UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For
the quarterly period ended
For the transition period from _________ to _________
Commission
File Number:
(Exact name of Registrant as specified in its charter)
| (State of incorporation) | (IRS Employer ID Number) |
(Address of principal executive offices) Zip Code
(Registrant’s telephone number)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large Accelerated Filer ☐ | Accelerated Filer ☐ |
| Smaller
Reporting Company |
|
| Emerging
Growth Company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐
As of September 30, 2020, there were shares of our common stock authorized for issue and outstanding.
| 1 |
TABLE OF CONTENTS
| Page No. | |
| Financial Statements | |
| Item 1. | |
| Balance Sheets as of September 30, 2021 (Unaudited) and June 30, 2021 (Audited) | 3 |
| Statements of Operations for the for the three months ended September 30, 2021 and September 30, 2020 | 4 |
| Statements of Stockholders’ Equity for the three months ended September 30, 2021 and for the three months September 30, 2020 (Unaudited) | 5 |
| Statements of Cash Flows for the three months ended September 30, 2021 and September 30, 2020 (Unaudited) | 6 |
| Notes to Financial Statements | 7-10 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 11 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk | 13 |
| Item 4. Controls and Procedures PART II Other Information | 13 |
| PART II Other Information | |
| Item 1. Legal Proceedings | 14 |
| Item 1A. Risk Factors | 14 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 14 |
| Item 3. Defaults Upon Senior Securities | 14 |
| Item 4. Mine Safety Disclosures | 14 |
| Item 5. Other Information | 14 |
| Item 6. Exhibits, | 15 |
| Signatures | 16 |
| 2 |
UNITED EXPRESS, INC.
BALANCE SHEET
SEPTEMBER 30, 2021 AND JUNE 30, 2021
| September 30, 2021 | June 30, 2021 | |||||||
| Unaudited | Audited | |||||||
ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash | $ | $ | ||||||
| TOTAL CURRENT ASSETS | $ | $ | ||||||
| FIXED ASSETS | ||||||||
| Automobile and Capital auto repair | $ | $ | ||||||
| Accumulated Depreciation | $ | ( | ) | $ | ( | ) | ||
| TOTAL FIXED ASSETS | $ | $ | ||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accrued Accounts Payable | $ | $ | ||||||
| Accrued Taxes | $ | $ | ||||||
| TOTAL CURRENT LIABILITIES | $ | $ | ||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Common stock, $ par value; shares authorized shares issued and outstanding at September 30, 2021 and at June 30, 2021 respectively | $ | $ | ||||||
| Additional paid in capital | $ | $ | ||||||
| Net Profit (loss) accumulated during development stage | ( | ) | $ | |||||
| TOTAL STOCKHOLDERS' EQUITY | $ | $ | ||||||
| Total Liabilities and Stockholders' Equity | $ | $ |
See notes to financial statements
| 3 |
UNITED EXPRESS, INC.
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020
For the three months ended September 30, 2021 | For the three months ended September 30, 2020 | |||||||
| REVENUES | ||||||||
| Sales | $ | $ | ||||||
| TOTAL REVENUES | $ | $ | ||||||
| COST OF SALES | ||||||||
| Logistic and Dispatcher Service | $ | $ | ||||||
| TOTAL COST OF GOODS SOLD | $ | $ | ||||||
| GROSS PROFIT (LOSS) | $ | $ | ||||||
| Operating expenses: | ||||||||
| Transportation expenses, Broker Expenses | $ | $ | ||||||
| General and administration expenses | $ | $ | ||||||
| TOTAL OPERATING EXPENSES | $ | $ | ||||||
| INCOME (LOSS) BEFORE INCOME TAXES | $ | ( | ) | $ | ||||
| INCOME TAXES | $ | $ | ||||||
| NET INCOME (LOSS) | $ | ( | ) | $ | ||||
| NET INCOME (LOSS) PER BASIC AND DILUTED SHARE | $ | $ | ||||||
| WEIGHTED AVERAGE OF COMMON SHARES OUTSTANDING | ||||||||
See notes to financial statements
| 4 |
UNITED EXPRESS INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021
| Common Stock | ||||||||||||||||||||
| Shares | Par Value | APIC | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||
| Balance, June 30, 2021 | $ | $ | $ | $ | ||||||||||||||||
| Net profit (loss) | - | - | - | $ | ( | ) | $ | ( | ) | |||||||||||
| Balance, September 30, 2021 | $ | $ | $ | ( | ) | $ | ||||||||||||||
UNITED EXPRESS INC.
STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020
| Common Stock | ||||||||||||||||||||
| Shares | Par Value | APIC | Accumulated Deficit | Total Stockholders’ Equity | ||||||||||||||||
| Balance, June 30, 2020 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Net profit (loss) | - | - | - | $ | $ | |||||||||||||||
| Balance, September 30, 2020 | $ | $ | $ | ( | ) | $ | ||||||||||||||
See notes to financial statements
| 5 |
UNITED EXPRESS INC.
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020
For the three months ended September 30, 2021 | For the three months ended September 30, 2020 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | ( | ) | $ | ||||
| Accrued Taxes | $ | $ | ||||||
| Accrued Expenses | $ | $ | ||||||
| Depreciation | $ | $ | ||||||
| Net cash (used in) provided by operating activities | $ | ( | ) | $ | ||||
| Cash flows from investing activities: | ||||||||
| Net cash used in investing activities | $ | $ | ||||||
| Cash flows from financing activities: | ||||||||
| Net cash provided by financing activities | $ | $ | ||||||
| NET INCREASE (DECREASE) IN CASH | $ | ( | ) | $ | ||||
| CASH AND CASH EQ - BEGINNING OF PERIOD | $ | $ | ||||||
| CASH AND CASH EQ - ENDING OF PERIOD | $ | $ | ||||||
See notes to financial statements
| 6 |
UNITED EXPRESS, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2021
AND FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2020
NOTE 1 — Description of Business
We are an Emerging Growth Company with revenue generating operations. We were formed on June 23, 2017 and have four years of business experience.
The United Express operates as a general company of transportation, dispatch service logistics, delivery merchandises and other items for companies and individuals across the United State. As such, it is difficult to determine the average customer of the Company as the business will have the freedom and the ability to effectively arrange for the transportation any type of merchandise. Management anticipates that the business will receive orders for service from companies seeking to move merchandise, as well as, people relocating to different areas of the target regional market areas. A primary concern for the Company is its ability to quickly respond to customer request, give affordable price for the services, and carry the full responsibility from pick up to drop off. Fluctuations in oil prices has caused the freight and logistic industries costs to be to increase during last 3 months. In the event of a significant increase the price of fuel, we will also reasonably increase prices (at a standardized rate of markup) to ensure the profitability of the business. In this quarter we signed agreement with ARI Logistics, an Alabama limited liability company and serve for them as freight agency.
Our other activities are providing dispatch services for the other companies. We working with CVK Express and doing dispatch service for them. In this field company doing search for transportation providers and connect them to cargo owners based upon delivery requirements, transportation routes, type of shipment, equipment requirements, cargo size, delivery time and price.
Also, in this quarter we continue working with Royal Realty Enterprise Inc. to purchase from them used home and commercial appliances and sell it to appliance companies for further installation.
During reported period our business activities have focused on the development of our business plan, locating producers of goods, despatchers, sell used appliances, researching for new customers, van supplies, development of optimal traffic routes.
We
have received $
NOTE 2 — Significant Accounting Policies and Recent Accounting Pronouncements
Basis of Presentation
The Company uses the accrual basis of accounting and accounting principles. 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. The Financial Statements and related disclosures as of September 30,2021 (Unaudited) and September 30,2020 (Unaudited) pursuant to the rules and regulations of the United States Securities and Exchange Commission (`SEC"). The Company has adopted June 30 fiscal year end.
Use of Estimates and Assumptions
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 of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
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UNITED EXPRESS, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2021 AND FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2020
NOTE 2 —Significant Accounting Policies and Recent Accounting Pronouncements - continued
Fair Value of Financial Instruments
ASC 825, 'Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements" defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2021.
The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.
The Company computes earnings (loss) per share in accordance with ASC 260-10-45 'Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes al potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.
Revenue Recognition
We base our judgment on guidance ASC 606.
