United Express Inc. reported significant financial challenges for the three months ended September 30, 2024, compared to the same period in the previous year. Total revenues plummeted to $29,112, a stark decline from $115,350 in Q3 2023. This revenue drop reflects a decrease in demand for the company's logistics services, which are primarily provided to a limited customer base, posing a concentration risk.

The company's gross profit also suffered, falling to $12,412 from $115,350 in the prior year. This resulted in a net loss of $(18,901) for the quarter, a sharp contrast to the net profit of $99,475 reported in Q3 2023. The loss before income taxes mirrored this trend, moving from a profit of $99,475 in the previous year to a loss of $(18,901) in the current period.

As of September 30, 2024, United Express's cash position was critically low, with only $121 available, a significant decrease from $2,084 a year earlier. The company reported a net cash used in operating activities of $(15,481) for the quarter, compared to a net cash inflow of $99,475 in Q3 2023. This decline in cash flow raises liquidity concerns, as the current cash balance is insufficient for working capital and capital expenditures without additional revenue or capital contributions.

Total assets as of September 30, 2024, were reported at $13,709,428, slightly down from $13,724,909 as of June 30, 2024. Total stockholders' equity also decreased to $12,614,549 from $12,633,450 in the previous quarter. The accumulated deficit increased to $(2,574,262) from $(2,555,361) as of June 30, 2024.

In terms of strategic developments, United Express completed an acquisition on September 21, 2023, acquiring assets from Jebour Two Limited and Fighting Leagues TV for 12,380,951 shares of common stock. This acquisition included a Nevada State Athletic Commission Professional Promoter license, media rights for 40 shows, and production/staging equipment, which the company aims to leverage for promoting combat sports events in Nevada. The carrying amount of the promoter license is $12,598,000, classified as indefinite-lived and not amortized, while media rights are amortized over three years.

Overall, the financial results for Q3 2024 indicate a challenging period for United Express Inc., marked by declining revenues, increased losses, and liquidity concerns, alongside strategic efforts to diversify its operations through recent acquisitions.