses

Legal and accounting

$

622      $

1,500

Consulting

1,190

7,069

General and administrative

3,768

-

Total Operating Expenses

5,580

8,569

Other Expense

Imputed interest expense

767

234

Net Loss

$

(6,347)      $

(8,803)

Net Loss Per Common Share – Basic and Diluted    $

(0.00)      $

(0.00)

Weighted Average Number of Common Shares

Outstanding

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)

Three Month

Three Month

Period Ended

Period Ended

June 30,

June 30,

2016

2015

Operating Activities

Net loss

$

(6,347)

$

(8,803)

Adjustment to reconcile net loss to net cash used

by operating activities:

Imputed interest

767

234

Changes in operating assets and liabilities:

Accounts payable – related party

2,569

-

Accounts payable and accrued liabilities

(374)

4,553

Net Cash Used in Operating Activities

(3,385)

(4,016)

Financing Activities

Proceeds from a related party

3,500

1,500

Net Cash Provided by Financing Activities

3,500

1,500

Increase (Decrease) in Cash

115

(2,516)

Cash - Beginning of Period

95

3,118

Cash  - End of Period

$

210      $

602

There were no non-cash investing and financing transactions for the three month periods ended June 30,

2016 and June 30, 2015.

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, 2015 to June 30, 2016

(unaudited)

Common Stock

Additional

Paid

Accumulated

Shares

Amount

in Capital

Deficit

Total

Balances at  March 31, 2015

5,650,000   $      57

$

26,927  $     (40,698)   $   (13,714)

Imputed interest

-

-

1,543

-

1,543

Net loss

-

-

-

(24,397)

(24,397)

Balances at  March 31, 2016

5,650,000   $      57

$

28,470  $     (65,095)   $   (36,568)

Imputed interest

-

-

767

-

767

Net loss

-

-

-

(6,347)

(6,347)

Balances at  June 30, 2016

5,650,000   $      57

$

29,237  $     (71,442)   $   (42,148)

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

7



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(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

June  30,  2016  the  Company  has  a  working  capital  deficiency,  has  not  generated  revenues  and  has

accumulated  losses  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  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

June 30, 2016

(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 June 30, 2016 or March 31, 2016.

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  June  30,  2016  and

March 31, 2016, 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  June  30,  2016.  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.

9



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

RECENTLY ISSUED ACCOUNTING STANDARDS

a)    Recently Adopted Accounting Standards

In  June  2014,  ASU  guidance  was  issued  to  resolve  the  diversity  of  practice  relating  to  the

accounting  for  stock  based  performance  awards  that  the  performance  target  could  be  achieved

after the employee completes the required service period. The update is effective prospectively or

retrospectively for  annual  reporting  periods  beginning after  December  15,  2015.  The  adoption  of

the pronouncement did not have a material effect on the Company’s financial statements.

In  June  2014,  the  FASB  issued  ASU  No.  2014-10,  Development  Stage  Entities  (Topic  915):

Elimination   of   Certain   Financial   Reporting   Requirements.   The   amendments   in   this   Update

remove  the  definition  of  a  development  stage  entity from  the  Master  Glossary of  the  Accounting

Standards    Codification,    thereby    removing    the    financial    reporting    distinction    between

development  stage entities and other reporting entities. In addition, the amendments  eliminate the

requirements  for  development  stage  entities  to  (1)  present  inception-to-date  information  in  the

statements  of  income,  cash  flows,  and  shareholder  equity,  (2)  label  the  financial  statements  as

those of a  development  stage  entity,  (3)  disclose  a  description  of  the development  stage  activities

in  which  the  entity is  engaged,  and  (4)  disclose  in  the first  year  in  which  the  entity is  no  longer  a

development  stage  entity that in  prior  years  it had been in the  development stage.   This ASU  was

effective  for  annual  periods  beginning  after  December  15,  2014.    Early  adoption  is  permitted.

