Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | UNIVERSAL GLOBAL HUB INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 49,511,775 | ||
Entity Public Float | $ 16,883,515.275 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001552743 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-54758 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-5529607 | ||
Entity Address, Address Line One | 6141 186th Street | ||
Entity Address, Address Line Two | Suite 688 | ||
Entity Address, City or Town | Fresh Meadows | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11365 | ||
City Area Code | 201 | ||
Local Phone Number | 782-0889 | ||
Title of 12(g) Security | Common stock, $0.0001 par value | ||
Entity Interactive Data Current | Yes | ||
Auditor Name | WWC, P.C. | ||
Auditor Firm ID | 1171 | ||
Auditor Location | San Mateo, CA |
Balance Sheets (Audited)
Balance Sheets (Audited) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
Accounts payable | $ 42,664 | $ 46,528 |
Due to related parties | 193,502 | 150,601 |
Accrued liabilities | 14,307 | 7,000 |
Current liabilities | 250,473 | 204,129 |
Total liabilities | 250,473 | 204,129 |
Commitments and contingencies | ||
Stockholders’ deficit | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized; 49,511,775 and 49,511,775 shares issued and outstanding at December 31, 2022 and 2021, respectively | 4,951 | 4,951 |
Additional paid-in capital | 1,059,873 | 1,059,873 |
Accumulated deficit | (1,315,297) | (1,268,953) |
Total Stockholders’ Equity (deficit) | (250,473) | (204,129) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
Balance Sheets (Audited) (Paren
Balance Sheets (Audited) (Parentheticals) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 49,511,775 | 49,511,775 |
Common stock, shares outstanding | 49,511,775 | 49,511,775 |
Statements of Operations (Audit
Statements of Operations (Audited) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Sales - Net | ||
Operating Expenses | ||
General and Administrative | 46,344 | 42,314 |
Loss from operations | (46,344) | (42,314) |
Other Income (expense) | ||
Loss before tax | (46,344) | (42,314) |
Income tax | ||
Net loss | $ (46,344) | $ (42,314) |
Net loss per share of common stock (basic and diluted) (in Dollars per share) | $ 0 | $ 0 |
Weighted average number of shares outstanding – basic and diluted (in Shares) | 49,511,775 | 49,511,775 |
Statements of Operations (Aud_2
Statements of Operations (Audited) (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net loss per share of common stock, diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding – diluted | 49,511,775 | 49,511,775 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) (Audited) - USD ($) | Common Stock Issued | Additional Paid in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 4,951 | $ 1,059,873 | $ (1,226,639) | $ (161,815) |
Balance (in Shares) at Dec. 31, 2020 | 49,511,775 | |||
Net loss | (42,314) | (42,314) | ||
Balance at Dec. 31, 2021 | $ 4,951 | 1,059,873 | (1,268,953) | (204,129) |
Balance (in Shares) at Dec. 31, 2021 | 49,511,775 | |||
Net loss | (46,344) | (46,344) | ||
Balance at Dec. 31, 2022 | $ 4,951 | $ 1,059,873 | $ (1,315,297) | $ (250,473) |
Balance (in Shares) at Dec. 31, 2022 | 49,511,775 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (46,344) | $ (42,314) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by former shareholder | ||
Expenses paid by current shareholder | 42,901 | 41,131 |
Increase in accounts payable and accrued expenses | 3,443 | 1,183 |
Net cash used in operating activities | ||
Decrease in Cash and Cash equivalents | ||
Cash and Cash Equivalents—Beginning of Period | ||
Cash and Cash Equivalents—End of Period | ||
Supplemental Disclosures | ||
Cash paid for interest | ||
Cash paid for taxes |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization and Description of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Universal Global Hub Inc. (the “Company”), formerly known as ECARD INC. until March 15, 2021, was incorporated under the laws of the State of Delaware on June 18, 2012. On October 5, 2017, the Company entered into a Stock Purchase Agreement (the “SPA”) with Eastone Equities, LLC, a New York limited liability company (the “Purchaser”) and certain selling stockholders, pursuant to which the Purchaser acquired 44,566,412 shares of common stock of the Company from Sellers for an aggregate purchase price of $295,000. The transaction contemplated in the SPA closed on October 9, 2017. The acquired shares represent approximately 90% of issued and outstanding shares of common stock of the Company. The transaction resulted in a change in control of the Company. On October 23, 2017, the Company, with the unanimous approval of its board of directors by written consent in lieu of a meeting, filed a Certificate of Amendment (the “Second Certificate of Amendment”) with the Secretary of State of Delaware. As a result of the Second Certificate of Amendment, the Company changed its name from “The Enviromart Companies, Inc.” to “ECARD INC.”, effective as of October 23, 2017. On June 3, 2020, the Company entered into a transaction to acquire all outstanding shares of EMall Inc., a Delaware corporation. The company issued 1,000 shares of the Company’s common stock, par value $0.0001 per share, on June 18, 2020 in exchange for all outstanding