Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | May 28, 2021 | |
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 | Mar. 31, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
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 ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and Cash Equivalents | $ 2,672,940 | $ 4,640,603 |
Accounts Receivables | 2,880,285 | 2,609,520 |
Note receivable | 4,516,275 | 3,097,981 |
Other receivables | 51,193 | 50,786 |
Prepayments | 1,313,949 | 61,707 |
Total current assets | 11,434,642 | 10,460,597 |
Non current Assets: | ||
Right of use assets | 2,668,764 | 2,813,186 |
Intangible asset, net | 45,782 | 49,029 |
Rental deposit | 219,020 | 219,895 |
Total non-current assets | 2,933,566 | 3,082,110 |
Total Assets: | 14,368,208 | 13,542,707 |
Current Liabilities: | ||
Account payables | 669,469 | 8,176 |
Accrued expenses | 238,634 | 263,355 |
Tax payables | 275,500 | 828,695 |
Amount due to related parties | 452,500 | 416,500 |
Lease liabilities, current | 585,153 | 569,865 |
Other payables | 344,547 | 90,633 |
Total Current Liabilities | 2,565,803 | 2,177,224 |
Lease liabilities, non current | 2,308,369 | 2,471,598 |
Total Liabilities | 4,874,172 | 4,648,822 |
Stockholders' Equity: | ||
Common Stock; $0.00 per share par value; 305,451,498 issued and outstanding at March 31, 2021 and 305,451,498 issued and outstanding at December 31, 2020 | 0 | 0 |
Additional Paid in Capital | 6,057,520 | 6,057,520 |
Accumulated other comprehensive income (loss) | 526,802 | 578,735 |
Retained Earning/ (Accumulated Deficit) | 2,909,714 | 2,257,630 |
Total Stockholders' Equity | 9,494,036 | 8,893,885 |
Total Liabilities and Stockholders' Equity | $ 14,368,208 | $ 13,542,707 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Stockholders' Equity | ||
Common stock, shares par value | $ 0 | $ 0 |
Common stock, shares issued | 305,451,498 | 305,451,498 |
Common stock, shares outstanding | 305,451,498 | 305,451,498 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue: | ||
Service revenue, related party | $ 0 | $ 21,070 |
Service revenue | 2,780,923 | 0 |
Total service revenue | 2,780,923 | 21,070 |
Cost of revenue | (146,308) | 0 |
Gross Profit | 2,634,615 | 21,070 |
Operating expenses: | ||
General and Administrative | 1,889,190 | 25,070 |
Operations Profit/ (Loss) | 745,425 | (25,070) |
Other revenue/ (loss) | 83,515 | 3,539 |
Net Profit/ (Loss) before Income Tax | 828,940 | (461) |
Income tax expense | 176,856 | 0 |
Net income (loss) attributable to noncontrolling interest | 652,084 | (461) |
Other Comprehensive Income (Loss) | ||
Foreign currency translation adjustment | (51,933) | (57,060) |
Total comprehensive Income (Loss) | $ 600,151 | $ (56,599) |
Basic and Diluted Net Income (Loss) per share: | $ 0 | $ 0 |
Weighted average number of shares outstanding; Basic and Diluted* | 305,451,498 | 301,888,665 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net Income/ (Loss) | $ 652,084 | $ (461) |
Amortization of intangible asset | 3,084 | |
Changes in Operating Assets and Liabilities: | ||
Accounts receivables | (284,056) | 0 |
Note receivable | (1,444,683) | 0 |
Other receivables | (615) | 0 |
Prepayments | (1,272,083) | (13,531) |
Amount due to related parties | 36,000 | (1,338,000) |
Intangible assets | 0 | (56,191) |
Accounts payables | 668,159 | 0 |
Accrued expenses | 254,206 | (11,790) |
Right of use assets | 133,224 | 0 |
Lease liabilities | (135,835) | 0 |
Tax payables | (578,814) | 0 |
Net Cash Flows Used in Operating Activities: | (1,969,329) | (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 | 1,666 | (57,060) |
Change in Cash and Cash Equivalents: | (1,967,663) | (1,399,033) |
Cash and Cash Equivalents, Beginning of Period | 4,640,603 | 6,591,128 |
Cash and Cash Equivalents, End of Period | 2,672,940 | 5,192,095 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 553,195 | $ 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 Dec. 31, 2019 | 300,222,000 | |||||
Balance, amount at Dec. 31, 2019 | $ 4,804,613 | $ 0 | $ 222,020 | $ 5,000,000 | $ (417,407) | $ 0 |
Stock issued during the period, shares | 4,999,998 | |||||
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 income | (461) | $ 0 | 0 | 0 | (461) | 0 |
Balance, shares at Mar. 31, 2020 | 305,221,998 | |||||
Balance, amount at Mar. 31, 2020 | 4,825,092 | $ 0 | 5,222,020 | 78,000 | (417,868) | (57,060) |
Balance, shares at Dec. 31, 2019 | 300,222,000 | |||||
Balance, amount at Dec. 31, 2019 | $ 4,804,613 | $ 0 | 222,020 | 5,000,000 | (417,407) | 0 |
Stock issued during the period, shares | 305,451,498 | |||||
Balance, shares at Dec. 31, 2020 | 305,451,498 | 305,451,498 | ||||
