UNSS Universal Solar Technology Inc (CE)

NOTE 2. AMENDED AND RESTATED 2018 FINANCIAL STATEMENTS

Non Reliance on Previously Issued Financial Statements

On March 1, 2020, the Company reached a determination to amend and restate the Companys financial statements and related disclosure notes for
the year ended December 31, 2018 (2018 financial statements) included in its Annual Reports on the OTC Disclosure Statement. On the same date, the Company determined that the 2018 financial statements should no longer be relied upon because of material accounting and presentation errors that
resulted in a material misstatement on those financial statements.

Accounts Receivables and Equity Amended and Restated

On February 18, 2017, the Company recorded approximately $22.4 million as a debit to Receivables (receivables) and a credit to the Opening
Equity Account (equity). The Company did not create a contra equity account to offset potential nonrealization, and in October 2019, after failed attempts to collect, the Company determined that the receivables of approximately $22.4 million would not be realized.

Upon consultation, the Company determined that the receivables were not recorded and presented in accordance with Accounting Standards
Codification (ASC) 505 10-45-2. According to ASC 505-10-45-2 reporting a note as an asset is generally not appropriate, except in very limited circumstances where there is substantial evidence of intent and ability to pay in a reasonably short period of time.

The Company did not have evidence that the other party had the intent and the ability to pay in a reasonably short period of time, the
receivables were not secured by a letter of credit nor other liquid collateral, and the receivables were not collected prior to the issuance of
the 2018 financial statements. Therefore, the receivables should not have been recorded and presented as an asset.

Notes to Universal Solar Technology, Inc. Financial Statements (Unaudited)
Year Ending December 31, 2019 and amended and restated for December 31, 2018

To correct this material error the Company amended and restated the receivables and equity as follows:

Receivables (unaudited)
% Change

$

(a) 2018 as Reported receivables

22,352,877
0
(b) 2018 as Amended and restated receivables

0

(a) For the year ended December 2018 receivables as reported in the Companys Annual Report on the OTC Disclosure Statement filed on April 23, 2019.
(b) Amended and restated receivables value to zero based on non-realization.

Opening Equity (unaudited)

% Change

$

(c) 2018 as Reported opening equity

22,197,377
0
(d) 2018 as Amended and restated opening equity

(155,500)
101
(c) For the year ended December 2018 value as reported in the Companys Annual Report on the OTC Disclosure Statement filed on April 23, 2019.
(d) Amended and restated equity value to (155,500).

In sum, the Company reduced both the receivables and equity by $22.4 million in
order to correct the material accounting error.

Amended and Restated Effects on Common Shares

The Company shows the effects on earnings (loss) per share in the table that follows. According to ASC 250-10-50-7 when financial statements are restated to correct an error, the Company shall disclose the effect on each financial statement line item, and any per-share amounts affect for each prior period presented.

Loss Per Common Share (unaudited)

%
Change

$

(e) 2018 as Reported net loss

(262,537)

0
(f) 2018 as Amended and restated loss per share

(0.0004)
0
(e) For the year ended December 2018 net loss as reported in the Companys Annual Report on the OTC Disclosure Statement filed on April 23, 2019.
(f) Adjusted value based on amendment and restatement.

To calculate the loss per common share the Company divided net loss (262,537) by 600,549,974 the average weighted outstanding shares.

As a result of the amendment and restatement, the Companys 2018 receivables and equity accounts were materially impacted. At the same time,
there was no impact to net loss and loss per common share.

2019 Financial Statements

The Company did not file its Annual Report on the OTC Disclosure Statement for the calendar year ended December 31, 2019, (2019 financial
statements) by the due date. The delay was attributed to the length of time taken to review, amend and restate the Companys 2018 financial
statements. The unaudited 2019 financial states are included in this filing and presented in a comparative format.

NOTE 3. GOING CONCERN UNCERTAINTY

Our unaudited 2019 financial statements and unaudited amended and restated 2018 financial statements have been prepared as a going concern
basis in accordance with generally accepted accounting principles in the United States. The going concern basis assumes that we will continue in
operations for the next 12 months and will be able to realize our assets and discharge our liabilities and commitments in the normal course of
business.

Our lack of revenue, recurring losses, negative cash flows from operating activities, stockholders deficit, need for additional financing and
the uncertainties surrounding our ability to obtain such financing raise substantial doubt about our ability to continue as a going concern. The
Companys anticipated merger with Entrex will position the Company to generate revenue from a more diverse strategic investment approach. Likewise,
we are in the final stages of negotiations for a partnership with a waste to energy company which will position us for revenue generation within the
next 12 months.
The achievement of these goals is paramount to the mitigation of the factors described. To fail in completing these actions will cast
substantial doubt as to our ability to continue as a going concern for a period of 12 months after the date our financial statements included in this
Annual Report on OTC Disclosure Statement are issued. If we become unable to continue as a going concern, we may have to liquidate our assets, and potentially realize significantly less than the values at which they are carried on our financial statements, and the holders of our securities could
lose all or part of their investment.