Accordingly, we have elected to adopt ASU No. 2014-10 on April 1, 2015.

b)    Recent Accounting Pronouncements

In  May  2014,  ASU  guidance  was  issued  related  to  revenue  from  contracts  with  customers.  The

new standard  provides a  five-step  approach  to be  applied to  all contracts  with  customers and also

requires   expanded   disclosures   about   revenue   recognition.   The   ASU   is   effective   for   annual

reporting  periods  beginning  after  December  15,  2017,  including  interim  periods  and  is  to  be

retrospectively   applied.   Early   application   is   permitted   only   as   of   annual   reporting   periods

beginning  after  December  15,  2016,  including  interim  reporting  periods  within  that  reporting

period.  The  Company  is  currently  evaluating  this  guidance  and  the  impact  it  will  have  on  its

consolidated financial statements.

In  January 2015,  an  ASU  was  issued  to  simplify the  income  statement  presentation  requirements

in  Subtopic  225-20  by  eliminating  the  concept  of  extraordinary  items.   Extraordinary  items  are

events  and  transactions  that  are  distinguished  by  their  unusual  nature  and  by  the  infrequency  of

their   occurrence.   Eliminating   the   extraordinary   classification   simplifies   income   statement

presentation  by  altogether  removing  the  concept  of  extraordinary  items  from  consideration.  This

ASU is effective for annual periods beginning after December 15, 2015, including interim periods

within those annual periods.  An entity may apply this ASU prospectively or retrospectively to all

prior  periods  presented  in  the  financial  statements.  Early  adoption  is  permitted.   The  Company

does not expect the amendments in this ASU to have any impact on its financial statements.

10



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

RECENTLY ISSUED ACCOUNTING STANDARDS - continued

In  November  2015,  an  ASU  was  issued  to  simplify  the  presentation  of  deferred  income  taxes.

The  amendments  in  this  ASU  require  that  deferred  tax  liabilities  and  assets  be  classified  as  non-

current  in  a  classified  balance  sheet  as  compared  to  the  current  requirements  to  separate  deferred

tax  liabilities  and  assets  into  current  and  non-current  amounts.   This  ASU  is  effective  for  annual

periods   beginning   after   December   15,   2016,   including   interim   periods   within   those   annual

periods.  Earlier  application  is  permitted.   This  ASU  may  be  applied  either  prospectively  to  all

deferred  tax  liabilities  and  assets  or  retrospectively  to  all  periods  presented.    The  Company  is

currently evaluating this guidance and the impact it will have on its financial statements.

In  February 2016,  Topic  842,  Leases  was  issued  to  replace  the  leases  requirements  in  Topic  840,

Leases.   The  main  difference  between  previous  GAAP  and  Topic  842  is  the  recognition  of  lease

assets  and lease liabilities by lessees  for those leases  classified as operating leases under previous

GAAP.  A  lessee  should  recognize  in  the  balance  sheet  a  liability  to  make  lease  payments  (the

lease  liability)  and  a  right-of-use  asset  representing  its  right  to  use  the  underlying  asset  for  the

lease  term.  For  leases  with  a  term  of  12  months  or  less,  a  lessee  is  permitted  to  make  an

accounting  policy  election  by  class  of  underlying  asset  not  to  recognize  lease  assets  and  lease

liabilities.  If  a  lessee  makes  this  election,  it  should  recognize  lease  expense  for  such  leases

generally  on  a  straight-line  basis  over  the  lease  term.    The  accounting  applied  by  a  lessor  is

largely  unchanged  from  that  applied  under  previous  GAAP.    Topic  842  will  be  effective  for

annual  reporting  periods  beginning  after  December  15,  2018,  including  interim  periods  within

those  annual  periods  and  is  to  be  retrospectively  applied.   Earlier  application  is  permitted.   The

Company  is  currently  evaluating  this  guidance  and  the  impact  it  will  have  on  its  financial

statements.

In  March  2016,  an  ASU  was  issued  to  reduce  complexity  in  the  accounting  for  employee  share-

based  payment  transactions.   One  of  the  simplifications  relates  to  forfeitures  of  awards.   Under

current GAAP,  an entity estimates the  number  of  awards  for  which  the  requisite  service  period  is

expected  to  be  rendered  and  base  the  accruals  of  compensation  cost  on  the  estimated  number  of

awards  that  will  vest.    This  ASU  permits  an  entity  to  make  an  entity-wide  accounting  policy

election either to estimate the number of forfeitures expected to occur or to account for forfeitures

in  compensation  cost  when  they occur.   This  ASU  is  effective  for  annual  periods  beginning  after

December  15,  2016, including interim  periods  within  those  annual  periods.   Earlier  application is

permitted.   The  Company is  currently evaluating  this  guidance  and  the  impact  it  will  have  on  its

financial statements.

