0001393905-23-000124.txt : 20230309 0001393905-23-000124.hdr.sgml : 20230309 20230309143239 ACCESSION NUMBER: 0001393905-23-000124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20230309 DATE AS OF CHANGE: 20230309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED CAPITAL CONSULTANTS INC. CENTRAL INDEX KEY: 0001693696 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 814625084 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55741 FILM NUMBER: 23719287 BUSINESS ADDRESS: STREET 1: 3210 EAST CORALBELL AVENUE CITY: MESA STATE: AZ ZIP: 85204 BUSINESS PHONE: 480-666-4116 MAIL ADDRESS: STREET 1: 3210 EAST CORALBELL AVENUE CITY: MESA STATE: AZ ZIP: 85204 FORMER COMPANY: FORMER CONFORMED NAME: Thicket Sound Acquisition Corp DATE OF NAME CHANGE: 20170104 10-Q 1 uncc-20220930.htm UNITED CAPITAL CONSULTANTS INC. - FORM 10-Q SEC FILING UNITED CAPITAL CONSULTANTS INC. - Form 10-Q SEC filing
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: September 30, 2022

 

or

 

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____________ to ___________________

 

Commission File No. 000-55740

 

Picture 

 

UNITED CAPITAL CONSULTANTS INC.

(Exact name of registrant as specified in its charter)

 

Delaware

81-4625084

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer Identification No.)

 

3210 E. Coralbell Ave.

Mesa, AZ 85204

(Address of principal executive offices) (zip code)

 

Registrant’s telephone number, including area code: 480-666-4116

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days).  Yes  No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

 


i


 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(1) of the Exchange Act.

 

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

 

As of March 8, 2023, the Company had 4,553,418 shares of its common stock, par value $.0001 per share, issued and outstanding.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


ii


 

UNITED CAPITAL CONSULTANTS INC.

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

1

Item 1. Financial Statements

1

Condensed Balance Sheets, as of September 30, 2022 and December 31, 2021 (Unaudited)

1

Condensed Statements of Operations, for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

2

Condensed Statements of Changes in Stockholders’ Equity, for the Three and Nine Months Ended September 30, 2022 and 2021 (Unaudited)

3

Condensed Statements of Cash Flows, for the Nine Months Ended September 30, 2022 and 2021 (Unaudited)

4

Notes to Condensed Financial Statements (Unaudited)

5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

12

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

15

Item 4. Controls and Procedures.

15

PART II - OTHER INFORMATION

17

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

17

Item 5. Other Information

17

Item 6. Exhibits

18

SIGNATURES

19

 

 

 

 

 

 

 

 

 

 

 


iii


PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

UNITED CAPITAL CONSULTANTS INC.

CONDENSED BALANCE SHEETS

As of September 30, 2022 and December 31, 2021

(Unaudited)

 

 

September 30,

2022

 

December 31,

2021

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

Cash

 

$

251

 

$

761

Total current assets

 

 

251

 

 

761

 

 

 

 

 

 

 

Deposits - related party

 

 

75,000

 

 

65,000

Investments

 

 

145,000

 

 

-

 

 

 

 

 

 

 

Total assets

 

$

220,251

 

$

65,761

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Accrued liabilities

 

 

35,000

 

 

50,000

Total liabilities

 

$

35,000

 

$

50,000

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 20,000,000 shares

 authorized; none issued and outstanding

 

 

-

 

 

-

Common stock, $0.0001 par value, 100,000,000 shares

 authorized; 4,545,918 and 4,506,918 shares issued and

outstanding as of September 30, 2022 and December 31, 2021,

 respectively

 

 

455

 

 

451

Additional paid-in capital

 

 

559,759

 

 

364,763

Accumulated deficit

 

 

(374,963)

 

 

(349,453)

Total stockholders’ equity

 

 

185,251

 

 

15,761

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

220,251

 

$

65,761

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.


1


 

UNITED CAPITAL CONSULTANTS INC.

CONDENSED STATEMENTS OF OPERATIONS

For the Three and Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

 

Three Months Ended,

September 30,

 

Nine Months Ended,

September 30,

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

-

 

$

-

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

10,370

 

 

11,553

 

 

25,510

 

 

39,953

Total operating expenses

 

10,370

 

 

11,553

 

 

25,510

 

 

39,953

 

 

 

 

 

 

 

 

 

 

 

 

Operating loss

 

(10,370)

 

 

(11,553)

 

 

(25,510)

 

 

(39,953)

 

 

 

 

 

 

 

 

 

 

 

 

Loss before taxes

 

(10,370)

 

 

(11,553)

 

 

(25,510)

 

 

(39,953)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

-

 

 

-

 

 

-

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(10,370)

 

$

(11,553)

 

$

(25,510)

 

$

(39,953)

 

 

 

 

 

 

 

 

 

 

 

 

Loss per share - basic and diluted

$

(0.00)

 

$

(0.00)

 

$

(0.01)

 

$

(0.01)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - basic and diluted

 

4,527,939

 

 

4,503,782

 

 

4,515,910

 

 

4,502,401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.


2


 

UNITED CAPITAL CONSULTANTS INC.

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the Three and Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

 

Common Stock

 

 

 

Shares

Amount

Additional

Paid-in

Capital

Accumulated

Deficit

Total

Stockholders’

Equity

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2020

4,500,318

$

450

$

331,764

$

(300,546)

$

31,668

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

1,500

 

-

 

7,500

 

-

 

7,500

Net loss

-

 

-

 

-

 

(7,870)

 

(7,870)

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2021

4,501,818

$

450

$

339,264

$

(308,416)

$

31,298

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

1,000

 

-

 

5,000

 

-

 

5,000

Net loss

-

 

-

 

-

 

(20,530)

 

(20,530)

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2021

4,502,818

$

450

$

344,264

$

(328,946)

$

15,768

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

2,600

 

1

 

12,999

 

-

 

13,000

Net loss

-

 

-

 

-

 

(11,553)

 

(11,553)

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2021

4,505,418

$

451

$

357,263

$

(340,499)

$

17,215

 

 

 

 

 

 

 

 

 

 

Balance, December 31, 2021

4,506,918

$

451

$

364,763

$

(349,453)

$

15,761

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

2,500

 

-

 

12,500

 

-

 

12,500

Net loss

-

 

-

 

-

 

(5,450)

 

(5,450)

 

 

 

 

 

 

 

 

 

 

Balance, March 31, 2022

4,509,418

$

451

$

377,263

$

(354,903)

$

22,811

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

2,500

 

-

 

12,500

 

-

 

12,500

Net loss

-

 

-

 

-

 

(9,690)

 

(9,690)

 

 

 

 

 

 

 

 

 

 

Balance, June 30, 2022

4,511,918

$

451

$

389,763

$

(364,593)

$

25,621

 

 

 

 

 

 

 

 

 

 

Common stock issued for cash

15,000

 

2

 

74,998

 

-

 

75,000

Common stock issued for investments

19,000

 

2

 

94,998

 

-

 

95,000

Net loss

-

 

-

 

-

 

(10,370)

 

(10,370)

 

 

 

 

 

 

 

 

 

 

Balance, September 30, 2022

4,545,918

$

455

$

559,759

$

(374,963)

$

185,251

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.


3


 

UNITED CAPITAL CONSULTANTS INC.

CONDENSED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

 

 

Nine Months Ended

September 30,

 

2022

 

2021

 

 

 

 

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net loss

 

$

(25,510)

 

$

(39,953)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Increase in deposits - related party

 

 

(10,000)

 

 

 

Increase (decrease) in accrued liabilities

 

 

(15,000)

 

 

15,000

Net cash used in operating activities

 

 

(50,510)

 

 

(24,953)

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Purchase of investments

 

 

(50,000)

 

 

-

Net cash used in investing activities

 

 

(50,000)

 

 

-

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

Proceeds from sale of common stock

 

 

100,000

 

 

25,500

Net cash provided by financing activities

 

 

100,000

 

 

25,500

 

 

 

 

 

 

 

Net change in cash during the period

 

 

(510)

 

 

547

 

 

 

 

 

 

 

Cash, beginning of period

 

 

761

 

 

1,668

 

 

 

 

 

 

 

Cash, end of period

 

$

251

 

$

2,215

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosures:

 

 

 

 

 

 

Interest

 

$

-

 

$

-

Income taxes

 

$

-

 

$

-

 

 

 

 

 

 

 

Schedule of Non-Cash Investing and Financing Activities

 

 

 

 

 

 

Purchase of Investments with Common Stock

 

$

95,000

 

$

-

 

 

 

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.


4


 

UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Nine Months Ended September 30, 2022 and 2021

(Unaudited)

 

NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

NATURE OF OPERATIONS

 

United Capital Consultants, Inc. (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.

 

In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.

 

Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party (Note 4), in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note 4).

 

In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.

 

In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed shortly. On September 29, 2022, an additional $10,000 was applied to the deposit.


5


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.

 

On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.

 

On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000 and issued to the Asian Solar Seller 12,000 restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar.  The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment of $200,000 and shall issue to Seller 37,000 restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.

 

BASIS OF PRESENTATION

 

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. The Company chose December 31 as its fiscal year end.

 

The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally


6


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

 

USE OF ESTIMATES

 

The preparation of financial statements in conformity with U.S. GAAP 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 condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

CASH

 

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had $251 and $761 in cash and cash equivalents as of September 30, 2022 and December 31, 2021, respectively.

 

CONCENTRATION OF RISK

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 or December 31, 2021.

