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............................................................................................................3
Item 2. Management's Discussion and Analysis of Financial Condition
Item 3. Quantitative and Qualitative Disclosures About Market Risk................................................18
Item 4. Controls and Procedures................................................................................................18
Part II - Other Information
Item 1. Legal Proceedings..........................................................................................................19
Item 1A. Risk Factors..................................................................................................................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
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 2016-09-30

Balance SheetIncome StatementCash Flow

10-Q 1 f10qseptember2016.htm UAGRANITE 10-Q SEPT 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 September 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 6364 19991

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 October 20, 2016, was 5,650,000.

1



TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.     Financial Statements ............................................................................................................3

Balance Sheets as of September 30, 2016 (unaudited) and March 31, 2016 (audited)...................4

Unaudited Condensed Statements of Operations for the three and six month periods ended

September 30, 2016 and September 30, 2015 .........................................................................5

Unaudited Condensed Statements of Cash Flows for the six month periods ended

September 30, 2016 and September 30, 2015 ........................................................................6

Statement of Changes in Stockholders Deficit from March 31, 2016 to

September 30, 2016……………………………………………………………………...........…..7

               Condensed Notes to Unaudited Financial Statements .............................................................8

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

and Results of Operations ................................................................................................14

Item 3.     Quantitative and Qualitative Disclosures about Market Risk ................................................18

Item 4.     Controls and Procedures ................................................................................................18

PART II – OTHER INFORMATION

Item 1.     Legal Proceedings..........................................................................................................19

Item 1A.   Risk Factors..................................................................................................................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

Index to Exhibits ............................................................................................................................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

September 30, 2016

March 31, 2016

(unaudited)

(audited)

ASSETS

Current Assets

Cash

$

662  $

95

Total Assets

$

662  $

95

LIABILITIES AND STOCKHOLDERS’ EQUITY

(DEFICIT)

Current Liabilities

Accounts Payable and Accrued Liabilities

2,317

1,460

Accounts Payable  - Related Party

33,985

21,500

Due to Directors

14,603

13,703

Total Liabilities

50,905

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 September 30, 2016 and

March 31, 2016, respectively

57

57

Additional Paid in Capital

30,007

28,470

Accumulated deficit

(80,308)

(65,095)

Total Stockholders’ Equity (Deficit)

(50,243)

(36,568)

Total Liabilities and Stockholders’ Equity (Deficit)     $

662   $

95

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

4



UA GRANITE CORPORATION

STATEMENTS OF OPERATIONS

(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,

2016

2016

2015

2015

Operating Expenses

Legal and accounting

$

3,594

$

4,216      $

1,160

$

2,660

Consulting

2,400

3,590

6,794

13,863

General and administrative

2,102

5,870

120

120

Total Operating Expenses

8,096

13,676

8,074

16,643

Other Expense

Imputed interest expense

770

1,537

237

471

Net Loss

$

(8,866)      $

(15,213)     $

(8,311)

$

(17,114)

Net Loss Per Common Share –     $

(0.00)      $

(0.00)     $

(0.00)

$

(0.00)

Basic and Diluted

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 financial statements.

5



UA Granite Corporation

Condensed Statements of Cash Flows

 

(unaudited)

Six Month Period

Six Month  Period

Ended September 30,

Ended September 30,

2016

2015

Operating Activities

Net loss

$

(15,213)

$

(17,114)

Adjustment to reconcile net loss to net cash used

by operating activities:

Imputed interest

1,537

471

Changes in operating assets and liabilities:

Accounts payable and accrued liabilities

858

11,805

Net Cash Used in Operating Activities

(12,818)

(4,838)

Financing Activities

Proceeds from related parties

12,485

1,720

Proceeds from director

900

-

Net Cash Provided by Financing Activities

13,385

1,720

Increase (Decrease) in Cash

567

(3,118)

Cash - Beginning of Period

95

3,118

Cash  - End of Period

$

662

$

-

Supplemental Disclosure of Cash Flow information

Interest

$

-

$

-

Income taxes

$

-

$

-

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

6



UA Granite Corporation

Statement of Changes in Stockholder’ Deficit

From March 31, 2015 to September 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

-

-

1,537

-

1,537

Net loss

-

-

-

(15,213)

(15,213)

Balances at  September 30,

5,650,000   $

57   $

30,007   $

(80,308)  $

(50,243)

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

7



UA GRANITE CORPORATION

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 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  loans  from  related

parties to maintain 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  of

September  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

SEPTEMBER 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  September  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 September 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 September 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

SEPTEMBER 30, 2016

(Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – Continued

RECENTLY ISSUED ACCOUNTING STANDARDS

New accounting standard updates – not adopted yet

In  February  2016,  the  Financial  Accounting  Standards  Board  (FASB)  issued  Accounting  Standards

Update  2016-02,  Leases  (Topic  842).  The  standard  requires  the  recognition  of  lease  assets  and  lease

liabilities  by  lessees  for  those  leases  classified  as  operating  leases.  Leases  will  be  classified  as  either

finance  or  operating,  with  classification  affecting  the  pattern  of  expense  recognition.  The  standard

requires  lessors  to  classify  leases  as  either  sales-type,  finance  or  operating.  A  sales-type  lease  occurs  if

the  lessor  transfers  all  of  the  risks  and  rewards,  as  well  as  control  of  the  underlying  asset,  to  the  lessee.

