Cover
Cover | 3 Months Ended |
Mar. 31, 2022 | |
Cover [Abstract] | |
Entity Registrant Name | WETRADE GROUP INC. |
Entity Central Index Key | 0001784970 |
Document Type | S-1/A |
Amendment Flag | true |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Filer Category | Non-accelerated Filer |
Entity Ex Transition Period | false |
Amendment Description | Amendment |
Entity Incorporation State Country Code | WY |
Entity Address Address Line 1 | No 1 Gaobei South Coast, Yi An Men 111 Block 37, Chao Yang District |
Entity Address Address Line 2 | Yi An Men 111 Block 37 |
Entity Address Address Line 3 | Chao Yang District |
Entity Address City Or Town | Beijing City |
Country Region | 86 |
Entity Address Postal Zip Code | 100020 |
City Area Code | 135 |
Local Phone Number | 011-76409 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | |||
Cash and cash equivalents | $ 7,568,537 | $ 616,593 | $ 4,640,603 |
Accounts receivables | 958,797 | 5,627,463 | 2,609,520 |
Account receivable- related party | 36,083 | 3,603,402 | 0 |
Note receivable | 3,669,872 | 3,798,130 | 3,097,981 |
Other receivables | 136,590 | 30,147 | 5,771 |
Prepayments | 4,088,448 | 2,760,658 | 61,707 |
Total current assets | 16,458,327 | 16,436,393 | 10,415,582 |
Non current assets: | |||
Property and equipment, net | 1,106,927 | 395,353 | 0 |
Right of use assets | 2,189,390 | 2,328,950 | 2,813,186 |
Intangible asset, net | 36,255 | 37,765 | 49,029 |
Rental deposit | 272,711 | 272,063 | 264,910 |
Total non-current assets | 3,605,283 | 3,034,131 | |
Total assets: | 20,063,610 | 19,470,524 | 13,542,707 |
Current Liabilities: | |||
Account payables | 44,418 | 7,710 | 8,176 |
Account payables- related parties | 189,688 | 54,436 | 0 |
Accrued expenses | 98,639 | 217,073 | 263,355 |
Tax payables | 843,288 | 711,841 | 828,695 |
Amount due to related parties | 1,009,298 | 1,105,532 | 416,501 |
Lease liabilities, current | 616,698 | 596,098 | 569,865 |
Other payables | 367,670 | 306,270 | 90,632 |
Total current liabilities | 3,169,699 | 2,998,960 | 2,177,224 |
Lease liabilities, non-current | 1,769,144 | 1,942,242 | 2,471,598 |
Total liabilities | 4,938,843 | 4,941,202 | 4,648,822 |
Stockholders' Equity: | |||
Common stock; $0.00 per share par value; 305,451,498 issued and outstanding at March 31, 2022 and 305,451,498 issued and outstanding at December 31, 2021 respectively | 0 | 0 | 0 |
Additional paid in capital | 6,197,520 | 6,197,520 | 6,057,520 |
Accumulated other comprehensive income | 933,087 | 898,497 | 578,735 |
Retained earning | 7,994,160 | 7,433,305 | 2,257,630 |
Total Stockholders' equity | 15,124,767 | 14,529,322 | 8,893,885 |
Total Liabilities and stockholders' equity | $ 20,063,610 | $ 19,470,524 | $ 13,542,707 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
Common stock, shares par value | $ 0 | $ 0 | $ 0 |
Common stock, shares issued | 305,451,498 | 305,451,498 | 305,451,498 |
Common stock, shares outstanding | 305,451,498 | 305,451,498 | 305,451,498 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | ||||
Service Revenue, Non-related Party | $ 9,734,966 | $ 3,440,312 | ||
Service revenue, related party | $ 158,518 | $ 0 | 4,646,329 | 2,831,252 |
Service revenue | 2,078,335 | 2,780,923 | ||
Total service revenue | 2,236,853 | 2,780,923 | 14,381,295 | 6,271,564 |
Cost of revenue | (789,188) | (146,308) | (2,681,939) | (615,595) |
Gross profit | 1,447,665 | 2,634,615 | 11,699,356 | 5,655,969 |
Operating Expenses: | ||||
General and Administrative | 805,268 | 1,889,190 | (5,705,063) | (1,901,336) |
Operations profit | 642,397 | 745,425 | 5,994,293 | 3,754,633 |
Other revenue | 48,283 | 83,515 | 303,665 | 82,960 |
Net Profit before income tax | 690,680 | 828,940 | 6,297,958 | 3,837,593 |
Income tax expense | 129,825 | 176,856 | (1,122,283) | (1,162,556) |
Net income attributable to non controlling interest | 560,855 | 652,084 | 5,175,675 | 2,675,037 |
Other comprehensive income | ||||
Foreign currency translation adjustment | 34,590 | (51,933) | 319,762 | 578,735 |
Total comprehensive income | $ 595,445 | $ 600,151 | $ 5,495,437 | $ 3,253,772 |
Basic and diluted net income per share: | $ 0 | $ 0 | $ 0.02 | $ 0.01 |
Weighted average number of shares outstanding; basic and diluted* | 305,451,498 | 305,451,498 | 305,451,498 | 304,166,073 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders Equity (Deficit) (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Share to be issued | Retained Earnings | Accumulated other comprehensive loss |
Balance, Amount at Dec. 31, 2019 | $ 4,804,613 | $ 0 | $ 222,020 | $ 5,000,000 | $ (417,407) | |
Balance, Shares at Dec. 31, 2019 | 300,222,000 | |||||
Stock issued during the year, Amount | $ 835,500 | 5,835,500 | (5,000,000) | $ 0 | ||
Stock issued during the year, Shares | 5,229,498 | |||||
Foreign currency translation adjustment | $ 578,735 | 0 | 578,735 | |||
Net income for the year | 2,675,037 | $ 0 | 0 | 0 | 2,675,037 | 0 |
Balance, Amount at Dec. 31, 2020 | 8,893,885 | $ 0 | 6,057,520 | 0 | 2,257,630 | 578,735 |
Balance, Shares at Dec. 31, 2020 | 305,451,498 | |||||
Foreign currency translation adjustment | (51,933) | (51,933) | ||||
Net income for the year | 652,084 | 652,084 | ||||
Balance, Amount at Mar. 31, 2021 | 9,494,036 | 6,057,520 | 2,909,714 | 526,802 | ||
Balance, Shares at Mar. 31, 2021 | 305,451,498 | |||||
Balance, Amount at Dec. 31, 2020 | 8,893,885 | $ 0 | 6,057,520 | 0 | 2,257,630 | 578,735 |
Balance, Shares at Dec. 31, 2020 | 305,451,498 | |||||
Foreign currency translation adjustment | 319,762 | 0 | 319,762 | |||
Net income for the year | 5,175,675 | 5,175,675 | 0 | |||
Related Party Payable Forgiveness | 140,000 | $ 0 | 140,000 | $ 0 | 0 | 0 |
Balance, Amount at Dec. 31, 2021 | 14,529,322 | $ 0 | 6,197,520 | 7,433,305 | 898,497 | |
Balance, Shares at Dec. 31, 2021 | 305,451,498 | |||||
Foreign currency translation adjustment | 34,590 | 34,590 | ||||
Net income for the year | 560,855 | 560,855 | ||||
Balance, Amount at Mar. 31, 2022 | $ 15,124,767 | $ 6,197,520 | $ 7,994,160 | $ 933,087 | ||
Balance, Shares at Mar. 31, 2022 | 305,451,498 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows From Operating Activities: | ||||
Net income | $ 560,855 | $ 652,084 | $ 5,175,675 | $ 2,675,037 |
Adjustment To Reconcile Net Income To Cash Flows From Operating Activities: | ||||
Depreciation | 12,793 | 0 | 23,353 | 0 |
Amortization of intangible asset | 1,618 | 3,084 | 12,519 | 11,696 |
Forgiveness Of Related Party Debt | 140,000 | 0 | ||
Changes In Operating Assets And Liabilities: | ||||
Accounts receivables | 4,684,770 | (284,056) | (2,910,665) | (2,489,993) |
Account receivable- related party | 3,577,964 | 0 | (3,558,398) | 0 |
Intangible Asset | 0 | (58,480) | ||
Other receivables | (106,434) | (615) | 244,749 | (258,282) |
Prepayments | (1,232,000) | (1,272,083) | (2,926,541) | (41,141) |
Accounts payables | (107,343) | 668,159 | (910) | 7,802 |
Account Payables-related Parties | 51,031 | 0 | ||
Accrued expenses | (148,822) | 254,206 | (52,178) | 220,658 |
Tax payables | 129,826 | (578,814) | (177,836) | 828,695 |
Other payables | 60,707 | 0 | 250,870 | 48,524 |
Right of use assets | 145,188 | 133,224 | 560,200 | (2,684,330) |
Lease liabilities | (158,632) | (135,835) | (585,253) | 2,902,151 |
Net cash flows provided by/ (used in) operating activities: | 7,420,490 | (560,646) | (3,753,384) | 1,162,337 |
Cash flow from investing activities: | ||||
Leasehold improvements | (723,420) | 0 | ||
Office Equipment | (417,112) | 0 | ||
Net cash used in investing activities: | (723,420) | 0 | (417,112) | 0 |
Cash flow from financing activities: | ||||
Proceeds From Issuance Of Common Stock | 0 | 835,500 | ||
Note Receivable | (611,210) | (2,957,622) | ||
Proceeds from/ (repayment) of note receivable | 137,008 | (1,444,683) | ||
Related Party Loan | 122,832 | 36,000 | 689,031 | (1,560,020) |
Net cash flows provided by/ (used in) financing activities: | 259,840 | (1,408,683) | 77,821 | (3,682,142) |
Effect of exchange rate changes on cash | (4,966) | 1,666 | 68,665 | 569,280 |
Change in cash and cash equivalents: | 6,951,944 | (1,967,663) | (4,024,010) | (1,950,525) |
Cash And Cash Equivalents, Beginning Of Period | 616,593 | 4,640,603 | 4,640,603 | 6,591,128 |
Cash and cash equivalents, end of period | 7,568,537 | 2,672,940 | 616,593 | 4,640,603 |
Non-cash Investing And Financing Transaction | ||||
Forgiveness Of Related Party Payable | 140,000 | 0 | ||
Supplemental Cash Flow Information: | ||||
Cash paid for interest | 0 | 0 | 0 | |
Cash paid for taxes | $ 0 | $ 553,195 | $ 480,528 | $ 1,162,556 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
NATURE OF BUSINESS | ||
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 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. We provide access to “YCloud” to five customers, which are Beijing Yidong Linglong Cultural Media Co., Ltd (“Beijing Yidong”), a PRC media and internet company, Beijing Maitu International Travel Agency Co., Ltd (“Maitu International”), a PRC leading tourism company in South Korea, Japan and China, Beijing Youth Travel Service Co., Ltd (“Beijing Youth Travel”), a cross-regional comprehensive tourism group, Zhuozhou Weijiafu Information Technology Limited (“Weijiafu”), a PRC technology company, which then provide “YCloud” services to individual and corporate micro-business owners, and a related party- Changtongfu Technology (Hainan) Co Limited (“Changtongfu”), a PRC technology company, which then provide “YCloud” services to individual and corporate business owners in the hotel and travel industries. The market individual micro-business owners represents a potential of 330 million users by the year of 2023. (Source: iResrarch. http://xueqiu.com/8455183447/172404679?sharetime=2,2/22/2021). 