NOTE 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Companys unaudited 2019 financial statements and unaudited amended and restated 2018 financial statements, were approved by the Board of Directors on June 19, 2020 and have been prepared in accordance and conformity with generally accepted accounting principles as issued by the Financial Accounting Standards Board (FASB) using the accounting policies described herein.

Basis of Measurement

These financial statements are presented in US dollars which is the functional and reporting currency. The financial statements are prepared
on a historical cost basis. In addition, these financial statements have been prepared using the accrual basis of accounting.

Estimates and Assumptions

The preparation of the condensed financial statements in conformity with generally accepted accounting principles, United States, requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most
significant estimates in the Companys financial statements relate to fixed assets. Actual results could differ from those estimates.

Upon consultation, the Company recognized that while fixed assets were presented at historical costs, depreciation was not accumulated. As a
result the Company adopted the Straight-line Depreciation Method for fixed assets with a useful life of five years. The Company adjusted the
financial statements to reflect accumulated depreciation for 2017 and 2018 combined as follows:

Accumulated Depreciation (unaudited)

$

(g) 2018 as Reported accumulated depreciation

0 (h) 2018 as prior period adjustment

(11,149)

(g) For the year ended December 2018 value as reported in the Companys Annual Report on the OTC Disclosure Statement filed on April 23, 2019.
(h) The Company recorded $27,871 in fixed assets for the year ended December 31, 2018 and December 31, 2017.

Accumulated depreciation adjustment was calculated as:
$27,871 divided by 5 years equals $5,574. However, since depreciation was not recorded
in 2017 and 2018 an adjustment in the amount of $11,149 was recorded.

The adoption and adjustment for depreciation did not have a material effect on net loss, the prior period adjustment to the retained earnings
account was follows:

Retained Earnings (unaudited)
%
Change

$

(i) 2018 as Reported retained earnings

(243,263)

0
(j) 2018 as prior period adjustment

(254,412)

(i) Retained earnings as reported in 2018.
(j) Retained earnings prior period adjustment for accumulated depreciation for the years ended December 31, 2018 and December 31, 2017. Advertising Expense

In accordance with ASC 720-35-05-1, the Company expensed advertising costs as they were incurred.

Contractors Expense

The Company recorded administrative support and third-party vendors in this account.

Dues and Subscription Expenses

The Company recorded fees associated with OTC Markets, professional publications, software services in this account.

Other Business Expenses

The Company recorded non-capitalized equipment, office supplies, reimbursements, bank charges, postage, printing services and utilities in this account.

Lease Expense & Accrued Lease Liability

On January 1, 2019, we adopted Accounting Standards Update ASU No. 2016 02,Leases, as amended by ASU 2018 10, Codification Improvements to Topic 842, ASU 2018 11 Targeted Improvements, and 2019 01, Codification Improvements. These ASUs required the
recognition of lease assets and
lease liabilities for virtually all leases and required disclosure of key information about leasing arrangements. We elected to adopt these new
standards prospectively.

The Company had a two-year sub-lease agreement with a company that had surplus space. The lease began March 2017 and ended March 2019. The monthly payments were $3,200 per month. Upon inquiry, the Company disclosed that while it paid $58,460 for leasing,
there was an outstanding
balance of $18,340 (outstanding balance) which is payable by December 31, 2020. Of the outstanding balance, $9,600 is attributable to 2019,
and $8,740 is attributed to 2018.

In 2018, the Company did not properly expense and accrue for the lease liability applicable to the period. With the adoption of ASU 2018-10
and to correct this accounting error, the Company recorded expenses and accrued lease liability for 2018 as follows:

Lease Expense (unaudited)
%
Change

$

(k) 2018 as Reported lease expense

26,200
0
(l) 2018 as prior period adjustment

8,740
33
(k) Rent and Lease Expense as reported in 2018.
(l) Retained earnings prior period adjustment for lease expense $8,740 the amount incurred but not paid for the year ended December 31, 2018. After this adjustment retained earnings were (263,152).

