Thu, Aug 29, 10:17 AM (138 days ago)
United Express Inc. filed an amended 10-Q for Q3 2023, reflecting significant changes from the original report. Key highlights include a notable revenue increase to $115,350 from $65,195 year-over-year, attributed to the addition of a third customer. The company reported a net profit of $99,475 compared to a loss of $3,367 in the same quarter of 2022, indicating improved operational performance. Total assets surged to $14,159,193, primarily due to the acquisition of intangible assets and equipment valued at $13,098,890 and $1,058,209, respectively. This acquisition involved issuing 12,380,951 shares, significantly increasing stockholders' equity to $13,100,083. Despite the positive revenue trajectory, uncertainties remain regarding cash flow and operational sustainability, as cash on hand was only $2,094. The company acknowledged a material weakness in internal controls, which contributed to prior misstatements. Future operations may be impacted by the need for additional capital to support growth initiatives and manage risks associated with customer concentration and fluctuating operational costs.