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. We expect to utilize the YCloud system to establish a global strategic cooperation with various social media platforms. The main functions of the YCloud system are 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, tourism, hospitality and short video. We expect to expand the application of YCloud to livestreaming, medical beauty and traditional retail industries. Recent Business Developments In first Quarter 2022, the Company has entered YCloud system service agreements with three new customers as follows: Beijing Yidong Linglong Cultural Media Co., Ltd. (“Beijing Yidong”) Beijing Maitu International Travel Agency Co., Ltd (“Maitu International”), Beijing Youth Travel Service Co., Ltd (“Beijing Youth Travel”) Our Business We have utilized digitalization, electronic management, electronic data exchange, big data analysis, AI fission technology, revenue management and other technologies to build a strong coordination effect. We believe that our cloud technology enables us to develop a highly functional platform for micro-business users in China. We have optimized our product using the tools and platforms best suited to serve our customers and developed YCloud. We believe that YCloud is 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 AI fission and management systems and supply chain systems in order to reach a wider range of user groups. YCloud has four main functions and competitive advantages as follows: Multiple integrated payment methods and payment analytics · Single-scenario payment function: although micro-business owners are provided with a multi-method payment function for their consumers through the YCloud system, micro-business owners only have a single sales channel to display. The revenue of each sale is divided by commissions, and the cost is allocated to suppliers and the handling fee to the YCloud system. The remaining balance goes to micro-business owners. · Multi-scenario payment function: micro-business owners have multiple sales channels to display and numerous channels to perform revenue sharing and profit consolidation functions. After various products are sold through different channels, the cost will be allocated to suppliers and the handling fee to the YCloud system. The remaining balance will be combined and goes to micro-business owners. During the year 2020, due to the impact of the COVID-19 outbreak, many companies, including businesses traditionally operating offline, from a wide range of industries, such as tourism, catering, entertainment or retail, have opted for a micro-business model to build sales channels through online social platforms and expand business opportunities. As a result of the COVID-19 outbreak, consumer demand shifted, which forced business owners to expand to new markets and be present on multiple social platforms. Through continuous research on the micro-business industry, and its understanding of the relationship between people and social relationships on social platforms, YCloud develops new technology designed to meet the ever changing demand of micro-business owners across all industries 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 +86-13795206876 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. 18, Kechuang 10th Street, Beijing Economic and Technological Development Zone, Beijing, People Republic of China. The Chinese address is where our management is located. | 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 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. (Source: iResearch. http://xueqiu.com/8455183447/172404679?sharetime=2,2/22/2021). YCloud serves corporate users in multiple industries, including e-commerce business, medical beauty, healthcare products, food and beverage, tourism and etc. 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 and Changtongfu. In January 2020, we appointed 3rd party software company to develop an auto-billing management system (“YCloud System”), to provide online payment services for our customers in PRC. The main functions of YCloud System are users’ marketing relationship, CPS commission profit management, multi-channel data statistics, AI fission and management, improved supply chain system. YCloud applications cover the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, medical beauty industry and traditional retail industry. Currently, YCloud serves the micro business industry and we have expanded the application of YCloud to tourism, hospitality, livestreaming and short video, medical beauty and traditional retail industries. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
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, 2022 and 2021 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, 2022, the results of its operations for the three months ended March 31, 2022 and 2021, and its cash flows for the three months ended March 31, 2022 and 2021. 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, 2021 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2021. 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, 2021. As of March 31, 2022, the details of the consolidating subsidiaries are as follows: Attributable Name of Company Place of 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 (f/k/a XiaoShang Technology Beijing Co Limited) P.R.C 100 % Tibet Xiaoshang Technology Group Limited P.R.C 100 % Nature of Operations WeTrade Group Inc. (the “Company” 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, 2022, 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 Tibet Xiaoshang Technology Group 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, 2022. March 31, 2022 December 31, 2021 RMB: US$ exchange rate 6.34 6.36 The balance sheet amounts, with the exception of equity, March 31, 2022 and December 31, 2021 were translated at 6.34 RMB and 6.36 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 accounts for the period ended March 31, 2022 and year ended December 31, 2021 were 6.34 RMB and 6.44 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. Property and equipment Property and equipment are stated at the historical cost, less accumulated depreciation. Depreciation on property and equipment is provided using the straight-line method over the estimated useful lives of the assets for both financial and income tax reporting purposes as follows: Office equipment 3 years Leasehold improvements 5 years Upon sale or disposal of an asset, the historical cost and related accumulated depreciation or amortization of such asset were removed from their respective accounts and any gain or loss is recorded in the statements of income. The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment, no impairment expenses for property, plant, and equipment were recorded in operating expenses during the three months ended March 31, 2022 and 2021. Concentration of Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash on hand amounted to $7,568,537 Accounts receivable Accounts receivables are presented net of allowance for doubtful accounts. The Company 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 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, $2,189,390 of operating lease right-of-use asset and $2,385,842 of operating lease liabilities were reflected on the Company’s March 31, 2022 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) $ 705,407 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2022 730,112 Weighted average remaining lease term-operating leases (in years) 3.42 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 2,189,390 Total right-of-use assets $ 2,189,390 Short-term operating lease liabilities 616,698 Long-term operating lease liabilities 1,769,144 Total operating lease liabilities $ 2,385,842 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2023 722,656 2024 767,393 2025 813,323 2026 301,828 Total lease payments 2,605,200 Less: Imputed interest/present value discount (219,358 ) Present value of lease liabilities $ 2,385,842 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, 2022, there were no potentially dilutive shares. For the period March 31, 2022 For the period March 31, 2021 Statement of Operations Summary Information: Net Profit $ 560,855 652,084 Weighted-average common shares outstanding - basic and diluted 305,451,498 305,451,498 Net profit 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. | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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. As of December 31, 2021, the details of the consolidating subsidiaries are as follows: Name of Company Place of incorporation Attributable 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 % Tibet XiaoShang Technology Co Limited (“Tibet Xiaoshang”) P.R.C 100 % Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, useful lives of intangible asset, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities. 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. Concentrations of Credit Risk, Significant Customers The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of accounts receivable. The Company does not require collateral for accounts receivables. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success. As of December 31, 2021 and 2020, account receivables from third parties are amounted to $5,627,463 (2020: $2,609,520) and account receivables from related parties are amounted to $3,603,402 (2020: $nil). As of December 31, 2021, the total account receivables from two main customers are amounted to $9,230,865, which consists of amount due from third party customer of $5,627,463 and amount due from related party customer of $3,603,402. Revenue Recognition The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts Cash Equivalents The Company considers all highly liquid debt instruments purchased with a maturity period of three months or less to be cash or cash equivalents. The carrying amounts reported in the accompanying unaudited condensed consolidated balance sheets for cash and cash equivalents approximate their fair value. All of the Company’s cash that is held in bank accounts in Singapore and PRC is not protected by Federal Deposit Insurance Corporation (“FDIC”) insurance or any other similar insurance in the PRC, or Singapore. Foreign Currency The Company’s principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. 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 December 31, 2021. Year ended December 31, 2021 2020 RMB: US$ exchange rate 6.36 6.53 The balance sheet amounts, with the exception of equity, December 31, 2021 and December 31, 2020 were translated at 6.36 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 accounts for the year ended December 31, 2021 and year ended December 31, 2020 were 6.44 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. Intangible Asset Intangible asset is software development cost of YCloud system incurred by the Company, it will be amortized on a straight line basis over the estimated useful life of 5 years. Commitments and contingencies On September 16, 2020 the Company entered into lease agreement for a new office space in Beijing. The term of the lease is for a (5) Five Years with first 4 months free on the 1st year of the term and 1st month free of each following years of the term. The monthly rent on the 1st year will be approximately of $63,000 with a 6% increase for each subsequent year. Total commitment for the full term of the lease will be $3,516,627. Internal Use Software Development We account for costs incurred to develop or purchase computer software for internal use in accordance with Accounting Standards Codification (“ASC”) 350-40 "Internal-Use Software" or ASC 350-50 "Website Costs". As required by ASC 350-40, we capitalize the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing. Costs incurred during the preliminary project stage along with post-implementation stages of internal use computer software are expensed as incurred. Capitalized development costs are amortized on a straight-line basis over a period of five years. Costs incurred to maintain existing product offerings are expensed as incurred. The capitalization and ongoing assessment of recoverability of development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility, and estimated economic life. Leases The Company has operating leases for corporate offices under a non-cancellable operating lease with expiration date. The leases have non-cancellable remaining terms of 3 years. 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) $ 694,533 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2021 719,272 Weighted average remaining lease term-operating leases (in years) 3.67 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 2,328,950 Total right-of-use assets $ 2,328,950 Short-term operating lease liabilities 596,098 Long-term operating lease liabilities 1,942,242 Total operating lease liabilities $ 2,538,340 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2022 709,336 2023 753,074 2024 798,895 2025 526,944 Total lease payments $ 2,788,249 Less: Imputed interest/present value discount (249,909 ) Present value of lease liabilities $ 2,538,340 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. Capital Structure The Company currently has unlimited authorized shares of $0.00 par value common stock, with 305,451,498 shares issued and outstanding as of December 31, 2021 and 2020. Earnings 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 per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of December 31, 2021 and 2020, there were no potentially dilutive shares. 2021 2020 Statement of Operations Summary Information: Net Profit $ 5,175,675 $ 2,675,037 Weighted-average common shares outstanding - basic and diluted 305,451,498 304,166,073 Net profit per share, basic and diluted $ 0.02 $ 0.01 |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