The Company considered recognizes its revenue on the accrual basis, which considers revenue to be earned when the services have been performed. We considered gross revenue as a principal. Our revenue includes payments from the costumers for the logistic business.
We Estimating Gross Revenue as a Principal. We evaluate the nature of our promises under the contracts and use judgment to determine whether the contracts include services, which we would need to evaluate for a material right or a performance obligation with quantity of services to be delivered.
ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) amends revenue recognition guidance within ASC 606 for these types of transactions. To determine the nature of its promise to the customer, the entity should:
| 1. | Identify the specified goods or services to be provided to the customer, and |
| 2. | Assess whether it controls each specified good or service before that good or service is transferred to the customer. |
We are primarily responsible for fulfilling the promise to provide the specified service.
We have the inventory risk before the specified service has been transferred to a customer, or after transfer of control to the customer (for example, if the customer has a right for cancel or return).
Recent Accounting Pronouncements
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.
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UNITED EXPRESS, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2021
AND FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2020
NOTE 3 — Property and Equipment
Property and equipment consist of:
| September 30, 2021 | ||||
| Automobile | $ | |||
| Accumulated Depreciation | $ | ( | ) | |
| September 30, 2020 | ||||
| Automobile | $ | |||
| Accumulated Depreciation | $ | ( | ) | |
NOTE 4 — Concentration of Credit Risk
The
Company maintains cash balances at a Bank of America financial institution. The balance, at any given time, may exceed Federal Deposit
Insurance Corporation FDIC insurance limits of $
NOTE 5 — Concentrations
We have a group of customers from whom we received the income and in the present time we can diversify in order to mitigate the risks.
NOTE 6 — Debt
Andrei Stoukan, the officer of the Company, has from time to time loaned the Company funds for the operational costs. In a present time, we have not any debt before him.
NOTE 7 —Capital Stock
On September 30, 2021 the Company authorized shares of common shares with a par value of $ per share.
For the three months period ended September 30, 2021 we have issued any new of common shares.
For the three months period ended September 30, 2020, we also have issued any new of common shares.
For
the 3 months period ended September 30,2021 we have no changes in our common stock. January 28, 2021 Andrei Stoukan sold his -common
stock for $
As of September 30,2021, there were total common shares issued and outstanding. held by Arithmetic LLC, and common shares held by 53 non-affiliated shareholders.
As of September 30, 2021, and September 30, 2020, there were outstanding stock options or warrants.
| 9 |
UNITED EXPRESS, INC.
NOTES TO FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2021
AND FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2020
NOTE 8 — Income Taxes
We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, 'Income Taxes.’ Under this method, income tax expense is recognized for the amount of (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.
ASC
Subtopic 740.10. 30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes
a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or
expected to be taken in a tax return. ASC Subtopic 740.10 provides guidance on recognition and measuring tax positions taken or expected
to be taken in a tax return that directly or indirectly affect amounts reported in financial statements. We have no TAX liability for
this period but can’t predict future financial result and paid $
NOTE 9 — Related Party Transactions
We
have
Also,
we have
NOTE 10 — Going Concern
The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern.
For
the three months period ended September 30, 2021, the Company had a cash balance of $
For
the three months period ended September 30, 2020, the Company had a cash balance of $
We continue to build a profitable positive development dynamic; however, it still raises substantial doubt about the Company's ability to continue as a going concern. Management believes that the Company's capital requirements will depend on many factors including the success of our development efforts and our efforts to raise capital. Management also believes the Company needs to raise additional capital for working purposes. There is no assurance that such financing will be available in the future. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 11 — Subsequent Events
In accordance with ASC 855 the Company's management reviewed all material events through September 30, 2021, after this date these financial statements were available to be issued, and there are no material subsequent events.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following discussion and analysis should be read in conjunction with the balance sheet as of June 30,20 and September 30,2021 and the financial statements for the three months period ended September 30, 2021 included herein. The results shown herein are not necessarily indicative of the results to be expected for any future periods.
This discussion contains forward-looking statements, based on current expectations with respect to future events and financial performance and operating results, which statements are subject to risks and uncertainties, including but not limited to those discussed below and elsewhere in this Prospectus that could cause actual results to differ from the results contemplated by this forward-looking statement. We urge you to carefully consider the information set forth in our S1form under the heading “Note Regarding Forward Looking Statements” and “Risk Factors”.
