Document and Entity Information
Document and Entity Information | 6 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | United Express Inc. |
Entity Central Index Key | 0001751707 |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Is Entity's Reporting Status Current? | Yes |
Is Entity Emerging Growth? | true |
Entity Extended Transition Period? | false |
Is Entity Small business? | false |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 15,582,000 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
CURRENT ASSETS: | ||
Cash | $ 32,783 | $ 62,671 |
TOTAL CURRENT ASSETS | 32,783 | 62,671 |
FIXED ASSETS: | ||
Automobile | 20,000 | 20,000 |
Accumulated Depreciation | (4,000) | (4,000) |
TOTAL FIXED ASSETS | 16,000 | 16,000 |
TOTAL ASSETS | 48,783 | 78,671 |
CURRENT LIABILITIES: | ||
Accrued Accounts Payable | 1 | 55,500 |
Accrued Taxes Payable | 0 | 366 |
TOTAL CURRENT LIABILITIES | 1 | 55,866 |
STOCKHOLDERS' EQUITY | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 15,582,000 shares issued and outstanding as of December 31, 2019 and 15,582,000 as of June 30, 2019 | 15,582 | 15,582 |
Additional Paid-In Capital | 34,229 | 34,229 |
Net profit (loss) accumulated during development stage | (1,028) | (27,006) |
TOTAL STOCKHOLDERS' EQUITY | 48,783 | 22,805 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 48,783 | $ 78,671 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ .001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 15,582,000 | 15,582,000 |
Common stock, shares outstanding | 15,582,000 | 15,582,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUE | ||||
Sales | $ 80,070 | $ 9,547 | $ 126,170 | $ 13,559 |
Total Revenues | 80,070 | 9,547 | 126,170 | 13,559 |
COST OF SALES | ||||
Logistic and Dispatcher Service | 35,999 | 3,883 | 39,996 | 8,983 |
Equipment Rental | 14,000 | 0 | 14,000 | 0 |
Total cost of goods sold | 49,999 | 3,883 | 53,996 | 8,983 |
Gross Profit (Loss) | 30,071 | 5,664 | 72,174 | 4,576 |
OPERATING EXPENSES | ||||
Transportation expenses, Broker Expenses | 3,000 | 0 | 19,035 | 0 |
General and administration expense | 22,178 | 4,204 | 26,795 | 4,971 |
Total operating expenses | 25,178 | 4,204 | 45,830 | 4,971 |
Income (Loss) before income taxes | 4,893 | 1,460 | 26,344 | (395) |
Income tax | 0 | 0 | 366 | 0 |
Net income (loss) | $ 4,893 | $ 1,460 | $ 25,978 | $ (395) |
Net income (loss) per basic and diluted shares | $ 0 | $ 0 | $ 0 | $ 0 |
Weights average number of shares outstanding | 15,582,000 | 15,582,000 | 15,582,000 | 15,582,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Jun. 30, 2018 | 15,582,000 | |||
Beginning Balance, Amount at Jun. 30, 2018 | $ 15,582 | $ 34,229 | $ (28,382) | $ 21,429 |
Net Profit | (395) | (395) | ||
Ending Balance, shares at Dec. 31, 2018 | 15,582,000 | |||
Ending Balance, Amount at Dec. 31, 2018 | $ 15,582 | 34,229 | (28,777) | 21,034 |
Beginning Balance, Shares at Jun. 30, 2019 | 15,582,000 | |||
Beginning Balance, Amount at Jun. 30, 2019 | $ 15,582 | 34,229 | (27,006) | 22,805 |
Net Profit | 25,978 | 25,978 | ||
Ending Balance, shares at Dec. 31, 2019 | 15,582,000 | |||
Ending Balance, Amount at Dec. 31, 2019 | $ 15,582 | $ 34,229 | $ (1,028) | $ 48,783 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 4,893 | $ 1,460 | $ 25,978 | $ (395) |
Accrued Taxes | (366) | 0 | ||
Accrued Expenses | (55,500) | 0 | ||
Increase/(Decrease)Â in Loan Payable-Related party | 0 | (72) | ||
Net cash (used in) provided by operating activities | (29,888) | (467) | ||
Cash flows from investing activities: | ||||
Net cash used in investing activities | 0 | 0 | ||
Cash flows from financing activities: | ||||
Proceeds from sale of common stock | 0 | 0 | ||
Net cash provided by financing activities | 0 | 0 | ||
Net increase (decrease) in cash | (29,888) | (467) | ||
Cash and Cash EQ, beginning of the period | 62,671 | 1,501 | ||
Cash and Cash EQ, end of the period | $ 32,783 | $ 1,033 | $ 32,783 | $ 1,033 |
Description of Business
Description of Business | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 — Description of Business United Express, Inc. (the “Company”) was incorporated under the laws of the State of Nevada in June 23, 2017. The company was developed to provide comprehensive management service for long and short distance logistics for clients in the Company’s target market area. The Company will offer 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. After receiving the dispatcher license we are going to provide dispatch service to improve the efficiency of the clients’ supply chain management and delivery operations. As oil prices are currently remains stable we can mostly predict our expenses in logistics industry. These services are now heavily in demand among product distributors and retailers. As an emerging growth company, we have received $126,170 operating revenues for the six months period ended December 31,2019 and 13,559 for the six months period ended December 31,2018. It is almost ten times increase. Recorded revenues were generated from customers’ payments. The Company is currently devoting substantially all of its present efforts to securing and establishing the transportation business. |
Significant Accounting Polices