RECENT ACCOUNTING PRONOUNCEMENTS | ||
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. | 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 | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
REVENUE | ||
REVENUE | NOTE 4 - REVENUE In the business of providing an international cloud-based intelligence system, namely “YCloud” system. We aim to provide technical and auto-billing management system services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. Weijiafu and Changtongfu are our customers to take charge of the Ycloud users’ profiles. Meanwhile, all YCloud users’ information is retained within YCloud system. We derive our revenue from system service fees charged for transactions conducted through YCloud. We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such as Weijiafu, Beijing Yidong, Maitu International, Beijing Youth and related party 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 receive the system service fee from customers within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. As of reporting date, all the service fee receivable has been fully settled and received. The system services fees are collected from five customers of YCloud system based on the GMV as follow: Gross Merchandise Volume (“GMV”) March 31, 2022 March 31, 2021 US$ US$ Non-related parties: Customer I 33,884,182 80,402,192 Customer II 9,987,583 - Customer III 7,823,158 - Customer IV 11,248,923 - 62,943,846 80,402,192 Related party: Customer V 4,800,846 - Total GMV: 67,744,692 80,402,192 As of and for the period ended March 31, 2022, we generated revenues from five customers amounting $2,236,853. | NOTE 4. REVENUE In the business of providing an international cloud-based intelligence system, namely “YCloud” system. We aim to provide technical and auto-billing management system services to micro-business online stores in China through big data analytics, machine learning mechanisms, social network recommendations, and multi-channel data analysis. Weijiafu and Changtongfu are our customers to take charge of the Ycloud users’ profiles. Meanwhile, all YCloud users’ information is retained within YCloud system. We derive our revenue from system service fees charged for transactions conducted through YCloud. We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such as Weijiafu and Changtongfu), depending on the type of service and industry. Gross Merchandise Volume, or GMV, is a term used in online retailing to indicate a total sales monetary-value for merchandise sold through a particular marketplace over a certain time frame. We generally receive the system service fee from Weijiafu and Changtongfu within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. As of reporting date, all the service fee receivable has been fully settled and received. As of year ended December 31, 2021 and 2020, the Gross Merchandise Volume, or GMV in YCloud systems are as follow: Gross Merchandise Volume (“GMV”) 2021 2020 US$ US$ Non-related party 292,177,817 10,437,687 Related party 139,359,179 153,038,677 Total: 431,536,996 163,476,364 As of year ended December 31, 2021 and 2020, we generated revenues from YCloud service fees amounting to $14,381,295 and $6,271,564. Service revenue from third party were $9,734,966 (2020: $3,440,312) and service revenue from related party were $4,646,329 (2020: $2,831,252) for the year ended December 31, 2021. The increase in revenue was mainly due to increase in YCloud users during the year. As of year ended December 31, 2021, we provide “YCloud” services system through our two main customers: third party customer- Weijiafu and related party-Changtongfu to provide YCloud payment channels and users’ date storage services to individual and corporate micro-business owners. |
CASH AT BANK
CASH AT BANK | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
CASH AT BANK | ||
CASH AT BANK | NOTE 5 - CASH AT BANK As of March 31, 2022, the Company held cash in bank in the amount of $7,568,537, which consist of the following: March 31, 2022 December 31, 2021 Bank Deposits-China $ 7,535,349 303,065 Bank Deposits-Singapore 33,188 313,528 7,568,537 616,593 | NOTE 5 - CASH As of December 31, 2021, the Company held cash in bank in the amount of $616,593 which consists of the following: December 31, 2021 December 31, 2020 Bank Deposits-China $ 303,065 4,593,943 Bank Deposits-Singapore 313,528 46,660 616,593 4,640,603 |
INTANGIBLE ASSET
INTANGIBLE ASSET | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
INTANGIBLE ASSET | ||
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, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (26,794 ) $ 30,349 5 Foreign currency translation adjustment - - 5,906 Intangible assets, net $ 57,143 $ (26,794 ) $ 36,255 Amortization expense for intangible assets was $1,618 for the three months period ended March 31, 2022. Expected future intangible asset amortization as of March 31, 2022 was as follows: Fiscal years: Remaining 2022 $ 23,558 2023 12,697 | 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: December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (25,176 ) $ 31,967 5 Foreign currency translation adjustment - - 5,798 Intangible assets, net $ 57,143 $ (25,176 ) $ 37,765 Amortization expense for intangible assets was $12,519 for the year ended December 31, 2021. Expected future intangible asset amortization as of December 31, 2021 was as follows: Fiscal years: Remaining 2022 $ 25,176 2023 12,588 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
PROPERTY AND EQUIPMENT | ||
PROPERTY AND EQUIPMENT | NOTE 7 - PROPERTY AND EQUIPMENT As of March 31, 2022, property and equipment consists of the following: March 31, 2022 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Weighted Average Useful Life (Years) Property and equipment: Office equipment $ 150,915 $ (35,837 ) $ 115,078 3 Leasehold improvement 991,848 - 991,849 5 Property and equipment, net $ 1,142,763 $ (35,837 ) $ 1,106,927 Depreciation expenses of office equipment were $12,793 and nil for the period ended March 31, 2022 and year 2021 respectively as the computer and office equipment were acquired on June 29, 2021. Amortization expenses of leasehold improvement is $nil for the year ended March 31, 2022 as the new office renovation will be completed in April 2022. | NOTE 7 - PROPERTY AND EQUIPMENT As of December 31, 2021, property and equipment consists of the following: December 31, 2021 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Weighted Average Useful Life (Years) Property and equipment: Office equipment $ 150,915 $ (23,353 ) $ 127,562 3 Leasehold improvement 267,791 - 267,791 5 Property and equipment, net $ 418,706 $ (23,353 ) $ 395,353 Depreciation expenses of office equipment were $23,353 and nil for the year ended December 31, 2021 and year ended December 31, 2020 respectively as the computer and office equipment were acquired on June 29, 2021. Amortization expenses of leasehold improvement is $nil for the year ended December 31, 2021 as the new office renovation will be completed in April 2022. |
ACCOUNT RECEIVABLES
ACCOUNT RECEIVABLES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
ACCOUNT RECEIVABLES | ||
ACCOUNT RECEIVABLES | NOTE 8 - ACCOUNT RECEIVABLES As of March 31, 2022, account receivables is related to the services fee receivables from customers as follow: March 31, 2022 December 31, 2021 Account receivables $ 958,797 $ 5,627,463 Account receivables- related parties 36,083 3,603,402 $ 994,880 $ 9,230,865 We generally receive the system service fee from customers within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of accounts receivable. The Company does not require collateral for accounts receivables. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success. As of March 31, 2022, account receivable from five main customers are amounted to $994,880 (December 31, 2021: $9,230,865) and which is 45% (December 31, 2021: 64%) of total revenue. As of reporting date, all the services fee receivables has been fully settled from 5 main customers. | NOTE 8 - ACCOUNT RECEIVABLES As of December 31, 2021, account receivables is related to the services fee receivables from customers as follow: December 31, 2021 December 31, 2020 Account receivables $ 5,627,463 $ 2,609,520 Account receivables- Related parties 3,603,402 - $ 9,230,865 $ 2,609,520 We generally receive the system service fee from YCloud users through Weijiafu and Changtongfu within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of accounts receivable. The Company does not require collateral for accounts receivables. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success. As of December 31, 2021, account receivable from two main customers are amounted to $9,230,865(2020: $2,609,520) and which is 100% (2020: 100%) of total account receivables. As of reporting date, all the services fee receivables has been fully settled from two main customers. |
PREPAYMENTS
PREPAYMENTS | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
PREPAYMENTS | ||
