Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2020 | Sep. 16, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | UNEX HOLDINGS INC. | |
Entity Central Index Key | 0001700844 | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 2,970,000 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Current Assets | ||
Cash | $ 5,676 | $ 15,740 |
Subscription receivable | 0 | 1,800 |
Total current assets | 5,676 | 17,540 |
Non-Current assets | ||
Equipment net of depreciation | 343 | 660 |
Total non-current assets | 343 | 660 |
Total Assets | 6,019 | 18,200 |
Current Liabilities | ||
Loan from related parties | 9,217 | 9,217 |
Stock refund payable | 1,950 | 0 |
Accounts payable | 233 | 0 |
Total current liabilities | 11,400 | 9,217 |
Total Liabilities | $ 11,400 | $ 9,217 |
Stockholders' Equity | ||
Common stock, $0.001 par value, 75,000,000 shares authorized: 2,970,000 shares issued and outstanding | 2,970 | 2,970 |
Additional Paid-In-Capital | $ 22,730 | $ 22,730 |
Accumulated Deficit | (31,081) | (16,717) |
Total Stockholders' Equity | (5,381) | 8,983 |
Total Liabilities and Stockholders' Equity | $ 6,019 | $ 18,200 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - shares | Aug. 31, 2020 | Aug. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock 2,970,000 shares issued and outstanding | 2,970,000 | 2,970,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Operating expenses | ||
General and administrative expenses | $ 14,364 | $ 15,703 |
Loss before provision for income taxes | (14,364) | (15,703) |
Provision for income taxes | 0 | 0 |
Net loss | $ (14,364) | $ (15,703) |
Loss per common share: Basic and Diluted | $ 0 | $ (0.01) |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 2,993,429 | 2,439,095 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY - 12 months ended Aug. 31, 2020 - USD ($) | Total | Number of Common Shares | Additional Paid-in-Capital | Deficit accumulated |
Balances at Aug. 31, 2019 | $ 8,983 | $ 2,970 | $ 22,730 | $ (16,717) |
Balances (in shares) at Aug. 31, 2019 | 2,970,000 | |||
Shares issued | 1,950 | 1,885 | ||
Shares issued (in shares) | $ 65,000 | |||
Shares canceled | (1,950) | (65) | (1,885) | |
Shares canceled (in shares) | $ (65,000) | |||
Net loss | $ (14,364) | (14,364) | ||
Balance at Aug. 31, 2020 | $ (5,381) | $ 2,970 | $ 22,730 | $ (31,081) |
Balance (in shares) at Aug. 31, 2020 | 2,970,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Cash flows from Operating Activities | ||
Net loss | $ (14,364) | $ (15,703) |
Amortization expenses | 317 | 290 |
Subscription Receivable | 1,800 | (1,800) |
Accounts payable | 233 | 0 |
Net cash used in operating activities | (12,014) | (17,213) |
Cash flow from Investing Activities | ||
Purchase of equipment | 0 | (950) |
Net cash used by investing activities | 0 | (950) |
Cash flow from financing Activities | ||
Proceeds from sale of common stock | 1,950 | 21,000 |
Proceeds of loan from shareholder | 0 | 0 |
Net cash provided financing activities | 1,950 | 21,000 |
Net increase (decrease) in cash and equivalents | (10,064) | 2,837 |
Cash at beginning of the period | 15,740 | 12,903 |
Cash at end of the period | 5,676 | 15,740 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | 0 | 0 |
Supplemental disclosure of non-cash investing and financing information: | ||
Repurchase of common stock for refund payable | $ 1,950 | $ 0 |
- ORGANIZATION AND BUSINESS
- ORGANIZATION AND BUSINESS | 12 Months Ended |
Aug. 31, 2020 | |
- ORGANIZATION AND BUSINESS [Abstract] | |
- ORGANIZATION AND BUSINESS | 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 the August 31 fiscal year- end. The Company is a development stage company and intends to provide geodesy services. |
- GOING CONCERN
- GOING CONCERN | 12 Months Ended |
Aug. 31, 2020 | |
- GOING CONCERN [Abstract] | |
- GOING CONCERN | NOTE 2 - GOING CONCERN The Company's financial statements as of August 31, 2020, 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 August 31, 2020 of $31,081. 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. The management's 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. |