Balance, amount at Dec. 31, 2020 | $ 8,893,885 | $ 0 | 6,057,520 | 0 | 2,257,630 | 578,735 |
Stock issued during the period, shares | 305,451,498 | |||||
Foreign currency translation adjustment | $ (51,933) | 0 | 0 | (51,933) | ||
Net income | $ 652,084 | 0 | 652,084 | 0 | ||
Balance, shares at Mar. 31, 2021 | 305,451,498 | 305,451,498 | ||||
Balance, amount at Mar. 31, 2021 | $ 9,494,036 | $ 0 | $ 6,057,520 | $ 0 | $ 2,909,714 | $ 526,802 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2021 | |
NATURE OF BUSINESS | |
NOTE 1 - NATURE OF BUSINESS | Organization WeTrade Group, Inc. was incorporated in the State of Wyoming on March 28, 2019 and is in the business of providing technical services and solutions via its membership-based social e-commerce platform. We are committed to providing an international cloud-based intelligence system and independently developed a micro-business cloud intelligence system called the “YCloud.” Our goal is to provide technical and auto-billing management services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. We provide technology services to both individual and corporate users. Through Yueshang Beijing, we provide “YCloud” service to our customer, Zhuozhou Weijiafu Information Technology Limited, or Weijiafu, a PRC technology company, which provide “YCloud” services to individual and corporate micro-business owners. The market individual micro-business owners represents a potential of 330 million users by the year of 2023. YCloud serves corporate users in multiple industries, including Yuetao Group, Zhiding, Lvyue, Yuebei, Yuedian, Coke GO, and Zhongyanshangyue. We conduct business operations in mainland China and have established trial operations in Hong Kong, the Philippines, and Singapore. We expect to utilize the YCloud system to establish a global strategic cooperation with various social media platforms. Plan to negotiate with Kakao Talk, Line, Whatsapp, Ohho, and Bluechat. Additionally, we have formed long-term technical collaborations with Yuetao App, Daren App, Yuebei App, Zhiding App, Yuedian App, and Lvyue App through Weijiafu. In January 2020, we appointed a third party software company to develop an auto-billing management system (“WeTrade System”), the early stage of the YCloud system, at the cost of RMB 400,000 (or approximately USD $62,000) to provide online payment services for micro-business owners in the PRC. The main functions of the YCloud system is to manage users’ marketing relationships, CPS commission profit management, multi-channel data statistics, AI fission and management, and improved supply chain systems. Currently, YCloud serves the micro business industry. We expect to expand the application of YCloud to tourism, hospitality, livestreaming and short video, medical beauty and traditional retail industries. Our Business We believe that YCloud the first global micro-business cloud intelligent internationalization system. It conducts multi-channel data analysis through the learning of big data and social recommendation relationships. It also provides users with independent research and development of community AI fission and management systems and supply chain systems. It focuses on solving the problem of new maintenance, supply chain CPS integration output, and enrich the functional needs of users. YCloud has four main functions and competitive advantages as follows Multiple integrated payment methods and payment analytics Team management AI fission and management: Supply chain system integration: The following diagram sets forth the structure of the Company as of the date of this Current Report: Our business and corporate address in the United States is 1621 Central Ave, Cheyenne, WY 82001 Our telephone number is +852-67966335 and our registered agent for service of process is Wyoming Registered Agent, 1621 Central Ave, Cheyenne, WY 82001. Our fiscal year end is December 31. Our Chinese business and corporate address is No 1 Gaobei South Coast, Yi An Men 111 Block 37, Chao Yang District, Beijing City, People Republic of China, Tel. +8610-85788631. The Chinese address is where our management is located. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020 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, 2021, the results of its operations for the three months ended March 31, 2021 and 2020, and its cash flows for the three months ended March 31, 2021 and 2020. Operating results for the quarterly periods presented are not necessarily indicative of the results to be expected for a full fiscal year. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2020. 