 

INCOME TAXES

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

 

LOSS PER COMMON SHARE

 

Basic loss per common share excludes dilution when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2022 and December 31, 2021, there were no outstanding potentially dilutive securities.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for


7


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. As of September 30, 2022 and December 31, 2021, the Company does not have any such instruments.

 

The carrying amounts at September 30, 2022 and December 31, 2021 of current asset and liability financial instruments, such as cash and accrued liabilities, approximate their fair values because of the short maturity of these instruments.

 

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description

 

Amount at

Fair Value

 

Level 1

 

Level 2

 

Level 3

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

110,000

 

$

-

 

$

-

 

$

110,000

HD Commerce Co. Ltd. Common Stock

 

$

35,000

 

$

-

 

$

-

 

$

35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

HD Commerce Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

 

REVENUE

 

The Company recognizes revenue from its contracts with customers in accordance with ASC 606 - Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.

 

Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

 

When the Company enters into a contract, the Company analyzes the services required to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as agreement from both parties (implicit or explicit) that the obligations have been met. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied.


8


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


 

EQUITY INVESTMENTS

 

The Company recognizes the value of equity investments in accordance with ASC 321, utilizing the determinable fair market value of the investments. These securities are marked to market at each subsequent reporting period, with unrealized holding gains and losses recognized in earnings. When the Company directly or beneficially owns or controls in excess of 20% of outstanding equity, the Equity Method of valuation is utilized. When there is no determinable fair market value and the Company does not have substantial ownership or control (excess of 20%), the Company values equity investments on a cost basis, adjusting for any observable price changes in orderly transactions.  There were no unrealized gains or losses during the periods presented.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.

 

NOTE 2 - GOING CONCERN

 

The Company has generated limited revenue since inception to date and has sustained an operating loss of $25,510 for the nine months ended September 30, 2022. The Company had a negative working capital of $34,749 and an accumulated deficit of $374,963 as of September 30, 2022, and a negative working capital of $49,239 and an accumulated deficit of $349,453 as of December 31, 2021. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from capital to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

 

The Company’s management expects that COVID-19 will delay its plans for project development in Asia.

 

In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from capital or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations.

 

NOTE 3 - STOCKHOLDERS’ DEFICIT

 

The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of September 30, 2022 and December 31, 2021, there were 4,545,918 and 4,506,918 shares of common stock issued and outstanding, respectively. As of September 30, 2022 and December 31, 2021, no shares of preferred stock were issued and outstanding.

 

In February and March 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. In April 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. During the months of July, August, and September, the Company sold 15,000 shares to existing shareholder and their entities and relatives for $5 per share for total proceeds of $75,000.

 

As detailed in Note 5, during the month of August 2022, the Company issued 19,000 shares of common stock in exchange for investments (shares in other entities) for a total value of $95,000.

 

During the nine months ended September 30, 2021, in Private Placements, the Company sold 5,100 shares of common stock to existing shareholders for $5 per share for total proceeds of $25,500.


9


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


 

NOTE 4 - RELATED PARTY TRANSACTIONS

 

United Utilities Authority, Ltd. Consultancy Agreement

 

On July 18, 2018, the Company entered into a Consultancy Agreement with United Utilities Authority, Ltd., a company based in Thailand (“UUA”), to provide management consulting services (the “UUA Agreement”). UUA is a private utility located in Thailand that emphasizes renewable energy projects. UCC has been engaged by UUA to assist in management consulting and to prepare for expansion as UUA begins projects in developing countries. In exchange for the services to be rendered to UUA, the Company will be paid management consulting and training fees as well as fees based on capital raised for the benefit of UUA. The UUA Agreement will remain in effect for a term of ten (10) years unless otherwise terminated and shall then be renewed automatically for succeeding terms of three (3) years each until terminated. The UUA Agreement may be terminated upon 90 days’ written notice by either party, immediately upon notice of material breach, immediately upon the insolvency of either party, immediately in the event of force majeure or upon completion of the services to be rendered by the Company. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.

 

On May 7, 2019, in connection with the Company’s agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand.

 

In connection with the deposit placed on May 7, 2019 and pursuant to the Form 8-K filed on May 23, 2019 and subsequently on July 10, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019, respectively), granting the Company an 18% equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition of a project in UUA’s pipeline), and granting the Company the right to invest in 60 Megawatts of solar projects in UUA’s pipeline in an amount which shall not exceed 49% of the issued and outstanding shares in any project company. UUA will act as the operator of said solar assets. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.

 

In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed before the end of the year. On September 29, 2022, an additional $10,000 was applied to the deposit, resulting in $75,000 total deposits at September 30, 2022.

 

Stock Issuances

 

As detailed in Note 3, the Company issued 20,000 and 5,100 shares of its common stock to various related parties for cash of $100,000 and $25,500 during the nine months ended September 30, 2022 and 2021, respectively.

 

Acquisition of Investment

 

As detailed in Note 5, the Company acquired 4,500 shares of capital stock HD Commerce, Co. Ltd., a Thailand company, from Clayton Patterson, the Company’s CEO, in exchange for the issuance to Mr. Patterson of 4,200 shares of the Company’s common stock at $5 per share for total value of $21,000.


10


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


NOTE 5 - INVESTMENTS

 

HD Commerce, Co. Ltd.

 

On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock at $5 per share, or $35,000 total investment, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

Asian Solar Co. Ltd.

 

On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000, and issued to the Asian Solar Seller 12,000 restricted shares of its common stock at $5 per share, or $60,000, for total investment value of $110,000. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.

 

In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller $200,000, and shall issue to Seller 37,000 restricted shares of its common stock.

 

The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. The option to purchase additional shares is non-binding and does not constitute a liability, nor will it provide additional shares or value until exercised and therefore is not accounted for in the Company’s financials. Since a significant payment is required to exercise the option, and since the Company will not own a significant interest until after exercising the option, the equity method of accounting under ASC 321 is not applicable. Further, since the shares are not tradable and no determinable fair market value exists, pursuant to ASC 321, the value of the shares are accounted for on a cost-basis.

 

NOTE 6 - SUBSEQUENT EVENTS

 

In October 2022, in a private placement, the Company sold 2,000 shares of common stock to its CEO for $5 per share for total proceeds of $10,000.

 

In December 2022, in private placement, the Company sold 5,500 shares of common stock to 6 shareholders for $5 per share for total proceeds of $27,500.

 

The Company has evaluated events occurring subsequent to the balance sheet date through the date these financial statements were issued and determined there are no additional events requiring disclosure.


11



Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with our financial statements and notes to our financial statements included elsewhere in this report. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors discussed elsewhere in this report.

 

Certain information included herein contains statements that may be considered forward-looking statements, such as statements relating to our anticipated revenues, gross margin and operating results, future performance and operations, plans for future expansion, capital spending, sources of liquidity, and financing sources. This forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and accordingly, such results may differ from those expressed in any forward-looking statements made herein. These risks and uncertainties include those relating to our liquidity requirements, the continued growth of the Company’s industry, the success of our business development, marketing and sales activities, vigorous competition in the Company’s industry, dependence on existing management, leverage and debt service (including sensitivity to fluctuations in interest rates), domestic or global economic conditions, the inherent uncertainty and costs of prolonged arbitration or litigation, and changes in federal or state tax laws or the administration of such laws.

 

Overview

 

United Capital Consultants, Inc.  (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.

 

In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.

 

Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party, in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand. In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed before the end of the year. On September 29, 2022, an additional $10,000 was applied to the deposit.

 

In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and


12



economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.

 

On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.

 

On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.

 

On August 23, 2022, United Capital Consultants, Inc. (“UCC”) entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of Seven Thousand Five Hundred (7,500) shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a Fifteen Percent (15%) equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of Seven Thousand (7,000) restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

On August 31, 2022, United Capital Consultants, Inc. (“UCC”) entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of One Million (1,000,000) shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a Ten Percent (10%) equity stake in Asian Solar as calculated on a post-transaction fully-diluted basis. In exchange, UCC paid to the Asian Solar Seller a cash payment in the amount of Fifty Thousand USD ($50,000) and issued to the Asian Solar Seller Twelve Thousand (12,000) restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional Three Million Five Hundred Thousand (3,500,000) shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional Thirty Five Percent (35%) equity stake in Asian Solar as calculated on a post-transaction fully-diluted basis. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment equal to Two Hundred Thousand USD ($200,000) and shall issue to Seller Thirty-Seven Thousand (37,000) restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.


13



For the nine months ended September 30, 2022, the Company generated no revenues and sustained a net loss of $25,510. As of September 30, 2022, the Company had an accumulated deficit of $374,963.

 

For the year ended December 31, 2021, the Company’s independent auditors issued a report expressing substantial doubt about the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon financial support from its principal stockholders, its ability to obtain necessary equity financing, or its ability to sell its services to generate consistent profitability.

 

Liquidity and Capital Resources

 

The Company had a cash balance of $251 and $761 as of September 30, 2022 and December 31, 2021, respectively. For the nine months ended September 30, 2022, the Company used cash in operating activities of $50,510. During such period, the Company also used $50,000 in investing activities to acquire a minority equity investment and generated cash in financing activities of $100,000 from the sale of common stock. In comparison, for the nine months ended September 30, 2021, the Company used cash in operating activities of $24,953 and generated cash from financing activities of $25,500 from the sale of common stock.

 

Since its inception, the Company has devoted most of its efforts to business planning, research and development, recruiting management and staff and raising capital. Accordingly, the Company was considered to be in the start-up stage until it recently began formal operations. The Company generated limited revenues since its inception and there is no assurance of future revenues.

 

The Company’s proposed activities will necessitate significant uses of capital beyond 2023.

