Attached files

file filename
10-K - 10-K - UV FLU TECHNOLOGIES INCv330955_10k.htm
EX-32 - EXHIBIT 32 - UV FLU TECHNOLOGIES INCv330955_ex32.htm
EX-31.2 - EXHIBIT 31.2 - UV FLU TECHNOLOGIES INCv330955_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - UV FLU TECHNOLOGIES INCv330955_ex31-1.htm
EXCEL - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR4.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR2.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR8.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR1.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR5.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR7.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR3.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR6.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR21.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR37.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR18.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR33.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR38.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR11.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR29.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR19.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR26.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR17.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR30.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR28.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR27.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR34.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR14.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR13.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR31.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR35.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR12.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR36.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR23.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR32.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR25.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR16.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR15.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR24.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR20.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR10.htm
XML - IDEA: XBRL DOCUMENT - UV FLU TECHNOLOGIES INCR22.htm
v2.4.0.6
SIGNIFICANT ACCOUNTING POLICIES
12 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
3. SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies is presented to assist in understanding our financial statements. Our financial statements and notes are representations of our management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles in the United States of America (“GAAP”) and have been consistently applied in the preparation of the financial statements. The financial statements are stated in United States of America dollars.

 

b) Available-for-sale securities

The Company classifies its marketable equity securities as available-for-sale and they are carried at fair market value, with the unrealized gains and losses included in the determination of comprehensive income and reported in stockholders’ equity.

 

b) Income Taxes

We have adopted the ASC subtopic 740-10. ASC 740-10 requires the use of the asset and liability method of accounting of income taxes. Under the asset and liability method of ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. We provide deferred taxes for the estimated future tax effects attributable to temporary differences and carry forwards when realization is more likely than not. See Note 7.

 

c) Inventories

Inventories are stated at the lower of cost or market, with cost being determined using the first-in first-out method. Inventory as of September 30, 2012 consists of $117,904 of finished goods and $15,121 of raw materials for a total inventory of $133,025. Inventory as of September 30, 2011 consisted of $81,145 of finished goods and $33,262 of raw materials for a total inventory of $114,407.

 

d) Property and Equipment

Property and equipment are recorded at cost. Expenditures for major additions and improvements are capitalized and minor replacements, maintenance, and repairs are charged to expense as incurred. When property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the results of operations for the respective period. Depreciation is provided over the estimated useful lives of the related assets using the straight-line method for financial statement purposes. The estimated useful lives for significant property and equipment categories are as follows:

 

Equipment 5 years
Furniture 7 years

 

The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there were no impairments needed as of September 30, 2012 or 2011. Depreciation expense for the years ended September 30, 2012 and 2011 was $1,464 and $670, respectively.

 

e) Advertising

Advertising costs are expensed as in accordance with ASC subtopic 720-35 (formerly SOP 93-7). Advertising costs for the years ended September 30, 2012 and 2011 were $32,332 and $47,256, respectively. These costs were included in general and administrative costs.

 

f) Basic and Diluted Loss Per Share

In accordance with ASC subtopic 260-10, the basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding. Diluted loss per common share is computed similar to basic loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. At September 30, 2012 and 2011, we had no stock equivalents that were anti-dilutive and excluded in the earnings per share computation, therefore basic loss per share and diluted loss per share are the same.

 

g) Estimated Fair Value of Financial Instruments

The carrying value of our financial instruments, consisting of cash, accounts receivable, and accounts payable and accrued expenses approximate their fair value as of September 30, 2012 and 2011 due to the short-term maturity of such instruments. It is management’s opinion that we are not exposed to significant interest, currency, or credit risks arising from these financial statements. See Note 8 for further details.

 

h) Revenue Recognition

It is our policy that revenues will be recognized in accordance with ASC subtopic 605-10. Revenues are recognized only when the Company has transferred to the customer the significant risk and rewards of ownership of the goods, title to the products transfers, the amount is fixed and determinable, evidence of an agreement exists, there is reasonable assurance of collection of the sales proceeds, the Company has no future obligations, and the customer bears the risk of loss. This occurs at the time of shipment (FOB shipping point) of the products from the Company’s warehouse and an invoice is prepared.. There are no rights of return and exchange is allowed only on defective products. Recognition of revenue is not affected as the right of exchange results in new units being shipped to the customer once defective units have been received by the company and verified as defective.

 

i) Currency

Our functional currency is the United States Dollar.

 

j) Use of Estimates

The preparation of financial statements in conformity with 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

k) Cash and Cash Equivalents

Cash is comprised of cash on hand and demand deposits. Cash equivalents include short-term highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of change in value. The Company has no cash equivalents as of September 30, 2012 or 2011.

 

l) Sales Concentrations

25% of our sales for the year ended September 30, 2012 have been accounted for by our three largest customers. They represent 6%, 6% and 13% respectively of our total sales, respectively.

 

44% of our sales for the year ended September 30, 2011 have been accounted for by our three largest customers. They represent 15%, 15% and 14% respectively of our total sales, respectively.

 

m) Impairment of long-lived assets

The Company reviews its long-lived assets and intangibles periodically to determine potential impairment by comparing the carrying value of the long-lived assets with the estimated future cash flows expected to result from the use of the assets, including cash flows from disposition. Should the sum of the expected future cash flows be less than the carrying value, the Company would recognize an impairment loss. An impairment loss would be measured by comparing the amount by which the carrying value exceeds the fair value of the long-lived assets and intangibles. The Company recognized no impairment losses during the year ended September 30, 2012.

 

n) Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. At September 30, 2012 and 2011, the Company had no funds in excess of the FDIC insured limits.

 

o) Reclassifications

Certain reclassifications have been made to the prior years’ financial statements to conform to the current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.

 

p) Year-end

The Company has adopted September 30 as its fiscal year end.

 

q) Recent Accounting Pronouncements

The Company has evaluated all new accounting pronouncements as of the date of these financial standards and has determined that none have or will have a material impact on the financial statements or disclosures.