Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]

Indicate the number of shares outstanding of each of the issuer’sissuer's classes of common stock, as of the latest practicable date: 82,489,391 shares of common stock issued and outstanding as of February 14, 2018.November 16, 2020.

TABLE OF CONTENTS

PART I—FINANCIALI-FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

W&E Source Corp. and Subsidiaries

Condensed Consolidated Balance Sheets
As of December 31, 2017September 30, 2020 and June 30, 20172020

W&E Source Corp. and Subsidiaries

Condensed Consolidated Statements of Income and Comprehensive Income
For the Three and Six Months Ended December 31, 2017September 30, 2020 and 20162019
(Unaudited)

W&E Source Corp. and Subsidiaries

Condensed Consolidated Statements of Cash FlowFlows
For the SixThree Months Ended December 31, 2017September 30, 2020 and 20162019
(Unaudited)

W&E Source Corp. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders’ Deficit
As of December 31, 2017September 30, 2020 and Year Ended June 30, 20172020
(Unaudited)

Note 1 –- Organization, Nature of Operations and Basis of Presentation

W&E Source Corp. (“("the Company”Company") was incorporated in the State of Delaware on October 11, 2005 and is based in Montréal, Québec, Canada. The Company is providing air ticket reservations, hotel reservations and other travel related services.

On August 25, 2011, the Company incorporated a company called Airchn Travel Global, Inc. (“ATGI”("ATGI") in the State of Washington, USA. ATGI is a wholly owned subsidiary of the Company. ATGI focuses on a business segment of travel businesses which includes air ticket reservations, hotel reservations and other travel services.

On October 4, 2011, the Company incorporated a company called Airchn Travel (Canada) Inc. (“ATCI”("ATCI") in the Province of British Columbia, Canada. ATCI is a wholly owned subsidiary of ATGI. ATCI has a similar business segment as ATGI.

In January 2012, the Company changed its name from News of China, Inc. to W&E Source Corp. and increased its authorized shares to 500,000,000 shares. As a result of the name change, the Company’sCompany's listing symbol on OTCQB isOTC Markets was also changed to WESC.

During the periodquarter ended March 31, 2012, the Company incorporated a company named Airchn Travel (Beijing) Inc. (“ATBI”("ATBI") in Beijing, China. ATBI is also a wholly owned subsidiary of ATGI. ATBI has a similar business segment as ATGI.

On December 15, 2012, Airchn Travel (Beijing) Inc., a wholly owned subsidiary of W&E Source Corp. (the “Company”"Company"), entered into the Share Purchase Agreement (the “Agreement”"Agreement") with Mr. Wu Hao (the “Seller”"Seller"), a majority shareholder of Chengdu Baopiao Internet Co., Ltd. (“Baopiao”("Baopiao"), to acquire part of his ownership in Baopiao which equals 51% of all issued and outstanding stock of Baopiao (the “Shares”"Shares").

The Company will pay for the aggregate purchase price of RMB 2,550,000 for the Shares in cash and by assuming the Seller’sSeller's debt to Baopiao in the amount of RMB1,800,000 (approximately US$289,000)US $289,000) (the “Debt”"Debt"). According to the terms of the Agreement, the Company will assume the Debt upon execution of the Agreement and pay the Seller the remaining RMB750,000 of the purchase price within 20 days from the execution of the Agreement. Also at execution, the Company will pay Baopiao RMB200,000RMB200, 000 as repayment of the Debt and satisfy the remaining Debt of RMB1,600,000RMB 1,600,000 within 20 daydays from the execution of the Agreement.

Also pursuant to the Agreement, the Seller will provide guaranties that other than the information including financial statements provided to the Company, Baopiao does not have any other debts, and no third party has any rights or liens on the assets of Baopiao. The Seller and Baopiao will also indemnify the Company against any damages, liabilities, losses and expenses which the Company may sustain or suffer due to any breach of the guaranties made by the Seller or Baopiao.

Baopiao has obtained the necessary shareholder approval for the transfer of the Shares and will register the transfer of the Shares with the applicable State Administration for Industry and Commerce within three days from the date of the Agreement.

In connection with the Agreement, the Company also entered into an agreement with the Seller and Baopiao that as an incentive for the management team of Baopiao, the Company will reserve up to 26 million shares of its common stock for issuance to the Baopiao employees upon achievement of certain milestones over the next three years.

