Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 24, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | WeTrade Group Inc. | |
Entity Central Index Key | 0001784970 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 305,451,498 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and Cash Equivalents | $ 6,787,535 | $ 6,591,128 |
Accounts Receivables | 1,030,920 | 0 |
Other receivables | 3,715 | 0 |
Prepayments | 197,097 | 0 |
Non current Assets: | ||
Right of use assets | 2,832,007 | 0 |
Intangible asset, net | 77,196 | 0 |
Prepaid expense | 10,327 | 0 |
Total Assets | 11,211,481 | 6,591,128 |
Current Liabilities: | ||
Accrued expenses | 220,412 | 32,000 |
Tax payables | 556,802 | 0 |
Amount due to related parties | 416,500 | 1,754,515 |
Lease liabilities, current | 304,973 | 0 |
Total Current Liabilities | 1,498,687 | 1,786,515 |
Lease liabilities, non- current | 2,581,882 | 0 |
Total Liabilities | 4,080,569 | 1,786,515 |
Stockholders' Equity: | ||
Common Stock; $0.00 per share par value; 305,451,498 issued and outstanding at September 30, 2020 and 300,222,000 issued and outstanding at December 31, 2019 | 0 | 0 |
Additional Paid in Capital | 6,057,520 | 222,020 |
Share to be issued | 0 | 5,000,000 |
Accumulated other comprehensive income (loss) | 183,673 | 0 |
Retained Earning/ (Accumulated Deficit) | 889,719 | (417,407) |
Total Stockholders' Equity | 7,130,912 | 4,804,613 |
Total Liabilities and Stockholders' Equity | $ 11,211,481 | $ 6,591,128 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Stockholders' Equity | ||
Common stock, shares par value | $ 0 | $ 0 |
Common stock, shares issued | 305,451,498 | 300,222,000 |
Common stock, shares outstanding | 305,451,498 | 300,222,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | |
Revenue: | ||||
Service revenue, non-related party | $ 518,269 | $ 0 | $ 0 | $ 518,269 |
Service revenue, related party | 1,493,829 | 2,370,192 | ||
Total Revenue: | 2,012,098 | 0 | 0 | 2,888,461 |
Cost of revenue | (427,647) | (515,195) | ||
Gross Profit | 1,584,451 | 2,373,266 | ||
Operating Costs and expenses: | ||||
General and Administrative | 407,067 | 110,921 | 255,010 | 617,216 |
Operations Profit/ (Loss) | 1,177,384 | (110,921) | (255,010) | 1,756,050 |
Other income/ (loss) | 38,939 | 0 | 39,060 | |
Net Income/ (Loss) before Income Tax | 1,216,323 | (110,921) | (255,010) | 1,795,110 |
Income tax expense | 475,431 | 0 | 0 | 487,984 |
Net income (loss) | 740,893 | (110,921) | (255,010) | 1,307,126 |
Other Comprehensive Income (Loss) | ||||
Foreign currency translation adjustment | 244,292 | 0 | 0 | 183,673 |
Total comprehensive Income (Loss) | $ 985,185 | $ (110,921) | $ (255,010) | $ 1,490,799 |
Basic and Diluted Net Income (Loss) per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding*; Basic and Diluted | 308,704,888 | 300,073,998 | 300,024,666 | 304,166,073 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income/ (Loss) | $ (255,010) | $ 1,307,126 |
Changes in Operating Assets and Liabilities: | ||
Trade Receivables | 0 | (1,028,044) |
Other receivables | 0 | (275,629) |
Prepaid expenses | 0 | (206,845) |
Amount due to related parties | 144,501 | (1,560,020) |
Intangible assets | 0 | (76,980) |
Accrued expenses | 110,000 | 187,839 |
Tax payables | 0 | 555,248 |
Right of use assets | 0 | (2,824,106) |
Lease liabilities | 0 | 2,878,801 |
Net Cash Flows Used in Operating Activities: | (509) | (1,042,610) |
Cash flow from financing activities: | ||
Proceeds from issuance of common stock | 222,020 | 835,500 |
Net cash provided by financing activities: | 222,020 | 835,500 |
Effect of exchange rate changes on cash | 0 | 403,517 |
Change in Cash and Cash Equivalents | 221,511 | 196,407 |
Cash and Cash Equivalents, Beginning of Period | 0 | 6,591,128 |
Cash and Cash Equivalents, End of Period | 221,511 | 6,787,535 |
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] | Share To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated other comprehensive loss |
Balance, shares at Mar. 28, 2019 | 300,000,000 | 222,000 | ||||
Balance, amount at Mar. 28, 2019 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock issued during the period, shares | 222,000 | |||||
Stock issued during the period, amount | 222,020 | $ 0 | $ 0 | 222,020 | 0 | |
Share to be issued | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 0 | 0 |
Net loss for the period | (255,010) | $ 0 | 0 | (255,010) | 0 | |
Balance, shares at Sep. 30, 2019 | 300,222,000 | |||||
Balance, amount at Sep. 30, 2019 | (32,990) | $ 0 | 0 | 222,020 | (255,010) | 0 |
Balance, shares at Jun. 30, 2019 | 300,000,000 | |||||