 

There is no assurance that the Company’s activities will generate sufficient revenues to sustain its operations without additional capital, or if additional capital is needed, that such funds, if available, will be obtainable on terms satisfactory to the Company. Accordingly, given the Company’s limited cash and cash equivalents on hand, the Company will be unable to implement its business plans and proposed operations unless it obtains additional financing or otherwise is able to generate revenues and profits. The Company may raise additional capital through sales of debt or equity, obtain loan financing or develop and consummate other alternative financial plans. The Company plans to rely on its primary shareholders to continue their commitment to fund the Company’s continuing operating requirements. Management anticipates that the Company will require a minimum of $100,000 for the next 12 months to fund its operations, which will be used to fund expenses related to operations, office supplies, travel, salaries and other incidental expenses. Management believes that this capital would allow the Company to meet its operating cash requirements, and would facilitate the Company’s business, and allow the Company to achieve overall sustainable profitability.

 

Discussion of the Three Months ended September 30, 2022 as compared to the Three Months ended September 30, 2021

 

Revenues during the three months ended September 30, 2022 and 2021 were $0.

 

During the three months ended September 30, 2022, the Company incurred operating expenses of $10,370 as compared to operating expenses of $11,553 for the three months ended September 30, 2021. The decrease in operating expenses resulted from a decrease in legal and other professional fees as a result of the Company’s limited activities due to COVID-19 and management’s efforts to reduce expenses.

 

During the three months ended September 30, 2022, the Company incurred a net loss of $10,370 as compared to net loss of $11,553 for the three months ended September 30, 2021. The decrease in net loss is due to the factors discussed above.

 

Discussion of the Nine Months ended September 30, 2022 as compared to the Nine Months ended September 30, 2021

 

Revenues during the nine months ended September 30, 2022 and 2021 were $0.

 

During the nine months ended September 30, 2022, the Company incurred operating expenses of $25,510 as compared to operating expenses of $39,953 for the nine months ended September 30, 2021. The decrease in


14



operating expenses resulted from a decrease in legal and other professional fees as a result of the Company’s limited activities due to COVID-19 and management’s efforts to reduce expenses.

 

During the nine months ended September 30, 2022, the Company incurred a net loss of $25,510 as compared to net loss of $39,953 for the nine months ended September 30, 2021. The decrease in net loss is due to the factors discussed above.

 

Off-Balance Sheet Arrangements

 

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Equipment Financing

 

The Company has no existing equipment financing arrangements.

 

Revenue

 

The Company generates revenue from selling its business development and management consulting services. During the three and nine months ended September 30, 2022 and 2021, respectively, the Company generated no revenues.

 

Alternative Financial Planning

 

The Company has no alternative financial plans at the moment. If the Company is not able to successfully raise monies as needed through a private placement or other securities offering (including, but not limited to, a primary public offering of securities), the Company’s ability to survive as a going concern and implement any part of its business plan or strategy will be severely jeopardized.

 

Critical Accounting Policies

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires making estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis of making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Information not required to be filed by a smaller reporting company.

 

Item 4. Controls and Procedures.

 

Disclosure Controls and Procedures

 

Pursuant to Rules adopted by the Securities and Exchange Commission, the Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures pursuant to Exchange Act Rules. This evaluation was done as of the end of the period covered by this report by the Company’s principal executive officer (who is also the principal financial officer) in consultation with an outside accounting advisor.

 

Based upon that evaluation, the Company’s principal executive officer has concluded that the Company’s disclosure controls and procedures are not effective in gathering, analyzing and disclosing information needed to ensure that the information required to be disclosed by the Company in its periodic reports 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


15



required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

The Company intends to engage outside accounting advisors to assist the Company in implementing effective disclosure controls and procedures.

 

Changes in Internal Controls

 

There was no change in the Company’s internal control over financial reporting that was identified in connection with such evaluation that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


16



PART II - OTHER INFORMATION

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

There are no sales of unregistered securities to report that have not been previously included in the Company’s past Quarterly Reports on Form 10-Q other than the below issuances.

 

In the 3rd quarter of 2022, pursuant to a series of stock purchase agreements, the Company issued an aggregate total of 7,000 shares of its Common Stock with a cost basis $5.00 per share to two shareholders, including Clayton Patterson, who is an affiliate of the Company, in exchange for 7,500 shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”), constituting an aggregate 15% equity stake in HD Commerce. These sales of common stock were exempt from registration under Section 4(a)(2) of the Securities Act.

 

In the 3rd quarter of 2022, pursuant to a stock purchase agreement, the Company issued an aggregate total of 12,000 shares of its Common Stock to one shareholder in exchange for 1,000,000 shares of the capital stock of Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”), constituting an aggregate 10% equity stake in Asian Solar. This sale of common stock was exempt from registration under Section 4(a)(2) of the Securities Act.

 

In the 3rd quarter of 2022, the Company sold fifteen thousand (15,000) shares of its Common Stock to existing affiliated shareholders and related parties for total proceeds of $75,000, or $5 a share, in private placement transactions that are exempt from registration under Section 4(a)(2) of the Securities Act. The Company used a portion of the proceeds of these sales for administrative purposes in connection with the operation of its business.

 

In October 2022, the Company sold 2,000 shares of common stock to the CEO of the Company for $5 per share for total proceeds of $10,000 in private placement transactions that are exempt from registration under Section 4(a)(2) of the Securities Act. The Company used a portion of the proceeds of these sales for administrative purposes in connection with the operation of its business.

 

In December 2022, the Company sold 5,500 shares of common stock to 6 shareholders for $5 per share for total proceeds of $27,500 in private placement transactions that are exempt from registration under Section 4(a)(2) of the Securities Act. The Company used a portion of the proceeds of these sales for administrative purposes in connection with the operation of its business.

 

Item 5. Other Information

 

No Changes in Nomination Procedures

 

During the quarter covered by this Report, there were not any material changes to the procedures by which security holders may recommend nominees to the Board of Directors.

 

 

 

 

 

 

 

 


17



Item 6. Exhibits

 

Exhibit No.

 

Description

3.1

 

Certificate of Incorporation (filed as an exhibit to the Form 10-12G dated January 18, 2017)

3.2

 

Bylaws (filed as an exhibit to the Form 10-12G dated January 18, 2017)

3.3

 

Sample stock certificate (filed as exhibit to the Form 10-12G filed January 18, 2017)

10.1

 

Consultancy Agreement between United Capital Consultants, Inc. and United Utilities Authority, Ltd. (filed as an exhibit to the Form 8-K dated August 1, 2018)

10.2

 

Client Consulting Agreement between United Capital Consultants, Inc. and Prochongkij Kornchong (filed as an exhibit to the Form 8-K dated August 1, 2018)

10.3

 

Client Consulting Agreement between United Capital Consultants, Inc. and VARS Co. Ltd.(filed as an exhibit to the Form 8-K dated August 1, 2018)

10.4

 

Teaming Agreement between United Capital Consultants and MAV Capital (filed as an exhibit to the Form 8-K dated November 16, 2018)

10.5

 

Addendum No. 1 to Consultancy Agreement between United Capital Consultants, Inc. and United Utilities Authority, Ltd. (filed as an exhibit to the Form 8-K dated May 28, 2019)

10.6

 

Addendum No. 2 to Consultancy Agreement between United Capital Consultants, Inc. and United Utilities Authority, Ltd. (filed as an exhibit to the Form 8-K dated July 10, 2019)

10.7

 

Engagement Agreement between United Capital Consultants, Inc. and Westwood Capital LLC (filed as an exhibit to the Form 8-K dated May 7, 2020)

10.8

 

Stock Purchase Agreement between United Capital Consultants, Inc. and Clayton Patterson to acquire HD Commerce, Co. Ltd. Capital Stock (filed as an exhibit to the Form 8-K dated August 29, 2022)

10.9

 

Stock Purchase Agreement between United Capital Consultants, Inc. and Thanachai Sawangphakdee to acquire HD Commerce, Co. Ltd. Capital Stock (filed as an exhibit to the Form 8-K dated August 29, 2022)

10.10

 

Stock Purchase Agreement between United Capital Consultants, Inc., Asian Solar Co. Ltd. and Pramual Buddha to acquire Asian Solar Co. Ltd. Capital Stock (filed as an exhibit to the Form 8-K dated September 1, 2022)

31.1*

 

Rule 15d-14(a) Certification by Principal Executive Officer

31.2*

 

Rule 15d-14(a) Certification by Principal Financial Officer

32.1*

 

Section 1350 Certification of Principal Executive Officer and Principal Financial Officer

101.SCH*

 

Inline XBRL Taxonomy Extension Schema Document.

101.CAL*

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.LAB*

 

Inline XBRL Taxonomy Extension Label Linkbase Document.

101.PRE*

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document.

101.DEF*

 

Inline XBRL Taxonomy Extension Definition Linkbase Document

104*

 

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

* Filed herewith

 

 

 

 

 


18



SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 8, 2023.

 

 

UNITED CAPITAL CONSULTANTS, INC.

 

 

 

 

By:

/s/ Clayton Patterson

 

Title:

President (Principal Executive Officer)

 

 

 

 

By:

/s/ Harold Patterson

 

Title:

Chief Financial Officer (Principal Financial Officer)

 

 

 

 

By:

/s/ Harold Patterson

 

Title:

Chief Financial Officer (Principal Accounting Officer)

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on March 8, 2023.

 

 

By:

/s/ Clayton Patterson

 

Title:

Chief Executive Officer (Principal Executive Officer)

 

 

 

 

By:

/s/ Harold Patterson

 

Title:

Treasurer (Principal Financial Officer)

 

 

 

 

By:

/s/ Harold Patterson

 

Title:

Treasurer (Principal Accounting Officer)

 

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons, constituting all of the members of the board of directors, in the capacities and on the dates indicated.