The Share Purchase Agreement with Mr. Wu Hao was not completed in January, 2013 and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012.

Note 2 –- Summary of Significant Accounting Policies

a.Basis of presentation.

The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”"SEC"). In the opinion of management, the financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted as permitted by the rules and regulations of the United States Securities and Exchange Commission (“SEC”("SEC"), although the Company believes that the disclosures contained in this report are adequate to make the information presented not misleading. The unaudited consolidated balance sheet information as of December 31, 2017September 30, 2020 was derived from the consolidated audited financial statements included in the Company’sCompany's Annual Report on Form 10-K for the year ended June 30, 2017.2020. These unaudited consolidated financial statements should be read in conjunction with the annual consolidated audited financial statements and the notes thereto included in the Company’sCompany's Annual Report on Form 10-K for the year ended June 30, 2017,2020, and other reports filed with the SEC. Operating results for the sixthree months ended December 31, 2017September 30, 2020 are not necessarily indicative of the results that may be expected for the full year ended June 30, 2018.2021.

The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole.b.Foreign currency translation.

ATCI's and ATBI’sATBI's functional currency for operations and expenditure is the Canadian dollar and Chinese Yuan.yuan. However, the Company's reporting currency is inthe U.S. dollars.dollar. Therefore, the consolidated financial statements for all periods presented have been translated into the U.S. dollarsdollar using the current rate method. Under this method, the income statement and the cash flows for each period have been translated into U.S. dollars using the average rate of the reporting period, and assets and liabilities have been translated using the exchange rate at the end of the period. All resulting exchange differences are reported in the cumulative translation adjustment account as a separate component of stockholders’shareholders' equity.

c. Principles of consolidation.

The unaudited consolidated statements include the accounts of the Company and its wholly owned subsidiaries, ATGI, ATCI and ATBI. All inter-company transactions and balances were eliminated.

d.Use of Estimates.

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates.

e. Loss per share.

Basic loss per share (“EPS”("EPS") is computed by dividing net incomeloss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at December 31, 2017September 30, 2020 and June 30, 2017.2020.

7f. Revenue recognition.

OnThe Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue, which primarily consists of commission fees from air ticketing and hotel booking operations, is recognized as tickets and hotels are booked and non-cancellable, and is recorded on a net basis (that is, the amount billed to a customer less the amount paid to a supplier) as the Company acts as an agent in these transactions. Effective January 1, 2017, we2018, the Company adopted the new accounting standardguidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. The implementation of ASC 606 did not have a material impact on the Company's consolidated financial statements. ASC 606 create a five-step model that requires entities to exercise judgement when considering the terms of contract, which includes (1) identifying the contracts or agreement with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligation, and (5) recognizing revenue fromas each performance obligation is satisfied. The Company only applies the five-step model to contracts with customers and allwhen it is probable that the related amendments to all contracts using the modified retrospective method. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflectsCompany will collect the consideration we expectit is entitled to receive in exchange for those products or services.the services it transfers to its clients. The Company currently receives itsCompany's revenue consists of revenue from commissions on payment processing for flight tickets. The Company evaluates the Emerging Issue Task Force (EITF) number 99-19, "Reporting Revenue Gross as a Principal Versus Net as an Agent,” which sets forth a number of guidelines for the correct treatment of revenue. We currently treat the revenues on a net basis.providing travel consulting and travel arrangement advisory services ("service revenue"), and service revenue from travel schedule arrangements and advisory.

g. Cash and cash equivalents.

The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within sixthree months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of December 31, 2017September 30, 2020 and June 30, 2017,2020, we have no cash equivalents.

h. Equipment.

Equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful lives of our property and equipment are generally three years. As of September 30, 2020, there is no property or equipment.

i. Income taxes.

Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carryforwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The Company's net operating losses carryforwards are subject to Section 382 limitation.

j. Recently issued accounting pronouncements.

The Company does not expect that any recently issued accounting pronouncement will have a significant impact on the consolidated results of operations, financial position, or cash flows of the Company.

Recently Issued Accounting Pronouncements

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after 15 December 2017, and interim periods within those years. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements, if any.

