Filing Analysis
Oz Vision Inc. (formerly United Express, Inc.) has officially changed its corporate name to Oz Vision Inc., effective September 23, 2025. The company also amended and restated its bylaws to reflect this change.
📋 Key Facts
- Effective date of name change: September 23, 2025.
- Former name: United Express, Inc.
- New name: Oz Vision Inc.
- Ticker symbol remains 'UNXP' on the OTCID Market.
- The company amended and restated its bylaws to reflect the name change.
United Express, Inc. has announced the adoption of 'OZ Vision' as its new 'doing business as' (DBA) name to reflect a strategic shift in corporate direction. A formal legal name change is currently pending regulatory approval from FINRA.
🚩 Red Flags
- Frequent rebranding/name changes in micro-cap companies can sometimes be used to mask poor historical performance or pivot away from failed business models, though no specific financial distress is noted here.
📋 Key Facts
- Company will adopt 'OZ Vision' as its DBA name effective immediately.
- The decision is intended to align public identity with evolving strategic objectives.
- A formal corporate name change is currently pending before the Financial Industry Regulatory Authority (FINRA).
- Report filed under Item 7.01 (Regulation FD Disclosure).
United Express Inc. has replaced its independent auditor, Yusufali & Associates, LLC, following the firm's PCAOB sanction and loss of certification. The outgoing auditor had previously issued going concern warnings in prior fiscal years.
🚩 Red Flags
- Auditor change triggered by PCAOB sanctions/loss of certification of the previous firm.
- Historical 'going concern' warnings in the two most recent fiscal years (2022 and 2023).
- Potential for delayed financial reporting while transitioning to a new auditor.
📋 Key Facts
- Yusufali & Associates, LLC will not stand for reappointment effective January 24, 2025.
- The change follows PCAOB sanctions against Yusufali and the loss of its certification on October 24, 2024.
- Boladale Lawal & Co (Chartered Accountants) has been engaged as the new independent auditor, effective immediately.
- Previous audit reports for fiscal years ended Dec 31, 2023, and Dec 31, 2022, contained substantial doubt regarding the company's ability to continue as a going concern.
United Express Inc. has filed an 8-K to announce that previously issued financial statements for the periods ended December 31, 2023, and March 31, 2024, should no longer be relied upon due to material errors in footnote disclosures.
🚩 Red Flags
- Non-reliance on previously issued financial statements (Item 4.02).
- Material errors in accounting for acquisitions (Business Combination vs. Asset Acquisition).
- Triggered by an SEC comment, indicating prior regulatory scrutiny or deficiency.
📋 Key Facts
- The company identified material errors in Form 10-Q filings for the periods ended Dec 31, 2023 (filed Feb 12, 2024) and March 31, 2024 (filed April 25, 2024).
- The error stems from a misclassification of the acquisition of Jebour Two Ltd and its subsidiary Fighting Leagues LV Inc.
- The company incorrectly accounted for the transaction as a business combination rather than an asset acquisition.
- The issue relates to whether the license issued by the Nevada State Athletic Commission constitutes a 'business' under ASC 805-10-55-3A through 55-9.
United Express Inc. announced a settlement of a lawsuit involving its majority shareholder, Colin Conway, via a share redemption agreement. This involves the transfer and potential cancellation of significant equity interests in Cristophe Holdings Inc., which owns shares in United Express.
🚩 Red Flags
- Related-party transaction: The settlement involves a majority owner (Colin Conway) and his affiliates, impacting the ownership structure of UNEX shares held via Cristophe Holdings Inc.
- Complex equity restructuring involving significant portions of existing shareholdings.
- Issuance of a $200,000 note to an affiliate/insider-related party.
📋 Key Facts
- Settlement effective May 28, 2024, regarding a lawsuit between shareholders of Cristophe Holdings Inc.
- Colin Conway's affiliate transferred 100% equity in Cristophe Holdings back to the company for cancellation.
- In exchange, a trust for Colin Conway received 2,804,687 shares of UNEX common stock (representing 60.1% of the shares previously held by CBH).
- A $200,000 three-year note at 7.5% interest was issued to Mr. Conway.
- The settlement results in the dismissal of the lawsuit against defendants with prejudice.
United Express Inc. has filed an 8-K to announce that previously issued financial statements for the period ended December 31, 2023, can no longer be relied upon due to material errors in footnote disclosures regarding a recent acquisition.
🚩 Red Flags
- Non-reliance on previously issued financial statements (Item 4.02).
- Material errors in footnote disclosures related to an acquisition.
- SEC inquiry/comments prompted the discovery of these accounting errors.
- Potential for significant adjustments to reported assets, liabilities, or goodwill following reclassification.
📋 Key Facts
- The company identified material errors in its Form 10-Q filed on February 12, 2024.
- The error pertains to the accounting treatment of the acquisition of Jebour Two Ltd and Fighting Leagues LV Inc.
- The company must re-evaluate whether the transaction should be accounted for as a business combination or an asset acquisition under ASC 805.
- The issue was triggered by comments from the SEC regarding previous filings.