11



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(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  carry  forwards  aggregating  $71,442  (2016:  $65,095),

which expire through 2030. The deferred tax asset related to the carry forwards has been fully reserved.

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

June 30,

March 31,

2016

2016

Deferred tax assets

$

24,030     $     21,607

Valuation allowance for deferred tax assets

(24,030)

(21,607)

Net deferred tax assets

$

-    $

-

12



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(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 July 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 June 30, 2016 and March 31, 2016:

Level 1: None

Level 2: None

Level 3: None

Total Gain (Losses): None

13



UA Granite Corporation

Notes to Financial Statements

June 30, 2016

(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  June  30,  2016,  the  director  has  advanced  a  total  of  $13,703.  The  advances  are  without

specific  terms  of  repayment.  Imputed  interest  of  $767  and  $234  was  charged  to  additional  paid  in  capital

during the three month periods ended June 30, 2016 and 2015, respectively.

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

cash  needs.  As  of  June  30,  2016,  the  related  entity  has  advanced  a  total  of  $27,569.  The  advances  are

without specific terms of repayment.

An  entity  related  to  one  of  the  Company’s  directors  has  provided  services  in  connection  with  our  public

disclosure obligations.

NOTE 6 - COMMON STOCK

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

founder of the Company.

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 June 30, 2016, the Company has issued and outstanding, 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 except for the below:

On  July  15,  2016,  the  Company  received  an  advance  of  $3,500  from  a  related  entity  to  fund  our  legal,

audit, filing fees, and general office administration. The advance is without specific terms of repayment.

14



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 months ended June 30, 2016 and June 30, 2015.

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 months ended June 30, 2016, the Company (i) sought out prospective business

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

15



Our operations for the three months ended June 30, 2016 and 2015 are summarized below.

Three months

Three months

ended

ended

June 30, 2016

June 30, 2015

Expenses:

Legal and accounting

$

622   $

1,500

Consulting

1,190

7,069

Administrative

3,768

-

Imputed interest

767

234

Net loss

$

(6,347)   $

(8,803)

Net Loss

Net loss for the three months ended June 30, 2016 was $6,347 as compared to net loss of $8,803 for the

three months ended June 30, 2015. The decrease in net losses over the comparable three month periods

ended June 30, 2016, and June 30, 2015, can be primarily attributed to a decrease in professional fees,

offset by an increase in administrative fees.

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 three month periods ended June 30,

2016 and 2015.

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.

The Company had current and total assets of $210, consisting solely of cash and a working capital deficit

of $42,148, as of June 30, 2016, as compared to current and total assets of $95, consisting solely of cash

and a working capital deficit of $36,568 as of March 31, 2016. Accumulated deficit was $71,442 at June

30, 2016, as compared to an accumulated deficit of $65,095 at March 31, 2016.

16



Cash Used in Operating Activities

Net cash flow used in operating activities for the three month period ended June 30, 2016 was $3,385 as

compared to $4,016 for the three month period ended June 30, 2015, 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 three months ended June 30, 2016, were $3,500 as

compared to $1,500 for the three months ended June 30, 2015. The decrease in cash flow provided from

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

unsecured loan amounts procured from a related party.

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 June 30, 2016.

The Company had no commitments for future capital expenditures that were material at June 30, 2016.

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

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.

17



Off-Balance Sheet Arrangements

As of June 30, 2016, 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, 2016 and 2015, 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 $71,442 since inception and negative cash flows from

operating activities during the period ended June 30, 2016.  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:

18



§     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 June

30, 2016. 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 June 30, 2016, that materially affected, or are reasonably

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

19



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

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

20



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 CORPORATION

By:     /s/ Myroslav Tsapaliuk

Myroslav Tsapaliuk, Chief Executive Officer,

Chief Financial Officer and Principal

Accounting Officer

Date:  August 23, 2016

21



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.

22