Accrued Lease Liability (unaudited)
%
Change

$

(m) 2018 as Reported accrued lease liability

0
0
(n) 2018 as prior period adjustment

8,740
100
(m) Accrued lease liability as reported in 2018.
(n) Retained earnings prior period adjustment for accrued lease liability $8,740 the amount incurred but not paid as of December 31, 2018. The landlord did not take legal action nor did the landlord impose interest on the outstanding balance. The Company has agreed to pay the remaining balance of $18,340 by December 31, 2020. For the avoidance of doubt, the landlord is not a related party.

NOTE 5. FIXED ASSETS
Fixed Assets comprised of furniture, desktop computers, fax machines, phone and security systems at December 31:

Estimated Useful Life
Fixed Assets, net
(unaudited)

years
$
(o) 2018 as Reported fixed assets

27,871
(p) 2018 as prior period adjustment and restatement fixed assets

18,113
(o) Fixed Assets were purchased in 2017, but the Company did not record depreciation for the years ended December 31, 2018 and December 31, 2017. The Company presented the Fixed Assets at historical costs as shown.
(p) The Company estimated Fixed Assets useful estimated life as 5 years and using the straight-line method of depreciation, the Company recognized 2 years of accumulated depreciation. As of December 31, 2018, the fixed assets book value was $18,113, the Company Accumulated depreciation as stated in Note 4.

NOTE 6. LONG TERM DEBT

Long term debt consisted of the following as of December 31:

Loan Payable
(unaudited)

$
(q) Loan Payable

19,050
(r) Interest rate

0
(s) Years in repayment

Lump sum

(q) The Company currently has a loan payable in the amount of $19,050.
(r) The interest rate on the loan is 0 percent.
(s) The original loan amount was $25,000. These funds were used in securing the receivables. The balance reflected as of December 31, 2018 was $19,050. The lender, Darrell A. Calloway, serves as President of the Company; this related Party Transaction is also discussed in Note 11. Mr. Calloway has agreed to defer monthly payments on the loan. The loan is due in full by December 31, 2022.

NOTE 7. COMMITMENTS AND CONTINGENCIES

Legal Matters

The Company confirms that are no

legal matters or litigation pending.

NOTE 8. STOCKHOLDERS EQUITY

Common Stock

As of December 31, 2018, we are authorized to issue 2.5 billion shares of common stock with a par value of $0.0001 per share. For the
years ended December 31, 2019, and December 31, 2018 there were 600,549,974 shares issued and outstanding.

Basic loss per common share is computed by dividing net loss available to common stockholders by the weighted average number of common
shares outstanding during each period. The computation of basic loss per share is presented as follows for the years ended December 31, 2019 and
December 31, 2018:

Loss Per Common Share (unaudited)
Loss Per Common Share (unaudited)

2019
2018
(t)Loss Per Common Share Weighted average common shares outstanding (basic)
(0.0001)

(0.0004)

NOTE 9. VARIABE INTEREST ENTITY

A VIE is defined as an entity in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties.
The Company confirms that there are no VIE interests.

NOTE 10. EQUITY BASED COMPENSATION

Restricted Stock

In August 2017, the company issued Restricted Stock Units for the original management team. The stock was issued at par value and carried
a two year vesting period. The company has disclosed all Restricted Stock Units which were issued and are included in the current disclosure.
There are no additional entitlements or options planned at this time. There have been no transactions of stock being sold by the original
management team as the shares are still restricted since no legal opinion has been attained.
All certificates still have a legend.

NOTE 11. RELATED PARTY TRANSACTIONS

As of December 31, 2018, Company has received loans from Paul D. Landrew, Chairman and Chief Executive Officer and Darrell A. Calloway,
President. Paul D. Landrew loaned the Company of $626,562 which was converted to Owners Equity. Presently, the Company, has a loan payable
to Darrell A. Calloway in the amount of $19,050 as described in Note 6.

NOTE 12. SUBSEQUENT EVENTS

The Company confirms that were no

subsequent events to report.

1 Change in Control shall mean any events resulting in:

(i) Any person (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becoming the beneficial owner (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by the Companys then outstanding voting securities;

(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Companys assets;

(iii) A change in the composition of the Board occurring within a two (2)-year period, as a result of which fewer than a majority of the directors are directors immediately prior to such change; or

(iv) The consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or its parent) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity or its parent outstanding immediately after such merger or consolidation.

2 Public Float shall mean the total number of unrestricted shares not held directly or indirectly by an officer, director, any person who
is the beneficial owner of more than 10 percent of the total shares outstanding (a control person), or any affiliates thereof, or any
immediate family members of officers, directors and control persons.

3 To be included in the Pink Current Information tier, the transfer agent must be registered under the Exchange Act.

4 The financial statements requested pursuant to this item must be prepared in accordance with US GAAP or IFRS by persons with sufficient
financial skills.