v3.20.4
1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Business (Policies)
6 Months Ended
Nov. 30, 2020
Policies  
Nature of Business

Nature of Business

 

Innocap, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on January 23, 2004. The Company had a business plan for finding and assisting in the salvaging of sunken ships. On January 11, 2021, the Company amended and restated its articles of incorporation with the office of the Secretary of State of Nevada to change the Company’s name to Unique Logistics International, Inc.

 

On October 8, 2020, the Company, Inno Acquisition Corp., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Unique Logistics Holdings, Inc., a privately-held Delaware corporation incorporated on October 28, 2019 headquartered in New York (“Unique” or “ULHI”), entered into an Acquisition Agreement and Plan of Merger (the “Agreement”) pursuant to which the Merger Sub was merged with and into Unique, with Unique surviving as a wholly-owned subsidiary of Innocap (the “Merger”). The transaction took place on October 8,2020 (the “Closing”). See “Acquisitions” in Note 2 below.

 

ULHI operates as a third-party logistics company providing sea and air freight forwarding, servicing customers throughout the United States. The Company has one operating and reportable segment. From inception, October 28, 2019 to May 29, 2020, ULHI was inactive.

 

On May 29, 2020, Unique entered into a Securities Purchase Agreement with Unique Logistics Holdings Ltd, (“UL HK”), a Hong Kong company, (the “UL HK Transaction”). See “Acquisitions” in Note 2 below.