Document and Entity Information
Document and Entity Information | 6 Months Ended |
Feb. 28, 2019shares | |
Document and Entity Information: | |
Entity Registrant Name | UNEX HOLDINGS INC. |
Document Type | 10-Q |
Document Period End Date | Feb. 28, 2019 |
Trading Symbol | unex |
Amendment Flag | false |
Entity Central Index Key | 1,700,844 |
Current Fiscal Year End Date | --08-31 |
Entity Common Stock, Shares Outstanding | 2,330,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | Q2 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 3,206 | $ 12,903 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 818 | |
Assets | 4,024 | 12,903 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 500 | |
Due to Related Parties, Noncurrent | 9,217 | 9,217 |
Liabilities | 9,717 | 9,217 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 2,330 | 2,270 |
Additional Paid in Capital, Common Stock | 4,170 | 2,430 |
Retained Earnings (Accumulated Deficit) | (12,193) | (1,014) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (5,693) | $ 3,686 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 2,330,000 | 2,270,000 |
Common Stock, Shares Outstanding | 2,330,000 | 2,270,000 |
Liabilities and Equity | $ 4,024 | $ 12,903 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Revenues | ||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of Revenue | ||||
Cost of Revenue | 0 | 0 | 0 | 0 |
Gross Profit | 0 | 0 | 0 | 0 |
Amortization of Deferred Charges | ||||
Administrative Expense | 4,589 | 678 | 11,179 | 720 |
Total Operating Expenses | 4,589 | 678 | 11,179 | 720 |
Net loss from operations | (4,589) | (678) | (11,179) | (720) |
Interest and Debt Expense | ||||
Net Income (Loss) | $ (4,589) | $ (678) | $ (11,179) | $ (720) |
Earnings Per Share | ||||
Weighted Average Number of Shares Outstanding, Basic | 2,273,555 | 2,271,767 | ||
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 6 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (11,179) | $ (720) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Amortization | 132 | |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 500 | |
Net Cash Provided by (Used in) Operating Activities | (10,547) | (720) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (950) | |
Net Cash Provided by (Used in) Investing Activities | (950) | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 1,800 | |
Proceeds from director loans | 5,000 | |
Net Cash Provided by (Used in) Financing Activities | 1,800 | 5,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (9,697) | 4,280 |
Cash and Cash Equivalents, at Carrying Value | 12,903 | 158 |
Cash and Cash Equivalents, at Carrying Value | $ 3,206 | $ 4,438 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | UNEX HOLDINGS INC. NOTES TO THE FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2019 AND 2018 (Unaudited) NOTE 1 ORGANIZATION AND BUSINESS UNEX HOLDINGS INC. (the Company) is a corporation established under the corporation laws in the State of Nevada on February 17, 2017. The Company has adopted August 31 fiscal year end. The Company is a development stage company and intends to provide geodesy services. NOTE 2 GOING CONCERN The Companys financial statements as of February 28, 2019, is prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 17, 2017) to February 28, 2019 of $12,193. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim financial statements (February 28, 2019 (unaudited)) and basis of presentation The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the SEC) set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read along with the financial statements of the Company for the period ended August 31, 2018 and notes thereto contained in the Companys registration statement filed on Form S-1. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company did not incur advertising expense during period ended February 28, 2019. Stock-Based Compensation As of February 28, 2019 , the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some portion of the deferred tax asset will not be realized. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Property and Equipment Depreciation Policy Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Start-Up Costs In accordance with ASC 720, Start-up Costs, the company expenses all costs incurred in connection with the start-up and organization of the company. Fair Value Measurements The company adopted the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes six levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The company has no assets or liabilities valued at fair value on a recurring basis. Subsequent Events The Company has evaluated all events that occurred after the balance sheet date of February 28, 2019 through March 6, 2019, the date these financial statements were issued, and did not have any material recognizable subsequent events after February 28, 2019 . NONE 4 FIXED ASSETS |
Equity
Equity | 6 Months Ended |
Feb. 28, 2019 | |
Equity: | |
Stockholders' Equity Note Disclosure | STOCKHOLDERS EQUITY The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On August 20, 2018, the Company issued 2,000,000 common shares at $0.001 per share for the total proceeds of $2,000. On August 21, 2018 the Company issued 100,000 at $0.01 per share for the total proceeds of $1,000; on August 31, 2018 the Company issued 170,000 at $0.01 per share for the total proceeds of $1,700. In February 2019, the Company issued 60,000 at $0.03 per share for the total proceeds of $1,800. As of February 28, 2019, the Company had 2,330,000 shares issued and outstanding. |
Related Party Disclosures
Related Party Disclosures | 6 Months Ended |
Feb. 28, 2019 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since February 17, 2017 (Inception) through February 28, 2019, the Companys sole officer and director loaned the Company $9,217 to pay for incorporation costs and operating expenses. The loan is non-interest bearing, due upon demand and unsecured. |