- SUMMARY OF SIGNIFICANT ACCOUN
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2020 | |
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. 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 management's estimates and assumptions. F-6 Advertising Costs The Company's policy regarding advertising is to expense advertising when incurred. The Company did not incur advertising expenses during the period ended August 31, 2020. Stock-Based Compensation As of AUGUST 31, 2020, 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 have a material impact on our financial position, operations, or cash flows. Start-Up Costs In accordance with ASC 824, “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 a 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 nine 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. F-7 |
- FIXED ASSETS
- FIXED ASSETS | 12 Months Ended |
Aug. 31, 2020 | |
- FIXED ASSETS [Abstract] | |
- FIXED ASSETS | NOTE 4 - FIXED ASSETS On September 24, 2018, the company purchased a computer for $950. For the years ended August 31, 2020 and 2019, the Company recognized $317 and $290 in depreciation expense, respectively. The Company depreciates this asset over a period of thirty-nine (36) months which has been deemed its useful life. |
- STOCKHOLDERS EQUITY
- STOCKHOLDERS EQUITY | 12 Months Ended |
Aug. 31, 2020 | |
- STOCKHOLDERS EQUITY [Abstract] | |
- STOCKHOLDERS EQUITY | NOTE 5 - STOCKHOLDERS EQUITY The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. For the year ended August 31, 2020, the Company issued 65,000 common stock at $0.03 per share for the total proceeds of $1,950. For the year ended August 31, 2020, the Company canceled 65,000 of its common stock and accrued a stock refund payable of $1,950. As of August 31, 2020 and 2019, the Company had 2,970,000 and 2,970,000 shares issued and outstanding, respectively. |
- RELATED PARTY TRANSACTIONS
- RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2020 | |
- RELATED PARTY TRANSACTIONS [Abstract] | |
- RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS In support of the Company's 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 August 31, 2020, the Company's 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2020 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 7. INCOME TAXES On August 31, 2020, the Company had a net operating loss carryforward of $31,081, which begins to expire in the fiscal year ending August 31, 2040. Components of net deferred tax asset, including a valuation allowance, are as follows on August 31, 2020 and August 31, 2019: Deferred tax asset: AUGUST 31, 2020 AUGUST 31, 2019 Net operating loss carryforward $ 6,527 $ 3,510 Total deferred tax asset 6,527 3,510 Less: Valuation allowance (6,527) (3,510) Net deferred tax asset $ - $ - Reconciliation between statutory rate and the effective tax rate for the periods ending August 31, 2020 and 2019: AUGUST 31, 2020 AUGUST 31, 2019 Federal statutory rate (21.0) % (21.0) % State taxes, net of federal benefit (0.00) % (0.00) % Change in valuation allowance 21.0 % 21.0 % Effective tax rate 0.0 % 0.0 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2020 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8. SUBSEQUENT EVENTS The Company has evaluated all events that occurred after the balance sheet date of August 31, 2020 through the date these financial statements were issued and determined that there were the following subsequent events. F-8 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of August 31, 2020. Based on our management's evaluation under the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2020 | |
Significant Accounting Policies (Policies) [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. |
Use of Estimates | 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 management's estimates and assumptions. F-6 |
Advertising Costs | Advertising Costs The Company's policy regarding advertising is to expense advertising when incurred. The Company did not incur advertising expenses during the period ended August 31, 2020. |