We are an emerging growth company incorporated in the State of Nevada on June 23, 2017. The United Express Inc. was developed to provide a comprehensive management service for long and short distance logistics for clients in the Company’s target market area. The Company offers its clients the transportation ability to all of their hauling needs through one business which will provide them with the ability to manage their shipments in a cost and time effective manner. Also, we develop our dispatch service.
Forward-Looking Statements
The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. Our registration statement contains these types of statements. Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this prospectus. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The factors listed in the “Risk Factors” section in our S1 form, as well as any cautionary language in this prospectus, provide examples of these risks and uncertainties. The safe harbor for forward-looking statements is not applicable to this offering pursuant to Section 27A of the Securities Act of 1933.
Business Overview
We are an Emerging growth company with strong revenue generating operations. We were formed on June 23, 2017 and have more than four years of business experience.
The United Express intends to operate as a general company of transportation and delivery of merchandise, household goods, and other items for companies and individuals across the United State. As such, it is difficult to determine the average customer of the Company as the business will have the licensure and the ability to effectively arrange for the transportation any type of merchandise. Management anticipates that the business will receive orders for service from companies seeking to move merchandise, as well as, people relocating to different areas of the target regional market area. A primary concern for the Company is its ability to quickly respond to customer request, give affordable price for the services, and carry the full responsibility from pick up to drop off. In this quarter, the price of oil and its associated refined energy products has been increased. Major volatile in oil prices has caused the freight and logistic price were increased during last 3 months. In the event of the significant increase in the price of fuel, we will also reasonably increase prices (at a standardized rate of markup) to ensure the profitability of the business.
For the 3 months ended September 30, 2021 our business activities have focused on dispatch service, logistics and selling used appliances. As of September 30,2021, we had income $195,600 from CVK Express LLC., $16,708 from company MIG for the logistic service, $130,550 we received from companies for appliances.
For the 3 months ended September 30, 2020 our business activities have focused on dispatch service and logistics.
As of September 30,2020, we had income $99,550 from CVK Express LLC., and $8,900 from company MIG for the logistic service.
We also cooperate with private people and companies when they ask about transportation service, up in coming move, relocation, and other’s needs.
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Working in logistics industry we observe desire truck owner operators or drivers get paid right after Bill of lading signed and cargo unloaded, instead of waiting 30-40 days. Factoring service can be solutions in this situation. In the simplest terms, invoice factoring is how get paid fast in the trucking industry. It's a way to get consistent cash flow for unpaid invoices.
Drivers agree get pay 4% (factoring fees) less than original enrings. Based on:
1 driver generates earnings somewhere about $40,000 in a month and 4% is $1,600. We can operate with 100 drivers at the same time during a month. So, our earnings with 100 drivers will be $4,000,000 and 4% is $160,000.
Consistent cash flow is a key in being successful in the transportation industry. It's always good to have that safety net to know you will always get paid within 24-48 hours when you use a factoring service.
Another direction in which we are going to excel is directly working with Hyundai manufacturing located in Baja California, Tijuana, Mexico. It’s very close to US border and we see a great potential in this. They build over 150 containers per day and we want to delivery their Hyundai dry van containers to US customers. Based on our research they pay $700 per container and allowed to download cargo to deliver it to the final destination. The other dealers who already work with Hyundai can pay us only half of this price for the same route. In this activity we plan to generate extra $15,000-$20,000 in a month net income.
In addition, given the high demand for these containers, we can also buy them at the production price and resell them at a premium or even rent them out. For this activity we need at least $26,000 for one dry van. We can give trailer for rent $800 in a month with full payback in 3 years. We are planning begin with 40-50 trailers and we need about 1,3-1,5 millions of attracted capital. Repairs and maintenance will be calculated additionally if necessary.
Base on the above we need around $5,5-6 millions for these new activities.
Our fees are count based on our expenses, spending time, shipments size and type of shipment, distance, route, gas price and other customer needs.
