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2012-10-31
0001554906
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Flow Tech Solutions Inc.
0001554906
10-Q
2012-10-31
false
--04-30
No
No
No
Smaller Reporting Company
Q2
2012
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<p style="margin: 0pt"><b></b></p>
<p style="margin: 0; font: 11pt Times New Roman, Times, Serif"><b>4. SUBSEQUENT EVENTS</b></p>
<p style="margin: 0; font: 11pt Times New Roman, Times, Serif"><b> </b></p>
<p style="text-align: justify; margin: 0; font-size: 11pt">We have evaluated subsequent events through the date of issuance of
the financial statements, and did not have any material recognizable subsequent events.</p>
<p style="margin: 0pt"></p>
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<p style="margin: 0pt"></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><b>1.	Organization and Business Operations </b></p>
<p style="margin: 0pt">Flow Tech Solutions Inc. (“the Company”) was incorporated under the laws of the State of <font style="font: 11pt Times New Roman, Times, Serif">Nevada,
U.S. on August 8, 2011.  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.”  The
Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the
establishment of a new business enterprise.  As of October 31, 2012 the Company has $351 in cash</font></p>
<p style="margin: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 18pt; text-align: justify; text-indent: -18pt"><b> </b></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">a)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Basis of Presentation</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The financial statements of the Company
have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and
are expressed in U.S. dollars. The Company’s fiscal year end is April 30.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">b)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Use of Estimates</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The preparation of financial statements
in conformity with US GAAP 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 of the financial statements and the reported amounts
of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the
deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience
and various other factors that it believes 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 the Company may differ materially and adversely from the Company’s
estimates. To the extent there are material differences between the estimates and the actual results, future results of operations
will be affected.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">c)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Interim Financial Statements</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 8pt 0 0 36pt; text-align: justify">These interim unaudited financial
statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all
adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position,
results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative
of the results expected for a full year or for any future period.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">d)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Cash and cash equivalents</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company considers all highly liquid
instruments with a maturity of three months or less at the time of issuance to be cash equivalents.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">e)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Basic and Diluted Net Loss per Share </font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company computes net loss per
share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings
per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common
shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives
effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred
stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the
number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential
shares if their effect is anti dilutive.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">f)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Financial Instruments</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 36pt; text-align: justify">Pursuant to ASC 820, <i>Fair Value
Measurements and Disclosures</i>, an entity is required to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence
surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into
three levels that may be used to measure fair value:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 18pt; text-align: justify; text-indent: 18pt"><i>Level 1</i></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 36pt; text-align: justify">Level 1 applies to assets or liabilities
for which there are quoted prices in active markets for identical assets or liabilities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 18pt; text-align: justify; text-indent: 18pt"><i>Level 2</i></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 36pt; text-align: justify">Level 2 applies to assets or liabilities
for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar
assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume
or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can
be derived principally from, or corroborated by, observable market data.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 18pt; text-align: justify; text-indent: 18pt"><i>Level 3</i></p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 36pt; text-align: justify">Level 3 applies to assets or liabilities
for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value
of the assets or liabilities.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">The Company’s financial instruments
consist principally of cash, accounts payable and accrued liabilities, and amounts due to related parties. Pursuant to ASC 820,
the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets
for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair
values because of their nature and respective maturity dates or durations.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">g)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Comprehensive Loss</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">ASC 220, Comprehensive Income, establishes
standards for the reporting and display of comprehensive loss and its components in the financial statements. As of October 31,
2012 and 2011, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive
loss in the financial statements.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">h)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Recent Accounting Pronouncements</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">The Company has implemented all
new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements
unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been
issued that might have a material impact on its financial position or results of operations.</p>
<p style="margin: 0pt"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 18pt"><b>2.</b></td><td style="text-align: justify"><b>Summary of Significant Accounting Policies</b></td></tr></table>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">a)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Basis of Presentation</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The financial statements of the Company
have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and
are expressed in U.S. dollars. The Company’s fiscal year end is April 30.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">b)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Use of Estimates</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The preparation of financial statements
in conformity with US GAAP 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 of the financial statements and the reported amounts
of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the
deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience
and various other factors that it believes 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 the Company may differ materially and adversely from the Company’s
estimates. To the extent there are material differences between the estimates and the actual results, future results of operations
will be affected.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">c)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Interim Financial Statements</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 8pt 0 0 36pt; text-align: justify">These interim unaudited financial
statements have been prepared on the same basis as the annual financial statements and in the opinion of management, reflect all
adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position,
results of operations and cash flows for the periods shown. The results of operations for such periods are not necessarily indicative
of the results expected for a full year or for any future period.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 8pt; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">d)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Cash and cash equivalents</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company considers all highly liquid
instruments with a maturity of three months or less at the time of issuance to be cash equivalents.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">e)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Basic and Diluted Net Loss per Share </font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 36pt; text-align: justify">The Company computes net loss per
share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings
per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common
shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives
effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred
stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the
number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential
shares if their effect is anti dilutive.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">f)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Financial Instruments</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 36pt; text-align: justify">Pursuant to ASC 820, <i>Fair Value
Measurements and Disclosures</i>, an entity is required to maximize the use of observable inputs and minimize the use of unobservable
inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence
surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy
is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into
three levels that may be used to measure fair value:</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">g)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Comprehensive Loss</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">ASC 220, Comprehensive Income, establishes
standards for the reporting and display of comprehensive loss and its components in the financial statements. As of October 31,
2012 and 2011, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive
loss in the financial statements.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><tr style="vertical-align: top">
<td style="width: 18pt"></td><td style="width: 18pt"><font style="font-size: 11pt">h)</font></td><td style="text-align: justify"><font style="font-size: 11pt">Recent Accounting Pronouncements</font></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt 36pt; text-align: justify">The Company has implemented all
new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements
unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been
issued that might have a material impact on its financial position or results of operations.</p>
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