Cover
Cover | 3 Months Ended |
May 12, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | WeTrade Group Inc. |
Entity Central Index Key | 0001784970 |
Document Type | 8-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Emerging Growth Company | false |
Document Period End Date | May 12, 2020 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 5,192,095 | $ 6,591,128 |
Non current Assets: | ||
Intangible asset | 56,191 | 0 |
Prepaid Expenses | 13,531 | 0 |
Total Assets: | 5,261,817 | 6,591,128 |
Current Liabilities: | ||
Accrued expenses | 20,210 | 32,000 |
Amount due to related parties | 416,515 | 1,754,515 |
Total Current Liabilities | 436,725 | 1,786,515 |
Total Liabilities | 436,725 | 1,786,515 |
Stockholders' Equity: | ||
Common Stock; $0.00 per share par value; 101,740,666 issued and outstanding at March 31, 2020; 100,074,000 issued and outstanding at December 31, 2019 | 0 | 0 |
Additional Paid in Capital | 5,222,020 | 222,020 |
Shares to be issued | 78,000 | 5,000,000 |
Accumulated other comprehensive loss | (57,060) | 0 |
Accumulated Deficit | (417,868) | (417,407) |
Total Stockholders' Equity | 4,825,092 | 4,804,613 |
Total Liabilities and Stockholders' Equity | $ 5,261,817 | $ 6,591,128 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity | ||
Common stock, shares par value | $ 0 | $ 0 |
Common stock, shares issued | 101,740,666 | 100,074,000 |
Common stock, shares outstanding | 101,740,666 | 100,074,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | Mar. 31, 2019 | Mar. 31, 2020 |
Revenue: | ||
Service revenue, related party | $ 0 | $ 21,070 |
Total net revenues | 0 | 21,070 |
Operating Expenses: | ||
General and Administrative | 4,000 | 25,070 |
Operations Loss | (4,000) | (4,000) |
Other revenue | 0 | 3,539 |
Net Loss | (4,000) | (461) |
Other Comprehensive Loss | ||
Foreign currency translation adjustment | 0 | (57,060) |
Total comprehensive Loss | $ (4,000) | $ (56,599) |
Basic and Diluted Net Loss per share: | $ 0 | $ 0 |
Weighted average number of shares outstanding; Basic and Diluted | 100,000,000 | 100,629,555 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | Mar. 31, 2019 | Mar. 31, 2020 |
Cash Flows from Operating Activities: | ||
Net Loss | $ (4,000) | $ (461) |
Changes in Operating Assets and Liabilities: | ||
Amount due to related parties | 4,000 | (1,338,000) |
Accrued expense | 0 | (11,790) |
Intangible assets | 0 | (56,191) |
Prepaid expenses | 0 | (13,531) |
Net Cash Flows Used in Operating Activities: | 0 | (1,419,973) |
Cash flow from financing activities: | ||
Share issued for cash | 0 | 78,000 |
Net cash provided by financing activities: | 0 | 78,000 |
Effect of exchange rate changes on cash | 0 | (57,060) |
Change in Cash and Cash Equivalents: | 0 | (1,399,033) |
Cash and Cash Equivalents, Beginning of Period | 6,591,128 | |
Cash and Cash Equivalents, End of Period | 0 | 5,192,095 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity (Deficit) (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Share to be issued [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated other comprehensive loss |
Balance, shares at Mar. 28, 2019 | 100,000,000 | |||||
Balance, amount at Mar. 28, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock issued during the period, shares | ||||||
Stock issued during the period, amount | 0 | $ 0 | 0 | 0 | 0 | 0 |
Share to be issued | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | |||||
Net loss | (4,000) | 0 | 0 | 0 | (4,000) | 0 |
Foreign currency adjustment | 0 | $ 0 | 0 | 0 | 0 | 0 |
Balance, shares at Mar. 31, 2019 | 100,000,000 | |||||
Balance, amount at Mar. 31, 2019 | (4,000) | $ 0 | 0 | 0 | (4,000) | 0 |
Balance, shares at Dec. 31, 2019 | 100,074,000 | |||||
Balance, amount at Dec. 31, 2019 | 4,804,613 | $ 0 | 222,020 | 5,000,000 | (417,407) | 0 |
Stock issued during the period, shares | 1,666,666 | |||||
Stock issued during the period, amount | 0 | $ 0 | 5,000,000 | (5,000,000) | 0 | 0 |
Share to be issued | 78,000 | 0 | 0 | 78,000 | 0 | 0 |
Foreign currency translation adjustment | (57,060) | 0 | 0 | 0 | 0 | (57,060) |
Net loss | (461) | $ 0 | 0 | 0 | (461) | 0 |
Balance, shares at Mar. 31, 2020 | 101,740,666 | |||||