PREPAYMENTS | NOTE 9 - PREPAYMENTS As of March 31, 2022, prepayments consist of the following: March 31, 2022 December 31, 2021 Office furniture and renovation $ 1,124,480 $ 1,895,591 Office rental 28,658 173,611 Ycloud system marketing and promotion service 2,319,258 - Block chain software and others 616,052 691,456 $ 4,088,448 $ 2,760,658 As of March 31, 2022, there is a prepayment of approximate $1.1 million in relation of purchasing new office furniture as a result of new office renovation during the year, the renovation is expected to complete in April 2022. As of March 31, 2022, there is a prepayment of approximate $2.3 million and approximate $60,000 in relation of marketing & promotion services and block chain software development under YCloud system, which is expect to complete in February 2023 and June 2022 respectively. | NOTE 11 - PREPAYMENTS As of December 31, 2021, prepayments consist of the following: December 31, 2021 December 31, 2020 Office furniture and renovation $ 1,895,591 $ - Office Rental 173,611 - Block chain software and annual fee 630,291 - Software licenses fee 61,165 61,707 $ 2,760,658 $ 61,707 As of 31 December 2021, there is a prepayment of approximate $1.9 million in relation of purchasing new office furniture as a result of new office renovation during the year, the renovation is expected to complete in April 2022. As of 31 December 2021, there is a prepayment of $630,291 in relation of block chain software development under YCloud system, which is expect to complete in June 2022. |
NOTE RECEIVABLES
NOTE RECEIVABLES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
NOTE RECEIVABLES | ||
NOTE RECEIVABLES | NOTE 10 - NOTE RECEIVABLES As of March 31, 2022, Note receivables consist of the following: March 31, 2022 December 31, 2021 Note receivables $ 3,699,872 3,798,130 3,699,872 3,798,130 Note receivable is related to the short-term loan of RMB 23 million to a third party with annual interest of 5%, which will be matured on November 4, 2022. | NOTE 9 - NOTE RECEIVABLES As of December 31, 2021 and 2020, Note receivables consists of the following: December 31, 2021 December 31, 2020 Note receivables $ 3,798,130 $ 3,097,981 Note receivable is related to the short-term loan of $3,798,130 (approximately of RMB 24 million) to a third party with annual interest of 5%, which will be matured on November 4, 2022. As at December 31, 2021 the accrued interest for the loan is $167,626. The accrued interest and principal amount of the loan for the year ended December 31, 2021 and December 31, 2020 are as follow: December 31, 2021 December 31, 2020 Principal $ 3,630,504 $ 3,064,336 Accrued interest 167,626 33,645 $ 3,798,130 $ 3,097,981 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
OTHER RECEIVABLES | ||
OTHER RECEIVABLES | NOTE 11 - OTHER RECEIVABLES As of March 31, 2022, other receivables consist of advances to staff for petty cash and staff loans as follow: March 31, 2022 December 31, 2021 Advance to staff for petty cash $ 36,590 19,302 Staff loan 100,000 10,845 136,590 30,147 | NOTE 10 - OTHER RECEIVABLES As of December 31, 2021, other receivables consists of staff advances, prepaid trademark and system set up fees as follow: December 31, 2021 December 31, 2020 Prepaid trademark and system set up fee - 3,318 Advances to staff 19,302 - Others 10,845 2,453 30,147 5,771 |
RENTAL DEPOSIT
RENTAL DEPOSIT | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
RENTAL DEPOSIT | ||
RENTAL DEPOSIT | NOTE 12 - RENTAL DEPOSIT As of March 31, 2022 and December 31, 2021, rental deposit of $272,711 and $272,063 is the office lease deposit with the tenancy period of 5 years. | NOTE 12 - RENTAL DEPOSIT As of December 31, 2021, rental deposit of $272,063 (2020: $264,910) is office lease deposit with the tenancy period of 5 years, which consist of rental deposit and property management fee deposit. |
ACCOUNT PAYABLES- RELATED PARTI
ACCOUNT PAYABLES- RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNT PAYABLES- RELATED PARTIES | |
Account Payables- Related Parties | NOTE 13 - ACCOUNT PAYABLES- RELATED PARTIES As of December 31, 2021 As of December 31, 2020 Account payable- related party $ 54,436 $ - $ 54,436 $ - Account payable- related party balance of $54,436 represented background system management service and basic application training fees payable to Beijing Xinke Datong Technology Co Ltd. The service period is 16 months and which will end in June 2022. |
AMOUNT DUE TO RELATED PARTIES
AMOUNT DUE TO RELATED PARTIES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
AMOUNT DUE TO RELATED PARTIES | ||
AMOUNT DUE TO RELATED PARTIES | NOTE 13 - AMOUNT DUE TO RELATED PARTIES As of March 31, 2022 As of December 31, 2021 Related parties payable $ 541,298 $ 745,532 Director fee payable 468,000 360,000 $ 1,009,298 $ 1,105,532 The related party balance of $541,298 represented advances and professional expenses paid on behalf by Director, which consists of $300,063 advance from Dai Zheng, $42,000 advance from Li Zhuo, $10,000 from Che Kean Tat and $189,235 office rental advance from Liu Pijun through Zhiding Network Technology (Beijing) Co Limited (“ZNTB”). It is unsecured, interest-free with no fixed payment term and imputed interest is consider to be immaterial. As of March 31, 2022, the director fee payable of $468,000 represented the accrued of director fees from the appointment date to March 31, 2022. | NOTE 14 - AMOUNT DUE TO RELATED PARTIES As of December 31, 2021 As of December 31, 2020 Related parties payable $ 745,532 $ 276,501 Related party loan - 140,000 Director fee payable 360,000 - $ 1,105,532 $ 416,501 The related party balance of $745,532 represented advances and professional expenses paid on behalf by Director, which consists of $504,297 advance from Dai Zheng, $42,000 advance from Li Zhuo, $10,000 from Che Kean Tat and $189,235 office rental advance from Liu Pijun through Zhiding Network Technology (Beijing) Co Limited (“ZNTB”). It is unsecured, interest-free with no fixed payment term and imputed interest is consider to be immaterial. As of December 31, 2021, the director fee payable of $360,000 represented the accrued of director fees from the appointment date to December 31, 2021. As of December 31, 2021, the related party loan is $nil (2020: $140,000) due to the forgiveness of related party loan from Global Joy Trip Ltd as a result of the Company has been dissolved in January 2021 and the related company has agreed to forgive the loan. |
RELATED PARTY TRANSACTION
RELATED PARTY TRANSACTION | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTION | ||
RELATED PARTY TRANSACTION | NOTE 14 - RELATED PARTY TRANSACTIONS The following is the list of the related parties to which the Company has transactions with: (a) Beijing Zhidingwang Investment Management Limited Partnership (“BZIM”), the entity in which the Group’s CEO, Liu PiJun beneficially own 56% equity interest. (b) Zhiding Network Technology (Beijing) Co Limited (“ZNTB”), the entity in which the Group’s CEO, Liu Pijun beneficially own 78% equity interest and Group’s Director, Li Daxue beneficially own 3% equity interest. (c) Beijing Xingke Datong Technology Co Ltd (“BXDT”), the entity in which the supervisor of a subsidiary company, Deng Liangpeng beneficially own 80% equity interest. (d) Huoerguo Zhufeng Technology Co Ltd (“HZTC”), the entity in which the supervisor of a subsidiary company, Sun Tong beneficially own 46% equity interest. (e) Global Joy Trip (HK) Limited (“Global Joy HK”), the entity in which the Group’s Chairman, Daizheng and Group’s CEO, Liu Pijun are the director, the company has been dissolved in Jan 2021. (f) Changtongfu Technology (Hainan) Co Limited (“Changtongfu”) , the entity in which the supervisor of a subsidiary company, Deng Liangpeng beneficially own 20% equity interest. Related parties transactions consisted of the following as of the dates indicated. Name of related party Nature of transaction For the period ended March 31, 2022 For the year ended December 31, 2021 BZIM No transaction during the year NA NA ZNTB Office rental paid on behalf of the Group $ - 189,235 BXDT System service fee $ 618,119 485,190 HZTC System service fee $ - 739,016 Changtongfu YCloud service revenue $ 158,518 4,646,329 | NOTE 15 - RELATED PARTY TRANSACTIONS The following is the list of the related parties to which the Company has transactions with: (a) Beijing Zhidingwang Investment Management Limited Partnership (“BZIM”), the entity in which the Group’s CEO, Liu PiJun beneficially own 56% equity interest. (b) Zhiding Network Technology (Beijing) Co Limited (“ZNTB”), the entity in which the Group’s CEO, Liu Pijun beneficially own 77.98% equity interest and Group’s Director, Li Daxue beneficially own 3% equity interest. (c) Beijing Xingke Datong Technology Co Ltd (“BXDT”), the entity in which the supervisor of a subsidiary company, Deng Liangpeng beneficially own 80% equity interest. (d) Huoerguo Zhufeng Technology Co Ltd (“HZTC”), the entity in which the supervisor of a subsidiary company, Sun Tong beneficially own 46% equity interest. (e) Global Joy Trip (HK) Limited (“Global Joy HK”), the entity in which the Group’s Chairman, Daizheng and Group’s CEO, Liu Pijun are the director, the company has been dissolved in Jan 2021. (f) Changtongfu Technology (Hainan) Co Limited (“Changtongfu”) , the entity in which the supervisor of a subsidiary company, Deng Liangpeng beneficially own 20% equity interest. Related parties transactions consisted of the following as of the dates indicated. Name of related party Nature of transaction For the year ended December 31, 2021 For the year ended December 31, 2020 BZIM No transaction during the year NA NA ZNTB Office rental paid on behalf of the Group $ 189,235 - BXDT System service fee $ 485,190 - HZTC System service fee $ 739,016 - Changtongfu YCloud Service revenue $ 4,646,329 - |
ACCRUED EXPENSES
ACCRUED EXPENSES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
ACCRUED EXPENSES | ||
ACCRUED EXPENSES | NOTE 15 - ACCRUED EXPENSES Accrued expenses of $98,639 consists of the accrued payroll, Central Provident Fund and social welfare as follow: March 31, 2022 December 31, 2021 Accrued payroll $ 98,639 $ 217,073 $ 98,639 $ 217,073 | NOTE 16 - ACCRUED EXPENSES Accrued expenses of $217,073 consists of the accrued payroll, CPF and social welfare as follow: December 31, 2021 December 31, 2020 Accrued payroll $ 217,073 $ 263,355 $ 217,073 $ 263,355 |
TAX PAYABLES
TAX PAYABLES | 3 Months Ended |
Mar. 31, 2022 | |
TAX PAYABLES | |
TAX PAYABLES | NOTE 16 - TAX PAYABLES As of March 31, 2022, tax payable of $843,288 (December 31, 2021: $711,841) is consist of PRC corporate income tax rate ranged from 9% to 25%, Value-added Tax of 6% and PRC Urban construction tax and levies. of 25%, Value-added Tax of 6% and PRC Urban construction tax and levies. |
OTHER PAYABLES
OTHER PAYABLES | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
OTHER PAYABLES | ||
OTHER PAYABLES | NOTE 17 - OTHER PAYABLES Other payables of $367,670 consists of the payables of securities account set up fee and related documentation expenses as follow: March 31, 2022 December 31, 2021 Security account set up fee-Staff $ 367,670 $ 306,270 | NOTE 17 - OTHER PAYABLES Other payables of $306,270 consists of the payables of securities account set up fee and related documentation expenses as follow: December 31, 2021 December 31, 2020 Security account set up fee-Staff $ 306,270 $ 90,632 306,270 90,632 |
SHAREHOLDERS EQUITY (DEFICIT)
SHAREHOLDERS EQUITY (DEFICIT) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
SHAREHOLDERS EQUITY (DEFICIT) | ||
