| NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - NATURE OF OPERATIONS AND SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS United Capital Consultants, Inc. (the "Company")
was incorporated as Thicket Sound Acquisition Corporation on December 7, 2016 under the laws of the state of Delaware to engage
in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in
the developmental stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders,
redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing
officers and directors. In connection with the change in control,
the shareholders of the Company and its board of directors unanimously approved the change of the Company's name from Thicket
Sound Acquisition Corporation to United Capital Consultants, Inc. Pursuant to the change in control and the
Form 8-K filed on August 1, 2018, the Company intends to further develop as a business development and management company. The
Company has entered into contracts with three foreign firms and intends to specialize in supporting the development and growth
of its clients through counsel, training, and other support, and anticipates that it will accept clients in a variety of industries
based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company has entered into an agreement
with an additional third party to assist in providing such services. The Company intends to support its clients in evaluating and
improving the client's business plan, management methods, and capital raising structures and techniques. The Company anticipates
that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals
synergistic in nature to its clients' operations. On May 7, 2019, in connection with its
agreement with United Utilities Authority ("UUA") and the Company's goal to engage in business activities to
create business verticals synergistic in nature to its clients' operations, the Company placed a deposit towards the purchase
of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note
3). In connection with the deposit
placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in
the Company's Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019, respectively), granting the Company
a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon
completing the acquisition of the first project in UUA's pipeline, which is still in the process of negotiations with
a non-related party), and granting the Company the right to invest in 60 Megawatts of solar farms in UUA's pipeline in
an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company.
UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations
in according to its goal to engage in business activities to create business verticals synergistic in nature to
its clients' operations. BASIS OF PRESENTATION The summary of significant accounting policies
presented below is designed to assist in understanding the Company's financial statements. Such financial statements and
accompanying notes are the representations of the Company's management, who are responsible for their integrity and objectivity.
These accounting policies conform to accounting principles generally accepted in the United States of America ("U.S. GAAP")
in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company chose
December 31 st The accompanying unaudited financial statements
have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information
and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or
omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal
recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation
of such financial statements. Although management believes the disclosures and information presented are adequate to make the information
not misleading, it is suggested that these interim financial statements be read in conjunction with the Company's audited
financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2018. Operating results for the
nine months ended September 30, 2019 are not necessarily indicative of the results to be expected for the year ending December
31, 2019. USE OF ESTIMATES 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 condensed financial statements, and the reported
amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash
on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of
90 days or less. The Company had $11,219 and $175,219 in cash and cash equivalents as of September 30, 2019 and December 31, 2018,
respectively. CONCENTRATION OF RISK Financial instruments that potentially
subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality
banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of
September 30, 2019 or December 31, 2018. INCOME TAXES Under ASC 740, "Income Taxes,"
deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary 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. Valuation allowances are established when it is more likely than not that
some or all of the deferred tax assets will not be realized. As of September 30, 2019 and December 31, 2018, there were no deferred
taxes due to the uncertainty of the realization of net operating losses or carry forwards prior to expiration. LOSS PER COMMON SHARE Basic loss per common share excludes dilution
when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the
period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue
common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the
loss of the entity. As of September 30, 2019 and December 31, 2018, there were no outstanding potentially dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting
for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items
that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted
guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial
statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques
used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs
(Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted)
in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs
for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the
short maturity of these instruments. As of September 30, 2019 and December 31, 2018, the Company does not have any such instruments. REVENUE RECOGNITION The Company currently generates revenue
through rendering business development and management consulting services tailored to client needs. Consulting services are provided
on an as-needed basis per the request of clients with whom the Company has Consultancy Agreements in place. The Company recognizes revenues on contracts
with customers in accordance with the ASC 606, including performance of the following criteria: (i) identify the contract, (ii)
identify the performance obligations; (iii) determine the transaction price; (iv) allocate the transaction price to the performance
obligations, (v) recognize revenue as performance obligations are satisfied. Concentration of Revenue by Customer The Company's concentration of revenue
for individual customers above 10% are as follows:
● VARS:
100% Concentration of Revenue by Country:
● Thailand:
100% The Company attributes revenue from external
customers to individual countries based upon the responsibility of the Company to fulfill the sales obligation from which the actual
service is provided. RECENT ACCOUNTING PRONOUNCEMENTS The Company has evaluated Recent Accounting
Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial
statements. |
