Universal Express Inc fka USXP

[material evidence]

Puppy-How to make a quick $1.7 million personal Altomare bucks with the stroke of a pen:

For years USXP's largest single balance sheet assets were a pair of loans made by the company to Altomare and his wife. The auditors formerly included the loans in the discussion, as follows:

NOTE 3 - LOAN TO OFFICER

Prior to the enactment of the Sarbanes-Oxely act, the Company's Chief
Executive Officer, in accordance with the such officer' employment
contract was entitled to secure loans from the Company in an amount not to
exceed $950,000. The board agreed to forgive 10% per year (2.5% quarterly)
of the outstanding balance of the Company loans to such officer,
commencing January 2, 2001. These loans bear interest at the applicable
federal rate, which approximated 6% during the year ended June 30, 2003.
As of June 30, 2003 the amount owed under such loan is $819,060.

NOTE 4 - RELATED PARTY RECEIVABLES

As of June 30, 2003, the Company has advanced $906,000 to the spouse of
the Chief Executive Officer, who is also an employee of the Company. The
repayment terms of such advances have not yet been determined. My comment-the note had no interest rate.

http://www.sec.gov/Archives/edgar/data/857351/000090901203000665/t300569.txt

As of the most recent 10QSB, those amounts are still contained in the balance sheet as assets, but with no note in the auditors statement outlining any detail


OTHER ASSETS:
Loan to Officer 707,791
Related Party Receivables 906,000

However, the balance sheet (Exhibit A) of the Receiver's report does not contain these two items.

Gee, I wonder what happened to them?