SHAREHOLDERS' EQUITY (DEFICIT) | NOTE 18 - SHAREHOLDERS’ EQUITY 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, 2022. 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. | NOTE 18 - EQUITY The company has an unlimited number of shares of common stock authorized, and has issued 305,451,498 shares with par value as of December 31, 2021 and 2020. On March 29, 2019, the company has issued 100,000,000 shares with 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 since December 31, 2020. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Income Taxes | NOTE 19 - INCOME TAXES The Company is subject to U.S. Federal tax laws. The Company has not recognized an income tax benefit for its operating losses in the United States because the Company does not expect to commence active operations in the United States. UTour Pte Ltd was incorporated in Singapore and is subject to Singapore profits tax at a tax rate of 17%. Since UTour Pte Ltd had no taxable income during the reporting period, it has not paid Singapore profits taxes. UTour has not recognized an income tax benefit for its operating losses in Singapore because the Company does not expect to commence active operations in Singapore. WeTrade Information Technology Limited (“WITL”) was incorporated in Hong Kong and is subject to Hong Kong profits tax at a tax rate of 16.5%. Since WITL had no taxable income during the reporting period, it has not paid Hong Kong profits taxes. WITL has not recognized an income tax benefit for its operating losses in Hong Kong because the Company does not expect to commence active operations in Hong Kong. The Company is currently conducting its major operations in the PRC through Yueshang Information Technology (Beijing) Co., Ltd., Wetrade Digital (Beijing ) Technology Co Limited, Yushang Group (Hunan) Network Technology Limited, Yueshang Technology Group( Hainan) Limited and Tibet Xiaoshang Technology Group Limited, which are in accordance with the relevant tax laws and regulations and the corporate income tax rate in China is ranged from 9% to 25%. As of December 31, 2021 and 2020, tax expenses was $1,122,283 and 1,162,556 respectively. Tax payables was $711,841 (2020: $828,695), which are consists of PRC corporate income tax at the rate ranged from 9% to 25%, Value-added Tax of 6% and PRC Urban construction tax and levies as follow: As of December 31, 2021 As of December 31, 2020 Corporate income tax $ 649,032 $ 709,197 VAT, Urban construction tax and levies 62,129 119,498 $ 711,841 $ 828,695 For the years ended December 31, 2021 and 2020, the local (United States) and foreign components of income before income taxes were comprised of the following: As of December 31, 2021 As of December 31, 2020 Tax jurisdictions from : Local $ (537,024 ) $ (162,293 ) Foreign, representing Singapore (111,942 ) (71,993 ) Hong Kong - - China 6,946,924 4,071,879 $ 6,297,958 $ 3,837,593 The provision for income taxes consisted of the following: As of December 31, 2021 As of December 31, 2020 Current : -Local $ - $ - -Foreign (China) 1,122,283 1,162,556 Deferred: -Local - - -Foreign (China) - - $ (1,122,283 ) $ (1,162,556 ) The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The Company has subsidiaries that operate in various countries: United States, Singapore, Hong Kong and China that are subject to taxes in the jurisdictions in which they operate, as follows: United States of America The Company is registered in the State of Wyoming and is subject to the tax laws of the United States of America and the tax rate is 21%. As of December 2021, the operations in the United States of America incurred $985,317 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2041, if unutilized. Singapore UTour Pte Limited is subject to Singapore Profits Tax, which is charged at the statutory income rate of 17% on its assessable income. Hong Kong WeTrade Information Technology Limited is subject to Hong Kong Profits Tax, which is charged at the statutory income rate of 16.5% on its assessable income. People’s Republic of China Yueshang Group (Hunan) Network Technology Limited, Yueshang Technology Group (Hainan Special Zone) Limited, WeTrade Digital (Beijing) Technology Co Limited and Tibet Xiaoshang Technology Group Limited are operating in the People’s Republic of China (“PRC”) subject to the Corporate Income Tax governed by the Income Tax Law of the People’s Republic of China at the rate ranged from 9% to 25%. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2022 | |
SUBSEQUENT EVENT | |
SUBSEQUENT EVENT | NOTE 19- SUBSEQUENT EVENT On April 13, 2022, the Company and 15 Shareholders entered into that certain Share Exchange Agreement (the “Share Exchange Agreement”), pursuant to which Company and the 15 Shareholders have cancelled 120,418,995 shares of Common Stock (“Cancellation Shares”). Upon completion of the transaction, the outstanding shares of the Company’s Common Stock has been decreased from 305,451,498 shares to 185,032,503 shares as of May 23, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 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, 2022 and 2021 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, 2022, the results of its operations for the three months ended March 31, 2022 and 2021, and its cash flows for the three months ended March 31, 2022 and 2021. 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, 2021 has been derived from the Company’s audited financial statements included in the Form 10-K for the year ended December 31, 2021. 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, 2021. As of March 31, 2022, the details of the consolidating subsidiaries are as follows: Attributable Name of Company Place of 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 (f/k/a XiaoShang Technology Beijing Co Limited) P.R.C 100 % Tibet Xiaoshang Technology Group Limited P.R.C 100 % | Basis of Presentation 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. As of December 31, 2021, the details of the consolidating subsidiaries are as follows: Name of Company Place of incorporation Attributable 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 % Tibet XiaoShang Technology Co Limited (“Tibet Xiaoshang”) P.R.C 100 % |
Nature of Operations | WeTrade Group Inc. (the “Company” 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, 2022, 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 Tibet Xiaoshang Technology Group 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 | 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. | 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, 2022. March 31, 2022 December 31, 2021 RMB: US$ exchange rate 6.34 6.36 The balance sheet amounts, with the exception of equity, March 31, 2022 and December 31, 2021 were translated at 6.34 RMB and 6.36 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 accounts for the period ended March 31, 2022 and year ended December 31, 2021 were 6.34 RMB and 6.44 RMB to $1.00, respectively. Cash flows were also translated at average translation rates for the year and, therefore, amounts reported on the statement of cash flows would not necessarily agree with changes in the corresponding balances on the consolidated balance sheet. The transactions dominated in SGD are immaterial. | The Company’s principal country of operations is the PRC. The accompanying consolidated financial statements are presented in US$. 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 December 31, 2021. Year ended December 31, 2021 2020 RMB: US$ exchange rate 6.36 6.53 The balance sheet amounts, with the exception of equity, December 31, 2021 and December 31, 2020 were translated at 6.36 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 accounts for the year ended December 31, 2021 and year ended December 31, 2020 were 6.44 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. | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates used in preparing the financial statements are reasonable and prudent; however, actual results could differ from these estimates. Significant estimates include the allowance for doubtful accounts, useful lives of intangible asset, valuation of deferred tax assets, and certain accrued liabilities such as contingent liabilities. |
Property and Equipment, net | Property and equipment are stated at the historical cost, less accumulated depreciation. Depreciation on property and equipment is provided using the straight-line method over the estimated useful lives of the assets for both financial and income tax reporting purposes as follows: Office equipment 3 years Leasehold improvements 5 years Upon sale or disposal of an asset, the historical cost and related accumulated depreciation or amortization of such asset were removed from their respective accounts and any gain or loss is recorded in the statements of income. The Company reviews the carrying value of property, plant, and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment, no impairment expenses for property, plant, and equipment were recorded in operating expenses during the three months ended March 31, 2022 and 2021. | |
Concentration of Risk | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. Cash on hand amounted to $7,568,537 | |
Accounts receivable | Accounts receivables are presented net of allowance for doubtful accounts. The Company 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. | Intangible asset is software development cost of YCloud system incurred by the 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, $2,189,390 of operating lease right-of-use asset and $2,385,842 of operating lease liabilities were reflected on the Company’s March 31, 2022 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) $ 705,407 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2022 730,112 Weighted average remaining lease term-operating leases (in years) 3.42 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 2,189,390 Total right-of-use assets $ 2,189,390 Short-term operating lease liabilities 616,698 Long-term operating lease liabilities 1,769,144 Total operating lease liabilities $ 2,385,842 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2023 722,656 2024 767,393 2025 813,323 2026 301,828 Total lease payments 2,605,200 Less: Imputed interest/present value discount (219,358 ) Present value of lease liabilities $ 2,385,842 | The Company has operating leases for corporate offices under a non-cancellable operating lease with expiration date. The leases have non-cancellable remaining terms of 3 years. 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) $ 694,533 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2021 719,272 Weighted average remaining lease term-operating leases (in years) 3.67 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 2,328,950 Total right-of-use assets $ 2,328,950 Short-term operating lease liabilities 596,098 Long-term operating lease liabilities 1,942,242 Total operating lease liabilities $ 2,538,340 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2022 709,336 2023 753,074 2024 798,895 2025 526,944 Total lease payments $ 2,788,249 Less: Imputed interest/present value discount (249,909 ) Present value of lease liabilities $ 2,538,340 |