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, 2020. As of March 31, 2021, 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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C 100 % WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) 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, 2021, 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 Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C Providing of social e-commerce services, technical system support and services Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C Providing of social e-commerce services, technical system support and services WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) 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. Foreign Currency 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. There were no gains and losses from foreign currency transactions from the inception to March 31, 2021. March 31, 2021 December 31, 2020 RMB: US$ exchange rate 6.55 6.53 The balance sheet amounts, with the exception of equity, March 31, 2021 and December 31, 2020 were translated at 6.55 RMB and 6.53 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 March 31, 2021 and year ended December 31, 2020 were 6.49 RMB and 6.84 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the year 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. 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 $2,672,940 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 company, it will be amortized on a straight line basis over the estimated useful life of 5 years. Leases The Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Operating leases are included in operating lease right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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, $2,668,764 of operating lease right-of-use asset and $2,893,522 of operating lease liabilities were reflected on the Company’s March 31, 2021 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) $ 172,289 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2021 173,138 Weighted average remaining lease term-operating leases (in years) 4.417 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 2,668,764 Total right-of-use assets $ 2,668,764 Short-term operating lease liabilities 585,153 Long-term operating lease liabilities 2,308,369 Total operating lease liabilities $ 2,893,522 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2021 716,792 2022 699,190 2023 742,474 2024 786,913 2025 292,026 Total lease payments 3,237,396 Less: Imputed interest/present value discount (343,874 ) Present value of lease liabilities $ 6,130,917 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. Profit Per Share Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income 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 March 31, 2021, there were no potentially dilutive shares. For the period March 31, 2021 For the period March 31, 2020 Statement of Operations Summary Information: Net Profit/ (Loss) $ 652,084 (461 ) Weighted-average common shares outstanding - basic and diluted 305,451,498 301,888,665 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, 2021 | |
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 | 3 Months Ended |
Mar. 31, 2021 | |
REVENUE | |
NOTE 4 - REVENUE | In the business of providing technical services and solutions via a social e-commerce platform, we are committed to providing an international cloud-based intelligence system and independently developed the “YCloud” system. We aim to provide technical and auto-billing management services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. We derive our revenue from service fees charged for transactions conducted through YCloud. We receive 3.5% of the total Gross Merchandise Volume generated in the platform as a service fee through our agreement with our customers (such as Weijiafu and Hainan Changtongfu), depending on the type of service and industry. Gross Merchandise Volume, or GMV, is a term used in online retailing to indicate a total sales monetary-value for merchandise sold through a particular marketplace over a certain time frame. We generally settle the service fee with customers within the first ten days of each calendar month. As of and for the period ended March 31, 2021, we generated revenues from two customers amounting $2,780,923. |
CASH AT BANK
CASH AT BANK | 3 Months Ended |
Mar. 31, 2021 | |
CASH AT BANK | |
NOTE 5 - CASH AT BANK | As of March 31, 2021, the Company held cash in bank in the amount of $2,672,940 which consist of the following: March 31, 2021 December 31, 2020 Bank Deposits-China $ 2,645,084 4,593,943 Bank Deposits-Singapore 27,856 46,660 2,672,940 4,640,603 |