Balance, amount at Mar. 31, 2020 | $ 4,825,092 | $ 0 | $ 5,222,020 | $ 78,000 | $ (417,868) | $ (57,060) |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2020 | |
NATURE OF BUSINESS | |
NOTE 1 - NATURE OF BUSINESS | Organization WeTrade Group Inc. was incorporated in the State of Wyoming on March 28, 2019. WeTrade Group Inc. is in the business of providing technical services and solutions via its membership-based social e-commerce platform and the Group is target to provided technical and auto-billing management services for 100 million micro-business online stores in China. In January 2020, WeTrade have appointed 3rd party software company to develop an auto-billing management system (“Wepay System”) at the cost of RMB 400,000 in order to provide online payment services for its online store customers in PRC. The main functions of Wepay System is an online payment services, CPS profit management services, multi-channels App and data analysis, which is developed to provide payment and auto-billing services for online store customers from retail, tourism industry, hospitality and beauty industry. WeTrade Group INC had successful conducted its business operations in mainland China and trial operation in Hong Kong, Philippines and Singapore. WeTrade has also formed the long-term technical cooperation with Yuetao App, Daren App, Yuebei App, Jingdong App, Yuedian App and Lvyue App. On March 1, 2020 WeTrade Group Inc.’s wholly owned subsidiary, known as Yue Shang Information Technology (Beijing) Co Limited, has entered into a Technical Entrust (Agency) Agreement with a related company owned by Company’s director, known as Global Joy Trip Technology (Beijing) Co Limited. According to the Agreement, the Group will provide auto-billing management services and technical support to Global Joy Trip Technology (Beijing) Co Limited (“Global Joy”) in its e-commerce platform, including, but not limited to: system background construction, foreground APP, basic application training, etc. Accordingly, the Group shall receive 2% of the total Gross Merchandise Volume (“GMV”) generated in Global Joy e-commerce platform as service fee. The Board believes that the Technical Entrust Agreement will provide the Group with the opportunity to leverage on its extensive experience in China social e-commerce business. The Board also believes that it could expand the Group’s business scope, broaden income sources and enhance its financial performance, as well as in the interests of the Company and its shareholders. The following diagram sets forth the structure of the Company as of the date of this Current Report: |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of preparation of financial statements The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements of the Company as of and for the three ended March 31, 2020 and 2019 are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as of March 31, 2020, the results of its operations for the three months ended March 31, 2020 and 2019, and its cash flows for the three months ended March 31, 2020 and 2019. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2019. The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2019. As of March 31, 2020, the details of the consolidating subsidiaries are as follows: Place of Attributable Name of Company incorporation equity interest % Utour Pte Ltd Singapore 100 % WeTrade Information Technology Limited (“WITL”) Hong Kong 100 % Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. 100 % Nature of Operations WeTrade Group Inc. (the “Company” or or “We’ or “Us”) is a Wyoming corporation incorporated on March 28, 2019. The Company is an investment holding company that formed as a Wyoming corporation to use as a vehicle for raising equity outside the US. As of March 31, 2020, the nature operation of its subsidiaries are as follows: Place of Nature of Name of Company incorporation operation Utour Pte Ltd Singapore Investment holding company WeTrade Information Technology Limited (“WITL”) Hong Kong Investment holding company Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. Providing of social e-commerce services, technical system support and services COVID-19 outbreak In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for our services and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time. Revenue recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company’s cash that is held in bank accounts in Singapore and PRC is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or any other similar insurance in the PRC, or Singapore. Use of Estimate The preparation of financial statements in conformity with GAAP 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 expenses during the reporting periods. Actual results could differ from those estimates. Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash on hand amounted to $5,192,095 Intangible Asset Intangible asset is software development cost incurred by company, it will be amortized on a straight line basis over the estimated useful life of 5 years. Income Tax Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company has a subsidiary in Singapore and PRC. The Company is subject to tax in Singapore and PRC jurisdictions. As a result of its future business activities, the Company will be required to file tax returns that are subject to examination by the Inland Revenue Authority of Singapore and Tax Department of PRC. Loss Per Share Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of March 31, 2020, there were potentially dilutive shares. For the period March 31, 2020 For the period March 31, 2019 Statement of Operations Summary Information: Net Loss $ 461 4,000 Weighted-average common shares outstanding - basic and diluted 100,629,555 100,000,000 Net loss per share, basic and diluted $ 0.00 0.00 Fair Value The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS | Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2020 | |
REVENUE | |
NOTE 4 - REVENUE | The main functions of Wepay System is an online payment services, CPS profit management services, multi-channels App and data analysis, which is developed to provide payment and auto-billing services for online store customers from retail, tourism industry, hospitality and beauty industry. We earn revenue primarily by completing payment transactions for customers through our “Wepay System” and from other value added services. Our revenues are classified into two categories: transaction revenues based on Gross Merchandise volume (“GMV”) of online stores and revenues from other value added services or online technical services from store customers. As per the agreement with related company, known as Global Joy Trip Technology (Beijing) Co Limited, which will shall be 0.5% of the actual Gross Merchandise Volume (“GMV”) during trial period and subsequently 2% of GMV pay to the Company as the system service fee. |
CASH AT BANK
CASH AT BANK | 3 Months Ended |
Mar. 31, 2020 | |
CASH AT BANK | |
NOTE 5 - CASH AT BANK | As of March 31, 2020, the Company held cash in bank in the amount of $ 5,192,095, March 31, 2020 December 31, 2019 Bank Deposits-China $ 4,943,930 5,000,014 Bank Deposits-Singapore 248,165 1,591,114 5,192,095 6,591,128 |
INTANGIBLE ASSET
INTANGIBLE ASSET | 3 Months Ended |
Mar. 31, 2020 | |
INTANGIBLE ASSET | |
NOTE 6 - INTANGIBLE ASSET | Intangible asset is software development cost incurred by company, it will be amortized on a straight line basis over the estimated useful life of 5 years as follow: March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (952 ) $ 56,191 5 Intangible assets, net $ 57,143 $ (952 ) $ 56,919 Amortization expense for intangible assets was $952 for the three months ended March 31, 2020. Expected future intangible asset amortization as of March 31, 2020 was as follows: Fiscal years: Remaining 2020 $ 56,191 2021 44,767 2022 33,343 2023 21,919 Thereafter 10,497 |
AMOUNT DUE TO RELATED PARTIES
AMOUNT DUE TO RELATED PARTIES | 3 Months Ended |
Mar. 31, 2020 | |
AMOUNT DUE TO RELATED PARTIES | |