 

Signature

 

Capacity

 

Date

 

 

 

 

 

/s/ Clayton Patterson

 

Director

 

March 8, 2023

 

 

 

 

 

/s/ Harold Patterson

 

Director

 

March 8, 2023

 

 

 

 

 

 

 

 

 

 


19

EX-31.1 2 uncc_ex311.htm CERTIFICATION CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO SECTION 302

 

I, Clayton Patterson, certify that:

 

1.I have reviewed the Quarterly Report on Form 10-Q of United Capital Consultants, Inc. for the period ended September 30, 2022. 

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations; and 

 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): 

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

 

Dated: March 8, 2023

/s/ Clayton Patterson

 

Chief Executive Officer (Principal Executive Officer)

 

EX-31.2 3 uncc_ex312.htm CERTIFICATION CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO SECTION 302

 

I, Harold Patterson, certify that:

 

1.I have reviewed the Quarterly Report on Form 10-Q of United Capital Consultants, Inc. for the period ended September 30, 2022. 

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 

 

4.The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: 

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; 

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; 

 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations; and 

 

d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 

 

5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): 

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and 

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. 

 

Dated: March 8, 2023

/s/ Harold Patterson

 

Chief Financial Officer (Principal Financial Officer)

 

EX-32.1 4 uncc_ex321.htm CERTIFICATION Certification

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report on Form 10-Q of United Capital Consultants, Inc. (the “Company”) for the period ending September 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned officers of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his or her knowledge:

 

(1)The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 

 

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. 

 

Dated: March 8, 2023

By: /s/ Clayton Patterson

 

Clayton Patterson

 

Chief Executive Officer (Principal Executive Officer)

 

 

Dated: March 8, 2023

By: /s/ Harold Patterson

 

Harold Patterson

 

Chief Financial Officer (Principal Financial Officer)

 

This certification accompanies each Report pursuant to § 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002, be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.

 

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

 

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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2022
Mar. 08, 2023
Details    
Registrant CIK 0001693696  
Fiscal Year End --12-31  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 000-55740  
Entity Registrant Name UNITED CAPITAL CONSULTANTS INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 81-4625084  
Entity Address, Address Line One 3210 E. Coralbell Ave.  
Entity Address, City or Town Mesa  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85204  
City Area Code 480  
Local Phone Number 666-4116  
Entity Current Reporting Status No  
Entity Interactive Data Current No  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   4,553,418
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Current assets    
Cash $ 251 $ 761
Total current assets 251 761
Deposits - related party 75,000 65,000
Investments 145,000 0
Total assets 220,251 65,761
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accrued liabilities 35,000 50,000
Total liabilities 35,000 50,000
Stockholders' equity    
Preferred stock value 0 0
Common stock value 455 451
Additional paid-in capital 559,759 364,763
Accumulated deficit (374,963) (349,453)
Total stockholders' equity 185,251 15,761
Total liabilities and stockholders' equity $ 220,251 $ 65,761
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CONDENSED BALANCE SHEETS - Parenthetical - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Details    
Preferred Stock, No Par Value $ 0.0001 $ 0.0001
Preferred Stock, Shares Authorized 20,000,000 20,000,000
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 4,545,918 4,506,918
Common Stock, Shares, Outstanding 4,545,918 4,506,918
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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Details        
Revenues $ 0 $ 0 $ 0 $ 0
Operating expenses        
General and administrative 10,370 11,553 25,510 39,953
Total operating expenses 10,370 11,553 25,510 39,953
Operating loss (10,370) (11,553) (25,510) (39,953)
Loss before taxes (10,370) (11,553) (25,510) (39,953)
Income tax expense 0 0 0 0
Net income (loss) $ (10,370) $ (11,553) $ (25,510) $ (39,953)
Loss per share - basic and diluted $ (0.00) $ (0.00) $ (0.01) $ (0.01)
Weighted average shares - basic and diluted 4,527,939 4,503,782 4,515,910 4,502,401
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CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
Common Stock
Additional Paid-in Capital
Retained Earnings
Total
Equity Balance at Dec. 31, 2020 $ 450 $ 331,764 $ (300,546) $ 31,668
Equity Balance, Shares at Dec. 31, 2020 4,500,318      
Common stock issued for cash $ 0 7,500 0 7,500
Common stock issued for cash, shares 1,500      
Net income (loss) $ 0 0 (7,870) (7,870)
Equity Balance at Mar. 31, 2021 $ 450 339,264 (308,416) 31,298
Equity Balance, Shares at Mar. 31, 2021 4,501,818      
Equity Balance at Dec. 31, 2020 $ 450 331,764 (300,546) 31,668
Equity Balance, Shares at Dec. 31, 2020 4,500,318      
Common stock issued for cash       $ 25,500
Common stock issued for cash, shares       5,100
Net income (loss)       $ (39,953)
Equity Balance at Sep. 30, 2021 $ 451 357,263 (340,499) 17,215
Equity Balance, Shares at Sep. 30, 2021 4,505,418      
Equity Balance at Mar. 31, 2021 $ 450 339,264 (308,416) 31,298
Equity Balance, Shares at Mar. 31, 2021 4,501,818      
Common stock issued for cash $ 0 5,000 0 5,000
Common stock issued for cash, shares 1,000      
Net income (loss) $ 0 0 (20,530) (20,530)
Equity Balance at Jun. 30, 2021 $ 450 344,264 (328,946) 15,768
Equity Balance, Shares at Jun. 30, 2021 4,502,818      
Common stock issued for cash $ 1 12,999 0 13,000
Common stock issued for cash, shares 2,600      
Net income (loss) $ 0 0 (11,553) (11,553)
Equity Balance at Sep. 30, 2021 $ 451 357,263 (340,499) 17,215
Equity Balance, Shares at Sep. 30, 2021 4,505,418      
Equity Balance at Dec. 31, 2021 $ 451 364,763 (349,453) 15,761
Equity Balance, Shares at Dec. 31, 2021 4,506,918      
Common stock issued for cash $ 0 12,500 0 12,500
Common stock issued for cash, shares 2,500      
Net income (loss) $ 0 0 (5,450) (5,450)
Equity Balance at Mar. 31, 2022 $ 451 377,263 (354,903) 22,811
Equity Balance, Shares at Mar. 31, 2022 4,509,418      
Equity Balance at Dec. 31, 2021 $ 451 364,763 (349,453) 15,761
Equity Balance, Shares at Dec. 31, 2021 4,506,918      
Common stock issued for cash       $ 100,000
Common stock issued for cash, shares       20,000
Net income (loss)       $ (25,510)
Equity Balance at Sep. 30, 2022 $ 455 559,759 (374,963) 185,251
Equity Balance, Shares at Sep. 30, 2022 4,545,918      
Equity Balance at Mar. 31, 2022 $ 451 377,263 (354,903) 22,811
Equity Balance, Shares at Mar. 31, 2022 4,509,418      
Common stock issued for cash $ 0 12,500 0 12,500
Common stock issued for cash, shares 2,500      
Net income (loss) $ 0 0 (9,690) (9,690)
Equity Balance at Jun. 30, 2022 $ 451 389,763 (364,593) 25,621
Equity Balance, Shares at Jun. 30, 2022 4,511,918      
Common stock issued for cash $ 2 74,998 0 75,000
Common stock issued for cash, shares 15,000      
Net income (loss) $ 0 0 (10,370) (10,370)
Equity Balance at Sep. 30, 2022 $ 455 559,759 (374,963) 185,251
Equity Balance, Shares at Sep. 30, 2022 4,545,918      
Common stock issued for investments $ 2 $ 94,998 $ 0 $ 95,000
Common stock issued for investments, shares 19,000      
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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES    
Net income (loss) $ (25,510) $ (39,953)
Changes in operating assets and liabilities    
Increase in deposits - related party (10,000)  
Increase (decrease) in accrued liabilities (15,000) 15,000
Net cash used in operating activities (50,510) (24,953)
INVESTING ACTIVITIES    
Payments for purchase of investments (50,000) 0
Net cash used in investing activities (50,000) 0
FINANCING ACTIVITIES    
Proceeds from sale of common stock 100,000 25,500
Net cash provided by financing activities 100,000 25,500
Net change in cash during the period (510) 547
Cash, beginning of period 761 1,668
Cash, end of period 251 2,215
Supplemental Cash Flow Disclosures    
Cash paid for interest 0 0
Cash paid for income taxes 0 0
Schedule of Non-Cash Investing and Financing Activities    
Purchase of Investments with Common Stock $ 95,000 $ 0
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Nature of Operations and Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2022
Notes  
Nature of Operations and Summary of Significant Accounting Policies

NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

NATURE OF OPERATIONS

 

United Capital Consultants, Inc. (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.

 

In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.

 

Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party (Note 4), in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note 4).

 

In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.

 

In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed shortly. On September 29, 2022, an additional $10,000 was applied to the deposit.


5


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.

 

On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.

 

On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000 and issued to the Asian Solar Seller 12,000 restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar.  The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment of $200,000 and shall issue to Seller 37,000 restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.

 

BASIS OF PRESENTATION

 

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. The Company chose December 31 as its fiscal year end.

 

The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally

included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

 

USE OF ESTIMATES

 

The preparation of financial statements in conformity with U.S. GAAP 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 condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

CASH

 

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had $251 and $761 in cash and cash equivalents as of September 30, 2022 and December 31, 2021, respectively.

 

CONCENTRATION OF RISK

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 or December 31, 2021.