Balance, amount at Jun. 30, 2019 | (144,089) | $ 0 | $ 0 | 0 | (144,089) | 0 |
Stock issued during the period, shares | 222,000 | |||||
Stock issued during the period, amount | 222,020 | $ 0 | $ 0 | 222,020 | 0 | |
Share to be issued | 0 | 0 | 0 | 0 | 0 | 0 |
Foreign currency translation adjustment | 0 | 0 | 0 | 0 | 0 | 0 |
Net loss for the period | (110,921) | $ 0 | 0 | 0 | (110,921) | 0 |
Foreign currency translation adjustment | 0 | |||||
Net income for the period | (110,921) | |||||
Balance, shares at Sep. 30, 2019 | 300,222,000 | |||||
Balance, amount at Sep. 30, 2019 | (32,990) | $ 0 | $ 0 | 222,020 | (255,010) | 0 |
Balance, shares at Dec. 31, 2019 | 300,222,000 | 5,229,498 | ||||
Balance, amount at Dec. 31, 2019 | 4,804,613 | $ 0 | $ 5,000,000 | 222,020 | (417,407) | 0 |
Stock issued during the period, shares | 5,229,498 | |||||
Stock issued during the period, amount | 835,500 | $ 0 | $ (5,000,000) | 5,835,500 | 0 | 0 |
Foreign currency translation adjustment | 183,673 | 0 | 0 | 0 | 0 | 183,673 |
Net income for the period | 1,307,126 | $ 0 | 0 | 0 | 1,307,126 | 0 |
Balance, shares at Sep. 30, 2020 | 305,451,498 | |||||
Balance, amount at Sep. 30, 2020 | 7,130,912 | $ 0 | 0 | 6,057,520 | 889,719 | 183,673 |
Balance, shares at Jun. 30, 2020 | 305,221,998 | |||||
Balance, amount at Jun. 30, 2020 | 5,388,227 | $ 0 | 78,000 | 5,222,020 | 148,826 | (60,619) |
Stock issued during the period, shares | 229,500 | |||||
Stock issued during the period, amount | 757,500 | $ 8 | (78,000) | 835,500 | 0 | 0 |
Foreign currency translation adjustment | 244,292 | 0 | 0 | 244,292 | ||
Net income for the period | 740,893 | 0 | 740,893 | 0 | ||
Stock issued during the period | $ 0 | |||||
Balance, shares at Sep. 30, 2020 | 305,451,498 | |||||
Balance, amount at Sep. 30, 2020 | $ 7,130,912 | $ 0 | $ 0 | $ 6,057,520 | $ 889,719 | $ 183,673 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Sep. 30, 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 users 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 are user marketing relationship implementation, CPS commission profit management, multi-channel app data statistics and etc. Business applications cover the retail industry, tourism industry, hospitality and beauty industry. WeTrade Group INC has 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. In 2020, in order to better serve customers in mainland China, WeTrade reached an in-depth strategic partnership with Global Travelling Technology (Beijing) Co., Ltd., entrusting it to expand its business in China. As of the third quarter of 2020, WeTrade System has covered the e-commerce industry, tourism industry, hospitality industry, livestreaming/short video industry, etc. As at September 30, 2020, the auto-billing management system of WeTrade group has more than 12 million micro-business users, 60,000 blog users and more than 2000 hotels direct booking suppliers in China. It is expected will be more than 12% of 100 million micro-business users in China by end of 2020. 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 | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 2020, the results of its operations for the nine months ended September 30, 2020 and 2019, and its cash flows for the nine months ended September 30, 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 September 30, 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 September 30, 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 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 $6,787,535 Foreign currency translation and transactions For the period ended September 30, 2020, the Company’s principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company’s subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders’ equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. As of For the period September 30, 2020 December 31, 2019 RMB: US$ exchange rate 6.79 7.00 Nine months ended September 30, 2020 2019 RMB: US$ exchange rate 6.81 7.05 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. The balance sheet amounts, with the exception of equity, September 30, 2020 and December 31, 2019 were translated at 6.79 RMB and 7.00 RMB to $1.00, respectively. The equity accounts were stated at their historical rates. The average translation rates applied to statements of operations and comprehensive income (loss) accounts for the period ended September 30, 2020 and year ended December 31, 2019 were 6.81 RMB and 7.05 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the periods and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The