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. | 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, 2022, there were no potentially dilutive shares. For the period March 31, 2022 For the period March 31, 2021 Statement of Operations Summary Information: Net Profit $ 560,855 652,084 Weighted-average common shares outstanding - basic and diluted 305,451,498 305,451,498 Net profit per share, basic and diluted $ 0.00 0.00 | 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 per share of common stock attributable to common stockholders when their effect is dilutive. Potential dilutive securities are excluded from the calculation of diluted EPS in loss periods as their effect would be anti-dilutive. As of December 31, 2021 and 2020, there were no potentially dilutive shares. 2021 2020 Statement of Operations Summary Information: Net Profit $ 5,175,675 $ 2,675,037 Weighted-average common shares outstanding - basic and diluted 305,451,498 304,166,073 Net profit per share, basic and diluted $ 0.02 $ 0.01 |
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. | 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. |
Capital Structure | The Company currently has unlimited authorized shares of $0.00 par value common stock, with 305,451,498 shares issued and outstanding as of December 31, 2021 and 2020. | |
Commitments And Contingencies | On September 16, 2020 the Company entered into lease agreement for a new office space in Beijing. The term of the lease is for a (5) Five Years with first 4 months free on the 1st year of the term and 1st month free of each following years of the term. The monthly rent on the 1st year will be approximately of $63,000 with a 6% increase for each subsequent year. Total commitment for the full term of the lease will be $3,516,627. | |
Internal Used Software Development | We account for costs incurred to develop or purchase computer software for internal use in accordance with Accounting Standards Codification (“ASC”) 350-40 "Internal-Use Software" or ASC 350-50 "Website Costs". As required by ASC 350-40, we capitalize the costs incurred during the application development stage, which include costs to design the software configuration and interfaces, coding, installation, and testing. Costs incurred during the preliminary project stage along with post-implementation stages of internal use computer software are expensed as incurred. Capitalized development costs are amortized on a straight-line basis over a period of five years. Costs incurred to maintain existing product offerings are expensed as incurred. The capitalization and ongoing assessment of recoverability of development costs requires considerable judgment by management with respect to certain external factors, including, but not limited to, technological and economic feasibility, and estimated economic life. | |
Concentration Of Credit Risk, Significant Customers | The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of accounts receivable. The Company does not require collateral for accounts receivables. The Company maintains an allowance for its doubtful accounts receivable due to estimated credit losses. The Company records the allowance against bad debt expense through the consolidated statements of operations, included in general and administrative expense, up to the amount of revenues recognized to date. Receivables are written off and charged against the recorded allowance when the Company has exhausted collection efforts without success. As of December 31, 2021 and 2020, account receivables from third parties are amounted to $5,627,463 (2020: $2,609,520) and account receivables from related parties are amounted to $3,603,402 (2020: $nil). As of December 31, 2021, the total account receivables from two main customers are amounted to $9,230,865, which consists of amount due from third party customer of $5,627,463 and amount due from related party customer of $3,603,402. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Schedule of consolidated subsidiaries | Attributable Name of Company Place of 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 (f/k/a XiaoShang Technology Beijing Co Limited) P.R.C 100 % Tibet Xiaoshang Technology Group Limited P.R.C 100 % | Name of Company Place of incorporation Attributable 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 % Tibet XiaoShang Technology Co Limited (“Tibet Xiaoshang”) P.R.C 100 % |
Schedule of investment holding company | 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 Tibet Xiaoshang Technology Group Limited P.R.C Providing of social e-commerce services, technical system support and services. | |
Schedule of exchange rate | March 31, 2022 December 31, 2021 RMB: US$ exchange rate 6.34 6.36 | Year ended December 31, 2021 2020 RMB: US$ exchange rate 6.36 6.53 |
Property and equipment | Office equipment 3 years Leasehold improvements 5 years | |
Schedule lease terms and discount rate | Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 705,407 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 3/31/2022 730,112 Weighted average remaining lease term-operating leases (in years) 3.42 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 2,189,390 Total right-of-use assets $ 2,189,390 Short-term operating lease liabilities 616,698 Long-term operating lease liabilities 1,769,144 Total operating lease liabilities $ 2,385,842 Maturities of the Company’s lease liabilities are as follows: Year ending March 31, 2023 722,656 2024 767,393 2025 813,323 2026 301,828 Total lease payments 2,605,200 Less: Imputed interest/present value discount (219,358 ) Present value of lease liabilities $ 2,385,842 | Lease cost In USD Operating lease cost (included in general and admin in company’s statement of operations) $ 694,533 Other information Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 12/31/2021 719,272 Weighted average remaining lease term-operating leases (in years) 3.67 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 2,328,950 Total right-of-use assets $ 2,328,950 Short-term operating lease liabilities 596,098 Long-term operating lease liabilities 1,942,242 Total operating lease liabilities $ 2,538,340 Maturities of the Company’s lease liabilities are as follows: Year ending December 31, 2022 709,336 2023 753,074 2024 798,895 2025 526,944 Total lease payments $ 2,788,249 Less: Imputed interest/present value discount (249,909 ) Present value of lease liabilities $ 2,538,340 |
Schedule of potentially diluted shares | For the period March 31, 2022 For the period March 31, 2021 Statement of Operations Summary Information: Net Profit $ 560,855 652,084 Weighted-average common shares outstanding - basic and diluted 305,451,498 305,451,498 Net profit per share, basic and diluted $ 0.00 0.00 | 2021 2020 Statement of Operations Summary Information: Net Profit $ 5,175,675 $ 2,675,037 Weighted-average common shares outstanding - basic and diluted 305,451,498 304,166,073 Net profit per share, basic and diluted $ 0.02 $ 0.01 |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
REVENUE (Tables) | ||
Schedule of Gross Merchandise Volume of Related & Non Related Party | Gross Merchandise Volume (“GMV”) March 31, 2022 March 31, 2021 US$ US$ Non-related parties: Customer I 33,884,182 80,402,192 Customer II 9,987,583 - Customer III 7,823,158 - Customer IV 11,248,923 - 62,943,846 80,402,192 Related party: Customer V 4,800,846 - Total GMV: 67,744,692 80,402,192 | |
Gross Merchandise Valume | Gross Merchandise Volume (“GMV”) 2021 2020 US$ US$ Non-related party 292,177,817 10,437,687 Related party 139,359,179 153,038,677 Total: 431,536,996 163,476,364 |
CASH AT BANK (Tables)
CASH AT BANK (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
CASH AT BANK (Tables) | ||
Schedule of cash in bank | March 31, 2022 December 31, 2021 Bank Deposits-China $ 7,535,349 303,065 Bank Deposits-Singapore 33,188 313,528 7,568,537 616,593 | December 31, 2021 December 31, 2020 Bank Deposits-China $ 303,065 4,593,943 Bank Deposits-Singapore 313,528 46,660 616,593 4,640,603 |
INTANGIBLE ASSET (Tables)
INTANGIBLE ASSET (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
INTANGIBLE ASSET | ||
Schedule of intangible assets | March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (26,794 ) $ 30,349 5 Foreign currency translation adjustment - - 5,906 Intangible assets, net $ 57,143 $ (26,794 ) $ 36,255 | December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life (Years) Intangible assets: Software development $ 57,143 $ (25,176 ) $ 31,967 5 Foreign currency translation adjustment - - 5,798 Intangible assets, net $ 57,143 $ (25,176 ) $ 37,765 Amortization expense for intangible assets was $12,519 for the year ended December 31, 2021. Expected future intangible asset amortization as of December 31, 2021 was as follows: Fiscal years: Remaining 2022 $ 25,176 2023 12,588 |
Schedule of intangible assets amortization expenses | Fiscal years: Remaining 2022 $ 23,558 2023 12,697 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
PROPERTY AND EQUIPMENT | ||
Schedule of property and equipment | March 31, 2022 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Weighted Average Useful Life (Years) Property and equipment: Office equipment $ 150,915 $ (35,837 ) $ 115,078 3 Leasehold improvement 991,848 - 991,849 5 Property and equipment, net $ 1,142,763 $ (35,837 ) $ 1,106,927 | December 31, 2021 Gross Carrying Amount Accumulated Depreciation Net Carrying Amount Weighted Average Useful Life (Years) Property and equipment: Office equipment $ 150,915 $ (23,353 ) $ 127,562 3 Leasehold improvement 267,791 - 267,791 5 Property and equipment, net $ 418,706 $ (23,353 ) $ 395,353 |
ACCOUNT RECEIVABLES (Tables)
ACCOUNT RECEIVABLES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
ACCOUNT RECEIVABLES | ||
Schedule of Account receivable | March 31, 2022 December 31, 2021 Account receivables $ 958,797 $ 5,627,463 Account receivables- related parties 36,083 3,603,402 $ 994,880 $ 9,230,865 | December 31, 2021 December 31, 2020 Account receivables $ 5,627,463 $ 2,609,520 Account receivables- Related parties 3,603,402 - $ 9,230,865 $ 2,609,520 |
NOTE RECEIVABLES (Tables)
NOTE RECEIVABLES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
NOTE RECEIVABLES | ||
Schedule of Note receivables | March 31, 2022 December 31, 2021 Note receivables $ 3,699,872 3,798,130 3,699,872 3,798,130 | December 31, 2021 December 31, 2020 Note receivables $ 3,798,130 $ 3,097,981 |
Schedule Of Accrued Interest And Principal Amount | December 31, 2021 December 31, 2020 Principal $ 3,630,504 $ 3,064,336 Accrued interest 167,626 33,645 $ 3,798,130 $ 3,097,981 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
OTHER RECEIVABLES | ||
Schedule of other receivables | March 31, 2022 December 31, 2021 Advance to staff for petty cash $ 36,590 19,302 Staff loan 100,000 10,845 136,590 30,147 | December 31, 2021 December 31, 2020 Prepaid trademark and system set up fee - 3,318 Advances to staff 19,302 - Others 10,845 2,453 30,147 5,771 |
PREPAYMENTS (Tables)
PREPAYMENTS (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
PREPAYMENTS | ||