NOTE 7 - AMOUNT DUE TO RELATED PARTIES | As of March 31, 2020, amount due to related parties consist of the following: As of March 31, 2020 As of December 31, 2019 Related parties payable 276,515 254,515 Related party loan 140,000 1,500,000 $ 416,515 1,754,515 The related party balance of $416,515 represented an outstanding loan of $140,000 from the related company owned by Company’s director for daily business operation in Singapore, and professional expenses paid on behalf by Director of $276,515 and which consist of $224,515 advance from Dai Zheng, $42,000 advance from Li Zhuo and $10,000 from Che Kean Tat. It is unsecured, interest-free with no fixed payment term and imputed interest is consider to be immaterial. The Company have settled related party loan of $650,000 and $710,000 in January 21, 2020 and March 2, 2020 respectively due to cost cutting in business operation in Singapore as a result of change in business plan. As of March 31, 2020, there were $140,000 of related party loan that are due to the company owned by Mr. Dai, the Chairman of the Board. |
SHAREHOLDERS EQUITY (DEFICIT)
SHAREHOLDERS EQUITY (DEFICIT) | 3 Months Ended |
Mar. 31, 2020 | |
SHAREHOLDERS EQUITY (DEFICIT) | |
NOTE 8 - SHAREHOLDERS' EQUITY (DEFICIT) | The Company issued 1,660,680 shares of common stock in February 2020 at price of $3 per share. The Company has an unlimited number of ordinary shares authorized, and has issued 101,740,666 shares with no par value as of March 31, 2020. There are 26,000 shares to be issued at $3 per share to 2 new shareholder in July 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of preparation of financial statements | The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”). The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances have been eliminated in consolidation. The condensed consolidated financial statements of the Company as of and for the three ended March 31, 2020 and 2019 are unaudited. In the opinion of management, all adjustments (including normal recurring adjustments) that have been made are necessary to fairly present the financial position of the Company as of March 31, 2020, the results of its operations for the three months ended March 31, 2020 and 2019, and its cash flows for the three months ended March 31, 2020 and 2019. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for a full fiscal year. The balance sheet as of December 31, 2019 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2019. The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K as filed with the SEC for the fiscal year ended December 31, 2019. As of March 31, 2020, the details of the consolidating subsidiaries are as follows: Place of Attributable Name of Company incorporation equity interest % Utour Pte Ltd Singapore 100 % WeTrade Information Technology Limited (“WITL”) Hong Kong 100 % Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. 100 % |
Nature of Operations | WeTrade Group Inc. (the “Company” or or “We’ or “Us”) is a Wyoming corporation incorporated on March 28, 2019. The Company is an investment holding company that formed as a Wyoming corporation to use as a vehicle for raising equity outside the US. As of March 31, 2020, the nature operation of its subsidiaries are as follows: Place of Nature of Name of Company incorporation operation Utour Pte Ltd Singapore Investment holding company WeTrade Information Technology Limited (“WITL”) Hong Kong Investment holding company Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. Providing of social e-commerce services, technical system support and services |
COVID-19 outbreak | In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. It has also disrupted the normal operations of many businesses, including ours. This outbreak could decrease spending, adversely affect demand for our services and harm our business and results of operations. It is not possible for us to predict the duration or magnitude of the adverse results of the outbreak and its effects on our business or results of operations at this time. |
Revenue recognition | The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts |
Cash and Cash Equivalents | The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company’s cash that is held in bank accounts in Singapore and PRC is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or any other similar insurance in the PRC, or Singapore. |
Use of Estimate | The preparation of financial statements in conformity with GAAP 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 expenses during the reporting periods. Actual results could differ from those estimates. |