 

INCOME TAXES

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

 

LOSS PER COMMON SHARE

 

Basic loss per common share excludes dilution when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2022 and December 31, 2021, there were no outstanding potentially dilutive securities.

 

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for

identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. As of September 30, 2022 and December 31, 2021, the Company does not have any such instruments.

 

The carrying amounts at September 30, 2022 and December 31, 2021 of current asset and liability financial instruments, such as cash and accrued liabilities, approximate their fair values because of the short maturity of these instruments.

 

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description

 

Amount at

Fair Value

 

Level 1

 

Level 2

 

Level 3

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

110,000

 

$

-

 

$

-

 

$

110,000

HD Commerce Co. Ltd. Common Stock

 

$

35,000

 

$

-

 

$

-

 

$

35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

HD Commerce Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

 

REVENUE

 

The Company recognizes revenue from its contracts with customers in accordance with ASC 606 - Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.

 

Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

 

When the Company enters into a contract, the Company analyzes the services required to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as agreement from both parties (implicit or explicit) that the obligations have been met. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied.

 

EQUITY INVESTMENTS

 

The Company recognizes the value of equity investments in accordance with ASC 321, utilizing the determinable fair market value of the investments. These securities are marked to market at each subsequent reporting period, with unrealized holding gains and losses recognized in earnings. When the Company directly or beneficially owns or controls in excess of 20% of outstanding equity, the Equity Method of valuation is utilized. When there is no determinable fair market value and the Company does not have substantial ownership or control (excess of 20%), the Company values equity investments on a cost basis, adjusting for any observable price changes in orderly transactions.  There were no unrealized gains or losses during the periods presented.

 

RECENT ACCOUNTING PRONOUNCEMENTS

 

The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.

XML 18 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Going Concern Disclosure
9 Months Ended
Sep. 30, 2022
Notes  
Going Concern Disclosure

NOTE 2 - GOING CONCERN

 

The Company has generated limited revenue since inception to date and has sustained an operating loss of $25,510 for the nine months ended September 30, 2022. The Company had a negative working capital of $34,749 and an accumulated deficit of $374,963 as of September 30, 2022, and a negative working capital of $49,239 and an accumulated deficit of $349,453 as of December 31, 2021. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from capital to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.

 

The Company’s management expects that COVID-19 will delay its plans for project development in Asia.

 

In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from capital or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations.

XML 19 R9.htm IDEA: XBRL DOCUMENT v3.22.4
Stockholder's Deficit Disclosure
9 Months Ended
Sep. 30, 2022
Notes  
Stockholder's Deficit Disclosure

NOTE 3 - STOCKHOLDERS’ DEFICIT

 

The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of September 30, 2022 and December 31, 2021, there were 4,545,918 and 4,506,918 shares of common stock issued and outstanding, respectively. As of September 30, 2022 and December 31, 2021, no shares of preferred stock were issued and outstanding.

 

In February and March 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. In April 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. During the months of July, August, and September, the Company sold 15,000 shares to existing shareholder and their entities and relatives for $5 per share for total proceeds of $75,000.

 

As detailed in Note 5, during the month of August 2022, the Company issued 19,000 shares of common stock in exchange for investments (shares in other entities) for a total value of $95,000.

 

During the nine months ended September 30, 2021, in Private Placements, the Company sold 5,100 shares of common stock to existing shareholders for $5 per share for total proceeds of $25,500.

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.22.4
Related Party Disclosure
9 Months Ended
Sep. 30, 2022
Notes  
Related Party Disclosure

NOTE 4 - RELATED PARTY TRANSACTIONS

 

United Utilities Authority, Ltd. Consultancy Agreement

 

On July 18, 2018, the Company entered into a Consultancy Agreement with United Utilities Authority, Ltd., a company based in Thailand (“UUA”), to provide management consulting services (the “UUA Agreement”). UUA is a private utility located in Thailand that emphasizes renewable energy projects. UCC has been engaged by UUA to assist in management consulting and to prepare for expansion as UUA begins projects in developing countries. In exchange for the services to be rendered to UUA, the Company will be paid management consulting and training fees as well as fees based on capital raised for the benefit of UUA. The UUA Agreement will remain in effect for a term of ten (10) years unless otherwise terminated and shall then be renewed automatically for succeeding terms of three (3) years each until terminated. The UUA Agreement may be terminated upon 90 days’ written notice by either party, immediately upon notice of material breach, immediately upon the insolvency of either party, immediately in the event of force majeure or upon completion of the services to be rendered by the Company. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.

 

On May 7, 2019, in connection with the Company’s agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand.

 

In connection with the deposit placed on May 7, 2019 and pursuant to the Form 8-K filed on May 23, 2019 and subsequently on July 10, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019, respectively), granting the Company an 18% equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition of a project in UUA’s pipeline), and granting the Company the right to invest in 60 Megawatts of solar projects in UUA’s pipeline in an amount which shall not exceed 49% of the issued and outstanding shares in any project company. UUA will act as the operator of said solar assets. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.

 

In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed before the end of the year. On September 29, 2022, an additional $10,000 was applied to the deposit, resulting in $75,000 total deposits at September 30, 2022.

 

Stock Issuances

 

As detailed in Note 3, the Company issued 20,000 and 5,100 shares of its common stock to various related parties for cash of $100,000 and $25,500 during the nine months ended September 30, 2022 and 2021, respectively.

 

Acquisition of Investment

 

As detailed in Note 5, the Company acquired 4,500 shares of capital stock HD Commerce, Co. Ltd., a Thailand company, from Clayton Patterson, the Company’s CEO, in exchange for the issuance to Mr. Patterson of 4,200 shares of the Company’s common stock at $5 per share for total value of $21,000.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.22.4
Investments Disclosure
9 Months Ended
Sep. 30, 2022
Notes  
Investments Disclosure

NOTE 5 - INVESTMENTS

 

HD Commerce, Co. Ltd.

 

On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock at $5 per share, or $35,000 total investment, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

Asian Solar Co. Ltd.

 

On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000, and issued to the Asian Solar Seller 12,000 restricted shares of its common stock at $5 per share, or $60,000, for total investment value of $110,000. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.

 

In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller $200,000, and shall issue to Seller 37,000 restricted shares of its common stock.

 

The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. The option to purchase additional shares is non-binding and does not constitute a liability, nor will it provide additional shares or value until exercised and therefore is not accounted for in the Company’s financials. Since a significant payment is required to exercise the option, and since the Company will not own a significant interest until after exercising the option, the equity method of accounting under ASC 321 is not applicable. Further, since the shares are not tradable and no determinable fair market value exists, pursuant to ASC 321, the value of the shares are accounted for on a cost-basis.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.22.4
Subsequent Events Disclosure
9 Months Ended
Sep. 30, 2022
Notes  
Subsequent Events Disclosure

NOTE 6 - SUBSEQUENT EVENTS

 

In October 2022, in a private placement, the Company sold 2,000 shares of common stock to its CEO for $5 per share for total proceeds of $10,000.

 

In December 2022, in private placement, the Company sold 5,500 shares of common stock to 6 shareholders for $5 per share for total proceeds of $27,500.

 

The Company has evaluated events occurring subsequent to the balance sheet date through the date these financial statements were issued and determined there are no additional events requiring disclosure.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Nature of Operations (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Nature of Operations

NATURE OF OPERATIONS

 

United Capital Consultants, Inc. (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.

 

In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.

 

Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party (Note 4), in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note 4).

 

In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.

 

On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.

 

In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed shortly. On September 29, 2022, an additional $10,000 was applied to the deposit.


5


UNITED CAPITAL CONSULTANTS INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the Three and Six Months Ended June 30, 2022 and 2021

(Unaudited)


On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.

 

On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.

 

On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.

 

On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000 and issued to the Asian Solar Seller 12,000 restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar.  The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment of $200,000 and shall issue to Seller 37,000 restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Basis of Accounting, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Basis of Accounting, Policy

BASIS OF PRESENTATION

 

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. The Company chose December 31 as its fiscal year end.

 

The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally

included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Use of Estimates, Policy

USE OF ESTIMATES

 

The preparation of financial statements in conformity with U.S. GAAP 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 condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Cash, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Cash, Policy

CASH

 

Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had $251 and $761 in cash and cash equivalents as of September 30, 2022 and December 31, 2021, respectively.

XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Concentration Risk, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Concentration Risk, Policy

CONCENTRATION OF RISK

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 or December 31, 2021.

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Income Taxes, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Income Taxes, Policy

INCOME TAXES

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Earnings Per Share, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Earnings Per Share, Policy

LOSS PER COMMON SHARE

 

Basic loss per common share excludes dilution when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2022 and December 31, 2021, there were no outstanding potentially dilutive securities.

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Fair Value of Financial Instruments, Policy

FAIR VALUE OF FINANCIAL INSTRUMENTS

 

The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for

identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

 

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

 

Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. As of September 30, 2022 and December 31, 2021, the Company does not have any such instruments.

 

The carrying amounts at September 30, 2022 and December 31, 2021 of current asset and liability financial instruments, such as cash and accrued liabilities, approximate their fair values because of the short maturity of these instruments.

 

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

Description

 

Amount at

Fair Value

 

Level 1

 

Level 2

 

Level 3

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

110,000

 

$

-

 

$

-

 

$

110,000

HD Commerce Co. Ltd. Common Stock

 

$

35,000

 

$

-

 

$

-

 

$

35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

HD Commerce Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Revenue recognition policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Revenue recognition policy

REVENUE

 

The Company recognizes revenue from its contracts with customers in accordance with ASC 606 - Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.

