Mon, Sep 16, 10:19 AM (96 days ago)
United Express Inc. filed an amendment to its Form 10-Q for the quarter ending March 31, 2024, reflecting significant adjustments. Total assets increased from $13,135,648 to $14,194,757, primarily due to the reclassification of intangibles and the acquisition of equipment from Jebour Two Ltd. Total liabilities rose to $1,084,963 following the assumption of accounts payable from the acquisition. The net loss was restated to $2,004,814 from $1,978,961, driven by operational expenses related to the acquisition. Revenue for Q1 2024 was $46,815, down from $99,505 in Q1 2023, attributed to challenges in customer acquisition. The company reported a cash balance of $37,658, significantly up from $609 a year earlier, but highlighted concerns over liquidity and the ability to meet capital requirements without additional funding. The amendment also noted a material weakness in internal control over financial reporting. Overall, the financial health reflects increased operational costs and a need for strategic capital management amid ongoing uncertainties in revenue generation and operational viability.