Concentration of Risk | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash on hand amounted to $5,192,095 |
Intangible Asset | Intangible asset is software development cost incurred by company, it will be amortized on a straight line basis over the estimated useful life of 5 years. |
Income Tax | Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC Topic 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company has a subsidiary in Singapore and PRC. The Company is subject to tax in Singapore and PRC jurisdictions. As a result of its future business activities, the Company will be required to file tax returns that are subject to examination by the Inland Revenue Authority of Singapore and Tax Department of PRC. |
Loss Per Share | Basic net income (loss) per share of common stock attributable to common stockholders is calculated by dividing net income (loss) attributable to common stockholders by the weighted-average shares of common stock outstanding for the period. Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying outstanding stock-based awards, warrants, options, or convertible debt using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income (loss) per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of March 31, 2020, there were potentially dilutive shares. For the period March 31, 2020 For the period March 31, 2019 Statement of Operations Summary Information: Net Loss $ 461 4,000 Weighted-average common shares outstanding - basic and diluted 100,629,555 100,000,000 Net loss per share, basic and diluted $ 0.00 0.00 |
Fair Value | The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Table) | 3 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of consolidated subsidiaries | Place of Attributable Name of Company incorporation equity interest % Utour Pte Ltd Singapore 100 % WeTrade Information Technology Limited (“WITL”) Hong Kong 100 % Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. 100 % |
Schedule of operation of subsidiaries | Place of Nature of Name of Company incorporation operation Utour Pte Ltd Singapore Investment holding company WeTrade Information Technology Limited (“WITL”) Hong Kong Investment holding company Yueshang Information Technology (Beijing) Co., Ltd. (“YITB”) P.R.C. Providing of social e-commerce services, technical system support and services |
Schedule of potentially diluted shares | For the period March 31, 2020 For the period March 31, 2019 Statement of Operations Summary Information: Net Loss $ 461 4,000 Weighted-average common shares outstanding - basic and diluted 100,629,555 100,000,000 Net loss per share, basic and diluted $ 0.00 0.00 |
CASH AT BANK (Table)
CASH AT BANK (Table) | 3 Months Ended |
Mar. 31, 2020 | |
CASH AT BANK (Table) | |
Schedule of cash in bank | March 31, 2020 December 31, 2019 Bank Deposits-China $ 4,943,930 5,000,014 Bank Deposits-Singapore 248,165 1,591,114 5,192,095 6,591,128 |
INTANGIBLE ASSET (Table)
INTANGIBLE ASSET (Table) | 3 Months Ended |
Mar. 31, 2020 | |
INTANGIBLE ASSET | |
Schedule of intangible assets | March 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (952 ) $ 56,191 5 Intangible assets, net $ 57,143 $ (952 ) $ 56,919 |
Schedule of intangible assets amortization expenses | Fiscal years: Remaining 2020 $ 56,191 2021 44,767 2022 33,343 2023 21,919 Thereafter 10,497 |
AMOUNT DUE TO RELATED PARTIES (
AMOUNT DUE TO RELATED PARTIES (Table) | 3 Months Ended |
Mar. 31, 2020 | |
AMOUNT DUE TO RELATED PARTIES | |
Schedule of due to related parties | As of March 31, 2020 As of December 31, 2019 Related parties payable 276,515 254,515 Related party loan 140,000 1,500,000 $ 416,515 1,754,515 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Jan. 31, 2020 | |
UTour Pte. Ltd [Member] | ||
Noncontrolling Interest, Ownership Percentage by WeTrade Information Technology Limited | 100.00% | |
WeTrade Information Technology Limited [Member] | ||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 100.00% | |
Wepay System [Member] | ||
Computarized software cost | $ 400,000 | |
Global Joy Trip Technology (Beijing) Co Limited [Member] | ||
Services fees from related party | The Group shall receive 2% of the total Gross Merchandise Volume (“GMV”) generated in Global Joy e-commerce platform as service fee |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | P.R.C |
