10-Q
2012-01-31
false
UMAX GROUP CORP
0001517709
--04-30
4580000
Smaller Reporting Company
No
No
No
2012
Q3
1575
4675
1575
4675
1575
4675
0
2500
3294
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3294
5694
3294
5694
4580
4500
1520
0
-7819
-5519
-1719
-1019
1575
4675
50
2300
7819
50
2300
7819
-50
-2300
-7819
0
0
4500870
4500290
-2500
0
-4800
-7819
100
3294
1600
6100
1700
9394
-3100
1575
0
0
0
0
<!--egx--><p style="PAGE-BREAK-BEFORE:always; MARGIN:0px" align="center"><b>UMAX GROUP CORP.</b></p> <p style="MARGIN:0px" align="center"><b>(A DEVELOPMENT STAGE COMPANY)</b></p> <p style="MARGIN:0px" align="center"><b>NOTES TO THE FINANCIAL STATEMENTS</b></p> <p style="MARGIN:0px" align="center"><b>JANUARY 31, 2012</b></p> <p style="MARGIN:0px" align="center">(Unaudited)</p> <p style="MARGIN:0px" align="center"><br></br></p> <p style="MARGIN:0px"><b>NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS</b></p> <p style="MARGIN:0px"><br></br></p> <p style="MARGIN:0px" align="justify">Umax Group Corp. (the "Company") was incorporated under the laws of the State of Nevada, U.S. on March 21, 2011. We are a development stage company and our business is distribution of arcade machines. The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” Since inception through January 31, 2012 the Company has not generated any revenue and has accumulated losses of $7,819.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify"><b>NOTE 2 – GOING CONCERN</b></p> <p style="MARGIN:0px" align="justify">The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $7,819 as of January 31, 2012 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. </p> <p style="MARGIN:0px" align="justify"> </p> <p style="MARGIN:0px" align="justify"><b>NOTE 3– SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES</b></p> <p style="MARGIN:0px"><br></br></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px"><u>Development Stage Company</u></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px">The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.</p> <p style="MARGIN:0px" align="justify"><u>Basis of Presentation</u></p> <p style="MARGIN:0px" align="justify">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. </p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify"><u>Accounting Basis</u></p> <p style="MARGIN:0px" align="justify">The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a April 30 fiscal year end.</p> <p style="MARGIN:0px"><br></br></p> <p style="MARGIN:0px"><u>Cash and Cash Equivalents</u></p> <p style="MARGIN:0px" align="justify">The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $1,575 cash and $-0- cash equivalents as of January 31, 2012. <br></br></p> <p style="MARGIN:0px" align="justify"><u>Fair Value of Financial Instruments</u></p> <p style="MARGIN:0px" align="justify">The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amounts of cash and current liabilities approximate fair value because of the short-term maturity of these items. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment, and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. We do not hold or issue financial instruments for trading purposes, nor do we utilize derivative instruments.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify"><u>Income Taxes</u></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px">We account for income taxes as required by the Income Tax Topic of the FASB ASC, 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.</p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px"><u>Use of Estimates</u></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="MARGIN:0px" align="justify"><u>Revenue Recognition</u></p> <p style="MARGIN:0px" align="justify">The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.</p> <p style="MARGIN:0px" align="center"><br></br></p> <p style="MARGIN:0px" align="justify"><u>Stock-Based Compensation</u></p> <p style="MARGIN:0px" align="justify">Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify"><u>Basic Income (Loss) Per Share</u></p> <p style="MARGIN:0px" align="justify">Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of January 31, 2012.</p> <p style="MARGIN:0px" align="left"> </p> <p style="MARGIN:0px" align="left"><u>Recent Accounting Pronouncements</u></p> <p style="MARGIN-TOP:0px; MARGIN-BOTTOM:11px">The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify"><b>NOTE 4 –INDEBTEDNESS TO RELATED PARTY</b></p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify">The director loaned $3,294 to the Company to pay for incorporation and organization fees. The amount is due on demand, non-interest bearing and unsecured. The balance due to director was $3,294 as of January 31, 2012.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px"><b>NOTE 5 – COMMON STOCK</b></p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify">On April 1, 2011, the Company issued 1,500,000 shares of common stock for cash proceeds of $1,500 at $0.001 per share to its director. On Aril 7, 2011, the Company issued 3,000,000 shares of common stock for cash proceeds of $3,000 at $0.001 per share to its director. On January 31, 2012 the Company issued 80,000 shares of common stock for cash proceeds of $1,600 at $0.02 per share There were 4,580,000 shares of common stock issued and outstanding as of January 31, 2012.</p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="center"><br></br></p> <p style="MARGIN:0px" align="justify"><b>NOTE 6– INCOME TAXES</b></p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify">As of January 31, 2012, the Company had net operating loss carry forwards of $7,819 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.</p> <p style="MARGIN:0px"><br></br></p> <p style="MARGIN:0px" align="justify"><b>NOTE 7 – SUBSEQUENT EVENTS</b></p> <p style="MARGIN:0px" align="justify"><br></br></p> <p style="MARGIN:0px" align="justify">In February 2012, the Company issued 1,110,000 shares of common stock for cash proceeds of $22,200 at $0.02 per share.</p> <p style="MARGIN:0px" align="center"><br></br></p>
0001517709
2011-05-01
2012-01-31
0001517709
2012-01-31
0001517709
2011-04-30
0001517709
2011-11-01
2012-01-31
0001517709
2011-03-21
2012-01-31
shares
iso4217:USD
iso4217:USD
shares