 

Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.

 

When the Company enters into a contract, the Company analyzes the services required to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as agreement from both parties (implicit or explicit) that the obligations have been met. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied.

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Equity Investments Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
Equity Investments Policy

EQUITY INVESTMENTS

 

The Company recognizes the value of equity investments in accordance with ASC 321, utilizing the determinable fair market value of the investments. These securities are marked to market at each subsequent reporting period, with unrealized holding gains and losses recognized in earnings. When the Company directly or beneficially owns or controls in excess of 20% of outstanding equity, the Equity Method of valuation is utilized. When there is no determinable fair market value and the Company does not have substantial ownership or control (excess of 20%), the Company values equity investments on a cost basis, adjusting for any observable price changes in orderly transactions.  There were no unrealized gains or losses during the periods presented.

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)
9 Months Ended
Sep. 30, 2022
Policies  
New Accounting Pronouncements, Policy

RECENT ACCOUNTING PRONOUNCEMENTS

 

The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy: Fair Value, by Balance Sheet Grouping (Tables)
9 Months Ended
Sep. 30, 2022
Tables/Schedules  
Fair Value, by Balance Sheet Grouping

 

Description

 

Amount at

Fair Value

 

Level 1

 

Level 2

 

Level 3

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

110,000

 

$

-

 

$

-

 

$

110,000

HD Commerce Co. Ltd. Common Stock

 

$

35,000

 

$

-

 

$

-

 

$

35,000

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Private, unmarketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Asian Solar Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

HD Commerce Co. Ltd. Common Stock

 

$

-

 

$

-

 

$

-

 