INTANGIBLE ASSET
INTANGIBLE ASSET | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (15,418 ) $ 41,725 5 Foreign currency translation adjustment - - 4,057 Intangible assets, net $ 57,143 $ (3,266 ) $ 45,782 Amortization expense for intangible assets was $3,084 for the three months period ended March 31, 2021. Expected future intangible asset amortization as of March 31, 2021 was as follows: Fiscal years: Remaining 2021 $ 12,327 2022 12,326 2023 12,326 Thereafter 8,802 |
ACCOUNT RECEIVABLES
ACCOUNT RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
ACCOUNT RECEIVABLES | |
NOTE 7 - ACCOUNT RECEIVABLES | As of March 31, 2021, account receivables consist of the following: March 31, 2021 December 31, 2020 Services fee receivable $ 2,880,285 2,609,520 2,880,285 2,609,520 Account receivables-Third parties is related to the services fee receivable from third party customers. |
PREPAYMENTS
PREPAYMENTS | 3 Months Ended |
Mar. 31, 2021 | |
PREPAYMENTS | |
NOTE 8 - PREPAYMENTS | As of March 31, 2021, prepayments consist of the following: March 31, 2021 December 31, 2020 Office furniture $ 611,276 - Block chain software and annual fee 692,434 - Software licenses fee and others 10,239 61,707 1,313,949 61,707 |
NOTE RECEIVABLES
NOTE RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
NOTE RECEIVABLES | |
NOTE 9 - NOTE RECEIVABLES | As of March 31, 2021, Note receivables consist of the following: March 31, 2021 December 31, 2020 Note receivables $ 4,516,275 3,097,981 4,516,275 3,097,981 Note receivable is related to the short-term loan of RMB 30 million to a third party with annual interest of 5%, which will be matured on November 4, 2021. As at March 31, 2021, the accrued interest for the loan is $57,026. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2021 | |
OTHER RECEIVABLES | |
NOTE 10 - OTHER RECEIVABLES | As of March 31, 2021, other receivables consist of rental deposit, property management fee deposit, prepaid trademark and system set up fees as follow: March 31, 2021 December 31, 2020 Rental deposit $ 10,682 10,620 Property management fee deposit 34,153 34,290 Prepaid trademark and system set up fee - 3,318 Others 6,358 2,453 51,193 50,768 |
RENTAL DEPOSIT
RENTAL DEPOSIT | 3 Months Ended |
Mar. 31, 2021 | |
RENTAL DEPOSIT | |
NOTE 11 - RENTAL DEPOSIT | As of March 31, 2021 and December 31, 2020, rental deposit of $219,020 and $219,895 is the office lease deposit with the tenancy period of 5 years. |
AMOUNT DUE TO DIRECTOR
AMOUNT DUE TO DIRECTOR | 3 Months Ended |
Mar. 31, 2021 | |
AMOUNT DUE TO DIRECTOR | |
NOTE 12 - AMOUNT DUE TO DIRECTOR | As of March 31, 2021, amount due to related parties consist of the following: As of March 31, 2021 As of December 31, 2020 Related parties payable 276,500 276,500 Related party loan 140,000 140,000 Director fee payable 36,000 - $ 452,500 416,500 The related party balance of $452,500 represented an outstanding loan of $140,000 from the related company owned by Company’s director-Dai Zheng 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. As of March 31, 2021, there were $140,000 of related party loan that are due to the company owned by Mr. Dai, the Chairman of the Board. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended |
Mar. 31, 2021 | |
ACCRUED EXPENSES | |
NOTE 13 - ACCRUED EXPENSES | Accrued expenses of $238,633 consists of the accrued payroll, CPF and social welfare as follow: March 31, 2021 December 31, 2020 Accrued payroll $ 238,633 263,355 238,633 263,355 |
TAX PAYABLES
TAX PAYABLES | 3 Months Ended |
Mar. 31, 2021 | |
TAX PAYABLES | |
NOTE 14 - TAX PAYABLES | As of March 31, 2021, tax payable of $275,501 (December 31, 2020: $828,695) is consist of PRC corporate income tax at the rate of 25%, Value-added Tax of 6% and PRC Urban construction tax and levies. |
OTHER PAYABLES
OTHER PAYABLES | 3 Months Ended |
Mar. 31, 2021 | |
OTHER PAYABLES | |
NOTE 15 - OTHER PAYABLES | As of March 31, 2021, other payables of $344,547 is consist of the payables of securities account set up fee and office rental expenses. |
SHAREHOLDERS EQUITY (DEFICIT)
SHAREHOLDERS EQUITY (DEFICIT) | 3 Months Ended |
Mar. 31, 2021 | |
SHAREHOLDERS EQUITY (DEFICIT) | |
NOTE 16 - 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 March 31, 2021. On March 29, 2019, the company has issued 100,000,000 shares with no par value to thirty-three founders. On September 3, 2019, the company has issued a total 74,000 shares at $3 each to 5 non-US shareholders. The total outstanding shares has increased to 100,074,000 shares as at December 31, 2019. In February, 2020, there are 1,666,666 shares issued at $3 per share to 2 new shareholders. On July 10, 2020, the company has issued another 26,000 shares at $3 per share to 2 new shareholders and the total outstanding shares has increased to 101,766,666 shares. 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 101,766,666 to 305,299,998 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 December 31, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020 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, 2021, the results of its operations for the three months ended March 31, 2021 and 2020, and its cash flows for the three months ended March 31, 2021 and 2020. Operating results for the quarterly periods presented are not necessarily indicative of the results to be expected for a full fiscal year. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The balance sheet as of December 31, 2020 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2020. 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, 2020. As of March 31, 2021, 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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C 100 % WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) 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, 2021, 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 Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C Providing of social e-commerce services, technical system support and services Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C Providing of social e-commerce services, technical system support and services WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) 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. |
Foreign Currency | 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. There were no gains and losses from foreign currency transactions from the inception to March 31, 2021. March 31, 2021 December 31, 2020 RMB: US$ exchange rate 6.55 6.53 The balance sheet amounts, with the exception of equity, March 31, 2021 and December 31, 2020 were translated at 6.55 RMB and 6.53 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 March 31, 2021 and year ended December 31, 2020 were 6.49 RMB and 6.84 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the year 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. |
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 $2,672,940 |
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 company, it will be amortized on a straight line basis over the estimated useful life of 5 years. |
Leases | The Company adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), as amended, which supersedes the lease accounting guidance under Topic 840, and generally requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (ROU) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. Operating leases are included in operating lease right-of-use (“ROU”) assets and short-term and long-term lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in our consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, we use the industry incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. 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) $ 172,289 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2021 173,138 Weighted average remaining lease term-operating leases (in years) 4.417 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 2,668,764 Total right-of-use assets $ 2,668,764 Short-term operating lease liabilities 585,153 Long-term operating lease liabilities 2,308,369 Total operating lease liabilities $ 2,893,522 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2021 716,792 2022 699,190 2023 742,474 2024 786,913 2025 292,026 Total lease payments 3,237,396 Less: Imputed interest/present value discount (343,874 ) Present value of lease liabilities $ 6,130,917 |
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. |
Profit Per Share | Basic net income per share of common stock attributable to common stockholders is calculated by dividing net income 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 March 31, 2021, there were no potentially dilutive shares. For the period March 31, 2021 For the period March 31, 2020 Statement of Operations Summary Information: Net Profit/ (Loss) $ 652,084 (461 ) Weighted-average common shares outstanding - basic and diluted 305,451,498 301,888,665 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. 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) | 3 Months Ended |
Mar. 31, 2021 | |