transactions dominated in SGD are immaterial. Accounts receivable Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on general basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. Intangible Asset Intangible asset is software development cost incurred by the Company, it will be amortized on a straight line basis over the estimated useful life of 5 years. Leases On February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize the rights and obligations created by leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-11, Targeted Improvements, ASU No. 2018-10, Codification Improvements to Topic 842, and ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The new standard became effective April 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on July 1, 2019 using the modified retrospective transition approach as of the effective date of the initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which permits entities not to reassess under the new lease standard prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements. The most significant effects of the adoption of the new standard relate to the recognition of new ROU assets and lease labilities on our balance sheet for office operating leases and providing significant new disclosures about our leasing activities. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company has also elected the short-term leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets and lease liabilities, for existing short-term leases of those assets in transition. The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for its leases. All existing leases are reported under this rule. Under ASC 840, leases were classified as either capital or operating, and the classification significantly impacted the effect the contract had on the company’s financial statements. Capital lease classification resulted in a liability that was recorded on a company’s balance sheet, whereas operating leases did not impact the balance sheet. After the new adoption, $2,832,007 of operating lease right-of-use asset and $2,886,855 of operating lease liabilities were reflected on the Company’s September 30, 2020 financial statements. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow: Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 53,265 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 - Weighted average remaining lease term-operating leases (in years) 4.92 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,832,007 Total right-of-use assets $ 2,832,007 Short-term operating lease liabilities 365,274 Long-term operating lease liabilities 2,521,582 Total operating lease liabilities $ 2,886,855 Maturities of the Company’s lease liabilities are as follows: Year ending September 30, 2021 504,640 2022 653,079 2023 693,183 2024 736,072 2025 704,602 Total lease payments 3,291,576 Less: Imputed interest/present value discount (404,125 ) Present value of lease liabilities $ 6,179,027 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. Earning (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 profit periods as their effect would be anti-dilutive. As of September 30, 2020, there were no potentially dilutive shares. For the period September 30, 2020 For the period September 30, 2019 Statement of Operations Summary Information: Net Income/ (Loss) $ 1,307,126 (255,010 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,024,666 Net loss per share, basic and diluted $ 0.00 (0.00 ) Comprehensive income (loss) Comprehensive income (loss) is defined to include all changes in shareholders’ equity except those resulting from investments by owners and distributions to owners. The Company presents items of net income (loss) and other comprehensive income (loss) in one continuous statement, the Consolidated Statements of Operations and Comprehensive income (loss). The components of other comprehensive income or loss consist solely of foreign currency translation adjustments. 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 | 9 Months Ended |
Sep. 30, 2020 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
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 | 9 Months Ended |
Sep. 30, 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 services agreement , which will be 0.5% of the actual Gross Merchandise Volume (“GMV”) during trial period and subsequently 2% - 3.5% of GMV pay to the Company as the system service fee. As of nine months ended September 30, 2020, we generated revenues from a related party amounting $2,370,192. As of three months ended September 30, 2019, we generated revenues from a related party amounting $1,493,829. |
