UHF Inc

The Company had net loss of $107,213 for the three months ended March 31, 2019, and had accumulated deficit of $9.70 million as of March 31, 2019, these conditions raise substantial doubt about the Company’s ability to continue as a going concern.

The Company had advances from related parties of $4,455 and $4,371 at March 31, 2019 and December 31, 2018, respectively. The advance was from the Company’s management, bore no interest a2nd payable upon demand.

In March 2019, the Company entered into a Subscription Agreement with the Company’s former CEO (resigned in May 2019) for the sale of 633,333 shares of the Company’s common stock for $19,000 ($0.03 per share). The stock certificates were issued in May 2019.

Net cash used in operating activities was $30,804 for the three months ended March 31, 2019, compared to $330,821 for the three months ended March 31, 2018. The decrease of cash outflow from operating activities for the three months ended March 31, 2019 was principally attributable to 1) decreased net loss by $1,319,800, which was partly offset by decreased depreciation expense by $719,579 (due to disposal of China Jinxin and China Huaxin) and decreased stock compensation expense by $62,250; 2) increased cash inflow from accounts receivable of $51,062, which was partly offset by decreased cash inflow from accrued liability and other payable by $221,674 and increased cash outflow on accounts payable by $56,468.

Net cash provided by investing activities was $22,974 for the three months ended March 31, 2019, compared to net cash provided by investing activities of 0 for the three months ended March 31, 2018. The net cash provided by investing activities in the three months ended March 31, 2019 was the proceeds received from a vehicle which was disposed in 2018.