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 % Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C 100 % Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C 100 % WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) P.R.C 100 % 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 Yueshang Group Network (Hunan) Co., Limited (“Yueshang Hunan”) P.R.C Providing of social e-commerce services, technical system support and services Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited (“Yueshang Hainan”) P.R.C Providing of social e-commerce services, technical system support and services WeTrade Digital (Beijing) Technology Co Limited (FKA: XiaoShang Technology Beijing Co Limited) P.R.C Providing of social e-commerce services, technical system support and services |
Schedule of exchange rate | March 31, 2021 December 31, 2020 RMB: US$ exchange rate 6.55 6.53 |
Schedule lease terms and discount rate | Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 172,289 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2021 173,138 Weighted average remaining lease term-operating leases (in years) 4.417 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 2,668,764 Total right-of-use assets $ 2,668,764 Short-term operating lease liabilities 585,153 Long-term operating lease liabilities 2,308,369 Total operating lease liabilities $ 2,893,522 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2021 716,792 2022 699,190 2023 742,474 2024 786,913 2025 292,026 Total lease payments 3,237,396 Less: Imputed interest/present value discount (343,874 ) Present value of lease liabilities $ 6,130,917 |
Schedule of potentially diluted shares | Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 172,289 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2021 173,138 Weighted average remaining lease term-operating leases (in years) 4.417 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 2,668,764 Total right-of-use assets $ 2,668,764 Short-term operating lease liabilities 585,153 Long-term operating lease liabilities 2,308,369 Total operating lease liabilities $ 2,893,522 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2021 716,792 2022 699,190 2023 742,474 2024 786,913 2025 292,026 Total lease payments 3,237,396 Less: Imputed interest/present value discount (343,874 ) Present value of lease liabilities $ 6,130,917 |
CASH AT BANK (Tables)
CASH AT BANK (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
CASH AT BANK | |
Schedule of cash in bank | March 31, 2021 December 31, 2020 Bank Deposits-China $ 2,645,084 4,593,943 Bank Deposits-Singapore 27,856 46,660 2,672,940 4,640,603 |
INTANGIBLE ASSET (Tables)
INTANGIBLE ASSET (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
INTANGIBLE ASSET | |
Schedule of intangible assets | March 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (15,418 ) $ 41,725 5 Foreign currency translation adjustment - - 4,057 Intangible assets, net $ 57,143 $ (3,266 ) $ 45,782 |
Schedule of intangible assets amortization expenses | Fiscal years: Remaining 2021 $ 12,327 2022 12,326 2023 12,326 Thereafter 8,802 |
ACCOUNT RECEIVABLES (Tables)
ACCOUNT RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ACCOUNT RECEIVABLES | |
Schedule of Account receivable | March 31, 2021 December 31, 2020 Services fee receivable $ 2,880,285 2,609,520 2,880,285 2,609,520 |
PREPAYMENTS (Tables)
PREPAYMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
PREPAYMENTS | |
Schedule of Prepayments | March 31, 2021 December 31, 2020 Office furniture $ 611,276 - Block chain software and annual fee 692,434 - Software licenses fee and others 10,239 61,707 1,313,949 61,707 |
NOTE RECEIVABLES (Tables)
NOTE RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
NOTE RECEIVABLES | |
Schedule of Note receivables | March 31, 2021 December 31, 2020 Note receivables $ 4,516,275 3,097,981 4,516,275 3,097,981 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
OTHER RECEIVABLES | |
Schedule of other receivables | March 31, 2021 December 31, 2020 Rental deposit $ 10,682 10,725 Property management fee deposit 34,153 34,290 Prepaid trademark and system set up fee - 3,318 Others 6,358 2,453 51,193 50,768 |
AMOUNT DUE TO DIRECTOR (Tables)
AMOUNT DUE TO DIRECTOR (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
AMOUNT DUE TO DIRECTOR (Tables) | |
Schedule of due to related parties | As of March 31, 2021 As of December 31, 2020 Related parties payable 276,500 276,500 Related party loan 140,000 140,000 Director fee payable 36,000 - $ 452,500 416,500 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ACCRUED EXPENSES | |
Schedule of accrued expenses | March 31, 2021 December 31, 2020 Accrued payroll $ 238,633 263,355 238,633 263,355 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
March 28 , 2019 [Member] | WeTrade Information Technology Limited [Member] | |