CASH AT BANK
CASH AT BANK | 9 Months Ended |
Sep. 30, 2020 | |
CASH AT BANK | |
NOTE 5 - CASH AT BANK | As of September 30, 2020, the Company held cash in bank in the amount of $6,787,535 which consist of the following: September 30, 2020 December 31, 2019 Bank Deposits-China $ 6,623,550 5,000,014 Bank Deposits-Singapore 163,985 1,591,114 6,787,535 6,591,128 |
INTANGIBLE ASSET
INTANGIBLE ASSET | 9 Months Ended |
Sep. 30, 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 10 years as follow: September 30, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (3,266 ) $ 53,877 10 Software development in progress $ 21,014 - 21,014 Foreign currency translation adjustment - - 2,305 Intangible assets, net $ 78,157 $ (3,266 ) $ 77,196 Amortization expense for intangible assets was $3,266 for the nine months ended September 30, 2020. Expected future intangible asset amortization as of September 30, 2020 was as follows: Fiscal years: Remaining 2020 $ 52,434 2021 46,662 2022 40,890 2023 35,118 Thereafter 29,346 |
OTHER RECEIVABLE
OTHER RECEIVABLE | 9 Months Ended |
Sep. 30, 2020 | |
OTHER RECEIVABLE | |
NOTE 7 - OTHER RECEIVABLE | Other receivable consists of the following: September 30, 2020 December 31, 2019 Rental deposit $ 254,600 - Others 21,800 - 276,400 - Management periodically reviews account balance. If any indication occurs, the allowance for doubtful debts would be recognized. No such allowance has been recognized during the nine months ended September 30, 2020. |
AMOUNT DUE TO DIRECTOR
AMOUNT DUE TO DIRECTOR | 9 Months Ended |
Sep. 30, 2020 | |
AMOUNT DUE TO DIRECTOR | |
NOTE 8 - AMOUNT DUE TO RELATED PARTIES | As of September 30, 2020, amount due to related parties consist of the following: As of September 30, 2020 As of December 31, 2019 Related parties payable 276,500 254,515 Related party loan 140,000 1,500,000 $ 416,500 1,754,515 The related party balance of $416,500 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 $276,500 and which consist of $224,500 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 September 30, 2020, there were $140,000 of related party loan that are due to the company owned by Mr. Dai, the Chairman of the Board. |
TAX PAYABLE
TAX PAYABLE | 9 Months Ended |
Sep. 30, 2020 | |
TAX PAYABLE | |
NOTE 9 - TAX PAYABLE | Tax payables consists of the following: September 30, 2020 December 31, 2019 Valued Added Tax (“VAT”) Payables $ 63,666 - Income Tax 489,421 - Others 3,715 - 556,802 - The Group’s PRC subsidiary is subject to the VAT rate of 6% of total revenue and statutory income tax rate of 25%. |
SHAREHOLDERS EQUITY (DEFICIT)
SHAREHOLDERS EQUITY (DEFICIT) | 9 Months Ended |
Sep. 30, 2020 | |
SHAREHOLDERS EQUITY (DEFICIT) | |
NOTE 10 - SHAREHOLDERS' EQUITY (DEFICIT) | The company has an unlimited number of ordinary shares authorized, and has issued 305,451,498 shares with no par value as of September 30, 2020. There are 26,000 shares issued at $3 per share to 2 new shareholders in July 10, 2020. On September 15, 2020, the Wyoming Secretary of State approved the Company’s certificate of amendment to amend its Articles of Incorporation to effectuate a 3 for 1 forward stock split. The total issued and outstanding shares of the Company’s common stock has been increased from 10,322,660 to 305,451,498 shares, with the par value unchanged at zero. On September 21, 2020, there are 151,500 shares issued at $5 per share to 303 new shareholders, the Company’s common stock issued has been increased to 305,451,498 shares as of September 30, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 2020, the results of its operations for the nine months ended September 30, 2020 and 2019, and its cash flows for the nine months ended September 30, 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 September 30, 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 September 30, 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 |
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 $6,787,535 |