On November 17, 2016,In July 2018, the FASB issued ASU 2016-18, StatementNo. 2018-10, Codification Improvements to Topic 842, Leases, to clarify on how to apply certain aspects of Cash Flows (Topic 230): Restricted Cash. Entities will be requiredthe new lease accounting standard. The amendments in this update, among other things, better articulates the requirement for a lessee's reassessment of lease classification as of the effective date of a modification, clarifies that a change to show the changesan index or rate for variable lease payments does not constitute a resolution of a contingency that would result in the totalremeasurement of cash, cash equivalents, restricted cashlease payments, and restricted cash equivalentsrequires entities that apply Topic 842 retrospectively to each reporting period and do not adopt the practical expedients to write off any prior unamortized initial direct costs that do not meet the definition under Topic 842 to equity. The amendments in this update have the statementsame effective date and transition requirements as the new lease standard summarized above. The Company has evaluated the impact of cash flows. As a result, entities will no longer present transfers between cashadoption of Topic 842 on the Company's consolidated financial position and cash equivalents and restricted cash and restricted cash equivalents in the statementresults of cash flows.operations as stated above. There iswould be no impact of the adoption of this guidance on its consolidated financial statements.statements for the year ended as of June 30, 2020.

In March 2016,December 2019, the FASBFinancial Accounting Standards Board (FASB) issued ASU 2016-02, Leases, which supersedesAccounting Standards Update (ASU) 2019-12, "Simplifying the Accounting for Income Taxes". The pronouncement simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC Topic 840, Leases,740, "Income Taxes". The pronouncement also improves consistent application of and sets forth the principlessimplifies GAAP for the recognition, measurement, presentation,other areas of Topic 740 by clarifying and disclosure of leases for both lessees and lessors.amending existing guidance. ASU 2016-02 requires lessees to classify leases as either finance or operating leases and to record on the balance sheet a right-of-use asset and a lease liability, equal to the present value of the remaining lease payments, for all leases with a term greater than 12 months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or a straight-line basis over the term of the lease. ASU 2016-022019-12 will be effective for useus beginning January 1, 2019,in the first quarter of fiscal 2021, with early adoption permitted. EntitiesWe are required to use a modified retrospective transition method for existing leases. There is nostill evaluating the impact of the adoption of this guidance will have on itsour consolidated financial statements.

Note 3 - Going Concern.Concern

As reflected in the accompanying unaudited consolidated financial statements, the Company had accumulated deficits of $1,145,665$1,309,486 and $1,099,159,$1,250,258, and net losses of $18,584$26,468 and $26,930,$22,399, respectively, for the sixthree months ended December 31, 2017September 30, 2020 and 2016.2019. The Company currently has limited business activities to generate funds fromfor its own operations, andhowever, has not yet achieved profitable operations for the three and six months ended December 31, 2017.operations. These factors raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued.concern. The Company’sCompany's ability to continue as a going concern is dependent on its ability to raise additional capital and carry outimplement its business plan by seeking a profitable business strategy or new opportunities.plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

8

Management believes that the current effortsactions to obtain additional funding from independent investors or from the management and implementation ofto implement its strategic plans and seeking more business opportunities for the Company should allow the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us, or that the Company will succeed in implementing its business strategy.us.

Note 3 –4 - Prepayment & Security Deposit

As of December 31, 2017,September 30, 2020, the Company prepaid a security deposit of $11,750 (CAD$$11,259 (Cnd$15,000) (June 30, 20172020 - $11,565)$11,016) to Consumer Protection British Columbia Province for the guarantee of service quality.

Note 45 - Accounts Payable and Accrued Liabilities

AsAccounts Payable and Accrued Liabilities of December 31, 2017, accounts payable and accrued liabilities$8,540 as of $3,569 (JuneSeptember 30, 2017 - $10,681)2020 consists of payment for $3,350of $735 in legal fees, $5,800 in audit and accounting fees and others of $218.$1,505 in filing fees. (June 30, 2020 - $15,351).

Note 5 –6 - Related Parties

Mrs. Hong Ba serves as the Chief Executive Officer and Director of the Company. Mr. Feng Li, the husband of Mrs. Hong Ba, is the owner of the Canada Airchn Financial Inc. (“CAFI”("CAFI"). Mr. Chen Xi Shi is the former Chief Financial Officer and Director of the Company. The shareholders make advances to the Company from time to time for the Company’sCompany's operations. These advances are due on demand and non-interest bearing.