shares of EMall Inc. The Company subsequently entered into a cancellation agreement to cancel this transaction. The shares issued in relation to this transaction were cancelled on August 14, 2020 in accordance with the cancellation agreement. No gain or loss incurred as a result of this transaction. On March 15, 2021, the Company changed its name to “Universal Global Hub Inc.” Currently, the Company only possesses minimal assets and liabilities, and did not have any substantial business operations; accordingly, there were no significant revenues or positive cash flows for the year ended December 31, 2022. Management’s efforts are focused on seeking out a new and profitable operating business with strong growth potential. From and after the sale, unless and until the Company completes an acquisition, its expenses are expected to consist solely of legal, accounting and compliance costs, including those related to complying with reporting obligations under the Securities and Exchange act of 1934. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2022 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN During the year ended December 31, 2022, the Company has been unable to generate cash flows sufficient to support its operations and has been dependent on capital contributions prior controlling shareholders, and related party advances from the current controlling shareholder. In addition, the Company has experienced recurring net losses, and has an accumulated deficit of $1,315,297, and working capital deficit of $250,473 as of December 31, 2022. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from any future operations or that funds will be available from external sources such as debt or equity financings or other potential sources. If the Company is unable to raise capital from external sources when required, there would be a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing stockholders. Management is now seeking an operating company with which to merge or acquire. In the foreseeable future, the Company will rely on related parties such as its controlling shareholder, to provide advances to funds general corporate purposes and any potential acquisitions of profitable investments. There is no assurance, however, that the Company will achieve its objectives or goals. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements of the Company have been prepared using the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented herein have been reflected. Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. 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 unaudited consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents. Concentration of Risk Deposits made at financial institutions in the United States are subject to federally depository insurance maximum; deposits in excess of the amount are subject to concentrations of credit risk of the financial institution; however, Management believe that financial institutions located in the US are unlikely to become insolvent. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. Basic and Diluted Earnings (Loss) Per Share Basic loss per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and dilutive common stock equivalents. Basic loss per share is computed by dividing net loss available to common stockholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Weighted average number of shares used to calculate basic and diluted loss per share is considered the same as the effect of dilutive shares is anti-dilutive for all periods presented. There were no potentially dilutive or anti-dilutive securities during the years ended December 31, 2022, and 2021. Revenue Recognition Revenue is recognized in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. The Company did not earn revenue during the years ended December 31, 2022 and 2021. Under ASC Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant judgment is necessary when making these determinations. Adoption of New Accounting Standard Effective January 1, 2023 Recently Issued Financial Accounting Standards Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS During the year ended December 31, 2022, the Company’s current controlling shareholder, Eastone Equities LLC, which owns approximately 90% equity interests in the Company paid expenses on behalf of the Company in the amount of $42,901. This amount has been recorded as amount due to an affiliate of the Company. As of December 31, 2022 and 2021, the outstanding balance was $193,502 and $150,601, respectively. The balance is unsecured, non-interest bearing, and due on demand with no specified repayment schedule. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5. STOCKHOLDERS’ EQUITY Shares issued and outstanding As of December 31, 2022 and 2021, there were 49,511,775 and 49,511,775 shares issued and outstanding, respectively. On June 18, 2020, the Company issued 1,000 shares to its prior CEO, Wayne Tsao, in exchange for all outstanding shares of EMall, Inc. This transaction is subsequently cancelled and the shares issued was cancelled on August 14, 2020. See Note 1. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6. COMMITMENTS AND CONTINGENCIES Except as disclosed herein, we are not a party to any pending legal proceeding. To the knowledge of our management, except as disclosed herein, no federal, state or local governmental agency is presently contemplating any proceeding against us. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES The Company is subject to U.S. federal income tax laws. The company incurred operating losses during the years ended December 31, 2022 and 2021. As of December 31, 2022, the Company had no previously recorded deferred tax assets based on net operating losses. In 2022, the Company continued to incur net operating losses; however, at the time of this report, management has not determined when it would generate taxable profits; accordingly, management has not recognized deferred tax assets for the year ended December 31, 2022. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2022 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | NOTE 8. ACCOUNTS PAYABLE The total amount of accounts payable as of December 31, 2022 is $42,664.1, out of which $26,500 (or approximately 62%) is legal fee owed to a law firm and $11,500 (or approximately 27%) is payable to a third-party professional service company. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS Management has evaluated subsequent events through the date that the financial statements were available to be issued, which is April 13, 2023. All subsequent events requiring recognition as of December 31, 2022 have been incorporated into these financial statements and there are no other subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events”. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements of the Company have been prepared using the accrual basis of accounting and in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented herein have been reflected. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with U.S. 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 unaudited consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid debt instruments with original maturities of three months or less when acquired to be cash equivalents. |
Concentration of Risk | Concentration of Risk Deposits made at financial institutions in the United States are subject to federally depository insurance maximum; deposits in excess of the amount are subject to concentrations of credit risk of the financial institution; however, Management believe that financial institutions located in the US are unlikely to become insolvent. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized. |
Basic and Diluted Earnings (Loss) Per Share | Basic and Diluted Earnings (Loss) Per Share Basic loss per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding and dilutive common stock equivalents. Basic loss per share is computed by dividing net loss available to common stockholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Weighted average number of shares used to calculate basic and diluted loss per share is considered the same as the effect of dilutive shares is anti-dilutive for all periods presented. There were no potentially dilutive or anti-dilutive securities during the years ended December 31, 2022, and 2021. |
Revenue Recognition | Revenue Recognition Revenue is recognized in accordance with ASC Topic 606, “Revenue from Contracts with Customers”. The Company did not earn revenue during the years ended December 31, 2022 and 2021. Under ASC Topic 606, the Company must identify the contract with a customer, identify the performance obligations in the contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract, and recognize revenue when (or as) the Company satisfies a performance obligation. Significant judgment is necessary when making these determinations. |
Adoption of New Accounting Standard | Adoption of New Accounting Standard Effective January 1, 2023 |
Recently Issued Financial Accounting Standards | Recently Issued Financial Accounting Standards Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | 12 Months Ended | |||
Oct. 05, 2017 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 18, 2020 | |
Organization and Description of Business (Details) [Line Items] | ||||
Shares, issued | 1,000 | |||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Eastone Equities, LLC [Member] | ||||
Organization and Description of Business (Details) [Line Items] | ||||
Number of shares acquired by purchaser | 44,566,412 | |||
Aggregate purchase price (in Dollars) | $ 295,000 | |||
Percentage of shares issued and outstanding | 90% |
Going Concern (Details)
Going Concern (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Going Concern [Abstract] | ||
Accumulated deficit | $ (1,315,297) | $ (1,268,953) |
Working capital deficit | $ 250,473 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Equity interests percentage | 90% | |
Shareholder paid expenses | $ 42,901 | |
Outstanding balance | $ 193,502 | $ 150,601 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - shares | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 18, 2020 |
Stockholders' Equity Note [Abstract] | |||
Common stock shares issued | 49,511,775 | 49,511,775 | |
Common stock shares outstanding | 49,511,775 | 49,511,775 | |
Shares issued | 1,000 |
Accounts Payable (Details)
Accounts Payable (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Payables and Accruals [Abstract] | |
Total accounts payable | $ 42,664.1 |
Legal fee | $ 26,500 |
Legal fee percentage | 62% |
Professional service payables | $ 11,500 |
Professional service percentage | 27% |