Significant Accounting Polices and Recent Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Polices and Recent Accounting Pronouncements | 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 December 31,2019 (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 12 months or less when purchased to be cash equivalents. 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 December 31, 2019. 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. Basic and Diluted Loss Per Share 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 new 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 consider the gross revenue is a principal because we identify and control the delivery service before this service is transferred to a customer. If company does not control the service before it is transferred to the customer, the entity is an agent in the transaction. It is not always clear whether we obtain control of the specified service, therefore we provided the flowing indicators of control that we used to make this determination: 1. We are primarily responsible for fulfilling the promise to provide the specified service. 2. 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 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. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Property and Equipment | NOTE 3 — Property and Equipment Property and equipment consist of: December 31, 2019 Automobile $ 20,000 Accumulated Depreciation $ 4,000 December 31, 2018 Automobile $ 20,000 Accumulated Depreciation $ 0 Property and equipment are stated at cost. The Company utilizes MERCEDES CARGO VAN — 5 years for automobile depreciation over the estimated useful lives of the assets. |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 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 $250,000 per institution. The Company's cash balances at December 31, 2019 were within FDIC insured limits. |
Concentrations
Concentrations | 6 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 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. |
Debt
Debt | 6 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 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. |
Capital Stock
Capital Stock | 6 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | NOTE 7 —Capital Stock On December 31, 2019 the Company authorized 75,000,000 shares of common shares with a par value of $0.001 per share. For the six months period ended December 31, 2019 we have no issued any new of common shares. For the six months period ended December 31, 2018, we also have no issued any new of common shares. As of December 31, 2019, and December 31, 2018, there were no outstanding stock options or warrants. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 paid $366 tax obligation for the fiscal year ended June 30, 2019. |
Related Party Transaction
Related Party Transaction | 6 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | NOTE 9 — Related Party Transactions We have not a related party transaction for the six months period ended December 31, 2019. Also, we have not a related party transaction for the six months period ended December 31, 2018. |
Going Concern
Going Concern | 6 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 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 six months period ended December 31, 2019, the Company had a Stockholders’ Equity of $48,783 and net profit $25,978 from operations. For the six months period ended December 31, 2018, the Company had a Stockholders’ Equity of $21,034 and a and net loss $395. These factors show a significant increase in our activity but still has 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. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 — Subsequent Events In accordance with ASC 855 the Company's management reviewed all material events through December 31, 2019 the date these financial statements were available to be issued, and there are no material subsequent events. |
Significant Accounting Police_2
Significant Accounting Polices and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 December 31,2019 (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 | 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 | Cash and Cash Equivalents The Company considers highly liquid investments with an original maturity of 12 months or less when purchased to be cash equivalents. |
Fair Value of Financial Instruments | 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 December 31, 2019. 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. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share 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 | Revenue Recognition We base our judgment on new 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 consider the gross revenue is a principal because we identify and control the delivery service before this service is transferred to a customer. If company does not control the service before it is transferred to the customer, the entity is an agent in the transaction. It is not always clear whether we obtain control of the specified service, therefore we provided the flowing indicators of control that we used to make this determination: 1. We are primarily responsible for fulfilling the promise to provide the specified service. 2. 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 or return). |
Recent Accounting Pronouncements | 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. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Property and Equipment | Property and equipment consist of: December 31, 2019 Automobile $ 20,000 Accumulated Depreciation $ 4,000 December 31, 2018 Automobile $ 20,000 Accumulated Depreciation $ 0 |
Description of Business (Detail
Description of Business (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Operating Revenues | $ 80,070 | $ 9,547 | $ 126,170 | $ 13,559 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | |||
Automobile | $ 20,000 | $ 20,000 | $ 20,000 |
Accumulated Depreciation | $ 4,000 | $ 0 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Dec. 31, 2019 | Jun. 30, 2019 |
Equity [Abstract] | ||
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ 0.001 | $ .001 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Dec. 31, 2019 | Jun. 30, 2019 |
Income Tax Disclosure [Abstract] | ||
Accrued Taxes | $ 0 | $ 366 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Stockholders' Equity | $ 48,783 | $ 21,034 | $ 48,783 | $ 21,034 | $ 22,805 | $ 21,429 |
Net income (loss) | $ 4,893 | $ 1,460 | $ 25,978 | $ (395) |