UTour Pte. Ltd [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | Singapore |
WeTrade Information Technology Limited [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | Hong Kong |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | Mar. 31, 2019 | Mar. 31, 2020 |
Statement of Operations Summary Information: | ||
Net loss | $ (4,000) | $ (461) |
Weighted-average common shares outstanding - basic and diluted | 100,000,000 | 100,629,555 |
Net loss per share, basic and diluted | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Cash on hand | $ 5,192,095 | $ 6,591,128 | $ 0 |
Sotware development [Member] | |||
Intangible assets, estimated useful lives | 5 years | ||
Intangible assets, amortization method | Straight line basis |
REVENUE (Details Narrative)
REVENUE (Details Narrative) | 3 Months Ended |
Mar. 31, 2020 | |
Global Joy Trip Technology (Beijing) Co Limited [Member] | |
System services fees from related party | The Group shall receive 2% of the total Gross Merchandise Volume (“GMV”) generated in Global Joy e-commerce platform as service fee |
CASH AT BANK (Details)
CASH AT BANK (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Bank Deposits | $ 5,192,095 | $ 6,591,128 | $ 0 |
China [Member] | |||
Bank Deposits | 4,943,930 | 5,000,014 | |
Singapore [Member] | |||
Bank Deposits | $ 248,165 | $ 1,591,114 |
CASH AT BANK (Details Narrative
CASH AT BANK (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
CASH AT BANK (Details Narrative) | |||
Bank Deposits | $ 5,192,095 | $ 6,591,128 | $ 0 |
INTANGIBLE ASSET (Details)
INTANGIBLE ASSET (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, gross carrying amount | $ 57,143 | |
Intangible assets, accumulated amortization | (952) | |
Intangible assets, net carrying amount | 56,191 | $ 0 |
Sotware development [Member] | ||
Intangible assets, gross carrying amount | 57,143 | |
Intangible assets, accumulated amortization | (952) | |
Intangible assets, net carrying amount | $ 56,191 | |
Intangible assets, weighted average useful lives | 5 years |
INTANGIBLE ASSET (Details 1)
INTANGIBLE ASSET (Details 1) | Mar. 31, 2020USD ($) |
Fiscal years: | |
Remaining 2020 | $ 56,191 |
2021 | 44,767 |
2022 | 33,343 |
2023 | 21,919 |
Thereafter | $ 10,497 |
INTANGIBLE ASSET (Details Narra
INTANGIBLE ASSET (Details Narrative) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Intangible assets, amortization expense | $ 952 |
Sotware development [Member] | |
Intangible assets, estimated useful lives | 5 years |
Intangible assets, amortization method | Straight line basis |
AMOUNT DUE TO RELATED PARTIES_2
AMOUNT DUE TO RELATED PARTIES (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
AMOUNT DUE TO RELATED PARTIES | ||
Related parties payable | $ 276,515 | $ 254,515 |
Related party loan | 140,000 | 1,500,000 |
Amount due to related parties | $ 416,515 | $ 1,754,515 |
AMOUNT DUE TO RELATED PARTIES_3
AMOUNT DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Mar. 02, 2020 | Jan. 21, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Amount due to related parties | $ 416,515 | $ 1,754,515 | ||
Repayment of related party loan | $ 710,000 | $ 650,000 | ||
Related party loan | 140,000 | 1,500,000 | ||
Related party payable | 276,515 | $ 254,515 | ||
Che Kean Tat [Member] | ||||
Related party payable | 10,000 | |||
Mr. Dai [Member] | ||||
Related party loan | 140,000 | |||
Subsequent Event [Member] | Shareholders [Member] | ||||
Related party payable | 42,000 | |||
Director [Member] | ||||
Related party loan | 140,000 | |||
Related party payable | 276,515 | |||
Dai Zheng [Member] | ||||
Related party payable | $ 224,515 |
SHAREHOLDERS EQUITY (DEFICIT) (
SHAREHOLDERS EQUITY (DEFICIT) (Details Narrative) | 1 Months Ended | |||
Jul. 31, 2020integer$ / sharesshares | Mar. 31, 2020shares | Feb. 29, 2020$ / sharesshares | Dec. 31, 2019shares | |
Common stock, shares issued | shares | 101,740,666 | 1,660,680 | 100,074,000 | |
Shares issued price per share | $ / shares | $ 3 | |||
Subsequent Event [Member] | Shareholders [Member] | ||||
Shares issued price per share | $ / shares | $ 3 | |||
Shares to be issued | shares | 26,000 | |||
Number of shareholder | integer | 2 |