Foreign currency translation and transactions | For the period ended September 30, 2020, the Company’s principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. The functional currency of the Company is US$, and the functional currency of the Company’s subsidiaries is RMB. The consolidated financial statements are translated into US$ from RMB at year-end exchange rates as to assets and liabilities and average exchange rates as to revenues and expenses. Capital accounts are translated at their historical exchange rates when the capital transactions occurred. The resulting translation adjustments are recorded as a component of shareholders’ equity included in other comprehensive income. Gains and losses from foreign currency transactions are included in profit or loss. As of For the period September 30, 2020 December 31, 2019 RMB: US$ exchange rate 6.79 7.00 Nine months ended September 30, 2020 2019 RMB: US$ exchange rate 6.81 7.05 The RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into US$ at the rates used in translation. The balance sheet amounts, with the exception of equity, September 30, 2020 and December 31, 2019 were translated at 6.79 RMB and 7.00 RMB to $1.00, respectively. The equity accounts were stated at their historical rates. The average translation rates applied to statements of operations and comprehensive income (loss) accounts for the period ended September 30, 2020 and year ended December 31, 2019 were 6.81 RMB and 7.05 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the periods and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The transactions dominated in SGD are immaterial. |
Accounts receivable | Accounts receivable are presented net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and based on factors listed in the following paragraph. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Company maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for doubtful accounts on general basis taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the customers as well as the age of the individual receivables balance. Additionally, the Company makes specific bad debt provisions based on any specific knowledge the Company has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Company to use substantial judgment in assessing its collectability. |
Intangible Asset | Intangible asset is software development cost incurred by the Company, it will be amortized on a straight line basis over the estimated useful life of 5 years. |
Leases | On February 2016, the FASB established Topic 842, Leases, by issuing Accounting Standards Update (“ASU”) No. 2016-02, which requires lessees to recognize the rights and obligations created by leases on the balance sheet and disclose key information about leasing arrangements. Topic 842 was subsequently amended by ASU No. 2018-11, Targeted Improvements, ASU No. 2018-10, Codification Improvements to Topic 842, and ASU No. 2018-01, Land Easement Practical Expedient for Transition to Topic 842. The new standard establishes a right-of-use model (“ROU”) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations. The new standard became effective April 1, 2019. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the transition requirements for existing leases also apply to leases entered into between the date of initial application and the effective date. The entity must also recast its comparative period financial statements and provide the disclosures required by the new standard for the comparative periods. The Company adopted the new standard on July 1, 2019 using the modified retrospective transition approach as of the effective date of the initial application. The new standard provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which permits entities not to reassess under the new lease standard prior conclusions about lease identification, lease classification and initial direct costs. The Company does not expect to elect the use-of-hindsight or the practical expedient pertaining to land easements. The most significant effects of the adoption of the new standard relate to the recognition of new ROU assets and lease labilities on our balance sheet for office operating leases and providing significant new disclosures about our leasing activities. The new standard also provides practical expedients for an entity’s ongoing accounting. The Company has also elected the short-term leases recognition exemption for all leases that qualify. This means that the Company will not recognize ROU assets or lease liabilities, and this includes not recognizing ROU assets and lease liabilities, for existing short-term leases of those assets in transition. The Company also currently expects to elect the practical expedient to not separate lease and non-lease components for its leases. All existing leases are reported under this rule. Under ASC 840, leases were classified as either capital or operating, and the classification significantly impacted the effect the contract had on the company’s financial statements. Capital lease classification resulted in a liability that was recorded on a company’s balance sheet, whereas operating leases did not impact the balance sheet. After the new adoption, $2,832,007 of operating lease right-of-use asset and $2,886,855 of operating lease liabilities were reflected on the Company’s September 30, 2020 financial statements. ASU 2016-02 requires that public companies use a secured incremental browning rate for the present value of lease payments when the rate implicit in the contract is not readily determinable. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rate follow: Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 53,265 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 - Weighted average remaining lease term-operating leases (in years) 4.92 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,832,007 Total right-of-use assets $ 2,832,007 Short-term operating lease liabilities 365,274 Long-term operating lease liabilities 2,521,582 Total operating lease liabilities $ 2,886,855 Maturities of the Company’s lease liabilities are as follows: Year ending September 30, 2021 504,640 2022 653,079 2023 693,183 2024 736,072 2025 704,602 Total lease payments 3,291,576 Less: Imputed interest/present value discount (404,125 ) Present value of lease liabilities $ 6,179,027 |
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. |
Earning (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 profit periods as their effect would be anti-dilutive. As of September 30, 2020, there were no potentially dilutive shares. For the period September 30, 2020 For the period September 30, 2019 Statement of Operations Summary Information: Net Income/ (Loss) $ 1,307,126 (255,010 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,024,666 Net loss per share, basic and diluted $ 0.00 (0.00 ) |
Comprehensive income (loss) | Comprehensive income (loss) is defined to include all changes in shareholders’ equity except those resulting from investments by owners and distributions to owners. The Company presents items of net income (loss) and other comprehensive income (loss) in one continuous statement, the Consolidated Statements of Operations and Comprehensive income (loss). The components of other comprehensive income or loss consist solely of foreign currency translation adjustments. |
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 (Tables) | 9 Months Ended |
Sep. 30, 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 potentially diluted shares | For the period September 30, 2020 For the period September 30, 2019 Statement of Operations Summary Information: Net Income/ (Loss) $ 1,307,126 (255,010 ) Weighted-average common shares outstanding - basic and diluted 304,166,073 300,024,666 Net loss per share, basic and diluted $ 0.00 (0.00 ) |
Schedule of exchange rate | As of For the period September 30, 2020 December 31, 2019 RMB: US$ exchange rate 6.79 7.00 |
Schedule of average exchange rate | Nine months ended September 30, 2020 2019 RMB: US$ exchange rate 6.81 7.05 |
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 lease terms and discount rate | Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 53,265 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 - Weighted average remaining lease term-operating leases (in years) 4.92 Average discount rate - operating leases 5 % The supplemental balance sheet information related to leases for the period is as follows: Operating leases Long -term right-of-use assets 2,832,007 Total right-of-use assets $ 2,832,007 Short-term operating lease liabilities 365,274 Long-term operating lease liabilities 2,521,582 Total operating lease liabilities $ 2,886,855 Maturities of the Company’s lease liabilities are as follows: Year ending September 30, 2021 504,640 2022 653,079 2023 693,183 2024 736,072 2025 704,602 Total lease payments 3,291,576 Less: Imputed interest/present value discount (404,125 ) Present value of lease liabilities $ 6,179,027 |
CASH AT BANK (Tables)
CASH AT BANK (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
CASH AT BANK (Tables) | |
Schedule of cash in bank | September 30, 2020 December 31, 2019 Bank Deposits-China $ 6,623,550 5,000,014 Bank Deposits-Singapore 163,985 1,591,114 6,787,535 6,591,128 |
INTANGIBLE ASSET (Tables)
INTANGIBLE ASSET (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
INTANGIBLE ASSET | |
Schedule of intangible assets | September 30, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (3,266 ) $ 53,877 10 Software development in progress $ 21,014 - 21,014 Foreign currency translation adjustment - - 2,305 Intangible assets, net $ 78,157 $ (3,266 ) $ 77,196 |