DuringAs of the sixthree months ended December 31, 2017, the Company owned by a director of the Company charged $3,697 (2016 - $3,638) in rent and $11,280 has been due to the related party as of December 31, 2017 (2016 - $7,236 of debt was transferred to an independent investor of the Company).

During the six months ended December 31, 2017,September 30, 2020, the CEO of the Company advanced $152$4,232 (June 30, 2017 – Nil)2020 - $140) to the Company for operating expenditure.

During the sixthree months ended JuneSeptember 30, 2016,2020, a company owned by Feng Li, the former directorhusband of Mrs. Hong Ba, our CEO, charged the Company transferred$1,812 (Cnd$2,400) (2020 - $1,837) in rent and the debt of $25,920 in full$30,624 has been due to the related party (2020 - $23,562).

As of the period ended September 30, 2020, the husband of Mrs. Hong Ba, our CEO, advanced $1,550 (September 30, 2020 - $1,100) to the Company for the operating expenditure.

As of September 30, 2020, the Company has received advances for future share issuance of $185,683 (June 30, 2020 - $149,304) and an advance of $211 (June 30, 2020 - $209) for operating expenditure from a related party the sister in law of the CEOwho will be an over 10% shareholder of the Company and such debt was cancelledthe Company expensed $13,166 (June 30, 2020 - Nil) in exchangeimputed interest on the accumulated amount of advances share issuance.

Note 7 - Commitment and Contingencies

The Company leases an office space in Canada for a term under month by month operating lease agreement. Monthly rent is $616 (Cdn$800).

The lease agreement for the issuanceBeijing office was terminated effective from October 1, 2013.

For each of 4,712,727the three months ended September 30, 2020 and 2019, the Company recorded a rent expense of $1,812 (Cdn$2,400) and $1,837 (Cdn$2,400), respectively.

Note 8 - Common Stock

On January 23, 2012, the Company entered into a subscription agreement with the significant shareholder Hong Ba, for the sale of 22,000,000 common shares for $630,000 from cash received and expense paid on behalf by Hong Ba. Subsequent to the sale, Hong Ba owns 22,000,000 common shares which represent 45.9% of the issued and outstanding shares of the Company.

The Share Purchase Agreement with Mr. Wu Hao was not completed in January 2013, and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. On October 26, 2014, the Company issued 15,538,300 common shares of the Company. The fair market valueCompany to settle the debts payable of the share issuance was $47,127.

Note 6 – Common Stock$155,383 to related parties at $0.01 per share.

The Company is authorized to issue 500,000,000 shares of common stock with par value of $0.0001.

As of December 31, 2017September 30, 2020 and June 30, 2017,2020, 82,489,391 and 82,489,391 shares of common stock were issued and outstanding, respectively.

On October 26, 2014, the Company issued 15,538,300 common shares of the Company to settle the debts payable of $155,383 to related parties at $0.01 per share.

On August 5, 2016, the Company entered into Debt Conversion Agreements (the “Agreements”"Agreements") with each of Lin Li and Youzhe Li, who were each creditors to the Company with total outstanding balances of $25,920 (the “Lin"Lin Li Loan”Loan") and $78,861 (the “Youzhe"Youzhe Li Loan”Loan" and, together with the Lin Li Loan, the “Loans”"Loans"), respectively. Pursuant to the Agreements the Company agreed to issue an aggregate total of 19,051,091 shares of its common stock, $0.0001 par value per share (the “Shares”"Shares"), at the conversion rate of $0.0055 per share as full payment for the Loans. Upon issuance and delivery of the Shares, the Loans shall bewere fully paid and the Company shall no longer havehad any obligations to the individuals under the Loans. As of December 31, 2017, the fair market value of the share issuance was $190,511.

Lin Li is the sister of Mr. Feng Li, who is the husband of Hong Ba, the Company’sCompany's director, CEO and CFO.

9

As of December 31, 2017 and June 30, 2017, the Company had received $71,109 and $47,986, respectively, advanced for a future share issuance from an independent third party, which amounts do not bear interest and are due on demand. On August 5, 2016, the Company issued 14,338,364 common shares of the Company to such independenta related party in cancellation of the debt of $78,861 owed to such party at such time. The fair market value

As of September 30, 2020 and June 30, 2020, the Company has received $185,683 and $165,446, respectively, advanced for a future share issuance was $143,384.from a related party, which amounts do not bear interest and are due on demand. 