If  risks  and  rewards  are  conveyed  without  the  transfer  of  control,  the  lease  is  treated  as  a  financing

lease. If the lessor does not convey risks and rewards or control, an operating lease results. The standard

will  become effective for  the Company beginning January 1, 2019. The Company is currently assessing

the  impact  adoption  of  this  standard  will  have  on  its  results  of  operations,  financial  condition,  cash

flows, and financial statement disclosures.

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 that (ASU) 2014-15 will have on its balance sheet.

New accounting standard updates - adopted

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  is  considered  in  the  aggregate  when  determining  the  effective  interest  rate  on

the  debt.  The  amendments  are  effective  for  public  business  entities  for  fiscal  years  beginning  after

December  15,  2015,  and  interim  periods  within  those  fiscal  years.  The  application  of  this  ASU  did  not

result in the reclassification of debt issuance cost and related amortization.

10



UA GRANITE CORPORATION

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 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  $78,771  (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 as of September

30, 2016:

September 30,

March 31,

2016

2016

Deferred tax assets

$

26,782

$   21,607

Valuation allowance for deferred tax assets

(26,782)

$  (21,607)

Net deferred tax assets

$

-

-

11



UA GRANITE CORPORATION

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 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 September 30, 2016 and March 31, 2016:

Level 1: None

Level 2: None

Level 3: None

Total Gain (Losses): None

12



UA GRANITE CORPORATION

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2016

(Unaudited)

NOTE 5 - RELATED PARTY TRANSACTIONS

Our  directors have  advanced  funds to  us  for  our legal, audit,  filing fees,  general  office  administration  and

cash  needs.  As  of  September  30,  2016,  our  directors  have  advanced  a  total  of  $14,603.  The  advances  are

without specific terms of repayment.

Related  entities  have  advanced  funds  to  us  for  our  legal,  audit,  filing  fees,  general  office  administration

and  cash  needs.  As  of  September  30,  2016,  the  related  entities  have  advanced  a  total  of  $33,985.  The

advances are without specific terms of repayment.

Imputed  interest  of  $770  and  $237  was  recorded  for  funds  advanced  by our  directors  and  related  entities

and  charged  to  additional  paid  in  capital  during  the  three  month  periods  ended  September  30,  2016,  and

September  30,  2015,  respectively.  Imputed  interest  of  $1,537  and  $471  was  recorded  for  funds  advanced

by our  directors  and related entities and charged to additional  paid in capital during the  six month periods

ended September 30, 2016, and September 30, 2015, respectively.

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

disclosure obligations. As of September 30, 2016, the related entity was paid a total of $4,069.

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 September 30, 2016, the Company has 5,650,000 common shares issued and outstanding.

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 October 14, 2016, the Company received an advance of $4,000 from a related entity to fund our legal,

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

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, 2016, and

September 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 and six months ended September 30, 2016, 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, 2016 and 2015 are summarized below.

Three months

Six months

Three months

Six months ended

ended

ended

ended

September 30,

September 30,

September 30,

September 30,

2015

2016

2015

2015

Expenses:

Legal and accounting     $

3,594    $

4,216     $

1,160     $

2,660

Consulting

2,400

3,590

6,794

13,863

Administrative

2,102

5,870

120

120

Imputed interest

770

1,537

237

471

Net loss

$

(8,866)    $

(15,213)     $

(8,311)     $

(17,114)

Net Loss

Net loss for the three months ended September 30, 2016, was $8,866 as compared to net loss of $8,311

for the three months ended September 30, 2015. The increase in net losses over the comparable three

month periods ended September 30, 2016, and September 30, 2015, can be primarily attributed to an

increase in professional fees, administrative costs, and imputed interest offset by a decrease in consulting

expenses.

Net loss for the six months ended September 30, 2016, was $15,213 as compared to net loss of $17,114

for the six months ended September 30, 2015. The decrease in net losses over the comparable six month

periods ended September 30, 2016, and September 30, 2015, can be primarily attributed to a decrease in

consulting expenses offset by an increase in professional fees, 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 three and six month periods ended

September 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.

15



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 $662, consisting solely of cash and a working capital deficit

of $50,243, as of September 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 $80,308 at

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

Cash Used in Operating Activities

Net cash flow used in operating activities for the six month period ended September 30, 2016 was

$12,818 as compared to $4,838 for the six month period ended September 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 six months ended September 30, 2016, were $13,385 as

compared to $1,720 for the six months ended September 30, 2015. The increase in cash flow provided

from financing activities over the comparative six month periods can be attributed to unsecured loan

amounts procured from a director and related parties.

We expect to continue to rely on 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 directors, officers, shareholders and related parties are the most likely source of new funding

in the form of loans or equity 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.

16



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, 2016.

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

Off-Balance Sheet Arrangements

As of September 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 $80,308 since inception and negative cash flows from

operating activities during the period ended September 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.

17



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:

§     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; and

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

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, 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 September 30, 2016, 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 CORPORATION

By:     /s/ Myroslav Tsapaliuk

Myroslav Tsapaliuk, Chief Executive Officer,

Chief Financial Officer and Principal

Accounting Officer

Date:  October 20, 2016

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