Upholstery International, Inc.

CIK:0001592998|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
REVENUE	$ 144,695	$ 142,200	$ 320,323	$ 290,028
COST OF REVENUE	86,882	80,474	188,176	180,554
GROSS PROFIT	57,813	61,726	132,147	109,474
OPERATING EXPENSES
General and administrative expenses	74,811	91,571	123,182	132,240
Income (loss) from Operations	(16,998)	(29,845)	8,965	(22,766)
Other expense :
Interest expense	29,408	16,813	61,968	31,880
Loss before provision for taxes	(46,406)	(46,658)	(53,003)	(54,646)
Income tax provision	0	0	0	0
Net Loss	$ (46,406)	$ (46,658)	$ (53,003)	$ (54,646)
Net loss per share - basic and diluted	$ (0.002331819)	$ (0.002331664)	$ (0.002663322)	$ (0.002730855)
Weighted average common shares outsanting - basic and diluted	19,901,200	20,010,600	19,901,084	20,010,581

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (53,003)	$ (54,646)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation expense	9,820	8,761
Amortization of deferred finance charges		5,000
Changes in operating assets and liabilities:
Barter credits receivable	(1,407)	(8,429)
Prepaid expenses	0	15,000
Accounts payable and accrued expenses	50,663	(3,997)
Credit cards payable	(21,670)	(18,342)
Customer deposits	19,274	(26,849)
Net cash provided by (used in) operating activities	3,677	(83,502)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment	0	0
Net cash used in financing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of debt	0	96,500
Proceeds from issuance of common stock	2,500	16,500
Proceeds from (Repayment of) related party loans	(9,477)	23,100
Repayment of debt	(2,032)	(42,021)
Net cash provided by (used in) financing activities	(9,009)	94,079
Increase (Decrease) in cash	(5,332)	10,577
Cash - beginning of period	18,955	10,661
Cash - end of period	$ 13,623	$ 21,238

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS
Cash	$ 13,623	$ 18,955
Barter credits receivable	17,060	15,652
TOTAL CURRENT ASSETS	30,683	34,607
Property and Equipment	25,348	35,168
Security deposits	3,330	3,330
TOTAL ASSETS	59,361	73,105
CURRENT LIABILITIES
Accounts payable and accrued expenses	82,560	31,897
Credit cards payable	168,481	190,151
Customer deposits	29,480	10,206
Loan payable - related party	122,125	131,602
Note payable - related party	70,000	70,000
Loan payable	53,368	48,812
Financing loans	61,441	63,918
Curent portion of long-term debt	9,205	8,879
TOTAL CURRENT LIABILITIES	596,660	555,465
Long-term debt	17,315	21,752
TOTAL LIABILITIES	613,975	577,217
STOCKHOLDERS' DEFICIT
Preffered stock, $.0001 par value; 10,000,000 shares authorized No shares issued and outstanding at June 30, 2015	0	0
Common stock, $.0001 par value; 100,000,000 shares authorized 19,901,200 and 19,900,200 shares issued and outstanding at June 30, 2015 and December 31, 2014 , respectively	1,990	1,990
Additional paid-in capital	47,460	44,960
Accumulated deficit	(604,064)	(551,062)
TOTAL STOCKHOLDERS' DEFICIT	(554,614)	(504,112)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 59,361	$ 73,105