$

-

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Cash, Policy (Details) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Details    
Cash and cash equivalents $ 251 $ 761
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.22.4
Nature of Operations and Summary of Significant Accounting Policies: Fair Value of Financial Instruments, Policy: Fair Value, by Balance Sheet Grouping (Details)
9 Months Ended
Sep. 30, 2022
USD ($)
Asian Solar Co. Ltd.  
Fair value assets acquired $ 110,000
Fair value assets level 3 110,000
HD Commerce Co. Ltd.  
Fair value assets acquired 35,000
Fair value assets level 3 $ 35,000
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.22.4
Going Concern Disclosure (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Details          
Loss before taxes $ 10,370 $ 11,553 $ 25,510 $ 39,953  
Accumulated deficit $ 374,963   $ 374,963   $ 349,453
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.22.4
Stockholder's Deficit Disclosure (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Common stock authorized 100,000,000           100,000,000   100,000,000
Preferred stock authorized 20,000,000           20,000,000   20,000,000
Common stock issued and outstanding 4,545,918           4,545,918   4,506,918
Stock issued for cash             20,000 5,100  
Sale of stock, per share                 $ 5
Common stock issued for cash $ 75,000 $ 12,500 $ 12,500 $ 13,000 $ 5,000 $ 7,500 $ 100,000 $ 25,500  
Common stock issued for investments $ 95,000                
Purchase of investments, August 2022                  
Common stock issued for investments, shares 19,000                
Common stock issued for investments $ 95,000                
Private Offerings Feb and March 2022                  
Stock issued for cash     2,500            
Sale of stock, per share $ 5           $ 5    
Common stock issued for cash     $ 12,500            
Private Offering April 2022                  
Stock issued for cash   2,500              
Sale of stock, per share $ 5           5    
Common stock issued for cash   $ 12,500              
Private Offering July, August, September 2022                  
Stock issued for cash 15,000                
Sale of stock, per share $ 5           $ 5    
Common stock issued for cash $ 75,000                
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.22.4
Related Party Disclosure (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2018
Dec. 31, 2021
Increase in Deposits - related party             $ 10,000      
Stock issued for cash             20,000 5,100    
Common stock issued for cash $ 75,000 $ 12,500 $ 12,500 $ 13,000 $ 5,000 $ 7,500 $ 100,000 $ 25,500    
Common stock issued for investments 95,000                  
United Utilities Authority Agreement                    
Description of related party transaction                 In exchange for the services to be rendered to UUA, the Company will be paid management consulting and training fees as well as fees based on capital raised for the benefit of UUA. The UUA Agreement will remain in effect for a term of ten (10) years unless otherwise terminated and shall then be renewed automatically for succeeding terms of three (3) years each until terminated.  
Deposit towards the purchase of a Special Project Vehicle Company $ 75,000           75,000     $ 65,000
Increase in Deposits - related party             $ 10,000      
CEO for HD Commerce                    
Common stock issued for investments, shares             4,200      
Common stock issued for investments             $ 21,000      
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.22.4
Investments Disclosure (Details) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Common stock issued for investments $ 95,000    
Payments for purchase of investments   $ 50,000 $ 0
HD Commerce Co. Ltd.      
Equity stake acquired   15.00%  
Common stock issued for investments, shares   7,000  
Common stock issued for investments   $ 35,000  
Asian Solar Co. Ltd.      
Equity stake acquired   10.00%  
Common stock issued for investments, shares   12,000  
Common stock issued for investments   $ 60,000  
Payments for purchase of investments   $ 50,000  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.22.4
Subsequent Events Disclosure (Details) - USD ($)
3 Months Ended 5 Months Ended 9 Months Ended
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Mar. 08, 2023
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Stock issued for cash               20,000 5,100  
Sale of stock, per share                   $ 5
Common stock issued for cash $ 75,000 $ 12,500 $ 12,500 $ 13,000 $ 5,000 $ 7,500   $ 100,000 $ 25,500  
Private Offering Oct 2022                    
Stock issued for cash             2,000      
Sale of stock, per share             $ 5      
Common stock issued for cash             $ 10,000      
Private Offering Dec 2022                    
Stock issued for cash             5,500      
Sale of stock, per share             $ 5      
Common stock issued for cash             $ 27,500      
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DE 81-4625084 3210 E. Coralbell Ave. Mesa AZ 85204 480 666-4116 No No Non-accelerated Filer true true false false 4553418 251 761 251 761 75000 65000 145000 0 220251 65761 35000 50000 35000 50000 0.0001 0.0001 20000000 20000000 0 0 0.0001 0.0001 100000000 100000000 4545918 4545918 4506918 4506918 455 451 559759 364763 -374963 -349453 185251 15761 220251 65761 0 0 0 0 10370 11553 25510 39953 10370 11553 25510 39953 -10370 -11553 -25510 -39953 -10370 -11553 -25510 -39953 0 0 0 0 -10370 -11553 -25510 -39953 -0.00 -0.00 -0.01 -0.01 4527939 4503782 4515910 4502401 4500318 450 331764 -300546 31668 1500 0 7500 0 7500 0 0 0 -7870 -7870 4501818 450 339264 -308416 31298 1000 0 5000 0 5000 0 0 0 -20530 -20530 4502818 450 344264 -328946 15768 2600 1 12999 0 13000 0 0 0 -11553 -11553 4505418 451 357263 -340499 17215 4506918 451 364763 -349453 15761 2500 0 12500 0 12500 0 0 0 -5450 -5450 4509418 451 377263 -354903 22811 2500 0 12500 0 12500 0 0 0 -9690 -9690 4511918 451 389763 -364593 25621 15000 2 74998 0 75000 19000 2 94998 0 95000 0 0 0 -10370 -10370 4545918 455 559759 -374963 185251 -25510 -39953 -10000 -15000 15000 -50510 -24953 50000 0 -50000 0 100000 25500 100000 25500 -510 547 761 1668 251 2215 0 0 0 0 95000 0 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">NATURE OF OPERATIONS</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">United Capital Consultants, Inc. (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party (Note 4), in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note 4).</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed shortly. On September 29, 2022, an additional $10,000 was applied to the deposit.</p> <hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:8pt Times New Roman;margin:0;text-align:center">5</p> <hr style="page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0"/><p style="line-height:0;margin:0"/> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center"><b>UNITED CAPITAL CONSULTANTS INC.</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center"><b>NOTES TO CONDENSED FINANCIAL STATEMENTS</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center">For the Three and Six Months Ended June 30, 2022 and 2021</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center">(Unaudited)</p> <hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000 and issued to the Asian Solar Seller 12,000 restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar.  The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment of $200,000 and shall issue to Seller 37,000 restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">BASIS OF PRESENTATION</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. The Company chose December 31 as its fiscal year end.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">USE OF ESTIMATES</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The preparation of financial statements in conformity with U.S. GAAP 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 condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">CASH</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had $251 and $761 in cash and cash equivalents as of September 30, 2022 and December 31, 2021, respectively.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">CONCENTRATION OF RISK</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 or December 31, 2021.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">INCOME TAXES</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">LOSS PER COMMON SHARE</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Basic loss per common share excludes dilution when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2022 and December 31, 2021, there were no outstanding potentially dilutive securities.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">FAIR VALUE OF FINANCIAL INSTRUMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. As of September 30, 2022 and December 31, 2021, the Company does not have any such instruments.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The carrying amounts at September 30, 2022 and December 31, 2021 of current asset and liability financial instruments, such as cash and accrued liabilities, approximate their fair values because of the short maturity of these instruments. </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</p> <p style="font:10pt Times New Roman;margin:0"> </p> <table style="margin:0 auto;border-collapse:collapse;width:99%"><tr><td style="width:45.86%;padding-bottom:0.5pt;border-bottom:0.5pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0"><b>Description</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:13.42%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Amount at</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Fair Value</b></p> </td><td style="width:3.14%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 1</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 2</b></p> </td><td style="width:1.8%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:12.38%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 3</b></p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%;border-top:0.5pt solid #000000" valign="top"><p style="font:10pt Times New Roman;margin:0">September 30, 2022</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">December 31, 2021</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">REVENUE</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company recognizes revenue from its contracts with customers in accordance with ASC 606 - Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">When the Company enters into a contract, the Company analyzes the services required to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as agreement from both parties (implicit or explicit) that the obligations have been met. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">EQUITY INVESTMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company recognizes the value of equity investments in accordance with ASC 321, utilizing the determinable fair market value of the investments. These securities are marked to market at each subsequent reporting period, with unrealized holding gains and losses recognized in earnings. When the Company directly or beneficially owns or controls in excess of 20% of outstanding equity, the Equity Method of valuation is utilized. When there is no determinable fair market value and the Company does not have substantial ownership or control (excess of 20%), the Company values equity investments on a cost basis, adjusting for any observable price changes in orderly transactions.  There were no unrealized gains or losses during the periods presented.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">RECENT ACCOUNTING PRONOUNCEMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">NATURE OF OPERATIONS</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">United Capital Consultants, Inc. (the “Company” or “UCC”) was incorporated on December 7, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the start-up stage since inception. In April 2018, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In connection with the change in control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from Thicket Sound Acquisition Corporation to United Capital Consultants, Inc.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">Pursuant to the change in control and the Form 8-K filed on August 1, 2018, the Company began to develop as a business development and management company. The Company entered into contracts with three foreign firms to specialize in supporting the development and growth of its clients through counsel, training, and other support and anticipates that it will accept clients in a variety of industries based on potential for growth and profitability. Per the Form 8-K filed on November 16, 2018, the Company entered an agreement with an additional third party to assist in providing such services. The Company has since shifted its focus to emphasize cooperation with United Utilities Authority (“UUA”), a related party (Note 4), in the renewable energy sector. The Company anticipates that it will obtain an equity position in its clients and potentially engage in business activities to create business verticals synergistic in nature to its clients’ operations.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On May 7, 2019, in connection with its agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand (see Note 4).</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In connection with the deposit placed on May 7, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019), granting the Company a potential equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition/development of a project in UUA’s pipeline) and granting the Company the right to invest in 60 Megawatts of solar farms in UUA’s pipeline in an amount which (as required by Thai law) shall not exceed 49% of the issued and outstanding shares in any project company. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. UUA will act as the operator of said solar assets. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On April 27, 2020, the Company entered into an agreement with Westwood Capital LLC (“Westwood”), a New York-based investment bank regulated by the United States Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority. The agreement engages Westwood to raise funds for the acquisition of operating renewable energy assets in Southeast Asia, which UCC intends to manage for investors in exchange for a management fee. Pursuant to this agreement, the Company’s business model has been adjusted to focus solely on the energy sector and development, acquisition, and management of renewable energy assets for the foreseeable future.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed shortly. On September 29, 2022, an additional $10,000 was applied to the deposit.</p> <hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:8pt Times New Roman;margin:0;text-align:center">5</p> <hr style="page-break-after:always;border:0;height:3pt;background-color:#909090;margin:8pt 0"/><p style="line-height:0;margin:0"/> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center"><b>UNITED CAPITAL CONSULTANTS INC.</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center"><b>NOTES TO CONDENSED FINANCIAL STATEMENTS</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center">For the Three and Six Months Ended June 30, 2022 and 2021</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:center">(Unaudited)</p> <hr style="border:0;height:0;width:0;margin:14pt 0 0 0"/><p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 31, 2021, the Company entered into a Consulting Agreement with Energy Zero Solutions LLC (“EZS”), a North Carolina limited liability company, pursuant to which UCC shall provide consulting services in connection with EZS’s performance under its contract with a reputable solar EPC firm regarding certain solar energy projects. As compensation for Services, EZS will pay UCC fifty percent (50%) of any payments received related to the projects. The initial term of the Agreement commenced starting August 18, 2021, and shall continue indefinitely until it is terminated by mutual agreement of the Parties as evidenced in a writing executed by both parties. As of September 30, 2022, services have consisted of introducing one client, performing preliminary site studies and inspections, and facilitating system design and price negotiations. It is uncertain whether the client will proceed. The Company is evaluating similar opportunities with other clients. Revenues will be achieved upon completion of solar installation at the client’s premises.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On March 15, 2022, the Agreement with Westwood Capital LLC (“Westwood”) was mutually terminated as the Company’s primary contact was exiting Westwood due to a change in business strategy at the firm. It is anticipated that a new agreement will be entered with the new investment bank of said contact.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of the Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired a total of 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000 and issued to the Asian Solar Seller 12,000 restricted shares of its common stock. In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar.  The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller a cash payment of $200,000 and shall issue to Seller 37,000 restricted shares of its common stock. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">BASIS OF PRESENTATION</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The summary of significant accounting policies presented below is designed to assist in understanding the Company’s financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”) in all material respects and have been consistently applied in preparing the accompanying financial statements. The Company chose December 31 as its fiscal year end.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">USE OF ESTIMATES</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The preparation of financial statements in conformity with U.S. GAAP 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 condensed financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">CASH</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had $251 and $761 in cash and cash equivalents as of September 30, 2022 and December 31, 2021, respectively.</p> 251 761 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">CONCENTRATION OF RISK</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of September 30, 2022 or December 31, 2021.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">INCOME TAXES</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of September 30, 2022 and December 31, 2021, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">LOSS PER COMMON SHARE</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Basic loss per common share excludes dilution when anti-dilutive and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of September 30, 2022 and December 31, 2021, there were no outstanding potentially dilutive securities.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">FAIR VALUE OF FINANCIAL INSTRUMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. As of September 30, 2022 and December 31, 2021, the Company does not have any such instruments.