Schedule of intangible assets amortization expenses | Fiscal years: Remaining 2020 $ 52,434 2021 46,662 2022 40,890 2023 35,118 Thereafter 29,346 |
OTHER RECEIVABLE (Tables)
OTHER RECEIVABLE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
OTHER RECEIVABLE | |
Schedule of other receivable | September 30, 2020 December 31, 2019 Rental deposit $ 254,600 - Others 21,800 - 276,400 - |
AMOUNT DUE TO DIRECTOR (Tables)
AMOUNT DUE TO DIRECTOR (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
AMOUNT DUE TO DIRECTOR | |
Schedule of due to related parties | As of September 30, 2020 As of December 31, 2019 Related parties payable 276,500 254,515 Related party loan 140,000 1,500,000 $ 416,500 1,754,515 |
TAX PAYABLE (Tables)
TAX PAYABLE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
TAX PAYABLE (Tables) | |
Schedule of tax payable | September 30, 2020 December 31, 2019 Valued Added Tax (“VAT”) Payables $ 63,666 - Income Tax 489,421 - Others 3,715 - 556,802 - |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - WeTrade Information Technology Limited [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Management service descriptions | 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 users in China. |
Description for auto billing managaement | The auto-billing management system of WeTrade group has more than 12 million micro-business users, 60,000 blog users and more than 2000 hotels direct booking suppliers in China. It is expected will be more than 12% of 100 million micro-business users in China by end of 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | P.R.C |
WeTrade Information Technology Limited [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | Hong Kong |
Utour Pte Ltd [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | Singapore |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 9 Months Ended |
Sep. 30, 2020 | |
WeTrade Information Technology Limited [Member] | |
Nature of operations | Investment holding company |
Place of incorporation | Hong Kong |
Utour Pte Ltd [Member] | |
Nature of operations | Investment holding company |
Place of incorporation | Singapore |
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member] | |
Nature of operations | Providing of social e-commerce services, technical system support and services |
Place of incorporation | P.R.C |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | Sep. 30, 2020 | Dec. 31, 2019 |
RMB [Member] | ||
Exchange rate | 6.79 | 7 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
RMB [Member] | ||
Average exchange rate | 6.81 | 7.05 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Lease cost | |
Operating lease cost (included in general and admin in company's statement of operations) | $ 53,265 |
Other information | |
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 | $ 0 |
Weighted average remaining lease term-operating leases (in years) | 4 years 11 months 1 day |
Average discount rate - operating leases | 5.00% |
Operating leases | |
Long -term right-of-use assets | $ 2,832,007 |
Total right-of-use assets | 2,832,007 |
Short-term operating lease liabilities | 365,274 |
Long-term operating lease liabilities | 2,521,582 |
Total operating lease liabilities | 2,886,855 |
Year ending September 30, | |
2021 | 504,640 |
2022 | 653,079 |
2023 | 693,183 |
2024 | 736,072 |
2025 | 704,602 |
Total lease payments | 3,291,576 |
Less: Imputed interest/present value discount | (404,125) |
Present value of lease liabilities | $ 6,179,027 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 5) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2020 | |
Statement of Operations Summary Information: | ||||
Net income for the period | $ 740,893 | $ (110,921) | $ (255,010) | $ 1,307,126 |
Weighted-average common shares outstanding - basic and diluted | 308,704,888 | 300,073,998 | 300,024,666 | 304,166,073 |
Net loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOU_10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 27, 2019USD ($) | |
Cash on hand | $ 6,787,535 | $ 221,511 | $ 6,591,128 | $ 0 |
Operating lease right-of-use asset | $ 2,832,007 | $ 0 | ||
Tax benefit rate | 50.00% | |||
Operating lease liabilities | $ 2,886,855 | |||
Sotware development [Member] | ||||
Intangible assets, estimated useful lives | 5 years | |||
Intangible assets, amortization method | Straight line basis | |||
RMB [Member] | ||||
Exchange rate | 6.79 | 7 | ||
Average exchange rate | 6.81 | 7.05 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Service revenue, related party | $ 1,493,829 | $ 2,370,192 |