Schedule of Prepayments | March 31, 2022 December 31, 2021 Office furniture and renovation $ 1,124,480 $ 1,895,591 Office rental 28,658 173,611 Ycloud system marketing and promotion service 2,319,258 - Block chain software and others 616,052 691,456 $ 4,088,448 $ 2,760,658 | December 31, 2021 December 31, 2020 Office furniture and renovation $ 1,895,591 $ - Office Rental 173,611 - Block chain software and annual fee 630,291 - Software licenses fee 61,165 61,707 $ 2,760,658 $ 61,707 |
ACCOUNT PAYABLES- RELATED PAR_2
ACCOUNT PAYABLES- RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNT PAYABLES- RELATED PARTIES | |
Schedule Of Accounts Payable - Related Parties | As of December 31, 2021 As of December 31, 2020 Account payable- related party $ 54,436 $ - $ 54,436 $ - |
AMOUNT DUE TO RELATED PARTIES (
AMOUNT DUE TO RELATED PARTIES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
AMOUNT DUE TO RELATED PARTIES | ||
Schedule of due to related parties | As of March 31, 2022 As of December 31, 2021 Related parties payable $ 541,298 $ 745,532 Director fee payable 468,000 360,000 $ 1,009,298 $ 1,105,532 | As of December 31, 2021 As of December 31, 2020 Related parties payable $ 745,532 $ 276,501 Related party loan - 140,000 Director fee payable 360,000 - $ 1,105,532 $ 416,501 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTION | ||
Schedule of Related Party Transaction | Name of related party Nature of transaction For the period ended March 31, 2022 For the year ended December 31, 2021 BZIM No transaction during the year NA NA ZNTB Office rental paid on behalf of the Group $ - 189,235 BXDT System service fee $ 618,119 485,190 HZTC System service fee $ - 739,016 Changtongfu YCloud service revenue $ 158,518 4,646,329 | Name of related party Nature of transaction For the year ended December 31, 2021 For the year ended December 31, 2020 BZIM No transaction during the year NA NA ZNTB Office rental paid on behalf of the Group $ 189,235 - BXDT System service fee $ 485,190 - HZTC System service fee $ 739,016 - Changtongfu YCloud Service revenue $ 4,646,329 - |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
ACCRUED EXPENSES | ||
Schedule of accrued expenses | March 31, 2022 December 31, 2021 Accrued payroll $ 98,639 $ 217,073 $ 98,639 $ 217,073 | December 31, 2021 December 31, 2020 Accrued payroll $ 217,073 $ 263,355 $ 217,073 $ 263,355 |
OTHER PAYABLES (Tables)
OTHER PAYABLES (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
CASH AT BANK (Tables) | ||
Schedule of other payables | March 31, 2022 December 31, 2021 Security account set up fee-Staff $ 367,670 $ 306,270 | December 31, 2021 December 31, 2020 Security account set up fee-Staff $ 306,270 $ 90,632 306,270 90,632 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CASH AT BANK (Tables) | |
Schedule Of Corporate Income Tax | As of December 31, 2021 As of December 31, 2020 Corporate income tax $ 649,032 $ 709,197 VAT, Urban construction tax and levies 62,129 119,498 $ 711,841 $ 828,695 |
Schedule Of Income Before Income Tax, Domestic And Foreign | As of December 31, 2021 As of December 31, 2020 Tax jurisdictions from : Local $ (537,024 ) $ (162,293 ) Foreign, representing Singapore (111,942 ) (71,993 ) Hong Kong - - China 6,946,924 4,071,879 $ 6,297,958 $ 3,837,593 |
Schedule Of Provision For Income Taxes | As of December 31, 2021 As of December 31, 2020 Current : -Local $ - $ - -Foreign (China) 1,122,283 1,162,556 Deferred: -Local - - -Foreign (China) - - $ (1,122,283 ) $ (1,162,556 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detailss) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Yueshang Information Technology (Beijing) Co., Ltd. ("YITB") [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | P.R.C | P.R.C. |
Utour Pte Ltd [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | Singapore | Singapore |
WeTrade Information Technology Limited [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | Hong Kong | Hong Kong |
Yueshang Group Network (Hunan) Co., Limited ("Yueshang Hunan") [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | P.R.C | P.R.C |
Yueshang Technology Group (Hainan Special Economic Zone) Co. Limited ("Yueshang Hainan") [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | P.R.C | P.R.C |
Tibet XiaoShang Technology Co Limited (Tibet Xiaoshang) [Member] | ||
Attributable equity interest | 100.00% | 100.00% |
Place of incorporation | P.R.C | P.R.C |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
RMB [Member] | |||
Exchange rate | 6.34 | 6.36 | 6.53 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detailss 2) | 3 Months Ended |
Mar. 31, 2022 | |
Office Equipment [Member] | |
Estimated useful lives | 3 years |
Leasehold Improvements [Member] | |
Estimated useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Operating lease cost (included in general and admin in company's statement of operations) | $ 705,407 | $ 694,533 |
Cash paid for amounts included in the measurement of lease liabilities for the quarter ended 9/30/2020 | $ 730,112 | $ 719,272 |
Weighted average remaining lease term-operating leases (in years) | 3 years 5 months 1 day | 3 years 8 months 1 day |
Average discount rate - operating leases | 5.00% | 5.00% |
Long -term right-of-use assets | $ 2,189,390 | $ 2,328,950 |
Total right-of-use assets | 2,189,390 | 2,328,950 |
Short-term operating lease liabilities | 616,698 | 596,098 |
Long-term operating lease liabilities | 1,769,144 | 1,942,242 |
Total operating lease liabilities | 2,385,842 | 2,538,340 |
2023 | 722,656 | 753,074 |
2024 | 767,393 | 798,895 |
2025 | 813,323 | 526,944 |
2026 | 301,828 | |
Total lease payments | 2,605,200 | 2,788,249 |
Less: Imputed interest/present value discount | (219,358) | (249,909) |
Present value of lease liabilities | $ 2,385,842 | 2,538,340 |
Maturities Of The Company's Lease Liabilities Are As Follows: | ||
2022 | $ 709,336 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 4) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Operations Summary Information: | ||||
Net income | $ 560,855 | $ 652,084 | $ 5,175,675 | $ 2,675,037 |
Weighted-average common shares outstanding - basic and diluted | 305,451,498 | 305,451,498 | 305,451,498 | 304,166,073 |
Net profit per share, basic and diluted | $ 0 | $ 0 | $ 0.02 | $ 0.01 |
SUMMARY OF SIGNIFICANT ACCOUN_9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Sep. 16, 2020USD ($) | Mar. 31, 2022USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Cash on hand | $ 7,568,537 | |||
Operating lease right-of-use asset | 2,189,390 | $ 2,328,950 | $ 2,813,186 | |
Operating lease liabilities | $ 2,385,842 | |||
Common Stock Shares Outstanding | shares | 305,451,498 | 305,451,498 | 305,451,498 | |
Amount Due From Related Party | $ 36,083 | $ 3,603,402 | $ 0 | |
Amount Due From Third Party | $ 5,627,463 | |||
Common Stock Shares Issued | shares | 305,451,498 | 305,451,498 | 305,451,498 | |
Receivables From Related Party | $ 3,603,402 | $ 0 | ||
Common Stock Value | $ / shares | $ 0 | $ 0 | $ 0 | |
Monthly Rent | $ 63,000 | |||
Lease Expense | $ 3,516,627 | |||
Tax Benefit Rate | 50.00% | |||
Remaining Terms | 3 years | |||
Account Receivables | $ 958,797 | $ 5,627,463 | $ 2,609,520 | |
Two Main Customers [Member] | ||||
Accounts Receivable From Customers | 9,230,865 | |||
Third Party Customers [Member] | ||||
Account Receivables | $ 5,627,463 | $ 2,609,520 | ||
Sotware developments [Member] | ||||
Intangible assets, estimated useful lives | 5 years | 5 years | ||
Intangible Assets, Amortization Method | straight line basis | |||
RMB [Member] | ||||
Comprehensive income (loss) | $ 1 | $ 1 | ||
Exchange rate | 6.34 | 6.36 | 6.53 | |
Average exchange rate | 6.34 | 6.44 | 6.84 |
REVENUE (Details)
REVENUE (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Non-related Party | $ 62,943,846 | $ 80,402,192 | $ 292,177,817 | $ 10,437,687 |
Related party | 67,744,692 | 80,402,192 | 139,359,179 | 153,038,677 |
Total | $ 431,536,996 | 163,476,364 | ||
Customer I [Member] | ||||
Revenue recognition | 33,884,182 | 80,402,192 | 80,402,192 | |
Customer II [Member] | ||||
Revenue recognition | 9,987,583 | 0 | 0 | |
Customer III [Member] | ||||
Revenue recognition | 7,823,158 | 0 | 0 | |
Customer IV [Member] | ||||
Revenue recognition | 11,248,923 | 0 | 0 | |
Customer V [Member] | ||||
Revenue recognition | $ 4,800,846 | $ 0 | $ 0 |
REVENUE (Details Narrative)
REVENUE (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
System Services Fees From Related Party, Description | We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such as Weijiafu, Beijing Yidong, Maitu International, Beijing Youth and related party 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 receive the system service fee from customers within the first ten days of each calendar month. With effect from October 2021, YCloud system service fee will be settled within the first ten days of each quarter due to high volume of transaction amounts conducted through YCloud from end users. As of reporting date, all the service fee receivable has been fully settled and received | We receive 2%-3.5% of the total Gross Merchandise Volume generated in the platform as a system service fee from YCloud users through service agreement with our customers (such as Weijiafu and Changtongfu), depending on the type of service and industry. | ||
Service Revenue, Non-related Party | $ 9,734,966 | $ 3,440,312 | ||
Service Revenue From Ycloud Service | 14,381,295 | 6,271,564 | ||
Service Revenue, Related Party | $ 158,518 | $ 0 | $ 4,646,329 | $ 2,831,252 |
Five Customers [Member] | ||||
Service Revenue, Non-related Party | $ 2,236,853 |
CASH AT BANK (Details)
CASH AT BANK (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Bank Deposits | $ 7,568,537 | $ 616,593 | $ 2,672,940 | $ 4,640,603 | $ 6,591,128 |
China [Member] | |||||
Bank Deposits | 7,535,349 | 303,065 | 4,593,943 | ||
Singapore [Member] | |||||
Bank Deposits | $ 33,188 | $ 313,528 | $ 46,660 |
CASH AT BANK (Details Narrative
CASH AT BANK (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
CASH AT BANK (Details Narrative) | |||||
Bank Deposits | $ 7,568,537 | $ 616,593 | $ 2,672,940 | $ 4,640,603 | $ 6,591,128 |
INTANGIBLE ASSET (Details)
INTANGIBLE ASSET (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets, Gross Carrying Amount | $ 57,143 | $ 57,143 | |
Intangible assets, Accumulated amortization | (26,794) | (25,176) | |
Intangible Assets, Net Carrying Amount | 36,255 | 37,765 | $ 49,029 |
Sotware developments [Member] | |||
Intangible Assets, Gross Carrying Amount | 57,143 | 57,143 | |
Intangible assets, Accumulated amortization | (26,794) | (25,176) | |
Intangible Assets, Net Carrying Amount | $ 30,349 | $ 31,967 | |
Intangible assets, Weighted average useful lives | 5 years | 5 years | |
Foreign Currency Translation Adjustment [Member] | |||
Intangible Assets, Net Carrying Amount | $ 5,906 | $ 5,798 |
INTANGIBLE ASSET (Details 1)
INTANGIBLE ASSET (Details 1) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fiscal Years: | ||
Remaining 2022 | $ 23,558 | $ 25,176 |
2023 | $ 12,697 | $ 12,588 |
INTANGIBLE ASSET (Details Narra
INTANGIBLE ASSET (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible assets, amortization expense | $ (1,618) | $ (3,084) | $ (12,519) | $ (11,696) |