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The carrying amounts at September 30, 2022 and December 31, 2021 of current asset and liability financial instruments, such as cash and accrued liabilities, approximate their fair values because of the short maturity of these instruments. </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 and indicate the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:</p> <p style="font:10pt Times New Roman;margin:0"> </p> <table style="margin:0 auto;border-collapse:collapse;width:99%"><tr><td style="width:45.86%;padding-bottom:0.5pt;border-bottom:0.5pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0"><b>Description</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:13.42%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Amount at</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Fair Value</b></p> </td><td style="width:3.14%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 1</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 2</b></p> </td><td style="width:1.8%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:12.38%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 3</b></p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%;border-top:0.5pt solid #000000" valign="top"><p style="font:10pt Times New Roman;margin:0">September 30, 2022</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">December 31, 2021</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> </table> <p style="font:10pt Times New Roman;margin:0"> </p> <table style="margin:0 auto;border-collapse:collapse;width:99%"><tr><td style="width:45.86%;padding-bottom:0.5pt;border-bottom:0.5pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0"><b>Description</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:13.42%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Amount at</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Fair Value</b></p> </td><td style="width:3.14%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 1</b></p> </td><td style="width:2.3%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:9.4%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 2</b></p> </td><td style="width:1.8%;padding-bottom:0.5pt" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"> </p> </td><td colspan="2" style="width:12.38%;border-bottom:1pt solid #000000" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:center"><b>Level 3</b></p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%;border-top:0.5pt solid #000000" valign="top"><p style="font:10pt Times New Roman;margin:0">September 30, 2022</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">110,000</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">35,000</p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0">December 31, 2021</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Assets</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Private, unmarketable securities:</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td></tr> <tr><td style="width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">Asian Solar Co. Ltd. Common Stock</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> <tr><td style="background-color:#DBE5F1;width:45.86%" valign="top"><p style="font:10pt Times New Roman;margin:0;margin-left:9pt">HD Commerce Co. Ltd. Common Stock</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0"> </p> </td><td style="background-color:#DBE5F1;width:3.48%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.94%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:3.14%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.74%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:5.66%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:2.3%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:3.4%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:6%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td><td style="background-color:#DBE5F1;width:1.8%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right"> </p> </td><td style="background-color:#DBE5F1;width:2.62%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">$</p> </td><td style="background-color:#DBE5F1;width:9.76%" valign="bottom"><p style="font:10pt Times New Roman;margin:0;text-align:right">-</p> </td></tr> </table> 110000 110000 35000 35000 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">REVENUE</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company recognizes revenue from its contracts with customers in accordance with ASC 606 - Revenue from Contracts with Customers. The Company recognizes revenues when satisfying the performance obligation of the associated contract that reflects the consideration expected to be received based on the terms of the contract.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">When the Company enters into a contract, the Company analyzes the services required to identify the required performance obligations which would indicate the Company has met and fulfilled its obligations. For the current contracts in place, the Company has identified performance obligations as agreement from both parties (implicit or explicit) that the obligations have been met. To appropriately identify the performance obligations, the Company considers all of the services required to be satisfied per the contract, whether explicitly stated or implicitly implied. The Company allocates the full transaction price to the single performance obligation being satisfied.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">EQUITY INVESTMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company recognizes the value of equity investments in accordance with ASC 321, utilizing the determinable fair market value of the investments. These securities are marked to market at each subsequent reporting period, with unrealized holding gains and losses recognized in earnings. When the Company directly or beneficially owns or controls in excess of 20% of outstanding equity, the Equity Method of valuation is utilized. When there is no determinable fair market value and the Company does not have substantial ownership or control (excess of 20%), the Company values equity investments on a cost basis, adjusting for any observable price changes in orderly transactions.  There were no unrealized gains or losses during the periods presented.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">RECENT ACCOUNTING PRONOUNCEMENTS</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company has evaluated Recent Accounting Pronouncements and has determined that all such pronouncements either do not apply or their impact is insignificant to the financial statements.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 2 - GOING CONCERN</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company has generated limited revenue since inception to date and has sustained an operating loss of $25,510 for the nine months ended September 30, 2022. The Company had a negative working capital of $34,749 and an accumulated deficit of $374,963 as of September 30, 2022, and a negative working capital of $49,239 and an accumulated deficit of $349,453 as of December 31, 2021. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from capital to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company’s management expects that COVID-19 will delay its plans for project development in Asia.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from capital or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations.</p> -25510 -374963 -349453 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 3 - STOCKHOLDERS’ DEFICIT</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of September 30, 2022 and December 31, 2021, there were 4,545,918 and 4,506,918 shares of common stock issued and outstanding, respectively. As of September 30, 2022 and December 31, 2021, no shares of preferred stock were issued and outstanding.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In February and March 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. In April 2022, in Private Placements, the Company sold 2,500 shares to existing shareholders or their entities for $5 per share for total proceeds of $12,500. During the months of July, August, and September, the Company sold 15,000 shares to existing shareholder and their entities and relatives for $5 per share for total proceeds of $75,000.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">As detailed in Note 5, during the month of August 2022, the Company issued 19,000 shares of common stock in exchange for investments (shares in other entities) for a total value of $95,000.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">During the nine months ended September 30, 2021, in Private Placements, the Company sold 5,100 shares of common stock to existing shareholders for $5 per share for total proceeds of $25,500.</p> 100000000 20000000 4545918 4506918 2500 5 12500 2500 5 12500 15000 5 75000 19000 95000 5100 5 25500 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 4 - RELATED PARTY TRANSACTIONS</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="border-bottom:1px solid #000000">United Utilities Authority, Ltd. Consultancy Agreement</span></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On July 18, 2018, the Company entered into a Consultancy Agreement with United Utilities Authority, Ltd., a company based in Thailand (“UUA”), to provide management consulting services (the “UUA Agreement”). UUA is a private utility located in Thailand that emphasizes renewable energy projects. UCC has been engaged by UUA to assist in management consulting and to prepare for expansion as UUA begins projects in developing countries. In exchange for the services to be rendered to UUA, the Company will be paid management consulting and training fees as well as fees based on capital raised for the benefit of UUA. The UUA Agreement will remain in effect for a term of ten (10) years unless otherwise terminated and shall then be renewed automatically for succeeding terms of three (3) years each until terminated. The UUA Agreement may be terminated upon 90 days’ written notice by either party, immediately upon notice of material breach, immediately upon the insolvency of either party, immediately in the event of force majeure or upon completion of the services to be rendered by the Company. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">On May 7, 2019, in connection with the Company’s agreement with UUA, the Company placed a $65,000 deposit towards the purchase of STEEM Inc. Co. Ltd., a Special Project Vehicle Company that owns and operates a 2 Megawatt solar farm in Thailand.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In connection with the deposit placed on May 7, 2019 and pursuant to the Form 8-K filed on May 23, 2019 and subsequently on July 10, 2019, the Company has since entered into two amendments to its agreement with UUA (as reported in the Company’s Current Reports on Form 8-K filed on May 23, 2019 and July 10, 2019, respectively), granting the Company an 18% equity stake in UUA in exchange for its services (which have not yet been issued and shall be conveyed upon completing the first acquisition of a project in UUA’s pipeline), and granting the Company the right to invest in 60 Megawatts of solar projects in UUA’s pipeline in an amount which shall not exceed 49% of the issued and outstanding shares in any project company. UUA will act as the operator of said solar assets. The Company has identified a local attorney to structure ownership to protect voting and economic rights in the projects for investors. This development will allow the Company to further develop operations in according to its goal to engage in business activities to create business verticals synergistic in nature to its clients’ operations. Clayton Patterson and Harold Patterson, the officers and directors of the Company, are also employees of UUA.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In January 2021, it was determined that STEEM Inc. Co. Ltd. would not be acquired and the deposit has been applied to the development of a commercial roof top solar project in UUA's pipeline. UCC will act as asset manager while UUA will manage day to day technical operations. This and other projects are currently being evaluated and undergoing due diligence and negotiations in connection with the Agreement which the Company entered into with Westwood Capital on April 27, 2020. The first project, a 924 kilowatt system is being designed and negotiations finalized. It is anticipated that a Power Purchase Agreement will be executed before the end of the year. On September 29, 2022, an additional $10,000 was applied to the deposit, resulting in $75,000 total deposits at September 30, 2022.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="border-bottom:1px solid #000000">Stock Issuances</span></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">As detailed in Note 3, the Company issued 20,000 and 5,100 shares of its common stock to various related parties for cash of $100,000 and $25,500 during the nine months ended September 30, 2022 and 2021, respectively.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><span style="border-bottom:1px solid #000000">Acquisition of Investment</span></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">As detailed in Note 5, the Company acquired 4,500 shares of capital stock HD Commerce, Co. Ltd., a Thailand company, from Clayton Patterson, the Company’s CEO, in exchange for the issuance to Mr. Patterson of 4,200 shares of the Company’s common stock at $5 per share for total value of $21,000.</p> In exchange for the services to be rendered to UUA, the Company will be paid management consulting and training fees as well as fees based on capital raised for the benefit of UUA. The UUA Agreement will remain in effect for a term of ten (10) years unless otherwise terminated and shall then be renewed automatically for succeeding terms of three (3) years each until terminated. 65000 -10000 75000 20000 5100 100000 25500 4200 21000 <p style="font:10pt Times New Roman;margin:0;text-align:justify"><b>NOTE 5 - INVESTMENTS</b></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="border-bottom:1px solid #000000">HD Commerce, Co. Ltd.</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On August 23, 2022, UCC entered into a series of Stock Purchase Agreements to purchase shares of the capital stock of HD Commerce, Co. Ltd., a company organized under the laws of Thailand (“HD Commerce”) from two existing shareholders of HD Commerce (the “HD Commerce Sellers”), pursuant to which UCC acquired an aggregate total of 7,500 shares of the capital stock of HD Commerce (the “HD Commerce Shares”), constituting a 15% equity stake in HD Commerce. In exchange, UCC issued to the HD Commerce Sellers an aggregate amount of 7,000 restricted shares of its common stock at $5 per share, or $35,000 total investment, to be distributed pro-rata to the HD Commerce Sellers. Clayton Patterson, an officer, director and shareholder of the Company, is one of the HD Commerce Sellers who took part in the above referenced transaction. As an international enterprise focusing on new energy business, HD Commerce is headquartered in Bangkok, Thailand and is mainly engaged in the investment and development of renewable energy projects, such as photovoltaic power generation, EPC general contracting and asset management. HD Commerce is the exclusive distributor of photovoltaic modules and other solar energy products for ReneSola, a Tier 1 solar panel manufacturer, in Southeast Asia.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"><span style="border-bottom:1px solid #000000">Asian Solar Co. Ltd.</span></p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">On August 31, 2022, UCC entered into a Stock Purchase Agreement with Asian Solar Co. Ltd., a company organized under the laws of Thailand (“Asian Solar”) and Pramual Buddha, an individual and affiliate of Asian Solar (“Asian Solar Seller”), pursuant to which UCC acquired 1,000,000 shares of the capital stock of Asian Solar (the “Asian Solar Shares”) from the Asian Solar Seller, constituting a 10% equity stake in Asian Solar. In exchange, UCC paid to the Asian Solar Seller a cash payment of $50,000, and issued to the Asian Solar Seller 12,000 restricted shares of its common stock at $5 per share, or $60,000, for total investment value of $110,000. Asian Solar is engaged in Solar Engineering, Procurement, and Construction (EPC) and the execution of Solar Power Purchase Agreements (PPA). Asian Solar currently has a 3 Megawatt (MW) solar farm under construction with a government university as an off-taker and has a pipeline of approximately 50 Megawatt (MW) of solar projects for government universities and hospitals as well as other investment grade off-takers throughout Thailand.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">In addition, Asian Solar Seller granted to UCC an option to purchase an additional 3,500,000 shares of the capital stock of Asian Solar (the “Additional Asian Solar Shares”), constituting an additional 35% equity stake in Asian Solar. Upon exercise of such option to acquire such Additional Asian Solar Shares and conditioned upon compliance with applicable law, UCC shall pay to Seller $200,000, and shall issue to Seller 37,000 restricted shares of its common stock.</p> <p style="font:10pt Times New Roman;margin:0;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The terms and conditions for issuance of the Additional Asian Solar Shares are to be determined by mutual agreement of the parties at a later date. The option to purchase additional shares is non-binding and does not constitute a liability, nor will it provide additional shares or value until exercised and therefore is not accounted for in the Company’s financials. Since a significant payment is required to exercise the option, and since the Company will not own a significant interest until after exercising the option, the equity method of accounting under ASC 321 is not applicable. Further, since the shares are not tradable and no determinable fair market value exists, pursuant to ASC 321, the value of the shares are accounted for on a cost-basis.</p> 0.15 7000 35000 0.10 50000 12000 60000 <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"><b>NOTE 6 - SUBSEQUENT EVENTS</b></p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In October 2022, in a private placement, the Company sold 2,000 shares of common stock to its CEO for $5 per share for total proceeds of $10,000.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify">In December 2022, in private placement, the Company sold 5,500 shares of common stock to 6 shareholders for $5 per share for total proceeds of $27,500.</p> <p style="font:10pt Times New Roman;margin:0;color:#000000;text-align:justify"> </p> <p style="font:10pt Times New Roman;margin:0;text-align:justify">The Company has evaluated events occurring subsequent to the balance sheet date through the date these financial statements were issued and determined there are no additional events requiring disclosure.</p> 2000 5 10000 5500 5 27500 EXCEL 43 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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