Global Joy Trip Technology (Beijing) Co Limited [Member] | ||
System services fees from related party | As per the services agreement , which will be 0.5% of the actual Gross Merchandise Volume (“GMV”) during trial period and subsequently 2% - 3.5% of GMV pay to the Company as the system service fee. | |
Service revenue, related party | $ 1,493,829 | $ 2,370,192 |
CASH AT BANK (Details)
CASH AT BANK (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 27, 2019 |
Bank Deposits | $ 6,787,535 | $ 6,591,128 | $ 221,511 | $ 0 |
China [Member] | ||||
Bank Deposits | 6,623,550 | 5,000,014 | ||
Singapore [Member] | ||||
Bank Deposits | $ 163,985 | $ 1,591,114 |
CASH AT BANK (Details Narrative
CASH AT BANK (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Mar. 27, 2019 |
CASH AT BANK (Details Narrative) | ||||
Bank Deposits | $ 6,787,535 | $ 6,591,128 | $ 221,511 | $ 0 |
INTANGIBLE ASSET (Details)
INTANGIBLE ASSET (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Intangible assets, gross carrying amount | $ 78,157 | |
Intangible assets, accumulated amortization | (3,266) | |
Intangible assets, net carrying amount | 77,196 | $ 0 |
Sotware development [Member] | ||
Intangible assets, gross carrying amount | 57,143 | |
Intangible assets, accumulated amortization | (3,266) | |
Intangible assets, net carrying amount | $ 53,877 | |
Intangible assets, weighted average useful lives | 10 years | |
Software Development In Progress [Member] | ||
Intangible assets, gross carrying amount | $ 21,014 | |
Intangible assets, accumulated amortization | 0 | |
Intangible assets, net carrying amount | 21,014 | |
Foreign Currency Translation Adjustment [Member] | ||
Intangible assets, gross carrying amount | 0 | |
Intangible assets, accumulated amortization | 0 | |
Intangible assets, net carrying amount | $ 2,305 |
INTANGIBLE ASSET (Details 1)
INTANGIBLE ASSET (Details 1) | Sep. 30, 2020USD ($) |
Fiscal years: | |
Remaining 2020 | $ 52,434 |
2021 | 46,662 |
2022 | 40,890 |
2023 | 35,118 |
Thereafter | $ 29,346 |
INTANGIBLE ASSET (Details Narra
INTANGIBLE ASSET (Details Narrative) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Intangible assets, amortization expense | $ (3,266) |
Sotware development [Member] | |
Intangible assets, estimated useful lives | 10 years |
Intangible assets, amortization method | Straight line basis |
OTHER RECEIVABLE (Details)
OTHER RECEIVABLE (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
OTHER RECEIVABLE | ||
Rental deposit | $ 254,600 | $ 0 |
Others | 21,800 | 0 |
Other receivable | $ 3,715 | $ 0 |
AMOUNT DUE TO DIRECTOR (Details
AMOUNT DUE TO DIRECTOR (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
AMOUNT DUE TO DIRECTOR | ||
Related parties payable | $ 276,500 | $ 254,515 |
Related party loan | 140,000 | 1,500,000 |
Amount due to related parties | $ 416,500 | $ 1,754,515 |
AMOUNT DUE TO DIRECTOR (Detai_2
AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($) | Mar. 02, 2020 | Jan. 21, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Amount due to related parties | $ 416,500 | $ 1,754,515 | ||
Repayment of related party loan | $ 710,000 | $ 650,000 | ||
Related party loan | 140,000 | 1,500,000 | ||
Related party payable | 276,500 | $ 254,515 | ||
Mr. Dai [Member] | ||||
Related party loan | 140,000 | |||
Che Kean Tat [Member] | ||||
Related party payable | 10,000 | |||
Director [Member] | ||||
Related party loan | 224,500 | |||
Related party payable | 276,500 | |||
Dai Zheng [Member] | ||||
Related party payable | $ 42,000 |
TAX PAYABLE (Details)
TAX PAYABLE (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
TAX PAYABLE (Details) | ||
Valued Added Tax ("VAT") Payables | $ 63,666 | $ 0 |
Income tax | 489,421 | 0 |
Others | 3,715 | 0 |
Total tax payables | $ 556,802 | $ 0 |
TAX PAYABLE (Details Narrative)
TAX PAYABLE (Details Narrative) | 9 Months Ended |
Sep. 30, 2020 | |
TAX PAYABLE (Details) | |
VAT rate | 6.00% |
Statutory income tax rates | 25.00% |
SHAREHOLDERS EQUITY (DEFICIT) (
SHAREHOLDERS EQUITY (DEFICIT) (Details Narrative) | Jul. 10, 2020integer$ / sharesshares | Sep. 21, 2020integer$ / sharesshares | Sep. 30, 2020shares | Dec. 31, 2019shares |
Common stock, shares issued | 305,451,498 | 300,222,000 | ||
Shareholders [Member] | ||||
Number of shareholder | integer | 2 | |||
Shares issued price per share | $ / shares | $ 3 | |||
Shares to be issued | 26,000 | |||
Wyoming Secretary [Member] | ||||
Number of shareholder | integer | 303 | |||
Shares issued price per share | $ / shares | $ 5 | |||
Common stock, shares issued | 151,500 |