WeTrade Group(WETG) - 2019 Q3 - Quarterly Report

Cautionary Note Regarding Forward-Looking Statements Cautionary Note Regarding Forward-Looking Statements This report contains forward-looking statements based on current information which are subject to risks and not guarantees of future performance - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially[6] - Key risk factors include the ability to execute growth strategies, find manufacturing partners, and navigate general economic conditions[8] - The company has no obligation to update forward-looking statements to reflect subsequent events or circumstances[9] PART I – Financial Information Financial Statements The unaudited statements for the period ending September 30, 2019, show no revenue and a net loss for the early-stage company Condensed Balance Sheet as of September 30, 2019 | Account | Amount ($) | | :--- | :--- | | Assets | | | Cash | 221,511 | | Total Assets | 221,511 | | Liabilities & Stockholders' Deficit | | | Accrued Expenses | 110,000 | | Amount due to Shareholders | 144,501 | | Total Liabilities | 254,501 | | Total Stockholders' Deficit | (32,990) | Condensed Statement of Operations (Unaudited) | Period | 3 months ended Sep 30, 2019 | From Inception (Mar 28, 2019) to Sep 30, 2019 | | :--- | :--- | :--- | | Revenue | $0 | $0 | | General and Administrative Expenses | 255,010 | 110,921 | | Net Loss | ($255,010) | ($110,921) | Condensed Statement of Cash Flows (From Inception to Sep 30, 2019) | Cash Flow Activity | Amount ($) | | :--- | :--- | | Net Cash Used in Operating Activities | (509) | | Net Cash Provided by Financing Activities | 222,020 | | Change in Cash | 221,511 | | Cash at End of Period | 221,511 | - The company was incorporated on March 28, 2019, and is developing an online e-commerce platform for travel products in China[18][19] - As of September 30, 2019, the company had an outstanding loan of $144,500 from its directors, which is unsecured and interest-free[39] Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's early-stage status, attributing the net loss to administrative expenses and reliance on founder and equity financing - The company is an early-stage business whose activities have been limited to formation and raising equity capital[44][46] Results of Operations Summary | Period | Revenue ($) | General & Administrative Expense ($) | Net Loss ($) | | :--- | :--- | :--- | :--- | | Inception to Sep 30, 2019 | 0 | 255,010 | (255,010) | | Three months ended Sep 30, 2019 | 0 | 110,921 | (110,921) | - As of September 30, 2019, the company had $221,511 in cash and has relied on funds from founders and capital raises[53] - Financing activities provided $222,020 in cash from the issuance of 74,000 shares to new shareholders[56] Quantitative and Qualitative Disclosures about Market Risk The company is exempt from market risk disclosures as it qualifies as a "smaller reporting company" - As a "smaller reporting company" defined by Item 10(f)(1) of Regulation S-K, the company is not required to provide the information for this item[60] Controls and Procedures Management concluded disclosure controls were ineffective due to material weaknesses like a lack of an audit committee and independent directors - Management concluded that disclosure controls and procedures were not effective due to limited internal resources and lack of multiple levels of transaction review[63] - Identified material weaknesses include the lack of an audit committee, a lack of a majority of outside directors, and management domination by two individuals without compensating controls[63] - There were no changes in internal control over financial reporting during the most recently completed fiscal quarter[65] PART II – Other Information Legal Proceedings The company was not involved in any legal proceedings during the nine months ended September 30, 2019 - The company was not subject to any legal proceedings during the nine months ended September 30, 2019[67] Risk Factors The company is not required to provide information on risk factors as it qualifies as a "smaller reporting company" - As a "smaller reporting company," the company is not required to provide the information contained in this item[68] Unregistered Sales of Equity Securities And Use Of Proceeds The company issued an additional 74,000 shares to 13 new shareholders during the nine months ended September 30, 2019 - The company issued an additional 74,000 shares to 13 shareholders during the nine months ended September 30, 2019[69] Defaults Upon Senior Securities The company had no senior securities issued or outstanding during the nine months ended September 30, 2019 - No senior securities were issued and outstanding during the period[70] Mine Safety Disclosures This item is not applicable to the company's business - Not applicable to the Company[70] Other Information There is no other information to report for this period - None[70] Exhibits This section lists filed exhibits, including corporate governance documents and Sarbanes-Oxley certifications - The report includes exhibits such as Amended and Restated Articles of Incorporation, By-Laws, and officer certifications pursuant to the Sarbanes-Oxley Act of 2002[72] Signatures Signatures The quarterly report was duly authorized and signed on November 13, 2019, by the CEO and CFO - The report was signed on November 13, 2019, by Zheng, Dai (Chief Executive Officer) and Kean Tat, Che (Chief Financial Officer)[74]