Sotware developments [Member] | ||||
Intangible assets, estimated useful lives | 5 years |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property and equipment, Gross carrying amount, Gross carrying amount | $ 1,142,763 | $ 418,706 | |
Property and equipment, Accumulated depreciation net | (35,837) | (23,353) | |
Property and equipment, Net carrying amount | 1,106,927 | 395,353 | $ 0 |
Office Equipment [Member] | |||
Property and equipment, Gross carrying amount, Gross carrying amount | 150,915 | 150,915 | |
Property and equipment, Accumulated depreciation net | (35,837) | (23,353) | |
Property and equipment, Net carrying amount | $ 115,078 | $ 127,562 | |
Property and equipment, Weighted average useful lives | 3 years | 3 years | |
Leasehold Improvement [Member] | |||
Property and equipment, Gross carrying amount, Gross carrying amount | $ 991,848 | $ 267,791 | |
Property and equipment, Accumulated depreciation net | 0 | 0 | |
Property and equipment, Net carrying amount | $ 991,849 | $ 267,791 | |
Property and equipment, Weighted average useful lives | 5 years | 5 years |
PROPERTY AND EQUIPMENT (Detai_2
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
PROPERTY AND EQUIPMENT | |||
Depreciation expenses | $ 12,793 | $ 23,353 | $ 0 |
ACCOUNT RECEIVABLES (Details)
ACCOUNT RECEIVABLES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable | $ 994,880 | $ 9,230,865 | $ 2,609,520 |
Accounts Receivable Related Parties | 36,083 | 3,603,402 | 0 |
Services fee receivable [Member] | |||
Accounts Receivable | 958,797 | 5,627,463 | 2,609,520 |
Services fee receivable- related party [Member] | |||
Accounts Receivable | 3,603,402 | $ 0 | |
Accounts Receivable Related Parties | $ 36,083 | $ 3,603,402 |
ACCOUNT RECEIVABLES (Details Na
ACCOUNT RECEIVABLES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ACCOUNT RECEIVABLES | |||
Accounts Receivable | $ 994,880 | $ 9,230,865 | |
Total Accounts Receivable | 45.00% | 100.00% | 100.00% |
Accounts Receivable | $ 994,880 | $ 9,230,865 | $ 2,609,520 |
NOTE RECEIVABLES (Details)
NOTE RECEIVABLES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Note receivables | $ 3,699,872 | $ 3,798,130 | $ 3,097,981 |
Accounts Receivable [Member] | |||
Note receivables | $ 3,699,872 | $ 3,798,130 | $ 3,097,981 |
NOTE RECEIVABLES (Details 1)
NOTE RECEIVABLES (Details 1) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ACCOUNT RECEIVABLES | ||
Principal | $ 3,630,504 | $ 3,064,336 |
Accrued Interest | 167,626 | 33,645 |
Total | $ 3,798,130 | $ 3,097,981 |
NOTE RECEIVABLES (Details Narra
NOTE RECEIVABLES (Details Narrative) ¥ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022CNY (¥) | Dec. 31, 2021USD ($) | |
PREPAYMENTS | ||
Annual interest percentage | 5.00% | 5.00% |
Maturity date | November 4, 2022 | November 4, 2022 |
Note Receivable From Related Party | $ 3,798,130 | |
Accrued interest for the loan | ¥ 23 | $ 167,626 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
OTHER RECEIVABLES | |||
Prepaid Trademark And System Set Up Fee | $ 0 | $ 3,318 | |
Staff reserve fund and Others | $ 36,590 | 19,302 | 0 |
Other | 100,000 | 10,845 | 2,453 |
Other receivables | $ 136,590 | $ 30,147 | $ 5,771 |
PREPAYMENTS (Details)
PREPAYMENTS (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Prepayments | $ 4,088,448 | $ 2,760,658 | $ 61,707 |
Office furniture [Member] | |||
Prepayments | 1,124,480 | 1,895,591 | 0 |
Office Rental [Member] | |||
Prepayments | 28,658 | 173,611 | 0 |
Block chain software and annual fee [Member] | |||
Prepayments | 616,052 | 630,291 | 0 |
Ycloud system marketing and promotion service [Member] | |||
Prepayments | $ 2,319,258 | 0 | |
Software licenses fee and others [Member] | |||
Prepayments | $ 61,165 | $ 61,707 |
PREPAYMENTS (Details Narrative)
PREPAYMENTS (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Block chain software and annual fee [Member] | |||
Prepayments | $ 2,300,000 | ||
Marketing & promotion services | 60,000 | $ 630,291 | |
Prepayments | 616,052 | 630,291 | $ 0 |
Office furniture [Member] | |||
Prepayments | 1,100,000 | ||
Prepayments | $ 1,124,480 | 1,895,591 | $ 0 |
Office furniture [Member] | April 2022 [Member] | |||
Prepayments | $ 1,900,000 |
RENTAL DEPOSIT (Details Narrati
RENTAL DEPOSIT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Rental deposit | $ 272,711 | $ 272,063 | $ 264,910 |
Tenancy period | 5 years | 5 years |
ACCOUNT PAYABLES- RELATED PAR_3
ACCOUNT PAYABLES- RELATED PARTIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ACCOUNT PAYABLES- RELATED PARTIES | |||
Account Payable- Related Party | $ 189,688 | $ 54,436 | $ 0 |
Total Account Payable- Related Party | $ 54,436 | $ 0 |
ACCOUNT PAYABLES- RELATED PAR_4
ACCOUNT PAYABLES- RELATED PARTIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Account Payable- Related Party | $ 189,688 | $ 54,436 | $ 0 |
Background System Management Service and Basic Application Training Fees [Member] | |||
Account Payable- Related Party | $ 54,436 |
AMOUNT DUE TO RELATED PARTIES_2
AMOUNT DUE TO RELATED PARTIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
AMOUNT DUE TO RELATED PARTIES | |||
Related parties payable | $ 541,298 | $ 745,532 | $ 276,501 |
Director fee payable | 468,000 | 360,000 | 0 |
Amount due to related parties | $ 1,009,298 | 1,105,532 | 416,501 |
Related Party Loan | $ 0 | $ 140,000 |
AMOUNT DUE TO RELATED PARTIES_3
AMOUNT DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Amount due to related parties | $ 468,000 | $ 745,532 | |
Related party payable | 541,298 | 745,532 | $ 276,501 |
Related Party Loan | 0 | $ 140,000 | |
Li Zhuo [Member] | |||
Related party payable | 10,000 | 42,000 | |
Director [Member] | |||
Related party payable | 300,063 | 360,000 | |
Dai Zheng [Member] | |||
Related Party Loan | 42,000 | 504,297 | |
Che Kean Tat [Member] | |||
Related party payable | 10,000 | 10,000 | |
Liu Pijun [Member] | |||
Related party payable | $ 189,235 | $ 189,235 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ZNTB [Member] | |||
Office rental paid on behalf of the Group | $ 0 | $ 189,235 | $ 0 |
BXDT [Member] | |||
System Service Fees | 618,119 | 485,190 | 0 |
Changtongfu [Member] | |||
YCloud service revenue | 158,518 | 4,646,329 | 0 |
HZTC [Member] | |||
System Service Fees | $ 0 | $ 739,016 | $ 0 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
ZNTB [Member] | ||
Equity Interest | 78.00% | 77.98% |
BXDT [Member] | ||
Equity Interest | 80.00% | 80.00% |
Changtongfu [Member] | ||
Equity Interest | 20.00% | 20.00% |
HZTC [Member] | ||
Equity Interest | 46.00% | 46.00% |
BZIM [Member] | ||
Equity Interest | 56.00% | 56.00% |
Li Daxue [Member] | ||
Equity Interest | 3.00% |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - Accrued Payroll [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued payroll | $ 98,639 | $ 217,073 | $ 263,355 |
Accrued Expenses | $ 98,639 | $ 217,073 | $ 263,355 |
ACCRUED EXPENSES (Details Narra
ACCRUED EXPENSES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2020 |
ACCRUED EXPENSES | ||||
Accrued expenses | $ 98,639 | $ 217,073 | $ 217,073 | $ 263,355 |
OTHER PAYABLES (Details)
OTHER PAYABLES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ACCOUNT PAYABLES- RELATED PARTIES | |||
Security account set up fee-Staff | $ 367,670 | $ 306,270 | $ 90,632 |
Other Payables | $ 367,670 | $ 306,270 | $ 90,632 |
OTHER PAYABLES (Details Narrati
OTHER PAYABLES (Details Narrative) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ACCOUNT PAYABLES- RELATED PARTIES | |||
Other Payables | $ 367,670 | $ 306,270 | $ 90,632 |
SHAREHOLDERS EQUITY (Details Na
SHAREHOLDERS EQUITY (Details Narrative) | Jul. 10, 2020integer$ / sharesshares | Sep. 03, 2019$ / sharesshares | Sep. 21, 2020integer$ / sharesshares | Sep. 15, 2020shares | Feb. 29, 2020integer$ / sharesshares | Mar. 29, 2019integer$ / sharesshares | Mar. 31, 2022shares | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019shares |
Common stock, shares issued | 5,229,498 | |||||||||
Minimum [Member] | ||||||||||
Increase In Common Stock Outstanding | 101,766,666 | |||||||||
Maximum [Member] | Certificate Of Amendment [Member] | ||||||||||
Increase In Common Stock Outstanding | 305,299,998 | |||||||||
Stock Split, Description | 3 for 1 forward stock split | |||||||||
Shareholders [Member] | ||||||||||
Common stock, shares issued | 26,000 | 151,500 | 1,666,666 | 305,451,498 | 305,451,498 | 100,074,000 | ||||
Number Of Shareholder | integer | 2 | 303 | 2 | |||||||
Per Share Value | $ / shares | $ 3 | $ 5 | $ 3 | |||||||
Increase In Common Stock Outstanding | 101,766,666 | |||||||||
Founders [Member] | ||||||||||
Common Stock No Par Value | $ / shares | $ 0 | $ 0 | $ 0 | |||||||
Common stock, shares issued | 100,000,000 | 305,451,498 | ||||||||
Number Of Founders | integer | 33 | |||||||||
5 non-US shareholders [Member] | ||||||||||
Common stock, shares issued | 74,000 | |||||||||
Per Share Value | $ / shares | $ 3 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Expenses: | ||
Corporate Income Tax | $ 649,032 | $ 709,197 |
Vat, Urban Construction Tax And Levies | 62,129 | 119,498 |
Income Tax, Total | $ 711,841 | $ 828,695 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Local | $ (537,024) | $ (162,293) |
Foreign | 6,297,958 | 3,837,593 |
China [Member] | ||
Foreign | 6,946,924 | 4,071,879 |
Singapore [Member] | ||
Foreign | (111,942) | (71,993) |
Hong Kong [Member] | ||
Foreign | $ 0 | $ 0 |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current : | ||||
Local | $ 0 | $ 0 | ||
Foreign (china) | 1,122,283 | 1,162,556 | ||
Deferred: | ||||
Local | 0 | 0 | ||
Foreign (china) | 0 | 0 | ||
Income tax expense | $ 129,825 | $ 176,856 | $ (1,122,283) | $ (1,162,556) |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative ) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense | $ (129,825) | $ (176,856) | $ 1,122,283 | $ 1,162,556 |
Value-added Tax, Percentage | 6.00% | |||
Tax Paybale | $ 711,841 | $ 828,695 | ||
Singapore [Member] | ||||
Income Tax Rate | 17.00% | |||
Hong Kong [Member] | ||||
Income Tax Rate | 16.50% | |||
China [Member] | Minimum [Member] | ||||
Income Tax Rate | 9.00% | |||
China [Member] | Maximum [Member] | ||||
Income Tax Rate | 25.00% | |||
United States of America [Member] | ||||
Income Tax Rate | 21.00% | |||
Net Operating Loss Carryforwards | $ 985,317 | |||
Net Operating Loss Carryforwards Begin | 2041 |
TAX PAYABLES (Details Narrative
TAX PAYABLES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
VAT rate | 6.00% | |
Tax payables | $ 843,288 | $ 711,841 |
Statutory income tax rates | 25.00% | |
Minimum [Member] | ||
Income tax rate | 9.00% | |
Maximum [Member] | ||
Income tax rate | 25.00% |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - shares | Apr. 14, 2022 | May 23, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Common Stock Shares Outstanding | 305,451,498 | 305,451,498 | 305,451,498 | ||
Share Exchange Agreement [Member] | Subsequent Event [Member] | |||||
Numaber of shareholders | 15 | ||||
Cancelled shares | 120,418,995 | ||||
Common Stock Shares Outstanding | 305,451,498 | 185,032,503 |