Management service descriptions | We provide technology services to both individual and corporate users. Through Yueshang Beijing, we provide “YCloud” service to our customer, Zhuozhou Weijiafu Information Technology Limited, or Weijiafu, a PRC technology company, which provide “YCloud” services to individual and corporate micro-business owners. The market individual micro-business owners represents a potential of 330 million users by the year of 2023 |
Third Party [Member] | In January, 2020 [Member] | |
Payment services | $ 62,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | P.R.C |
WeTrade Digital (Beijing) Technology Co Limited [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 |
Yueshang Group Network (Hunan) Co., Limited ("Yueshang Hunan") [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | P.R.C |
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited ("Yueshang Hainan") [Member] | |
Attributable equity interest | 100.00% |
Place of incorporation | P.R.C |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Mar. 31, 2021 | Dec. 31, 2020 |
RMB [Member] | ||
Exchange rate | 6.55 | 6.53 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Lease cost | |
Operating lease cost (included in general and admin in company's statement of operations) | $ 172,289 |
Other information : | |
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2021 | $ 173,138 |
Weighted average remaining lease term-operating leases (in years) | 4 years 5 months |
Operating leases | |
Average discount rate - operating leases | 5.00% |
Long -term right-of-use assets | $ 2,668,764 |
Total right-of-use assets | 2,668,764 |
Short-term operating lease liabilities | 585,153 |
Long-term operating lease liabilities | 2,308,369 |
Total operating lease liabilities | 2,893,522 |
Maturities of the Company's lease liabilities are as follows: | |
2021 | 716,792 |
2022 | 699,190 |
2023 | 742,474 |
2024 | 786,913 |
2025 | 292,026 |
Total lease payments | 3,237,396 |
Less: Imputed interest/present value discount | (343,874) |
Present value of lease liabilities | $ 6,130,917 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Operations Summary Information: | ||
Net income for the period | $ 652,084 | $ (461) |
Weighted-average common shares outstanding - basic and diluted | 305,451,498 | 301,888,665 |
Net loss per share, basic and diluted | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Cash on hand | $ 2,672,940 | |
Operating lease right-of-use asset | $ 2,668,764 | $ 2,813,186 |
Tax benefit rate | 50.00% | |
Operating lease liabilities | $ 2,668,764 | |
Sotware developments [Member] | ||
Intangible assets, estimated useful lives | 5 years | |
Intangible assets, amortization method | Straight line basis | Straight line basis |
RMB [Member] | ||
Comprehensive income (loss) | $ 1 | $ 1 |
Exchange rate | 6.55 | 6.53 |
Average exchange rate | 6.49 | 6.84 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - Two Customers [Member] | 3 Months Ended |
Mar. 31, 2021USD ($) | |
System services fees from related party, description | We receive 3.5% of the total Gross Merchandise Volume generated in the platform as a service fee through our agreement with our customers (such as Weijiafu and Hainan Changtongfu), depending on the type of service and industry |
Service revenue, related party | $ 2,780,923 |
CASH AT BANK (Details)
CASH AT BANK (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Bank Deposits | $ 2,672,940 | $ 4,640,603 | $ 5,192,095 | $ 6,591,128 |
China [Member] | ||||
Bank Deposits | 2,645,084 | 4,593,943 | ||
Singapore [Member] | ||||
Bank Deposits | $ 27,856 | $ 46,660 |
CASH AT BANK (Details Narrative
CASH AT BANK (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
CASH AT BANK | ||||
Bank Deposits | $ 2,672,940 | $ 4,640,603 | $ 5,192,095 | $ 6,591,128 |
INTANGIBLE ASSET (Details)
INTANGIBLE ASSET (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Intangible assets, Gross carrying amount | $ 57,143 | |
Intangible assets, Accumulated amortization | (3,266) | |
Intangible assets, Net carrying amount | 45,782 | $ 49,029 |
Sotware developments [Member] | ||
Intangible assets, Gross carrying amount | 57,143 | |
Intangible assets, Accumulated amortization | (15,418) | |
Intangible assets, Net carrying amount | $ 41,725 | |
Intangible assets, Weighted average useful lives | 5 years | |
Foreign Currency Translation Adjustment [Member] | ||
Intangible assets, Net carrying amount | $ 4,057 |
INTANGIBLE ASSET (Details 1)
INTANGIBLE ASSET (Details 1) | Mar. 31, 2021USD ($) |
Fiscal years: | |
Remaining of 2021 | $ 12,327 |
2022 | 12,326 |
2023 | 12,326 |
Thereafter | $ 8,802 |