For the three months period ended September 30,2021, we
| • | developed our business plan; |
| • | selected business partners; |
| • | signed agreements with ARI Logistics LLC, Alabama company and serve for them as freight agency. |
| • | found the cargo brokers; |
| • | continue to provide dispatch service; |
| • | created a list of potential customers and their requirements; |
| • | found service company for van maintenance and repairs; |
| • | chose optimal routes of traffic |
| • | continue selling used appliances |
Because our revenues are concentrated in a few customers and if should one or more of them decrease their orders or cease to use our services, or if we are unable to expand our customer base, our revenues and results of operations will be negatively impacted.
Our revenue for the 3 months ended September 30, 2021 was $342,858. It is more than three times as of similar period year ago. Our revenue for the 3 months 2020 was $108,450
Liquidity
At September 30, 2021, we had $9,125 in cash for our operations and $16,000 in capital. For the period ended September 30,2020 we had $12,057 in cash for our operations and $12,000 in capital. We will attempt to fund from our future operations, which may be insufficient to fund such amounts. There is no assurance our estimates of these costs are accurate.
Capital resources
We have the fixed assets on our balance Mercedes Sprinter as of September 30, 2021. Total stockholders' equity $25,124.
| 12 |
Results of Operations for the three months period ended September 30, 2021 and for the three months period ended September 30, 2020
As an emerging growth company, we have received $342,858 operating revenues for the three months period ended September 30,2021 and 108,450 for the three months period ended September 30,2020. Recorded revenues were generated from customers’ payments. The Company is currently devoting substantially of its present efforts to customer network and establishing the dispatch and transportation business.
For the 3 months ended September 30, 2021 we had income $195,600 from CVK Express LLC., $16,708 from company MIG for the logistic service, $130,550 we received from companies for appliances. Our cash balance was $9,125.
For this period, we had Logistic and Dispatcher Service Expenses $188,450, use appliances $169,850, General and administration expenses $9,977 and $6 transportation. Our loss from operations was $(25,425).
For the three months period ended September 30, 2020 we generated $98,650 from CVK Express LLC., and 8,900 from company MIG. Our cash balance was $12,057.
For this period, we had Logistic and Dispatcher Service Expenses $95,105 and General and administration expenses $4,013. Our profit from operations was $9,332.
We have received $108,450 operating revenues for the three months period ended September 30,2020. Recorded revenues were generated from customers’ payments.
Off Balance Sheet Arrangements
None
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Not applicable. We have no investments in market risk sensitive instruments or in any other type of securities.
Item 4. Controls and Procedures
As of the end of the period covered by this Report, our President and Chief Executive Officer, Andrei Stoukan, is responsible for managing us, including compliance with SEC reporting obligations, and maintaining disclosure controls and procedures and internal control over financial reporting. These public reporting requirements and controls are new for our management and will require us to obtain outside assistance from legal, accounting or other professionals that will increase our costs of doing business. Should we fail to comply with SEC reporting and internal controls and procedures and to otherwise comply with other securities law provisions, our costs will increase and negatively affect our results of operations, cash flow and financial condition. Should we fail to comply with SEC reporting and internal controls and procedures, we may be subject to securities laws violations that may result in additional compliance costs or costs associated with SEC judgments or fines, both of which will increase our costs and negatively affect our potential profitability and our ability to conduct our business.
Changes in Internal Control Over Financial Reporting
There have been no changes in the internal controls over financial reporting during the quarter ended September 30, 2021, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management’s last evaluation.
| 13 |
PART II
OTHER INFORMATION
Item 1. Legal Proceedings
The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.
Item 1A. Risk Factors
We are not required to include risk factors in this 10Q report.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We did not sell unregistered securities during the quarter ended September 30, 2021
Purchases of equity securities by the issuer and affiliated purchasers
During the quarter ended September 30,2021, there were no purchases of equity securities by us or affiliated purchasers.
Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
We have no senior securities outstanding.
Item 4. Mine Safety Disclosures
Not Applicable.
Item 5. Other Information.
None.
| 14 |
Item 6. Exhibits
| 15 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
UNITED EXPRESS INC. |
|
| Date: October 20, 2021 | By: /s/Andrei Stoukan |
|
Andrei Stoukan Principal Executive Officer, Principal Accounting and Financial Officer and Director |
| 16 |