As the filing date of these unaudited financial statements, there are 82,489,391 shares issued and outstanding.

ITEM 2 MANAGEMENT’SMANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

This report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”"may", “should”"should", “expects”"expects", “plans”"plans", “anticipates”"anticipates", “believes”"believes", “estimates”"estimates", “predicts”"predicts", “potential”"potential" or “continue”"continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled “Risk Factors”"Risk Factors", that may cause our company’scompany's or our industry’sindustry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our financial statements are stated in United States dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

In this quarterly report, unless otherwise specified, all references to “common shares”"common shares" refer to the common shares of our capital stock.

As used in this quarterly report, the terms “we”"we", “us”"us", “our”"our", “W"W&E Source Corp.”", “the Company”"the Company" means W&E Source Corp., unless otherwise indicated.

Corporate Overview

The Company has identified the global tourism market as its first investment target. As it currently exists, the tourism industry is fragmented into various geographic regions. We believe that approaching this industry from a global perspective is an emerging market with tremendous growth potential. We plan to set up and/or acquire offices in various regions of the world and through them, develop the local tourism industry and expand our local tourism market. Ultimately, we plan to unify and manage our regional offices and to market our global services through the internet.

We have set up three subsidiaries, Airchn Travel Global, Inc. in Seattle, Washington (“ATGI”("ATGI") and Airchn Travel (Canada) Inc., in Vancouver, British Columbia in Canada (“ATCI”("ATCI") and Airchn Travel (Beijing) Inc. in Beijing, China (“ATBI”("ATBI"). We plan to set up additional subsidiaries in Hong Kong, Macau, Taiwan, Japan and Korea in the near future. Our Beijing office has been closed as of December 31, 2017September 30, 2020 due to lack of business and to reduce operating costs.

We are engaged in services such as airline and cruise ticketing, customized and packaged tours, travel blogs, travel magazines, sales of travel related merchandise, group hotel reservations, business travel arrangements, conference travel arrangements, car rental and admission ticket sale for local tourist attractions.

We will continue to explore other business growth opportunities, regardless of industry, in order to diversify our business operations and investments.

On January 17, 2012, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of Delaware to change its name from News of China, Inc. to W&E Source Corp. In connection the name change, our listing symbol on the OTCQB also changed from “NWCH”"NWCH" to “WESC.”"WESC." Our new website which is currently under construction can be accessed at www.wescus.com. In addition, the Company also increased its total authorized shares to 500,000,000 to anticipate future financing through the issuance of our equity or convertible debt to finance our business.

COVID-19

In December 2019, a novel strain of coronavirus, COVID-19, was first detected in Wuhan, China, and has since spread to other regions, including Europe and North America. On March 11, 2020, the World Health Organization declared that the rapidly spreading COVID-19 outbreak was a global pandemic ("COVID-19 pandemic"). In response to the pandemic, many governments around the world have implemented, and continue to implement, a variety of measures to reduce the spread of COVID-19, including travel restrictions and bans, instructions to residents to practice social distancing, quarantine advisories, shelter-in-place orders and required closures of non-essential businesses. These government mandates have forced many of the companies on whom our business relies, including hotels and other accommodation providers and airlines, to seek government support in order to continue operating, to curtail drastically their service offerings or to cease operations entirely. Further, these measures have materially adversely affected, and may further adversely affect, consumer sentiment and discretionary spending patterns, economies and financial markets, and our customers. The COVID-19 pandemic and the resulting economic conditions and government orders have resulted in a material decrease in consumer spending and an unprecedented decline in travel activities and consumer demand for related services. Our financial results and prospects are almost entirely dependent on the sale of such travel-related services. Our results for the quarter ended September 30, 2020 have been significantly and negatively impacted, with a material decline in gross travel bookings and total revenues as compared to the corresponding period in 2019.  We expect to continue to see severely reduced new travel reservation bookings as compared to 2019 levels for the foreseeable future, which will have a materially adverse impact on our business, financial condition, results of operations and cash flows. Due to the uncertain and rapidly evolving nature of current conditions around the world, we are unable to predict accurately the impact that the COVID-19 pandemic will have on our business going forward. With the continued spread of COVID-19 in the United States and various other countries, we expect the pandemic and its effects to continue to have a significant adverse impact on our business for the duration of the pandemic, during any resurgences of the pandemic and during the subsequent economic recovery, which could be an extended period of time.