INTANGIBLE ASSET (Details Narra
INTANGIBLE ASSET (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Intangible assets, amortization expense | $ (3,084) | |
Sotware developments [Member] | ||
Intangible assets, estimated useful lives | 5 years | |
Intangible assets, amortization method | Straight line basis | Straight line basis |
ACCOUNT RECEIVABLES (Details)
ACCOUNT RECEIVABLES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Receivables | $ 2,880,285 | $ 2,609,520 |
Services fee receivable [Member] | ||
Accounts Receivables | $ 2,880,285 | $ 2,609,520 |
PREPAYMENTS (Details)
PREPAYMENTS (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Prepayments | $ 1,313,949 | $ 61,707 |
Block chain software and annual fee [Member] | ||
Prepayments | 692,434 | 0 |
Software licenses fee and others [Member] | ||
Prepayments | 10,239 | 61,707 |
Office furniture [Member] | ||
Prepayments | $ 611,276 | $ 0 |
NOTE RECEIVABLES (Details)
NOTE RECEIVABLES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Note receivables | $ 4,516,275 | $ 3,097,981 |
Accounts Receivable [Member] | ||
Note receivables | $ 4,516,275 | $ 3,097,981 |
NOTE RECEIVABLES (Details Narra
NOTE RECEIVABLES (Details Narrative) ¥ in Millions | 3 Months Ended | ||
Mar. 24, 2021 | Mar. 31, 2021USD ($) | Mar. 31, 2021CNY (¥) | |
PREPAYMENTS | |||
Note receivable from related party | ¥ | ¥ 30 | ||
Annual interest percentage | 5.00% | ||
Accrued interest | $ | $ 57,026 | ||
Maturity date | Nov. 4, 2021 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
OTHER RECEIVABLES | ||
Rental deposit | $ 10,682 | $ 10,725 |
Property management fee deposit | 34,153 | 34,290 |
Prepaid trademark and system set up fee | 0 | 3,318 |
Others | 6,358 | 2,453 |
Other receivables | $ 51,193 | $ 50,786 |
RENTAL DEPOSIT (Details Narrati
RENTAL DEPOSIT (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
RENTAL DEPOSIT (Details Narrative) | ||
Rental deposit | $ 219,020 | $ 219,895 |
Tenancy period | 5 years |
AMOUNT DUE TO DIRECTOR (Details
AMOUNT DUE TO DIRECTOR (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
AMOUNT DUE TO DIRECTOR | ||
Related parties payable | $ 276,500 | $ 276,500 |
Related party loan | 140,000 | 140,000 |
Director fee payable | 36,000 | 0 |
Amount due to related parties | $ 452,500 | $ 416,500 |
AMOUNT DUE TO DIRECTOR (Detai_2
AMOUNT DUE TO DIRECTOR (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Amount due to related parties | $ 452,500 | $ 416,500 |
Related party loan | 140,000 | 140,000 |
Related party payable | 276,500 | $ 276,500 |
Dai Zheng [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 | |
Li Zhuo [Member] | ||
Related party payable | $ 42,000 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued expenses | $ 238,633 | $ 263,355 |
Accrued Payroll [Member] | ||
Accrued expenses | $ 238,633 | $ 263,355 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
ACCRUED EXPENSES | ||
Accrued expenses | $ 238,634 | $ 263,355 |
TAX PAYABLES (Details Narrative
TAX PAYABLES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
TAX PAYABLES | ||
VAT rate | 6.00% | |
Tax payables | $ 275,501 | $ 828,695 |
Statutory income tax rates | 25.00% |
OTHER PAYABLES (Details Narrati
OTHER PAYABLES (Details Narrative) | Mar. 31, 2021USD ($) |
OTHER PAYABLES | |
Other payables | $ 344,547 |
SHAREHOLDERS EQUITY (DEFICIT) (
SHAREHOLDERS EQUITY (DEFICIT) (Details Narrative) | Jul. 10, 2020integer$ / sharesshares | Sep. 03, 2019$ / sharesshares | Sep. 21, 2020integer$ / sharesshares | Sep. 15, 2020shares | Feb. 29, 2020integer$ / sharesshares | Mar. 31, 2021integer$ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019shares |
Common stock, shares issued | 305,451,498 | 305,451,498 | ||||||
Total outstanding shares | 305,451,498 | 305,451,498 | ||||||
Founders [Member] | ||||||||
Common stock, shares issued | 100,000,000 | |||||||
Per share value | $ / shares | $ 0 | |||||||
Number of founders | integer | 33 | |||||||
5 non-US shareholders [Member] | ||||||||
Common stock, shares issued | 74,000 | |||||||
Per share value | $ / shares | $ 3 | |||||||
Total outstanding shares | 100,074,000 | |||||||
Minimum [Member] | ||||||||
Increase in common stock outstanding | 101,766,666 | |||||||
Maximum [Member] | Certificate Of Amendment [Member] | ||||||||
Increase in common stock outstanding | 305,451,498 | |||||||
Stock split, description | 3 for 1 forward stock split | |||||||
Shareholders [Member] | ||||||||
Common stock, shares issued | 26,000 | 151,500 | 1,666,666 | |||||
Number of shareholder | integer | 2 | 303 | 2 | |||||
Per share value | $ / shares | $ 3 | $ 5 | $ 3 | |||||
Increase in common stock outstanding | 10,176,666 |