Stock-Based Compensation | Stock-Based Compensation As of AUGUST 31, 2020, 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 | 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 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 | New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to have a material impact on our financial position, operations, or cash flows. |
Start-Up Costs | Start-Up Costs In accordance with ASC 824, “Start-up Costs”, the company expenses all costs incurred in connection with the start-up and organization of the company. |
Fair Value Measurements | 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 a 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 nine 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. F-7 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
INCOME TAXES (Tables) [Abstract] | |
Components of net deferred tax asset, including a valuation allowance, are as follows on August 31, 2020 and August 31, 2019: | On August 31, 2020, the Company had a net operating loss carryforward of $31,081, which begins to expire in the fiscal year ending August 31, 2040. Components of net deferred tax asset, including a valuation allowance, are as follows on August 31, 2020 and August 31, 2019: Deferred tax asset: AUGUST 31, 2020 AUGUST 31, 2019 Net operating loss carryforward $ 6,527 $ 3,510 Total deferred tax asset 6,527 3,510 Less: Valuation allowance (6,527) (3,510) Net deferred tax asset $ - $ - |
Reconciliation between statutory rate and | Reconciliation between statutory rate and the effective tax rate for the periods ending August 31, 2020 and 2019: AUGUST 31, 2020 AUGUST 31, 2019 Federal statutory rate (21.0) % (21.0) % State taxes, net of federal benefit (0.00) % (0.00) % Change in valuation allowance 21.0 % 21.0 % Effective tax rate 0.0 % 0.0 % |
- GOING CONCERN (Details Text)
- GOING CONCERN (Details Text) | 42 Months Ended |
Aug. 31, 2020USD ($) | |
Going Concern Details [Abstract] | |
The Company has accumulated loss from inception (February 17, 2017) to August 31, 2020 of $31,081 | $ 31,081 |
- SUMMARY OF SIGNIFICANT ACCO_2
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) | Aug. 31, 2020$ / shares |
Summary Of Signifcant Accounting Policies Details_ [Abstract] | |
As of AUGUST 31, 2020, the Company has not issued any stock-based payments to its employees. | $ 0 |
- FIXED ASSETS (Details Text)
- FIXED ASSETS (Details Text) - USD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Sep. 24, 2018 | |
Fixed Assets Details [Abstract] | |||
On September 24, 2018, the company purchased a computer for $950 | $ 950 | ||
For the years ended August 31, 2020 and 2019, the Company recognized $317 and $290 in depreciation expense, respectively | $ 317 | $ 290 |
- STOCKHOLDERS EQUITY (Details
- STOCKHOLDERS EQUITY (Details Text) - shares | Aug. 31, 2020 | Aug. 31, 2019 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
As of August 31, 2020 and 2019, the Company had 2,970,000 and 2,970,000 shares issued and outstanding, respectively. | 2,970,000 | 2,970,000 |
- RELATED PARTY TRANSACTIONS (D
- RELATED PARTY TRANSACTIONS (Details Text) | Aug. 31, 2020USD ($) |
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | |
Since February 17, 2017 (Inception) through August 31, 2020, the Company's sole officer and director loaned the Company $9,217 to pay for incorporation costs and operating expenses | $ 9,217 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Deferred Income Taxes and Other Liabilities [Abstract] | ||
Net operating loss carryforward | $ 6,527 | $ 3,510 |
Total deferred tax asset | 6,527 | 3,510 |
Less: Valuation allowance | (6,527) | (3,510) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Federal Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Federal statutory rate | $ (21) | $ (21) |
State taxes, net of federal benefit | 0 | 0 |
Change in valuation allowance | 21 | 21 |
Effective tax rate | $ 0 | $ 0 |
INCOME TAXES (Details Text)
INCOME TAXES (Details Text) | Aug. 31, 2020USD ($) |
Income Taxes Text Details [Abstract] | |
On August 31, 2020, the Company had a net operating loss carryforward of $31,081, which begins to expire in the fiscal year ending August 31, 2020 | $ 31,081 |