1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Business (Policies)
|9 Months Ended|
Feb. 28, 2021
|Nature of Business||
Nature of Business
Unique Logistics International, Inc. (the Company or Unique) (formerly Innocap, Inc.) is a global logistics and freight forwarding company. The Company currently operates via its wholly owned subsidiaries, Unique Logistics International (ATL) LLC, a Georgia limited liability company (UL ATL), Unique Logistics International (BOS) Inc, a Massachusetts corporation (UL BOS) and Unique Logistics International (NYC), LLC, a Delaware limited liability company (UL NY) (collectively the UL US Entities). The Company provides a range of international logistics services that enable its customers to outsource sections of their supply chain process. This range of services can be categorized as follows:
·Air Freight services
·Ocean Freight services
·Customs Brokerage and Compliance services
·Warehousing and Distribution services
On May 29, 2020, Unique Logistics Holdings, Inc., a privately held Delaware corporation incorporated on October 28, 2019 headquartered in New York (UL HI), entered into a Securities Purchase Agreement with Unique Logistics Holdings Ltd, (UL HK), a Hong Kong company, (the UL HK Transaction). From inception, October 28, 2019 to May 29, 2020, UL HI was inactive. See Acquisitions in Note 2 below.
On October 8, 2020, Unique Logistics Holdings, Inc., Innocap, Inc., and Inno Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Innocap Inc. (Merger Sub), entered into an Acquisition Agreement and Plan of Merger (the Agreement) pursuant to which the Merger Sub was merged with and into UL HI, with UL HI surviving as a wholly owned subsidiary of Innocap, Inc. (the Merger). The transaction took place on October 8,2020 (the Closing). Innocap, Inc. was incorporated under the laws of the State of Nevada on January 23, 2004. See Acquisitions in Note 2 below.
On January 11, 2021, the Company (operating under the name of Innocap, Inc. at this time) amended and restated its articles of incorporation with the office of the Secretary of State of Nevada to change the Companys name to Unique Logistics International, Inc.
The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef